The Star Online: Business
The Star Online: Business |
- M'sian Rubber Board to build new HQ
- Tesco picks up small stake in Lazada which sells goods in M'sia
- Hytex suspends chairman and MD
| M'sian Rubber Board to build new HQ Posted: KUALA LUMPUR: The Malaysian Rubber Board (MRB) will build a new headquarters and other key facilities at Sungai Buloh beginning next year. The project costs RM1.1bil. The development will be carried out by MRB's project delivery partner KLIA Premier Holding's units - KLIA Associates and KLIA Consultancy Services on theMRB-owned 216.5ha Sungai Buloh land. "The MRB is expected to invest a big portion of the money obtained from the asset monetisation programme in Sungai Buloh to develop five facilities," said the MRB chairman Datuk Wira Ahmad Hamzah at the signing of the agreement yesterday. The project will see the construction of a new headquarters, a research and development centre, a college, a rubber discovery museum centre and a business cluster. Ahmad added it was envisaged these five facilities would extend MRB's prime focus to be a centre for rubber research that would eventually be recognised internationally. The entire project will be done in phases starting from next year and is scheduled to be completed by Aug 30, 2018. MRB said that the project delivery partner was chosen after an open tender process based on merit and not on cost basis alone. The project delivery partner agreement's scope of works include building planning, developmental approval, design, construction, duration and the final project accounts. |
| Tesco picks up small stake in Lazada which sells goods in M'sia Posted: The world's third-biggest retailer Tesco Plc has bought a small stake in Lazada, the Southeast Asian online retail company said on Monday. Lazada, which sells consumer electronics, household goods, toys and sports equipment in Indonesia,Malaysia, Thailand and Vietnam, raised $100 million in June from investors, in a bid to lift Southeast Asia from its status as an e-commerce backwater. Lazada, founded by German venture capital group Rocket Internet in early 2012, said it had secured about $250 million in funding from investors including the British grocer, Access Industries, Investment AB Kinnevik and Verlinvest. () Bloomberg reported that Tesco had invested "tens of millions" of pounds in the online marketplace, citing the British grocer's Multichannel Director Robin Terrell. The company declined to provide more details. Tesco said last week that it aimed to dominate a new multi-channel era - selling a range of goods from bread to clothing and banking products from its supermarkets and online, rather than slashing food prices to win market share from rivals such as Wal-Mart's Asda. - Reuters |
| Hytex suspends chairman and MD Posted: PETALING JAYA: Hytex Integrated Bhd (HIB) has suspended its executive chairman Sau Kim Hing @ Soo Kim Sin and managing director Saw Kam Fock @ Saw Kim Hock until the conclusion of its extraordinary general meeting (EGM). HIB said it was suspending the executive duites of its executive chairman and managing director with immediate effect "to mitigate interruptions to the daily operations of the HIB group of companies to the detriment of the company." In August, HIB, a textile and apparel manufacturer listed on Bursa Malaysia's Main Market, announced a "withdrawal of special notice received from members of the company on the intention to remove directors of the company". The company, however, prior to this announcement, had not mentioned the special notice. Based on reports, Sau and Saw, along with other family members, used to be longtime majority shareholders of HIB, mainly via Precious Continent Sdn Bhd. Soo is the founder of the business. The family ceased to be substantial shareholders when Precious Continent disposed of all its HIB shares in two transactions in January and February this year. In September, HIB was issued a unusual market activity query by Bursa Malaysia following its sharp rise in price and volume of its shares at the time. The company's board of directors and major shareholders said in a reply that it was not aware of any rumour or report that might account for this unusual activity. |
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