FBMKLCI 1518.91 DJ +7.80 CRUDE OIL 91.33 RM 3.06

RHB Banking Group, in a collaborative effort with Pos Malaysia Bhd, is launching today the Pos Malaysia-RHB Shared Banking Services to enable banking services for its customers at selected Pos Malaysia outlets nationwide. The appointment of Pos Malaysia as the shared banking provider will also result in the opening of Easy by RHB kiosks at selected Pos Malaysia outlets that are involved in the marketing and processing of retail financial products, targeting the mass-market segment that is currently underserved, especially in the rural areas.

Property firms IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB), which announced their plan last month to merge and potentially become the second largest property player, have aborted the plan. MRCB and IJM Land announced to Bursa Malaysia last Friday that the merger was aborted as both companies were not able to reach an agreement on the definitive terms and conditions of the proposed merger, following a series of discussions. They also announced that trading in the shares of both companies was suspended and would only resume on Monday. MRCB and IJM Land officials declined to comment when contacted by StarBiz. It is believed that the much anticipated merger between the two firms, announced on Nov 23, was called off due to issues over management and shareholding structure of the new entity post-merger.

The Malaysia Oil Palm Dealers Association (MOPDA) has expressed concern over the move by the Malaysian Palm Oil Board (MPOB) to bar dealers from buying and selling oil palm fresh fruit bunches (FFB). MOPDA president Datuk Abdul Fattah Abdullah said the new ruling was not beneficial to stakeholders, particularly dealers and the industry as a whole. The buying and selling of FFB among dealers was the norm and if small dealers were not allowed to trade among themselves, this would result in loss of employment, income and the eventual folding of the enterprises, he said. The MPOB ruling, said to take effect from today, was to give the opportunity for estates, smallholders and dealers to sell directly to millers, prevent small dealers from being monopolised by big dealers, and enhance the quality of oil palm fruits so that the oil extraction rate would exceed 25%.