NEWS IN BRIEF: MAY 27, 2022

PERAK CORP BHD, which plans to dispose of its entire equity interest in network facilities provider VC Telecoms Sdn Bhd for RM12.5 million, has provided additional information including corporate guarantees as security for loans obtained by VC Telecoms.

In a filing with Bursa Malaysia, Perak Corp said it had provided an irrevocable and unconditional corporate guarantee dated Nov 7, 2017, in favour of Affin Islamic Bank Bhd in four facilities -- Tawarruq Cash Line-i, Murabahah Term Financing-i, Wa’ad Mulzim & Sarf FX FER-i, and Forex Line.

For the corporate guarantee granted for the benefit of VC Telecoms, the company has performed the assessment on the risk of defaults and made the necessary loss allowance on impairment for the financial guarantee contracts amounting to RM16.9 million in its audited financial statements for the financial year ended Dec 31, 2021.

-- BERNAMA

CIMB BANK BHD and CIMB Islamic Bank Bhd have reinforced their commitment to supporting small and medium enterprise (SME) entrepreneurs within the B40 group through the CIMB MicroBiz Ready programme.

The fifth cohort saw the participation of 55 women entrepreneurs who completed and graduated from the programme, the bank said in a statement.

“In June, a new cohort will undergo similar training, focusing on the Asnaf community,” it added.

-- BERNAMA 

MAX SOLUTION & COMPANY and Olive + Goose have finalised the technical collaboration process and will continue to operate under their existing names, not ruling out future mergers and acquisitions.

The partnership allows the two companies to become a strategic, globally distributed Microsoft partner with over 10 Gold and Advanced Competencies, employing more than 100 employees worldwide with offices in the United States, Canada, Spain, France, Pakistan, Hong Kong, Malaysia and Singapore.

“Their modern consulting approach and a deep customer commitment with years of industry experience and world-renowned subject matter expertise will help solve business and technology challenges,” the companies said in a joint statement.

-- BERNAMA

ETIQA GENERAL TAKAFUL BHD has launched its first environmental, social and governance fund, called the Premier Global Sustainable Equity Fund.

The fund has been specially designed to deliver performance through investments in companies whose activities are linked to sustainable investment themes over the medium to long-term period.

“This is the latest fund offering from Etiqa that individuals can invest in through investment-linked plans such as Dynamic Invest, Smart Wealth and Smart Flexi Plus,” Etiqa said in a statement today.

-- BERNAMA

KIM HIN JOO (MALAYSIA) BHD said despite the uncertainty of the COVID-19 pandemic situation in 2021, it has cautiously expanded its outlets' geographical footprint.

In a statement today, the retailer of baby, children, and maternity products said the company has a total of 21 Mothercare retail outlets in Malaysia together with four The Entertainer stores at the end of 2021.

The company said it plans to roll out the Experience Store concept to its Mothercare outlets in KLCC, Gurney Plaza, and to all the subsequent large-format store openings.

“In 2022, we will be looking to expand the size of the Mothercare store in Gurney Plaza while opening one The Entertainer store in the same location as well as launching another store in KLCC,” it added.

-- BERNAMA

THE MALAYSIAN EFFIE AWARDS has announced its call for entries with a slew of new categories as well as a new online submission portal and enhanced judging panels.

The call for entries for the 14th edition of the Effie Awards in 2022, is expected to be between July and August with many new categories including delivery services, education and training, gaming and e-Sports, among others, said the Accredited Advertising Agents Malaysia (4As), which is the awards organiser, in a statement today. 

The Effies are an industry award that rewards achievement in meeting and exceeding marketing communications objectives with a focus on effectiveness, in honouring teamwork between agency and client, and in creating brands that become part of our cultural landscape.

-- BERNAMA