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Unicorn International Islamic Bank Malaysia Bhd posted a maiden full-year net profit of RM812,546 for the year ended Dec 31, 2008, the company said.

Unicorn Malaysia, a wholly owned subsidiary of Bahrain’s Unicorn Investment Bank, was the first foreign Islamic bank licensed by Bank Negara Malaysia (BNM) to conduct a full range of non-ringgit banking activities.

It has four business lines: treasury, corporate banking, investment banking and strategic acquisitions/direct investment, which are supported by a strong placement division.

The bank closed its books with total assets of RM122.5 million for 2008. Its risk-weighted capital adequacy ratio stood at 199.9%, compared with the statutory requirement of 8%.

Commenting on the bank’s outlook for 2009, Vaseehar said the international financial markets would continue to be very volatile.

“I am very happy to announce the bank’s maiden profit, which was achieved against the backdrop of an exceptionally challenging global economic environment,” said its chairman Datuk Vaseehar Hassan Abdul Razack in a statement today.

“As business activities decelerate, market conditions weaken even further and this could prove to be a constraint on growth for the bank.

“In spite of the difficult environment in which we currently operate, I am confident the team we have built, our infrastructure and our ambitious business plan will allow the bank to report even greater achievements in the future,” he said. – The Edge

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Malaysia Venture Capital Management Bhd (MAVCAP) wants to acquire companies whose technology is compatible and synergises with those of its investee companies.

The global recession would have caused many companies to face a shortage of funds and they would be looking for fresh investments, chief executive officer Husni Salleh said.
Husni Salleh

“Directly under the management of MAVCAP are about 45 companies that are involved in the information and communications technology (ICT) business.

“It is for these companies that we will be seeking partners,” he told StarBiz.

MAVCAP is involved in another 45 companies through its outsourced partners.

MAVCAP would also invest in the branding of the companies directly under its control, Husni said after a seminar on the usage of ICT organised by the Penang Malay Chamber of Commerce (PMCC).

“The objective is to enhance their reputation so that they can make their presence felt in the region. We see in the crisis opportunities for us to expand locally and regionally, as there are companies that will be cutting operational costs by outsourcing ICT work and services,” he said.

Meanwhile, PMCC Dewanita chairman Yuslinov Ahmad is training its 600 women members on how to do business using ICT.

“The usage of ICT would help our members achieve more profits for their business as they would not have to use middlemen,” she added.

Most of the PMCC members were involved in the sale of cosmetic and herbal products, Yuslinov said.

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Q-Cells SE, a German producer of cells used in solar panels, said it will start production in Malaysia by July and expects demand for its products to recover later in the second half.

“We expect to start with production in the second quarter,” chief executive officer Anton Milner said yesterday on a conference call. The facility, being built to reduce costs, will have a capacity of about 500 megawatts.

Q-Cells generated over 90 per cent of its revenue last year from the sale of cells, with the remainder stemming from its newer project business, where it builds solar systems and then sells them on to investors. – Bloomberg

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