4 November 2019: No more TnG reload at tolls; Menara Weld up for sale

PLUS: No more Touch ‘n Go reload facilities at all toll plazas from Nov 5
PLUS Malaysia Berhad (PMB) will no longer provide Touch ‘n Go reload facilities at all toll plaza exit lanes beginning Nov 5. According to PMB, the move is aimed at reducing congestion caused by reload activities at all toll plazas in the northern and southern region. It is also to ensure the safety of PLUS customer service agents, as there have been several cases where heavy vehicles crashed into toll booths at the toll plazas. It noted that approximately 8% to 9% of daily traffic contribute to unnecessary delays due to customers experiencing insufficient balance and require emergency topping up at the exit lanes. PMB advised its customers to plan their journey and ensure that their Touch ‘n Go cards have sufficient balance before entering the highway. There are more than 11,000 Touch ‘n Go reload facilities throughout the country including ATMs, petrol stations, convenience stores, rest areas and shopping malls. (The Star Online)

Saudi Arabia approves IPO of world’s most profitable company
Saudi Arabia finally kicked off what could be the world’s biggest initial public offering (IPO). More than three years after Crown Prince Mohammed Salman first raised the idea, the Capital Market Authority approved Aramco’s offering, according to a statement. The shares are likely to start trading in December. Aramco, which pumps about 10% of the world’s oil, generated the most profit of any corporation last year with net income of US$111bil – more than Apple Inc, Google’s parent Alphabet Inc and Exxon Mobil Corp combined. The company was targeting a US$2 trillion valuation, but the kingdom is now ready to accept a valuation of US$1.6 trillion to US$1.8 trillion to ensure the IPO is a success. The sale is key to Prince Mohammed’s Vision 2030 plan to overhaul the Saudi economy and end the kingdom’s reliance on oil exports. Aramco could be listed before the end of the year, in which case the world’s most valuable company will no longer be traded in the United States but on the Saudi bourse. (The Star Online)

(Source: Propsocial)

Menara Weld and The Weld Shopping Centre up for sale
Great Eastern Life Assurance (M) Bhd, a unit of Singapore-listed Great Eastern Holdings Ltd, is calling for bids for the Menara Weld office building and The Weld Shopping Centre located within the Golden Triangle of Kuala Lumpur. The insurer has set a reserve price of RM270 million for both assets. The landmark building — comprising a 26-storey office tower and an adjoining six-storey retail mall — are located at the corner of Jalan Raja Chulan and Jalan P Ramlee. The insurer purchased the commercial asset 16 years ago. The retail component once comprised the Weld Supermarket, which is said to be the city’s first supermarket. Built in the 1960s, the supermarket was demolished and replaced with the current The Weld Shopping Centre in the late 1980s. The office tower was subsequently added in 1994. (The Edge)

PIL 1, LRT projects to be approved soon, says Penang CM
The Pan Island Link 1 (PIL 1) and the Light Rail Transit (LRT) projects are at “the tail-end of securing the necessary approval”, Penang Chief Minister Chow Kon Yeow said. The state government has been working with SRS Consortium to finalise the master agreement for the two major components from the RM46-billion Penang Transport Master Plan (PTMP). The PIL 1 project is a 19.5km-long toll-free highway alignment from Gurney Drive to Tun Dr Lim Chong Eu Expressway near the Bayan Lepas Free Industrial Zone IV area. Meanwhile, the rail line for the LRT project will cover 29.9 kilometres and 27 stations, running from Komtar to the Penang International Airport and to the three future reclaimed islands in the south of Penang, estimated to cost RM8 billion. (Malay Mail)

Loan growth expected to pick up in 4th quarter
Affin Hwang Capital is keeping its 2019’s loan growth target of 3.8% year-on-year (yoy) unchanged, as it expects a pick-up in the fourth quarter of 2019 driven primarily by drawdown of construction-related project loans as well as residential property loans. “We believe that overall downside risks are cushioned by the broad-based economy, resilient domestic consumption spending and a low unemployment rate of 3.3% (in August),” said the research house. It said the banking system liquidity remains healthy and ample and the commercial banks’ average lending rate edged down further, post-Overnight Policy Rate (OPR) cut. (The Sun Daily)

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