Unified Funds
Tax Exemption Ordinance ) and sets outs intended IRD
practice in administering the Unified Funds Tax Exemption which
came into effect on April 1, 2019.
The Unified Funds Tax Exemption
The Unified Funds Tax Exemption seeks to exempt hedge funds,
including OFCs and LPFs, from Hong Kong profits tax. This exemption
may apply regardless of the fund structure, location of the
fund s central management and control, fund size or fund
purpose provided that prescribed conditions are satisfied.
Unlike the Offshore Funds Exemption, there is no longer a bias
against Hong Kong. Firstly, there is no longer any need to
artificially maintain fund management and control overseas.
KUALA LUMPUR (Jan 15): Based on corporate announcements and news flow today, stocks that may be in focus on Monday (Jan 18) include: KNM Group Bhd, Kanger International Bhd, SKP Resources Bhd, Batu Kawan Bhd, Chemical Company of Malaysia Bhd (CCM), Daya Materials Bhd, Samaiden Group Bhd, MESB Bhd, Seacera Group Bhd, AT Systemization Bhd, Notion-VTec Bhd, Tenaga Nasional Bhd (TNB), Genting Malaysia Bhd (GenM) and FGV Holdings Bhd.
KNM Group Bhd plans to raise up to RM54.93 million via a private placement to pay off its bank borrowings and to fund some ongoing projects. The process equipment manufacturer aims to issue up to 10% of its share capital or 296.92 million shares, which will be placed out to third-party investors to be identified. It said RM20 million of the proceeds raised will be used to repay bank borrowings, while RM33.63 million will be used to procure raw materials, pay subcontractors and other related expenses for its ongoing contracts in Indonesia, Malaysia and Guyan
WHEN Transmile Group Bhd founder and former CEO Gan Boon Aun was found guilty in August of deceiving with intent and furnishing misleading financial statements to Bursa Malaysia, prosecutors expected the court to hand him a custodial sentence of 18 to 24 months and a fine of RM2 million to deter potential offenders.
But Sessions Court Judge Tuan Hasbullah Adam fined Gan RM2.5 million (in default 18 months’ imprisonment), and sentenced him to one day behind bars.
Under Section 122B(a)(bb) of the Securities Industry Act 1983 (Act 280) the section under which Gan, 59, was charged a convicted offender is liable to a fine of at least RM1 million or imprisonment for a term of up to 10 years, or both.
KUALA LUMPUR (Jan 13): Based on corporate announcements and news flow today, stocks that may be in focus tomorrow (Jan 14) include: Eco World Development Group Bhd, UEM Sunrise Bhd, George Kent (Malaysia) Bhd, Chin Hin Group Property Bhd, WCT Holdings Bhd, Greatech Technology Bhd, HeiTech Padu Bhd, Aeon Credit Service (M) Bhd, Dayang Enterprise Holdings Bhd, Landmarks Bhd, Petronas Dagangan Bhd, Maxis Bhd, Genting Malaysia Bhd, AE Multi Holdings Bhd, PNE PCB Bhd and Wintoni Group Bhd.
Eco World Development Group Bhd (EcoWorld) said the property developer’s board has decided not to pursue the proposed merger with rival
UEM Sunrise Bhd following careful evaluation of the merger alongside EcoWorld’s own business plans and the current challenging environment with the re-implementation of the Movement Control Order (MCO). EcoWorld said that since the last announcement on Dec 30, 2020 regarding the proposed merger, the parties involved had been engaged in discussions with a view tow
Wintoni Group Bhd has been granted a further extension of time to appoint a replacement sponsor and submit its regularisation plan. The Practice Note 17 (PN17) said Bursa Malaysia Securities has now granted the company up till June 30 to submit its regularisation plan to the relevant authorities, subject to the appointment of a sponsor by March 1