In today’s edition of Evening 5 — Beijing-linked Shanghai SUS Environment Co commits RM15 billion for a waste-to-energy partnership with Citaglobal. Meanwhile, PM Datuk Seri Anwar Ibrahim will answer questions about Datuk Seri Dr Ahmad Zahid Hamidi's DNAA in Parliament tomorrow.
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00:00 [Music]
00:04 Chittaglobal inked an MOU with China government-linked Shanghai SUS Environment Co.
00:10 for joint collaboration and development of Waste-to-Energy or WTE projects in Malaysia.
00:16 This development confirms a report by The Edge Weekly about Chittaglobal signing a new deal
00:21 for a WTE venture. The signing ceremony was held during the 20th China-ASEAN Expo
00:28 and China-ASEAN Business and Investment Summit in Nanning and was witnessed by
00:32 leaderships of both parties and countries. The Chinese enterprise committed RM15 billion to the
00:38 plan, which is to divert all waste from unsustainable landfills to WTE plants and
00:44 holistically resolve Malaysia's waste disposal woes. Chittaglobal is assuming a leading role
00:50 in the project's development of the proposed WTE projects in Malaysia, while the China firm will
00:56 be responsible for financing, building and operating these plants. Chittaglobal's shares
01:02 last traded 0.7% higher at RM1.45, giving it a market capitalisation of RM605.51 million.
01:11 [Music]
01:17 Prime Minister Datuk Sri Anwar Ibrahim is expected to answer questions in the Dewan
01:22 Rakyat tomorrow about the court decision on a discharge not amounting to a quittal for his
01:27 deputy, Datuk Sri Dr Ahmad Zahid Hamidi. The UMNO president was given a discharge by the Kuala
01:33 Lumpur High Court last month from 47 charges of criminal breach of trust, money laundering and
01:39 graft, involving millions of ringgit from the Yayasan Akal Budi Fund. De facto law minister
01:45 Datuk Sri Azalina Othman Said said Anwar will take questions and likely reply at 2.30pm tomorrow.
01:52 Meanwhile at the Palace of Justice, there is no decision yet on the letter of representation
01:57 sent in February by Ahmad Zahid over the prosecution's appeal against his acquittal
02:03 in the foreign visa system case. Court of Appeal Deputy Registrar Mohd Kairi Haron
02:08 fixed November 17th for further case management for the court to update the status.
02:14 [Music]
02:19 Shareholders seeking to take control of K&M Group deny that they are attempting to acquire
02:25 BOSIC and FBM Group for cheap, as alleged by its CEO and MD, Ravindra Singam Balasingam.
02:32 Flavio Porro, a former executive director of K&M, said in a statement that the plan is to
02:38 introduce a five-year strategy to address both the company's growth and debt repayment.
02:43 This, he said, is in stark contrast to the current management's short-sighted focus on
02:48 asset stripping. Porro may rejoin the group's board as part of the new board of directors,
02:54 proposed by the shareholders led by German businessman Andreas Hieschen.
02:59 He said the proposed board intends to establish a regularisation plan,
03:03 which aims to align the group's restructuring scheme with its long-term strategic goals,
03:08 to enable the company to leverage its competitive advantages
03:12 to eventually become a leading player in the industry again.
03:16 Shares in K&M ended 4.55% lower at 10.5 cent,
03:20 giving the group a market value of RM424.82 million.
03:24 [Music]
03:30 The government is said to be reviewing an existing windfall tax on the palm industry
03:35 and hopes to complete it next year.
03:37 According to a Reuters report, Plantations and Commodities Minister Dato' Sri Fadhilah Yusof
03:43 said this when responding to a parliamentary question on taxes burdening the industry,
03:49 but did not provide details of the review.
03:51 The matter would be discussed with the Ministry of Finance.
03:54 The report noted that planters in Malaysia have for years asked the government
03:59 to reassess the tax rate and the threshold for the windfall profit tax.
04:04 The government currently imposes a windfall levy of 3% on palm oil prices above RM3,000 per tonne
04:11 in Peninsular Malaysia and above RM3,500 per tonne in Sabah and Sarawak.
04:16 In April, Deputy Finance Minister Wan Dato' Sri Ahmad Maslan said
04:20 Putrajaya would improve the levy collection mechanism
04:24 and was prepared to review the windfall profit threshold
04:27 by taking into consideration the production cost of palm oil.
04:31 [Music]
04:36 Putrajaya says there is no pressing need to slice its rice stockpile
04:41 amid the current shortage in the local rice supply.
04:45 Agriculture and Food Security Minister Dato' Sri Mohamad Sabu said
04:49 Malaysia has a rice stockpile of 900,000 tonnes, the government's 250,000 tonnes
04:55 and commercial stock of 650,000 tonnes, which can sustain the country for four to five months.
05:02 He added that the government intervened to address the issue
05:05 and will also be introducing rahmah sales for rice.
05:08 The minister said panic buying triggered by a sudden hike in the price of imported rice
05:13 was to blame for the supply crunch and that the ministry took note of a suggestion
05:18 to open 30% of Bernas' rice monopoly to other industry players next year.
05:24 The country's sole rice importer had raised the price of imported rice to RM3,200 per tonne
05:31 from RM2,350 per tonne, citing factors such as a weakening currency exchange rate
05:37 and the impact of India's white rice export ban.
05:41 [Music]