Govt Has Identified 5 Key Measures To Support Recovery Momentum In 2022
The government has identified five key measures to support the country’s recovery momentum in 2022 which include strengthening the public healthcare system, supporting all business segments, stimulating the labour market, advancing strategic investments and providing direct assistance to those in need.
Tengku Zafrul said, “Malaysia remains committed to long-term fiscal consolidation and institutional reforms to build resilience, even as we focus on short- and medium-term recovery measures. The country’s medium-term growth prospects remain strong driven by an open, trade-oriented, and competitive economy complemented by a deep capital market and resilient financial sector.” To read the full story click here
Biggest IPO Since July 2021, Farm Fresh Made Its Euphoric Debut
Farm Fresh made its debut on the Main Market of Bursa Malaysia this morning. It also marks the largest listing on Bursa Securities since June 2021 given its market capitalisation of RM2.5 billion.
Farm Fresh, through the public issue portion of its IPO, raised a total of RM301.0 million of which RM140.0 million is intended for establishing a new manufacturing hub, a new dairy farm and an integrated facility in Malaysia, RM60.0 million has been earmarked for the expansion of its production facility in Australia, RM40.0 million for regional expansion outside Malaysia, RM40.8 million for working capital whilst RM20.2 million has been allocated for listing related expenses. To read the full story click here
Govt To Introduce New Taxes In The Medium Term To Improve Fiscal position
The fiscal situation in the country is projected to improve further in the medium term as the government is expected to introduce new taxes that would bring higher revenue, Minister Of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz said
He said that the new taxes will point towards improvement in fiscal deficit and the debt-to-GDP ratio. Tengku Zafrul had said this in a session with CGS CIMB in London where he was attending the Invest Malaysia event in London, UK on March 23. To read the full story click here.
Fitch: World Growth Forecast Cut As Inflation Intensifies Due To War
The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts.
“Global inflation is back with a vengeance after an absence of at least two decades. This is starting to feel like an inflation regime change moment,” said Brian Coulton, Chief Economist, Fitch Ratings. To read the full story click here
MAHB Welcomed 4.6 Million Passengers To Its Airport In February
MAHB February passenger traffic continues to show an uptick with borders reopening in many countries and flights are starting to resume. Its February passenger traffic performance continued to show growth with more than 4 million passenger volume despite the month having fewer days than other months.
Malaysia and Istanbul SGIA recorded 2.5million and 2.1million passenger movements, respectively with both operations equally contributing to the growth. Both had daily average passenger movements of 90,500 and 68,000, compared to January 2022 at 88,000 and 59,000 daily average volume. To read the full story click here.
Pappajack IPO Shows High Interest, Shares Oversubscribed 21.73 Times
On the back of investor interest in new listings on Bursa Malaysia, Pappajack which is mainly involved in pawnbroking has received much confidence on its route to being listed on the ACE Market. The directors and Kenanga Investment Bank Berhad have announced that their shares have been oversubscribed by 21.73 times.
On the placement, a total of 7,125 applications for 759,173,200 Public Issue Shares with a value of RM227,751,960 were received from the Malaysian Public for 33,400,000 Public Issue Shares made available for application, which represents an overall oversubscription rate of 21.73 times. To read the full story click here
AAAGL Announces Board Of Directors
AirAsia Aviation Group Limited (AAAGL) today announces its newly formed board of directors, following the recent announcement of Tan Sri Jamaludin Ibrahim as independent non-executive Chairman.
The announcement of a new board of directors is among the first few initiatives to reflect AAAGL’s commitment to deliver a new strategic direction for growth and gold standard corporate governance. To read the full story click here
Vaccinated Travelers To Singapore No Longer Subject To On Arrival Covid Tests
In updating the new guideline for Covid-19 in Singapore, Health Minister Ong Ye Kung has listed a number of restrictions easing as the city transitions into the endemic stage.
Among them will be where fully vaccinated travellers will no longer be subjected to on-arrival tests and pre-departure tests will also be removed for land travel but will be retained for air and sea travel. This will be welcome news for travelers who still find on-arrival testing cumbersome. To read the full story click here
