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By Kuala Lumpur Newsroom
Nikkei Markets
KUALA LUMPUR (Dec 29) — Heres a roundup of local news:
*Ortus to leverage Malaysia’s leading role in wellness industry
The global wellness and beauty industries are growing at an impressive rate and Malaysian firms are capitalizing on this trend by setting up bigger centers to attract customers. The two industries are known to be resistant to economic downturns, even doing well during the Great Recession of 2008. According to the Global Wellness Institute, which released the 2016 Global Wellness Economy Monitor early this year, the worldwide wellness industry grew 10.6 per cent to US$3.72 trillion (RM15.2 trillion) from 2013-2015, making it one of the worlds fastest-growing and most resilient markets. – New Straits Times
*Ideal Property chairman emerges substantial shareholder in Tatt Giap
Penang property magnate Ooi Kee Liang has emerged as the third largest shareholder in steelmaker Tatt Giap Group after acquiring a 7.62% stake from its founder and executive chairman, Siah Kok Poay. Ooi, who is executive chairman of Ideal Property Development, had on Dec. 26 purchased 13 million shares at RM1.58 million, or 12 sen per share, from Giapxin. The trade effectively reduced Kok Poay’s total stake in the company to 13.19% held via Giapxin, which is controlled by his son Siah Lee Beng. – The Edge Markets
*TAHPS will be renamed Ayer Holdings
TAHPS Group will be renamed Ayer Holdings effective 9am on Jan 3, 2018. The plantation and property groups stock number remains unchanged. – The Edge Markets
*Nexgram expects to turn around in FY19
Nexgram Holdings is optimistic about turning around in the financial year ending July 31, 2019, following the recent government’s initiative to promote more affordable houses. Chairman Donald Lim Siang Chai said Nexgram did not expect to perform better in the current financial year, after suffering financial losses in FY17. – New Straits Times
*Trive Property posts wider loss in Q3
Trive Property Group’s net loss widened to RM2.8 million for the third quarter ended Oct 31, 2017 from RM304,000 a year ago, due to impairment loses from land and building as well as operation losses recorded during the period. Revenue for the quarter under review fell by 81% to RM57,000 from RM299,000. Net loss for the cumulative period of nine months stood as RM2.49 million compared with RM1.14 million recorded in the same period last year, while revenue rose 42.2% to RM2.7 million from RM1.9 million. – The Sun Daily
– By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
– Edited by Glen Nicol Perkinson
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– Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.
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