Metal Trading at Bursa Malaysia ?

Filed Under (Bursa News) by Webmaster on 11-03-2010

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Bursa Malaysia

Bursa Malaysia plans to trade metal and add new specifications for crude palm oil (CPO) on Bursa Suq Al-Sila’ this year, as volume was expected to see a huge growth on local and foreign interests.

Raja Teh Maimunah Raja Abdul Aziz, Bursa Malaysia’s global head of Islamic Markets, did not discount the possibility the daily trading volume of Bursa Suq Al-Sila’ would triple or quadruple this year due to increasing number of local and foreign banks participation especially from Gulf Cooperation Council.

“We continue to see an increasing trend as volume in February, a shorter trading month, has exceeded January’s,” she told reporters at the second day of Palm and Lauric Oils Conference and Exhibition: Price Outlook 2010/2011 here today.

Raja Teh Maimunah said almost 90 per cent of domestic banks traded on Bursa Al-Sila’ including three global banks.

“I’m not still at liberty to tell you the daily trade, but you would be able to figure out by looking at Islamic banking assets in the country,” she said.

Launched in August last year, Bursa Suq Al Sila’ is a purposefully-designed exchange-traded platform to facilitate commodity murabahah transactions.

It is the first Internet-based platform in the world with CPO as its underlying base commodity.

“We are working on metal and other specifications of CPO. It has various specifications and Bursa Suq Al-Sila now only has one,” she said, when asked on the specification to be traded.

She said the different specifications would be introduced in stages.

On the reason to introduce metal trading, Raja Teh Maimunah said the exchange was working with commodity suppliers who had the necessary volume and accessibility for such an undertaking.

“Players of metal commodity are familiar with murabahah and the potential is huge,” she said

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Bursa post 4th quarter profit

Filed Under (Bursa News) by Webmaster on 05-02-2010

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Bursa Datuk Yusli

Bursa Malaysia Bhd’s net profit soared 613% to RM96.3mil in the fourth quarter ended Dec 31, 2009, against RM13.5mil a year earlier, mainly due to a RM76mil gain from the sale of a 25% stake in Bursa Malaysia Derivatives to CME Group Strategic Investment LLC.

Total revenue for the period jumped to RM157.4mil against RM71.1mil in the previous corresponding period.

Datuk Yusli Mohamed Yusoff … “This year, more companies are expected to to be listed as compared to last year.’

Revenue from equities trading increased 30% to RM33.7mil while sales from derivatives trading declined 20% to RM8.2mil.

Earnings per share were 18.2 sen for the quarter against 2.6 sen a year earlier.

It proposed a 9 sen dividend per share compared with 7.8 sen in the previous corresponding period.

Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff said Bursa was cautiously optimistic about good sentiments coming back to the market.

“So far, the recovery in global markets has seen an increase in trading activities and we hope to see this continue,” he said, adding that Bursa’s revenue was expected to be higher this year than last year.

However, capital expenditure (capex) this year would be increased to RM60mil.

“This year, more companies are expected to be listed as compared to last year with 20 companies having received approval but not yet in the market and a dozen that include Chinese companies are still being reviewed by the Securities Commission.

“This year too, our capex will be increased to upgrade clearing system and also for system related matter as we are going to spend on CME Globex, the world’s most widely distributed electronic trading platform,” he said.

Yusli said the launch of CME crude palm oil (CPO) futures contract trading was expected to be in the first half this year while the launch of trading on CME Globex was expected to be in the second half.

Bursa also expected to maintain the market capitalisation of all the companies listed on the board at RM1 trillion this year, he added.

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Bursa reprimand errant companies

Filed Under (Bursa Malaysia) by Webmaster on 30-10-2009

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Bursa Malaysia

Bursa Malaysia has reprimanded Energreen Corp Bhd, formerly known as Welli Multi Corp Bhd, for breaching paragraphs 9.16 (1)(a), 9.22(1) and 9.23 of the Listing Requirements (LR).

Bursa said in a statement yesterday that although Energreen was no longer listed, the breach was committed by the company while it was listed on the official List of Bursa Securities. Paragraphs 9.16 (1)(a) of the LR requires a listed company to ensure that its announcement is factual, clear and contains sufficient information to enable investors to make informed investment decisions.

Meanwhile, paragraphs 9.22(1) and 9.23 of the LR requires a listed company to ensure the timely submission of interim financial reports as well as annual reports. Bursa also publicly reprimanded and fined the company’s 12 directors for between RM2,250 and RM200,000 each.

In a separate statement, Bursa also reprimanded Kosmo Technology Industrial Bhd and fined two company directors RM257,300 for breaching paragraphs 9.16 (1)(a), 9.22(1), 9.23 and 16.11(b) of the Listing Requirements (LR).

Although Kosmo is no longer listed, the breach was committed while it was listed, Bursa said in a separate statement.

Bursa also publicly reprimanded and fined Kosmo managing director Datuk Norhamzah Nordin RM144,500 while Mohamad Nassir Mohd Kassim, who served as executive director from April 3, 2006 until Feb 15, 2008 was reprimanded and fined RM112,800. He resigned on July 3, 2008.

Bursa said Norhamzah and Mohamad Nassir, who were the directors of Kosmo at that time, permitted either knowingly or had reasonable means of obtaining such knowledge which led to the company committing the breaches.

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