Here's what we have for the week

Significant Event (MY & SG)

  • TikTok owner ByteDance plans to invest in artificial intelligence (AI) and turn Malaysia into a regional AI hub with a proposed investment of about RM10 billion.
  • The government has set the pump price of diesel at all retail stations in the peninsula at RM3.35 per litre, up RM1.20 from Monday (June 10, 2024).

Real Estate Industry 

  • Allgreen Properties Ltd, a company controlled by Robert Kuok is buying back the Johor Bahru City Square for RM 850 million after selling it 20 years ago.
  • AME Elite is buying 37.5 acres of land in Taman Teknologi Johor with plans to develop it into an industrial cluster.
  • Paragon Globe Bhd, after selling a piece of land to a data centre operator, is snapping up 2 pieces of land nearby.


  • A tunnel has been planned to traverse Sections 51 Petaling Jaya, Federal Highway Route 2 and New Pantai Expressway (NPE).

Industry Policy

  • The Ministry of Transport has signed a gazette exempting all cable-laying ships from the cabotage policy.

Cash Call/ Debt restructuring/Restructuring/Proposed Listing

  • Oxley Holdings is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month.

Company Expansion Plan/ Capex Plan

  • Tasco Bhd plans to invest RM400 million to expand its warehouse capacity.
  • Aeon Co Bhd is expanding its Seremban 2 Mall.

Market Insights

  • Electrical Components; Electrical Equipment; Electronic Components and Printed Circuit Board Assemblies (PCBA) are short in supply, according to ISM May Report.

News we are reading

  • The New Zealand’s government is planning to lift a ban on offshore petroleum exploration, citing energy security challenges from rapidly declining natural gas reserves. More jobs for offshore vessel operators in the region.
  • India Election: Modi wins but loses of majority. ETFs or unit trusts investing in India may not perform as well as they did in the past two years.
  • Russia cut its wheat crop forecast from 94 million tonnes to 80.7 million tonnes because of damage to crops resulting from frosts. The prices for food may move higher.
  • Overall business park vacancies in Singapore rose to about 22%. Investors in Industrial S-REITs, please take note of this.

The Malaysian government is reducing its subsidies on daily necessities, making inflation unavoidable. This is evident from the recent interest rate hike in the government bond market. Hopefully, the Ringgit will start to strengthen, partially countering the inflation.