Noble Mineral Resources Ltd, an Australia-based mineral exploration company, is offering Malaysian institutional investors a chance to co-own a gold mine in Ghana with an estimated USD1.8bn of gold reserves. There would be a private placement of 150 million shares, or a 56% stake in the company at AUD0.40 per share. Gold price now stands at about USD1,100 per ounce while the cost to produce an ounce in Ghana is around USD450 to USD550. (The Star)
The real property gains tax (RPGT), which takes effect in less than a month, is likely to hit long-standing homeowners and foreign investors the most as is does not differentiate between homeowners who have been holding a property for 20 years or those who are flipping properties within one or two years for a profit. The re-introduction of RPGT will cause an element of uncertainty for foreigners looking to invest in property in Malaysia (Malaysian Insider)
Bangladesh wants to buy palm oil from Malaysia via its state trading arm to ensure sufficient supply and price stability for edible oil, said Plantation Industries and Commodities Minister. Bangladesh is interested to have a government to government buying arrangement and could potentially boost Malaysia’s palm oil export (Reuters)
Malaysia will issue a small international bond next year to part fund its budget deficit although majority of the expected deficit of 5.6% of GDP will be funded domestically, the Prime Minister said yesterday. He also stated that in a bid to win back foreign investment, state investment funds including Khazanah Nasional had been instructed to sell down of their holdings of companies listed on Bursa Malaysia. Malayan Banking is also understood to be working on a infrastructure system to indicate the eligibility of an individual to receive fuel subsidies. (Reuters)
The International Trade and Industry Ministry will work hard to attract Thais to invest in Malaysia following Thailand’s open attitude to investment. Minister Datuk Seri Mustapa Mohamed said Malaysia must seize the opportunity to lure Thai investors, especially in the real estate, automotive and agricultural sectors. (Bernama
Industrial production in October grew 0.7%, the first expansion after 13 consecutive months of contraction, on the back of increases in manufacturing and electricity output. The earlier than expected turnaround coupled with the 1.7% growth in October exports point to a recovery that is under way, economist say. (Malaysian Insider)
The government will look into various measures raised by private sector such as greater transparency and competitive privatization, a more attractive capital market as well as reducing the crime rate and corruption in efforts to enhance domestic investments. To this end, it would also look into good governance by both government and the private sector.
The Malaysian Industrial Development (MIDA) is ready to work with relevant departments in tackling the problem of shortage of blue-collar workers faced by foreign investors. However companies are advised to go to areas which have a large number of workers such as Pahang and Kelantan , MIDA Chairman Tan Sri Dr Sulaiman Mahbob said. (Bernama)
Deputy Prime Minister Tan Sri Muhiyiddin Yassin, has yielded a whopping RM8.14bn in potential investment from his 4-day specific investment mission to Japan. These investments are expected to start flowing into Malaysia by next quarter. He also encouraged Malaysian firms to consider acquiring valuable Japanese companies which bankrupted due to Japan’s fragile economic condition. (Malaysian Insider)
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