Trade Shares or Stocks in Bursa Malaysia|How to start Trading | Trade Stocks in Bursa Malaysia | How to Open Trading Account | How to Open CDS Account | What is Collateralised Trading | Discretionary Financing | Share Margin Financing | CDS Share Transfer | Securities Borrowing and Lending (SBL) | Regulated Short Selling (RSS) | Brokerage | Internet Trading Brokerage Discount | Cash Upfront Brokerage Discount | Clearing Fees | Contract Stamp Duties | Bursa Malaysia | Composite Index | Bursa News | Listed Companies News | Market News | Market Outlook

The Securities Commission (SC) has granted a stockbroking licence to US banking giant Citigroup Inc, making it the seventh foreign company to be given the licence in Malaysia.

The licence is one of three allowed leading foreign firms under the 2008 Budget. Japan’s top brokerage, Nomura Holdings, received the first in September last year and has started its stockbroking operations here.

“We continue to receive strong interest from leading international firms to set up operations in Malaysia, including in the broking industry, indicating confidence in the prospects of our capital market,” SC chairman Tan Sri Zarinah Anwar said in a statement yesterday.

The regulator said Citi was expected to play an important role in increasing the flow of funds from the Middle East as it has a strong presence in the Gulf.

“Citi will be focusing its business model on foreign and domestic institutional business. Any variations to the business model are subject to the SC’s approval,” it said.

In a separate statement, Citi said the news “underlines its continued investment in Asia and its desire to play an expanded role in the local Malaysian capital market”.

“With Citi’s global reach and resources, we believe we can add value to the growth and development of the Malaysian capital markets,” Citibank Bhd chief executive officer Sanjeev Nanavati said.

Related Posts:

• Treasury Department disapproves of Citigroup’s plan to Buy Jet
• Citigroup using Federal Rescue Fund to Buy Jetplane

MALAYSIA’S No 2 telecoms firm Axiata (6888) plans to divest its non-core assets to focus on its mobile business to stay ahead of rivals, the group’s chief executive said.

“Divestment of our non-core assets, which are our non-mobile assets, is something we are looking at,” Jamaludin Ibrahim said in an interview yesterday.

Axiata, valued at US$7.6 billion (RM25.92 billion), also operates mobile telecom services in Sri Lanka, Bangladesh, India, Indonesia, Singapore and Cambodia.

Some of its non-mobile assets are Multinet in Pakistan and Samart Corp and Samart I-Mobile in Thailand, Jamaludin did not provide any details on the planned value of disposals.

Axiata is not actively seeking acquisitions and prefers to grow its existing businesses organically, Jamaludin said.

“(Africa and the Middle East) is not high on our priority list. We are focusing on the South and Southeast Asian markets which offer low penetration and high growth potential.”

“We would consider something if the value is right and attractive,” he said.

Analysts said the upcoming listing of Maxis, Malaysia’s leading mobile phone services provider, will lead to a rebalancing of portfolio funds in the domestic sector and some fund managers might opt out of Axiata. – Reuters

Related Posts:

• 27% Net Profit Increase for Axiata
• Axiata profit in latest quarter
• Axiata expect growth from India and Indonesia
• Axiata (formerly TMI) will expand in Asia

REDTONE International Bhd has proposed to undertake a renounceable rights issue of up to RM41,522,330 nominal value of 10-year 2.75 per cent Irredeemable Convertible Unsecured Loan Stocks (ICULS).

It will also undertake up to 166,089,321 warrants on the basis of 10 10-sen nominal value of ICULS together with four warrants for every 10 REDtone shares held on an entitlement date to be determined later, it said in a filing to Bursa Malaysia.

Redtone said the proceeds from the rights issue would allow the group to undertake capital investments to roll out its broadband and data services in Malaysia. — Bernama

Related Posts:

• REDTone offered new 4G 2.6GHz spectrum