Here's what we have for the week
- The Chairman of Yoma Strategic Holdings, a conglomerate with businesses including a bank in Myanmar and listed on SGX, is cooperating with authorities after being accused of violating financial regulations. He is accused of providing mortgages through his bank to Myanmar nationals buying condos in Thailand and offering total housing loans exceeding the limits set by the Central Bank of Myanmar (CBM).
- Bank Negara Malaysia (BNM) will issue licences to any digital insurers and takaful operators (DITOs) that meet its requirements. Allowing more players into the market can lead to increased competition and reduced costs for consumers.
- Malaysia construction giant, Gamuda Bhd, has formed a £100 million (RM603.21 million) UK student housing joint venture (JV) with Singapore-headquartered private equity firm Q Investment Partners (QIP).
Real Estate Industry 
* Land acquired by Maxim in USJ Area.
- Maxim Global Bhd, the developer of Residensi Majestic Maxim, a project located at Taman Connaught MRT Station, acquired a piece of land adjacent to the South Quay-USJ 1 bus rapid transit station for RM 95 million or RM 375 per square foot.
- Co-living space and hotel chain operator Swing & Pillows has bought five hotels on Jalan Bukit Bintang.
- The Melaka state government intends to build a new road and upgrade the existing route from the Bukit Ramabi Industrial Park junction to Tanjung Bruas Port, with a projected cost of RM428.37.
Cash Call/ Debt restructuring/Restructuring/Proposed Listing
- Nestcon Bhd, a construction company that undertakes a lot of construction work from Exsim Bhd, is raising RM27.27 million through a private placement of 70.82 million shares at RM0.385 per share to pare down its debt.
Privatization
- Second Chance Properties Ltd, a retailer-turned-property investment firm listed on the SGX, has received a privatization offer from its founder for S$0.30 per share.
Company Expansion Plan/ Capex Plan
- KL Kepong Bhd has launched a new high-purity fatty acids and glycerin plant in Zhangjiagang, Suzhou, China, bringing the facility’s annual processing capacity to 500,000 tonnes.
Market Insights
- Copper inventory surged in June 2024. (Read More)
News we are reading
- Container ship congestion in Port Klang. (The Edge)
- Wealthy Chinese are returning to Hong Kong after the Singapore government began scrutinizing them following a S$3 billion money laundering case. (The Edge)
- Singapore to stop registration of new diesel cars and taxis from Jan 1, 2025. (Straits Time)
Hong Kong serves as an established trading hub, facilitating capital raising for companies. Its strategic location and historical ties make it a preferred destination for initial public offerings (IPOs) and corporate bonds.
On the other hand, Singapore excels in private wealth management. Its stable economy, strong regulatory framework, and global connectivity attract high-net-worth individuals and family offices seeking wealth preservation and investment services.
In summary, while Hong Kong focuses on capital markets, Singapore caters to private wealth management needs. Hong Kong is where the Chinese can grow their wealth, while Singapore is where they can preserve it. As China’s economy hits a wall, Singapore is naturally the bigger beneficiary, as Hong Kong once was. When China's economy starts to grow again, Hong Kong will likely regain its prominence as a thriving financial hub
