Short Position

first_img Corporate News , Short Position Related News With the suspension, PBJV is unable to bid for new projects undertaken by Petronas, including its subsidiaries and any petroleum arrangement contractors for a period of three years.Barakah said it is seeking clarification and appealing against the suspension. However, PBJV is still allowed to complete its existing and ongoing contracts with the national oil company, which essentially means there are cash flows coming in.In the mean time, pending the appeal, it is perhaps a good time for Barakah to look internationally for future projects. It could also expand its scope to non-Petronas jobs.Kenanga Research in a recent report noted that while contract flows in oil and gas have started to show signs of improvement, an upcoming upcycle may still be long and gradual, instead of an instant “boom” that match the peaks seen in 2013-2015.Barakah can also leverage on its strategic alliance with Singapore-listed Vallianz Holdings Ltd, which is majority-owned by Saudi Arabia’s Rawabi Holding Company Ltd. Vallianz has exposure in the Middle East, Asia Pacific and Latin America.So, while the going may be tough, all may not be lost if Barakah is able to take this opportunity to reset. As the saying goes, when one door closes, another opens.FGV’s asset saleLoss-making FGV Holdings Bhd’s recent move to dispose of its non-performing China-based palm oil refinery business is a step in the right direction, although the sale was made at only half of its initial cost of investment.After all, the business – FGV China Oils Ltd (FGVCO) – has never made a profit since it was acquired in 2015.At the time of acquisition back in March 2015, FGVCO was expected to be the plantation giant’s beneficiary of China’s large demand for edible oils.However, as a result of the intense competition from other regional edible oil suppliers, FGVCO failed to become an important catalyst for FGV as envisioned previously.Instead, the business’ losses dragged down FGV’s financials, which were already affected by inefficient operations and the volatility in crude palm oil prices.In financial year 2018, FGVCO registered a loss after tax of 25.43 million yuan, with total borrowings of 85.79 million yuan. However, it is worth noting that the palm oil refinery has seen a significant decline in its losses over the years.Borrowings, on the other hand, have increased. Given FGV’s current condition and the urgent need to return to profitability, it makes sense for the plantation giant to dispose its loss-making ventures and focus only on profitable and core businesses.For context, FGVCO’s shareholder funds as at Dec 31, 2018 were 108 million yuan. FGV’s original cost of investment in FGVCO was 320 million yuan.With FGVCO off its balance sheet post-disposal, FGV’s bottom line is likely to improve. Moving forward, more asset disposals are expected to be announced by FGV, in line with the objectives of its 2020 transformation plan.FGV has said that several non-core businesses and assets with an estimated value of RM350mil have been identified for disposal. The group also aims to save at least RM150mil in 2019 by “plugging leaks and addressing inefficiencies”.It remains to be seen whether FGV will successfully regain investor confidence with its ongoing three-year transformation plan. At listing in 2012, FGV’s market capitalisation was RM16.6bil. Today, it is only about RM4.2bil.What’s left in Putrajaya Perdana?Putrajaya Perdana Bhd, a construction company, used to command a hefty premium because of its shareholders.At the moment, the company that undertook some of the biggest construction jobs, including constructing the Finance Ministry in Putrajaya several years ago, is 70% owned by Cendana Destini Sdn Bhd, with Lembaga Tabung Haji (TH) holding the remaining 30%.Cendana Destini is owned by Datuk Rosman Abdullah, an accountant by profession with extensive experience in corporate Malaysia.Before Cendana Destini came into the picture, Putrajaya Perdana used to be owned by fugitive businessman Low Taek Jho, who is wanted for his role in causing huge losses in 1Malaysia Development Bhd (1MDB).When former Prime Minister Datuk Seri Najib Razak was in power, Putrajaya Perdana was touted to be a beneficiary of government jobs by virtue of TH being a shareholder and the company’s association with its former owner.However, after the 1MDB scandal broke out, Putrajaya Perdana’s premium eroded.In an announcement earlier this week, MTD ACPI Engineering Bhd went into a heads of agreement with Putrajaya Perdana to acquire its construction arm and a development company. The new name for Putrajaya Construction is Orangebeam Construction.MTD ACPI is in the construction space as it manufactures and supplies, among others, beams to the sector. It is not known for its prowess in the area of construction. On that score, the proposed acquisition of Orangebeam fits its strategy to be a well-rounded company in the area of construction.The value of the deal would likely be based on the order book of Orangebeam. A few years ago, the construction arm was said to be valued at more than RM700mil. It was ripe for a listing that was supposed to be the exit strategy for TH.Whether that remains will be known when more details on the proposed transaction emerge. {{category}} {{time}} {{title}} What now for Barakah?JUST as things were starting to look up for Barakah Offshore Petroleum Bhd by way of a white knight coming in to revive its fortunes, it was dealt with another blow. The operating licence for its unit, PBJV Group Sdn Bhd, was suspended by Petroliam Nasional Bhd (Petronas) due to reported non-performance.The white knight is Singapore’s Lecca Group Ptd Ltd, which is to emerge as the single largest shareholder in Barakah with a 44.87% stake as part of the plan to help regularise its financial condition and lift itself out of the Practice Note 17 or PN17 category.But where does this unexpected development leave Lecca? Stock on the Move 09 Jul 2019 Quick take: White knight rides to Barakah’s rescue, shares soarcenter_img Corporate News 10 Jul 2019 MTDI ACPI signs HOA to acquire two firms from Putrajaya Perdana Stock on the Move 11 Jul 2019 Quick take: MTD ACPI jumps 20% on plan to acquire Putrajaya Perdana assets Tags / Keywords: Related Newslast_img read more

Case of death by negligence filed against Kolkata Metro

first_img Next Indo Asian News Servive KolkataJuly 14, 2019UPDATED: July 14, 2019 23:44 IST Witnesses said the victim lay in the tunnel for quite some time before security personnel ran and removed him. (Photo: ANI)A day after the horrific death of a train passenger, a police complaint was filed on Sunday against the Metro Railway authorities, while activists staged a demonstration at the Park Street station demanding exemplary punishment to the guilty and measures ensuring such ghastly incidents did not recur.The complaint was filed at Shakespeare Sarani police station by the family members of Sajal Kanjilal, a resident of South Kolkata’s Kasba area, who died after the train he tried to board started moving with his hand stuck between two sliding doors and the body hanging outside on Saturday.The complaint was filed under Sections 304 A (causing death by negligence) and 34 (common intention) of the Indian Penal Code.However, Kanjilal’s family members also demanded initiation of a case relating to culpable homicide not amounting to murder against the Metro Railway authorities.”This is criminal negligence. This is a culpable homicide. Whether there is technical negligence or human negligence, the responsibility lies with metro authorities,” said a relative of the victim.Amid allegations that the sensor on the door did not function despite the sliding doors closing with Kanjilal’s hand stuck between them, another relative of the middle-aged man said the railway authorities should answer why the faulty rakes were being used.Meanwhile, a group of theatre activists protested at Park Street station and later submitted a deputation demanding firm punitive action and also steps for improving safety of train passengers.Kanjilal was a theatre activist, trained dancer, poet, little magazine enthusiast and a model for artists.Kanjilal had tried to board the Kavi Subhas-bound train around 6.40 pm at Park Street station, but could not get in fully due to a heavy rush of passengers.He had only managed to slip one of his hands inside the compartment when the sliding doors closed in, and the hand got stuck. To the horror of onlookers, the train started moving towards Maidan station, dragging the man whose body was hanging outside.After the train had moved some distance, the shouts of other train passengers alerted the driver, who applied the emergency brake, and the victim fell, face-first, on the track below.The train came to a stop with four coaches inside the tunnel and the remaining four on the platform area.Witnesses to the incident said the victim lay in the tunnel for quite sometime before security personnel ran and removed him.The Metro railway has ordered a high-level probe into the incident.The train’s motorman and the guard have been suspended.Also Read | Stop steel exports at lower than domestic price: Consumers’ associationsAlso Read | Man dies after hand gets stuck between doors of moving Kolkata MetroAlso Watch | Firefighters fire up Lyon streets demanding higher payFor the latest World Cup news, live scores and fixtures for World Cup 2019, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for World Cup news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted byAkriti Anand Tags :Follow Kolkata Case of death by negligence filed against Kolkata MetroA complaint was filed at Shakespeare Sarani police station by the family members of Sajal Kanjilal, a resident of South Kolkata’s Kasba area, who died after the train he tried to board started moving with his hand stuck between two sliding doors and the body hanging outside on Saturday.advertisementlast_img read more

Accept resignations of MLAs at once Bihar Speaker urges Ktaka counterpart

first_img Press Trust of India PatnaJuly 13, 2019UPDATED: July 13, 2019 00:14 IST Karnataka Assembly Speaker KR Ramesh Kumar (ANI)Bihar Assembly Speaker Vijay Kumar Chaudhary on Friday voiced disapproval over the “delay” on part of his Karnataka counterpart K R Ramesh Kumar in taking a decision on the resignations of MLAs of the ruling Congress-JD(S) coalition in the southern state.”The matter has been unnecessarily allowed to snowball the Speaker (of Karnataka) indeed had no option when the members had met him personally and tendered their resignations,” Chaudhary said in the release issued by the Vidhan Sabha secretariat here.”Delay on part of the Speaker is surprising. It appears he has been thinking in terms of getting the members disqualified on ground of their defying the party whip. However, their resignations have preceded issuing of any whip by their parties and such a course of action by the Speaker would not have been in accordance with norms,” Chaudhary said.He said defiance of whip would have made no difference as action taken under the 10th Schedule of Constitution (anti-defection law) also has the same effect, that of a member being disqualified.”The delay has led to a situation wherein the matter has reached the Supreme Court and the action of the assembly Speaker has been subjected to judicial scrutiny… instances like these lower the dignity of the legislature and hamper its credibility. It would be better for the Speaker to accept the resignations without any delay. This would enhance his stature and protect the dignity of the legislature,” the Bihar Assembly Speaker added.The Supreme Court Friday restrained the Karnataka Speaker from taking any decision till Tuesday on the resignation and disqualification of 10 rebel MLAs.The 10 rebel MLAs moved the apex court alleging that the Speaker was not accepting their resignations.They are: Pratap Gouda Patil, Ramesh Jarkiholi, Byrati Basavaraj, B C Patil, S T Somashekhar, Arbail Shivaram Hebbar, Mahesh Kumathalli, K Gopalaiah, A H Vishwanath and Narayana Gowda.ALSO READ | Kumaraswamy wants floor test, SC asks Speaker to not act on resignations | All that happenedALSO WATCH | Kumaraswamy trust vote offer a googly or full toss?For the latest World Cup news, live scores and fixtures for World Cup 2019, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for World Cup news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted byAnupriya Thakur Tags :Follow Karnataka crisis Accept resignations of MLAs at once: Bihar Speaker urges K’taka counterpartBihar Assembly Speaker Vijay Kumar Chaudhary on Friday voiced disapproval over the “delay” on part of his Karnataka counterpart KR Ramesh Kumar in taking a decision on the resignations of MLAs of the ruling Congress-JD(S) coalition in the southern state.advertisement Nextlast_img read more