20
business news
Hang Seng S&P/ASX200
14,622.39 3,557.40
505.12 58.30
Retail property
market poised for
slower growth
KUALA LUMPUR: The retail property
market is expected to experience
slower growth next year in line with
the current economic slowdown.
Malaysian Association for Shopping
and Highrise Complex Management
adviser Richard Chan said however
the sector would not slip into negative
territory. “Consumer demand is still
there. I see no problem until Chinese
New Year,” he told reporters during
an appreciation lunch for the recent
FIABCI Malaysia-PPK Malaysia
Seminar 2008 here yesterday.
He added that the number of
shopping complexes is expected to
grow next year based on the current
projects under development.
“Quite a few more are coming up.
All are ongoing projects and the take
up is not bad. At the moment, the
retailers are not in panic.
“But, we need the new cabinet,
expected in March, to look at the
economy and certain issues like
electricity,” he said. – Bernama
TSEC KLCI STI
4,535.54
873.43 1,745.63
158.98 2.97 49.84
Ekovest tendering for
projects worth RM3-5b
KUALA LUMPUR: contracts with Universiti
Property developer
Ekovest Bhd has
Teknologi Tun Hussein
Onn Malaysia.
submitted tenders for
projects worth between
Lim said the ongoing
projects are expected
RM3 billion-RM5 billion to sustain the group’s
in Malaysia, said its operations for three
executive vice-chairman years.
Datuk Lim Kang Hoo. On overseas projects,
“Most of the tenders he said the company
are for government- was already in talks with
related projects,” he potential joint-venture
told reporters after parties, for property
the company’s annual development in Vietnam
general meeting and Indonesia.
yesterday. “We are looking for
Ekovest has an places close by for such
orderbook worth RM600 ventures. We think this
million including the is the right time to look
new phase of Universiti into it, especially when
Malaysia Sabah and two prices are falling,” he
explained.
Ekovest ventured into
India through a highway
development project
Omedia completes private
placement exercise
KUALA LUMPUR: Mesdeq-
listed digital media company
Oriented Media Group Bhd
(Omedia) has successfully
completed a private placement
exercise which saw it issuing
new shares equivalent to 10%
of its enlarged capital to raise
fresh funds for the company’s
expansion.
A similar placement exercise
was completed earlier this year
that saw Omedia issuing 30% of
its enlarged capital to a group of
investors, Bernama reports.
“The recent placement
exercises were very well
received despite the current
challenging global economic
environment. We have a sound
plan to tap into the growing
digital media market in South
East Asia and this has garnered
interests from many parties.
The company is also
confident the digital media
sector in Southeast Asia will
continue to register growth
next year based on various
theSun | TUESDAY DECEMBER 23 2008
KOSPI
Nikkei
KL market summary
1,179.61 DECEMBER 22, 2008
8,723.78
1.36 135.26
INDICES CHANGE
FBMEMAS 5,718.57 -7.18
COMPOSITE 873.43 -2.97
INDUSTRIAL 2,082.18 -9.76
CONSUMER PROD 279.04 -1.21
INDUSTRIAL PROD
CONSTRUCTION
TRADING SERVICES
FINANCE
PROPERTIES
PLANTATIONS
MINING
67.30
162.84
117.44
6,753.75
516.13
4,190.60
245.20
-0.28
-1.66
-0.18
-23.44
-2.10
+46.67
+10.13
FBMSHA 5,954.88 +1.71
FBM2BRD 3,954.01 -32.87
TECHNOLOGY 13.23 -0.03
TURNOVER VALUE
305.600mil RM449.680mil
three years ago.
Commenting on
the proposed mixed
Prices end lower
development exercise
in respect of the Danga on profit taking
Bay Waterfront City
SHARE prices on Bursa Malaysia closed lower
Development, which Japan yesterday on profit taking activities in selected
had been aborted due to recession
the unfavourable equity heavyweights ahead of the Christmas holiday,
market conditions, Lim deepens dealers said.
At close, the benchmark KLCI declined
said the company was pg 22 2.97 points to 873.43, dragged down by losses
still exploring measures
on how to participate mostly in Maybank.
in it. A dealer said investors, especially western
He said at this players, are expected to go for a long break.
juncture, Ekovest was Among the actives, Resorts World-CH eased
considering a joint half sen to nine sen, KNM closed unchanged at
venture with other 41 sen, IOI Corp rose eight sen to RM3.64 and
parties or through direct CHMobil-CC was flat at 1.5 sen.
investment. For the heavyweights, Sime Darby increased
The company last five sen to RM5.50, Maybank fell 15 sen to
year took over Danga RM5.10, Tenaga was unchanged at RM5.90 and
Bay Holdings Sdn Telekom rose three sen to RM3.02.
Bhd for RM1.1 bilion. Trading on Bursa Malaysia was briefly dis-
– Bernama rupted due to a technical problem at the start
of the afternoon trading session.
In a statement, the stock exchange opera-
tor said the problem was duly rectified and the
pre-opening phase commenced at 2:50pm,
with the continuous trading phase beginning
at 3:05pm. – Bernama
indications, its newly appointed
executive chairman, Lau Kin
Wai, said in a statement issued
Allianz M’sia to streamline
after its annual general meeting general insurance business
here yesterday.
KUALA LUMPUR: Allianz Malaysia Bhd
Omedia also announced
(AMB) will transfer Commerce Assurance
the appointment of two new Bhd’s (CAB) general insurance business
international media executives to Allianz General Insurance Company
to its board of directors, Alfred (Malaysia) Bhd (AGIC) on Jan 1.
Tolle and Carel Limburg. In a statement here yesterday, AMB
The two new directors bring said the transfer of business was being
with them a wealth of media undertaken to streamline the general
experience and international insurance business.
business networking from their “All agents of CAB will become agents of
many years of experience with AGIC,” said Ng Hang Ming, chief executive
leading international media officer of AGIC and CAB.
firms, it said. He said the transfer of business would not
Tolle has served as an affect the terms and conditions of customer
independent director on the policies as all CAB policyholders shall from
board of the listed Daum Jan 1 be regarded as AGIC policy holders.
Communications Corporation, Having acquired CAB last year, AMB
one of the largest internet operated through two general insurance
portals, e-commerce and media subsidiaries in Malaysia, namely CAB and
destinations in Korea. AGIC.
Limburg previously served To date, the subsidiaries have achieved
as president of Southeast Asia of RM1 billion gross written premium (GWP).
Axel Springer, one of the largest The company’s general insurance arm
media conglomerates and recorded RM748.6 million in GWP last year.
publishers in Germany. – Bernama