In today’s edition of Evening 5 — Highway concessionaires will retain the rights to collect toll charges despite the development of the barrier-free multi-lane free-flow system. Meanwhile, CPE Technology makes a lacklustre Main Market debut, closing at a 14.5% discount over its IPO price of RM1.07.
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NewsTranscript
00:00 [Music]
00:04 Works Minister Jatot Sri Alexander Nanta Lingi confirmed
00:07 that existing highway concessionaires will retain the right to collect toll charges
00:12 as per existing agreements with Putrajaya.
00:15 The summit reports suggesting that the government had directly assigned
00:19 the development of the system to a private firm,
00:22 a move opposed by the country's 32 highway concessionaires.
00:26 In a Facebook post, Nanta explained the previous administration had approved in principle
00:31 the rollout of the barrier-free system, which is estimated to cost 3.46 billion ringgit.
00:37 But this was only to give room for the negotiation process to be carried out
00:42 between the parties involved in the project.
00:44 He noted that although the planning and initial approvals began in 2021,
00:50 further study and enhancements are still required to ensure the smooth execution of the project.
00:55 In October, a report by The Edge Malaysia Weekly said that the highway concessionaires
01:00 had pushed back against the implementation of the system
01:03 as they feel that any solution should come from within the industry.
01:08 Citing sources, it said the companies were uncomfortable with third parties
01:11 collecting toll charges on their behalf because there could be leakages.
01:16 [Music]
01:21 Human Resources Minister V Sivakumar said there is no plan for now
01:25 to lift the freeze on the intake of foreign workers.
01:29 After Putrajaya eased the scheme for the hiring of foreign workers earlier this year
01:34 and the introduction of the Second Labour Recalibration Programme or RTK 2.0,
01:39 Sivakumar said the number of migrant workers in the country is expected to exceed 2.4 million.
01:45 In a news conference today, he highlighted that Putrajaya is bound by the 12th Malaysia Plan,
01:51 which specifies that foreign workers cannot exceed 2.4 million by 2025.
01:57 He added that RTK 2.0 would continue until December 31st,
02:02 after which any intake would be subject to Cabinet approval.
02:05 On March 18th, the government announced a temporary freeze on permits for foreign workers,
02:11 only allowing employers to bring in the already approved 995,396 workers
02:18 for various sectors including manufacturing, construction,
02:21 plantation, agriculture and services limited to restaurants.
02:26 Industry players have since urged the government to reconsider its decision to impose the blanket freeze.
02:33 [Music]
02:37 Over 6,000 professionals have returned to Malaysia under Talon Corp Group's
02:42 Returning Expert Programme or REP since the launch of the Signature Initiative in 2011.
02:48 Citing UN data, Group CEO Thomas Matthews said at a news conference today
02:53 that there are currently 1.86 million Malaysians living abroad,
02:57 with 1.1 million Malaysians having migrated to Singapore.
03:01 He explained that the REP aims to encourage these Malaysians to return to their homeland.
03:06 According to Matthew, Talon Corp has received over 10,000 applications since the inception of the programme,
03:13 which also offers incentives such as a 15% flat tax rate for five years,
03:18 tax exemption and permanent residence status for family members.
03:22 Matthew noted that the agency has also introduced the Malaysia@Heart initiative or MyHeart
03:28 to offer returning Malaysians networking opportunities and job options.
03:32 He said he has proposed to the Chief Human Resources Officers of Companies
03:37 that instead of looking for expatriates, they should also consider Malaysians abroad who have
03:42 the necessary skills as potential employees and advertise the positions on the MyHeart platform.
03:48 [Music]
03:53 With the unity government hitting the one-year mark,
03:56 Social Economic Research Centre Executive Director Lee Heng Gui said 2024 will be the time for
04:02 stakeholders to closely monitor Putrajaya's execution of promised reforms.
04:08 Lee called 2023 a year of transition for the unity government,
04:12 whereby it set its direction via its various policy frameworks.
04:17 Speaking at a forum in Kuala Lumpur, Lee said there is no more honeymoon come 2024
04:23 and that next year is a year to monitor and track the delivery of the government's promised
04:27 reforms and policy setting.
04:29 He noted that investors, businesses and consumers are not expecting Putrajaya
04:35 to deliver on 100% of their promised reforms,
04:38 but stressed that the government must work towards a future-proof Malaysia
04:42 before the general elections in 2027.
04:46 Lee expects the Malaysian economy to expand by 4.5% in 2024.
04:51 He sees a moderate probability of a US recession,
04:54 and that this continued risk of a US downturn contributes to the uncertain
04:59 external backdrop against which Malaysia will have to operate next year.
05:03 [Music]
05:08 Main market debutant CPE Technology opened at 90 cent a day,
05:13 a 15.9% discount over its initial public offering price of RM1.07,
05:19 with an opening volume of 6.3 million shares.
05:22 It ended the day at 91.5 cent, with 76.2 million shares traded.
05:28 TA Securities values the company at RM1.13 a share,
05:32 Apex Securities at RM1.25, and Public Invest Research at RM1.27.
05:38 CPE manufactures precision machine parts and components,
05:42 and provides computer numerical control machining services.
05:46 Its main customers include those in the semiconductor,
05:49 life science and medical devices, and sports equipment industries,
05:53 with key clients in the US, Singapore and Malaysia.
05:56 For FY2023, CPE's earnings fell 10.7% to RM30.29 million,
06:03 from a record RM33.91 million for FY2022,
06:07 while revenue rose 4.6% to RM145.28 million from RM138.35 million.
06:15 As of end June, the group held a 1.55% share,
06:18 equivalent to generated revenue of RM145.35 million
06:23 of the total size of Malaysia's engineering supporting industry in 2022.