In today’s edition of Evening 5 — DRB-Hicom formalises its partnership with Zhejiang Geely Holding Group for the development of the Automotive High-Technology Valley project in Tanjong Malim, Perak. Meanwhile, Star Media Group CEO Alex Yeow Wai Saw will be stepping down once his contract ends on Feb 29, 2024.
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00:00 [Music]
00:04 DRB High Com has inked a master collaboration agreement with Chinese automaker Zhejiang
00:10 Geely Holding Group for the development of the Automotive High Technology Valley project
00:15 in Tanjung Malim, Perak.
00:17 Both parties will promote cooperation in new energy vehicles, plan the construction of
00:22 the auto components industrial park, and push for the development of the new automotive
00:27 industry.
00:28 This project will cover an extensive automotive and mobility solutions value chain, from a
00:34 fully-fledged high technology global research and development centre, to a manufacturing
00:39 cluster supporting services and associated ecosystem.
00:44 It is expected to attract some RM32 billion worth of investments, along with direct and
00:49 indirect benefits to Proton's plan to fully relocate its manufacturing facilities to Tanjung
00:55 Malim by 2026.
00:57 In July, Prime Minister Datuk Sri Arnold Ibrahim said Geely Holding would invest US$10 billion
01:03 or RM47.3 billion to turn Tanjung Malim into the region's largest auto city.
01:09 DRB High Com's shares rose 1.4% to RM1.43, valuing it at RM2.76 billion.
01:17 [Music]
01:22 The Public Accounts Committee, or PAC, said the government must avoid over-relying on
01:28 its concession agreement with Bernas, and find an alternative to ensure the stability
01:33 of the national rice industry.
01:35 This would also push the industry towards an open market.
01:39 In their report, the bipartisan committee said while paddy farmers have benefited from
01:44 the concession, there are also weaknesses in the transfer of funds, assets and subsidy
01:48 payments by Bernas.
01:50 As at June 14, Bernas had yet to allocate RM25 million out of the RM37 million of funds
01:57 provided in 2021 for social obligations.
02:01 The PAC noted that the subsidy scheme payment managed by Bernas was not monitored by the
02:06 Ministry of Agriculture and Food Security, and payments were made to hundreds of paddy
02:11 farmers who had passed on.
02:14 The report also highlighted that the ministry's performance report in 2021 contradicted the
02:19 actual performance of Bernas' machinery supply.
02:23 [Music]
02:28 Star Media Group said its Group CEO Alex Yaw Aisah will be stepping down once his employment
02:34 contract ends on February 29, 2024.
02:38 In a filing with Bursa Malaysia, the media group said it will take the necessary actions
02:43 pertaining to succession planning.
02:45 Star Media appointed Yaw to the post-effective March 1, 2021.
02:50 He filled the position left vacant for nine months following the departure of former CEO
02:55 Andreas Boyarzakis on May 16, 2020.
02:59 Prior to his stint with the publisher, Yaw had previously served as Group CEO and Executive
03:04 Director of property developer Tropicana Corp.
03:07 For the first half of FY2023, Star Media reported a net profit of RM1.93 million, down RM55.4
03:15 percent from the previous year, though revenue rose marginally to RM110.01 million as it
03:21 recorded higher operating expenses.
03:24 At the close, its shares were up 1.2 percent at 43.5 cent, for a market capitalization
03:30 of RM321.28 million.
03:34 [Music]
03:40 Tropicana Corp. is seeking to strike out the claim filed by RHP trustees Sunway Reeds
03:45 Management and Sunway Education Group regarding its alleged breach of agreement and double-dealing
03:51 over the sale of shares and a stake in St. Joseph International School.
03:55 In a statement today, the property developer said the claim discloses no reasonable cause
04:00 of action, is scandalous, frivolous and vexatious, and amounts to an abuse of court process.
04:06 It also said Sunway's claim was filed with ulterior motives and for a collateral purpose
04:12 to impede, frustrate and interfere with Tropicana's dealings with its properties and businesses
04:18 and further to hurt its good name and business reputation.
04:21 The company added it did not receive any deposit from Sunway.
04:25 It also denied delaying or obstructing the due diligence review and claimed Sunway had
04:30 attempted to rewrite its position by seeking a reduction in the agreed purchase price.
04:36 Tropicana fell 0.8% to RM1.18, for a market value of RM2.71 billion.
04:43 [Music]
04:48 APB Resources has proposed to acquire a 16-storey Serba Dynamic Building in Shah Alam Selangor
04:55 for RM38 million, subject to the approval from the High Court.
05:00 In a Bursa Malaysia filing today, the group said the proposed acquisition will enable
05:04 it to utilise the said property for its own purposes and generate income by renting it
05:10 out.
05:11 APB Resources fabricates specialised design process equipment for oil and gas, par and
05:17 food and beverage industries.
05:19 The group said the proposed acquisition will be financed through internally generated funds.
05:24 It said it expects to complete the proposed acquisition before the end of November 2023.
05:30 Shares in APB Resources ended 1.83% higher at RM2.22, giving it a market capitalisation
05:37 of RM250.58 million.
05:41 Since the beginning of the year, the stock has soared by 48%.
05:46 [Music]