PETALING JAYA: Stock exchange operator Bursa Malaysia Bhd has announced two additional relief measures to assist public-listed companies amid the Covid-19 pandemi
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The corporate “dash for cash” and banks’ pullback from risk-taking
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In spring 2020, stay-at-home policies aimed at containing the spread of the coronavirus led to a sharp decline in the revenues of nonfinancial firms. To shore up cash positions and ride out the crisis, firms approached their banks and drew down on pre-committed lines of credit. As a result, between early March and the end of April, the banking system was hit by a tidal wave of credit line drawdowns (figure 1), estimated at about half a trillion USD (Li et al. 2020). Banks were able to withstand the unprecedented credit demand, successfully providing liquidity to the real sector during a time of stress. However, they also curtailed new loan originations and tightened lending standards by an extent not seen since the 2008 financial crisis (figure 2).
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Tan Chong Motor will undertake its LSS4 venture via a consortium comprising its two listed sister companies, APM Automotive Holdings Bhd
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Except for Tan Chong Motor, Advancecon and MK Land, all shortlisted bidders won 50MW in LSS4 capacity each, which is the maximum capacity allowed for a single bidder.
“Actual financial details of the individual LSS4 projects are still sketchy at this point, pending further disclosure by the respective companies.
“As a ballpark figure, however, we estimate about RM11mil to RM13mil incremental annual Ebitda for the 50MW LSS4 assets, assuming a project IRR of 6% to 8%, capital expenditure (capex) of RM2.5mil per MW, capacity factor of 16.7% and average tariff of 18.7 sen to 21.7 sen per kwh, ” MIDF Research said in a note yesterday.