Malaysia’s super-rich, hard hit by the market following the outbreak of Covid-19, saw billions being wiped out of their fortunes. On the other hand, entrepreneurs involved in the making of rubber gloves minted more money, while new billionaires emerged from the tech manufacturing sector as shares of their companies soared in 2020.
THE outbreak of the Covid-19 pandemic in 2020 has delivered a brutal hand to the country’s economy, bringing unprecedented challenges to the general public and corporate sector.
And if this may offer some consolation amid the plunging values of your retirement and savings accounts, some of Malaysia’s wealthiest individuals have lost lots of money too, a survey on Malaysia’s 40 Richest individuals for 2020 showed.
KUALA LUMPUR: Tan Sri Wan Zulkiflee Wan Ariffin, the former president and group chief executive officer of Petroliam Nasional Bhd (Petronas), has joined US oil giant Exxon Mobil Corp s board of directors.
With the election of Wan Zulkiflee, the ExxonMobil board will increase to 11 directors, 10 of whom are independent directors.
Exxon Mobil is the largest oil company in the western world.
“We welcome Wan Zulkiflee to our board,” said Darren Woods, Exxon Mobil s chairman and chief executive officer said in a statement today. “His global industry expertise coupled with his insights related to the energy transition will complement our highly experienced board.”
(BAuto) could see exciting earnings growth if it lands the assembly and distributorship rights for Kia cars.
BAuto, which distributes Mazda vehicles and spare parts in Malaysia and the Philippines, is believed to be in talks to secure the collaboration with Kia Motors Corp, after the Naza Group confirmed that it would be relinquishing its Kia and Peugeot businesses last year.
“It would be a good business for BAuto, especially if they can get a manufacturing, distribution and after-sales deal for Kia cars. If the deal only involves distribution, then this would not be very exciting as the margin is only 5% to 10%, ” a market observer told StarBiz.
KUALA LUMPUR (Jan 15): The main index at Bursa Malaysia slipped at midday break today as index-linked heavyweights, including Malayan Banking Bhd (Maybank) and Public Bank Bhd, dragged.
At 12.30pm, the FBM KLCI was down 3.88 points at 1,631.83. The index had earlier risen to a high of 1,637.88.
Losers led gainers by 368 to 314, while 733 counters traded unchanged. Trading volume was 3.09 billion shares valued at RM2.17 billion.
The decliners included KESM Industries Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd, Tasco Bhd, Hong Leong Financial Group Bhd, MISC Bhd, Maybank, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Public Bank and Hartalega Holdings Bhd.
THE Federal Land Development Authority (FELDA) and its subsidiary FGV Holdings Bhd being in the news is nothing new, but things have picked up a few notches with tensions simmering between the two, culminating in the former wanting to end its land lease agreement with the listed unit. Then this month, FELDA said it wanted to take FGV private. Here are the main newsmakers in the FELDA-FGV saga.
Business tycoon and philanthropist
Businessman Tan Sri Syed Mokhtar Albukhary has been on The Edge’s newsmakers list every year for the past 15 to 20 years at least, with his vast empire of companies and his corporate manoeuvres that involve his two main listed entities, flagship MMC Corp Bhd and DRB-Hicom Bhd.