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PJBumi says unaware of reasons behind sharp share price drop

4 days ago

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PJBumi Bhd said it is unaware of any undisclosed corporate developments, rumours or reports that could explain the recent plunge in its share price.

The engineering firm’s stock tumbled nearly 30% today to RM1.77, its steepest one-day decline in over two years, extending its two-day loss to 36%.

It was the top loser on Bursa Malaysia, valuing the company at RM145.14 million.

Responding to an unusual market activity (UMA) query from the bourse, PJBumi said its board could not identify any other possible explanation for the unusual trading activity.

Despite the selloff, the counter remains up more than 100% year to date, supported by a string of contract wins, mainly in Indonesia, including an oil and gas well maintenance deal announced on Oct 27 involving PT Pertamina and PT Petro Papua Mogoi Wasian. –TMR

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Tanco shares fall over 16%, trigger intraday short-selling halt

4 days ago

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SHARES in Tanco Holdings Bhd fell as much as 16.4% today to a two-month low of 78.5 sen, prompting a halt in intraday short selling (IDSS) for the rest of the day.

The property and hospitality group’s stock later pared losses to close 9 sen or 9.57% lower at 85 sen, valuing the company at RM5.19 billion.

Trading volume surged to 81.46 million shares, more than twice its 200-day moving average of 38.4 million, making Tanco one of the most active and biggest losers on Bursa Malaysia.

According to the exchange filing, IDSS for Tanco will resume at 8.30am tomorrow. –TMR

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Markets News

Bursa queries NexG over sharp share price fall, heavy trading

4 days ago

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BURSA Malaysia has issued an unusual market activity (UMA) query to NexG Bhd, formerly known as Datasonic Group Bhd, after its shares plunged 20% to a six-month low of 28 sen today amid a sharp spike in trading volume.

The counter saw 193.74 million shares traded – 6.7 times its 200-day average – making it the most active stock of the day and one of the top losers by percentage.

Bursa asked NexG to clarify if there were any undisclosed corporate developments or rumours behind the sharp fall.

The company has yet to respond at the time of writing.

The supplier of Malaysian passport booklets and identity cards recently secured government contracts worth a cumulative RM2.5 billion but also saw four directors resign in mid-October as part of a leadership transition. –TMR

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Business News

Techbond buys RM28m industrial land in Eco Business Park 7

4 days ago

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TECHBOND Group Bhd is acquiring three parcels of industrial land in Eco Business Park 7, Negeri Sembilan, for RM27.76 million from Eco Business Park 7 Sdn Bhd – a joint venture between Eco World Development Group Bhd (55%), SD Guthrie Land Ventures Sdn Bhd (30%), and NS Corp (15%).

The lots, priced between RM70 and RM72.03 per sq ft, are free from encumbrances and will be funded through a mix of cash and internal funds.

Techbond said the purchase supports its long-term growth plans and provides flexibility for future expansion or operational relocation, while serving as an investment in the near term. –TMR

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Business News

Feytech partners DAS Corp Korea to support Hyundai Staria project in Malaysia

4 days ago

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FEYTECH Holdings Bhd has signed a memorandum of understanding (MoU) with DAS Corp Korea to collaborate on engineering design, technology transfer and supply chain coordination for Hyundai’s Staria model in Malaysia.

The partnership aims to support Hyundai’s local assembly of the Staria through joint product development and technical integration.

Feytech said the collaboration will combine its local engineering capabilities with DAS Corp Korea’s automotive technology expertise to strengthen Malaysia’s role in Hyundai’s regional production network.

Financial terms will be finalised in subsequent definitive agreements, while the MoU remains non-binding except for confidentiality and dispute resolution clauses. –TMR

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News

Sim: PERKESO to assess Employment Insurance Scheme expansion to gig workers

4 days ago

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KUALA LUMPUR — The Social Security Organisation (PERKESO) has been instructed to study the feasibility of extending the Employment Insurance Scheme (EIS) to gig workers, Human Resources Minister Steven Sim said.

“Currently, the EIS does not cover gig workers, but I have instructed PERKESO to study the feasibility of extending this scheme, or a similar one, to them,” he said when winding up the debate on the 2026 Supply (Budget) Bill at the policy stage for the Human Resources Ministry in the Dewan Rakyat today.

EIS is a social security scheme under PERKESO, introduced to assist workers who have lost their jobs.

Meanwhile, Sim said a total of 846,907 people have contributed to PERKESO’s Self-Employed Social Security Scheme (Lindung Kendiri), with 290,122 involved in e-hailing and p-hailing between January and October.

The scheme was established to provide protection for self-employed individuals in accordance with the Self-Employment Social Security Act 2017.

Sim said the government is committed to implementing comprehensive labour market reforms to ensure Malaysia’s workforce remains protected while receiving balanced and competitive training opportunities. — BERNAMA

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Economy News

Amir Hamzah: 98% of SARA recipients spent RM3.66b to buy basic necessities

4 days ago

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KUALA LUMPUR — A total of RM3.66 billion has been spent by 98 percent of monthly recipients of the Sumbangan Asas Rahmah (SARA) aid across the country to purchase basic necessities using their MyKad up until yesterday (Nov 3).

Second Finance Minister Datuk Seri Amir Hamzah Azizan said that during the same period, 100 percent of the aid recipients in the states of Perlis, Sabah, Kelantan, Terengganu, and Kedah made purchases of basic necessities through SARA.

“For the one-off SARA Appreciation recipients of RM100, more than 18.3 million people or 83 percent have successfully benefited, involving a total cost of RM1.69 billion.

“The government will continue to ensure that the additional revenue savings obtained following the implementation of the national fiscal reform must be returned to the people, including within the scope of easing the cost of living,” he said when winding up debate on the Supply Bill (Budget) 2026 at the policy level for the Ministry of Finance in the Dewan Rakyat today.

Amir Hamzah said the government constantly ensures that the SARA benefit is not only for aid recipients but also supports small traders, private sundry shops, and cooperative stores.

He noted that as of Nov 3, the initiative has successfully involved over 8,700 SARA Partner Retailers, including approximately 2,500 small sundry shops nationwide.

“This is a significant increase compared to 700 SARA Partner Retailers, including 180 small sundry shops, last year. Among the cooperatives that have become SARA Partner Retailers are Coop Mart, Koperasi Penjara Berhad, Koperasi FELCRA, and Koperasi FELDA Sungai Koyan 2,” he said. — BERNAMA

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Money News

Ringgit rebounds as weak US data, Fed uncertainty weighs on greenback

4 days ago

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KUALA LUMPUR — The ringgit rebounded to close higher on Tuesday as weaker US economic data and uncertainty over the US Federal Reserve’s (Fed) next monetary policy move weighed on the greenback.

At 6pm, the ringgit climbed to 4.1950/1985 against the US dollar from Monday’s close of 4.1980/2025.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US ISM Manufacturing Index, which fell to 48.7 points in October from 49.1 in September, offered a glimpse into the US economy. “The index has remained below the 50-point demarcation line since March this year, and this suggests that the US tariff has resulted in higher input costs, leading to weak sentiments among the manufacturers,” he told Bernama.

Mohd Afzanizam also noted that views on a rate cut in December remain divided among Fed members, as some believe interest rates should be kept steady to contain the risk of higher inflation.

“Thus far, the ringgit has been fluctuating within the current range, with the RM4.2000 level (against the US dollar) appearing to be a psychological hurdle. The upcoming Bank Negara Malaysia monetary policy committee (MPC) decision could provide some support to the ringgit, as the overnight policy rate (OPR) is expected to remain steady at 2.75 per cent.

“Further US rate cuts would narrow the gap between the Fed funds rate and the OPR, which could be ringgit-positive,” he added.

At the close, the ringgit traded mostly higher against most major currencies.

It rose against the British pound to 5.4795/4841 from 5.5099/5158 at Monday’s close, and climbed versus the euro to 4.8238/8279 from 4.8344/8396. However, the local note down against the yen to 2.7331/7355 from 2.7230/7261 previously.

The local note also traded mostly higher against ASEAN currencies.

It strengthened against the Singapore dollar to 3.2131/2160 from 3.2206/2243 at Monday’s close, advanced vis-a-vis the Thai baht to 12.8859/9026 from 12.9285/9483, and was slightly higher against the Indonesian rupiah at 251.0/251.4 from 251.7/252.1 yesterday. The ringgit went down against the Philippine peso to 7.16/7.18 from 7.14/7.15 previously. — BERNAMA

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Life & Arts News

Azmir Saifuddin reappointed as Finas CEO, vows to strengthen film industry

4 days ago

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KUALA LUMPUR — The National Film Development Corporation (Finas) today announced the reappointment of Datuk Azmir Saifuddin Mutalib (picture) as its chief executive officer for a two-year term, effective Nov 1, 2025, until Oct 31, 2027.

Speaking to Bernama, Azmir Saifuddin, 50, expressed his gratitude to Communications Minister Datuk Fahmi Fadzil and the Finas Board of Directors for their continuous trust and support in efforts to strengthen Malaysia’s film industry.

“I am truly honoured by this reappointment, but it is no easy task as there are still many areas that require improvements, including industry support, job opportunities, content exports and the welfare of film practitioners,” he said.

He said his focus will be on amendments to the Finas Act and the implementation of the National Film Policy to further strengthen the development of the creative industry and safeguard the welfare of crew members and industry workers.

According to him, the amendments are vital to ensure that Finas functions more effectively in line with the rapid technological changes shaping the industry, such as artificial intelligence (AI), streaming platforms and digital content creation.

“In the new Act, we will include clear protection for crew members in areas such as work contracts, wages, filming hours and insurance. God willing, it will be tabled in Parliament this year,” he said.

Azmir Saifuddin added that the National Film Policy will set out long-term plans encompassing key performance indicators (KPIs), industry development strategies, quality enhancement in production, and efforts to position Malaysia as a regional hub for film content.

Reflecting on his achievements during his first term as Finas CEO, he said collaboration between the corporation, cinema operators and film producers has revitalised box-office performance in the post-pandemic period, with local films recording RM180 million in ticket sales this year compared with RM120 million in 2024. — BERNAMA

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News

Bill to amend Employment Insurance System Act tabled for first reading

4 days ago

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KUALA LUMPUR — Human Resource Minister Steven Sim (picture) today tabled for first reading in the Dewan Rakyat the Employment Insurance System (Amendment) Bill 2025, which seeks to strengthen the country’s social protection framework and expand employment services to benefit more Malaysians.

He said the second reading will be tabled during the current sitting.

The Human Resource Ministry said the bill seeks to enhance benefits for Social Security Organisation (PERKESO) contributors who lose their jobs.

It also aims to promote labour mobility, improve PERKESO’s operational efficiency in implementing re-employment programmes, and strengthen the governance of the Employment Insurance System (EIS).

“Through these amendments, several improvements have been introduced, including higher existing benefits and a new benefit known as the mobility assistance allowance (EBM). Contributors who lose their jobs will be entitled to protection and training support worth up to RM25,000,” it said in a statement.

The ministry added that under the proposed amendments, contributors will be eligible for a one-off payment of RM1,000 under the EBM if they secure employment more than 100 kilometres from their home.

In addition, the early re-employment allowance will be increased to 50 per cent of the remaining unpaid balance of the job search allowance, compared with 25 per cent previously.

The training allowance will also be raised to RM30 per day from RM10-RM20 per day, while the training fee to RM7,000 from RM4,000.

The ministry said the proposed amendments are in line with the Cabinet’s decision that the Employment Insurance System Act 2017 (Act 800) be reviewed to ensure it remains dynamic and responsive to current labour market needs. — BERNAMA

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