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August 15, 2018 1:01 PM Petronas Gas Q2 earnings up 19.7%

PETALING JAYA: Petronas Gas Bhd’s earnings rose 19.7% to RM509.3 million in the second quarter (Q2) ended June 30 from RM425.3 million in the previous corresponding quarter in tandem with higher revenue. Revenue for the quarter grew 15.7% to RM1.36 billion, compared with RM1.17 billion in the same period last year, mainly contributed by the group’s new LNG regasification 5

August 15, 2018 11:44 AM Government will repay RM19.25b GST refunds from 2019

PETALING JAYA: Finance Minister Lim Guan Eng said in a statement today that the government will repay RM19.25 billion in outstanding GST refunds to 121,429 companies and individuals from next year. The GST Refunds Trust Account currently only holds RM148.6 million and Lim did not elaborate on how the government would make good on the payments, which 4

August 14, 2018 7:27 AM SSM to offer 50-80% discount on compounds imposed

PETALING JAYA: The Companies Commission of Malaysia (SSM) will offer discounts of between 50% and 80%, from Sept 1 to Dec 30, 2018, to companies with outstanding compounds. Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail said the incentive, given in conjunction with SSM's campaign themed, "Comply With Companies Act, Show Interest 4

August 13, 2018 10:41 AM Sabah State Assembly approves additional budget of over RM592.3 million for this year

KOTA KINABALU: The Sabah State Legislative Assembly has approved an additional budget of RM592,310,727 for government administrative expenditures this year. The First Supplementary Supply Bill 2018 tabled by Chief Minister Datuk Seri Mohd Shafie Apdal, who is also State Finance Minister, was passed unanimously after its third reading at the State Assembly 7

August 10, 2018 10:31 AM Versatile Creative's forensic audit shows RM2.3m unauthorised payment approved by MD, CFO

PETALING JAYA: The forensic audit report on Versatile Creative Bhd revealed financial irregularities in the form of an unauthorised payment of RM2.3 million was approved by its managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow. The group told the stock exchange that both of them could not account for the RM 2.3 million 6

August 7, 2018 10:22 AM LRT3 tender will not be reopened because of additional RM4b cost

KUALA LUMPUR: The government will not reopen tender for the LRT3 project as it will incur an additional cost of over RM4.2 billion. Finance Minister Lim Guan Eng said the government would instead renegotiate the current contract to a fixed fee contract to ensure there would not be added cost to be paid to its project delivery partners (PDP). He said the decision 8

August 7, 2018 7:56 AM Threshold for annual sales tax to be raised to RM500,000 under SST

KUALA LUMPUR: The Government will increase the annual sales threshold for eligibility to register for the Sales Tax to RM500,000 annually under the Sales and Tax Service Tax (SST) from RM100,000 previously. Finance Minister Lim Guan Eng said the annual turnover threshold of RM500,000 would also apply to manufacturers who carried out sub-manufacturing 6

August 6, 2018 1:33 PM Decision to build Phase 3 LPT will be announced in Budget 2019

KUALA LUMPUR: The decision on whether or not to continue the construction of the Phase Three East Coast Highway (LPT) connecting Kuala Terengganu, Terengganu to Pengkalan Kubur, Kelantan will be announced in the Budget 2019 this November. Deputy Works Minister Mohd Anuar Mohd Tahir said the government basically was considering the construction of the 147-km expressway 15

August 6, 2018 1:23 PM KKB bags Petronas Carigali contract

PETALING JAYA: KKB Engineering Bhd’s subsidiary OceanMight Sdn Bhd (OMSB) has been awarded a contract by Petronas Carigali Sdn Bhd for the provision of engineering, procurement, construction, commissioning of wellhead platforms for the D18 Phase 2 project. With the award of D18 Phase 2 project, the total combined contract sum for both D28 Phase 1 and D18 Phase 4

August 6, 2018 5:33 AM Audit report: Seven ministries achieve excellent results

KUALA LUMPUR: Seven of the 25 ministries achieved excellent results in financial management (Index Accountability) last year, said Auditor-General Tan Sri Dr Madinah Mohamad. Based on the 2017 Auditor-General's Report (LKAN) Series 1, she said 16 ministries had achieved good levels, while another two achieved satisfactory levels. "In addition, 13 Departments 11