Mahathir rejects termination by party led by Malaysia’s Muhyiddin

KUALA LUMPUR — Malaysia’s former Prime Minister Mahathir Mohamad is refusing to accept termination by his party, telling reporters on Friday that he plans to seek to remove Prime Minister Muhyiddin Yassin instead.

Mahathir was sacked as a member of the Malaysian United Indigenous Party, or Bersatu, the previous day, along with his son Mukhriz Mahathir and three others. He had co-founded the party in 2016 and led it to victory in the 2018 election that ended the 61-year rule of the National Front.

Bersatu’s president is Muhyiddin Yassin, who helped push Mahathir out of office earlier this year.


Read More

Malaysia’s Vista Eye to raise $30m to finance expansion

SINGAPORE/JAKARTA — Malaysia-based private eyecare chain Vista Eye Specialist is looking to raise $20-30 million to finance its expansion plans, which include acquisition of local clinics, three sources told DealStreetAsia. 

The company, which was set up in 1999, is owned and founded by local entrepreneur Lim Boon Siong. The company’s other shareholders include doctors associated with the chain, said one of the sources.

The shareholders intend to dilute their ownership by up to 49% to support Vista Eye’s growth plans. The eyecare chain is raising equity capital as opposed to debt to meet the acquisition financing costs. 

Vista Eye’s shareholders

Read More

Malaysia’s Khazanah sells shares of genetics screening MGRC

KUALA LUMPUR — Malaysian sovereign wealth fund Khazanah Nasional Bhd has ceased to be a substantial shareholder in genetics screening company Malaysian Genomics Resource Centre Bhd (MGRC) after a recent share sale.

The development comes after Khazanah sold 12 million shares, an 11.59% stake, through indirect subsidiary Synamatix Sdn Bhd, according to a bourse filing on May 15.

The disposal on May 13 came after an earlier disposal of 17 million shares on April 27. Khazanah indirectly owned a 12.758% stake, 13.21 million shares, in MGRC, as of April 29, after the disposal, a separate filing shows.

Khazanah has been

Read More

Malaysia’s GDP growth slumps to 0.7% as relaxed lockdown drags on

KUALA LUMPUR — Malaysia’s economy grew 0.7% in the initial quarter of 2020, well off the 4.5% pace recorded a year earlier, as the impact of the coronavirus pandemic begins to show up in the numbers.

The result, announced on Wednesday, did beat the median forecast of a 1.5% contraction in a Reuters poll of 12 economists. “After a steady expansion in the first two months of the quarter, economic activity came to a sharp downshift with the implementation” of the nationwide coronavirus lockdown, or movement control order, in mid-March, the central bank said in a statement.

The central bank

Read More