KUALA LUMPUR: Based on the audit of the corporate governance, financial position and principal activities, the objectives of the establishment Forest Plantation Development Sdn Bhd (FPDSB), a wholly–owned subsidiary of the Malaysian Timber Industry Board under the Ministry of Primary Industry (MPI), have been met, said the Department of National Audit. In its Auditor–General’s Report 2018 Series 1 on the management of the Federal Government’s companies released today, it said FPDSB’s financial position was stable as it had received operating grants and development loans from the Ministry of Finance and MPI for the period of 2015–2017, to cover its operating expenses and funding for the Forest Farm Development Programme (PPLH). “However, in terms of corporate governance of the FPDSB, it was not satisfactory and needed to be improved, in line with the corporate best practices. “Based on the management of the implementation of PPLH soft … [Read more...] about FPDSB meets its establishment objectives: Audit report
Special purpose companies
Kumpulan Perangsang Selangor receives takeover offer for Sprint
PETALING JAYA: Kumpulan Perangsang Selangor Bhd said its 20% associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd has received a letter of offer from the Ministry of Finance (Incorporated) (MOF) to acquire all securities in Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) for RM1.98 billion. This includes ordinary shares, preference shares and loan stocks in Sprint. The offer, which will be undertaken by MOF’s wholly owned special purpose company, is conditional upon satisfactory due diligence findings, approvals from the Cabinet of Malaysia and other relevant parties including authorities and shareholders. The offer will remain open for acceptance until 5pm on July 12. “The proposed acquisition of Sprint by MOF is undoubtedly a positive corporate development for Perangsang Selangor. Monetising the non-core asset will position us a step closer to moving in the intended direction and ensuring the strategic business alignment at the group level. This will … [Read more...] about Kumpulan Perangsang Selangor receives takeover offer for Sprint
Meralco, Japanese partners get Congress nod on Clark service
Meralco, Japanese partners get Congress nod on Clark service Danessa Rivera (The Philippine Star) - June 11, 2019 - 12:00am MANILA, Philippines — Manila Electric Co. (Meralco) and its Japanese partners have secured congressional nod to operate power distribution services in New Clark City in Tarlac. “Our joint venture company (JVC) is for distribution only and we can’t contract yet because the franchise has not been granted to the JVC. It was only passed by Congress last week,” Meralco senior vice president Rogelio Singson said. The JVC is composed of Meralco, Marubeni Corp., The Kansai Electric Power Co. Inc., and Chubu Electric Power Co. Inc. Meralco and its Japanese partners signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) for the new power distribution system. Once the franchise is signed by the President, Meralco can start procuring power to supply … [Read more...] about Meralco, Japanese partners get Congress nod on Clark service
Toshiba net profit up on chip business sale
TOKYO: Struggling Japanese engineering firm Toshiba on Monday reported improved full-year net profit thanks to the sale of its chip business, but said operating profit was sharply down.In the year that ended March, Toshiba's net profit jumped 26.0 per cent to 1.01 trillion yen (US$9 billion), chiefly because of "profit from completion of the sale of the Memory business," it said in a statement.Toshiba "achieved a healthier financial condition by closing the sale of the Memory business, advancing structural reforms that included finalising the sale of the PC business and decided to withdraw from a nuclear power construction project in the UK," the company said.But the firm said its operating profit dropped 58.9 per cent to 35.4 billion yen, partly due to restructuring costs, on sales of 3.69 trillion yen, down 6.4 per cent.For the current year to March 2020, it forecast a jump of 295 per cent in operating profit to 140 billion yen, after the completion of restructuring and other … [Read more...] about Toshiba net profit up on chip business sale
Japanese company cultivates puffer fish in hot spring water
Inland cultivation of expensive tiger puffer fish has spread from Tochigi Prefecture to other areas in Japan, helping revitalize local economies. Intensive research was undertaken to make use of local hot springs. Cultivation pools have been set up in plastic greenhouses on a former swimming pool site in Nasukarasuyama, Tochigi Prefecture. In the pools, tiger puffers, which grow to about 35 centimeters in length and one kilogram in weight, swim smoothly. Nasukarasuyama-based company Yumesozo, which cultivates tiger puffer in water from a hot spring, launched its business in the neighboring town of Nakagawa about 10 years ago. The company currently sells 25 tons of puffer fish a year to about 150 stores, mainly in the prefecture. President Katsuaki Noguchi, 62, focused on the prefecture’s abundant chloride springs as a resource to develop the region, while running an environmental consulting firm in the prefecture. As he researched the composition of the hot springs’ … [Read more...] about Japanese company cultivates puffer fish in hot spring water