☕️ Ride-hailing giant Grab's latest acquisition - Jaya Grocer
High Court ordered Home Ministry to register MUDA as political party within 14 days. Rusuk Emas - Malaysia's highest paid NFT at RM52k. SpaceX to launch program to remove CO2 & use it as rocket fuel.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD2.5 trillion — the additional federal government’s debt limit approved by the U.S. Senate, bringing the debt limit to USD31.4 trillion to prevent an unprecedented default.
RM79.8 million was channelled to Sarawak to build and repair homes under the Hardcore Poor Housing Programme (PPRT), according to Rural Development Minister Datuk Seri Mahdzir Khalid said.
Only 166,464 parcels are available within the Sandbox metaverse. Republic Realm paid USD4.3 million to purchase a piece of land in The Sandbox, the most expensive metaverse property sale so far. Metaverse Group’s CEO Lorne Sugarman compares the current sentiment akin to buying on 5th Avenue back in the 1800s.
22 Binance Coin (RM52,044 at the point of purchase) — the price paid for an NFT art ‘Rusuk Emas’, the highest in Pentas.io’s history. The art piece is by a local artist @sueannajoe
3. COVID-19 SUMMARY
Pfizer Inc.’s antiviral Covid-19 pill showed close to 90% efficacy in preventing hospitalisations and deaths in high-risk patients in its clinical trials.
People who had received two doses of Pfizer-BioNTech’s Covid-19 vaccine and tested positive for Covid-19 had a 70% chance of avoiding hospitalisation, down from 93% during the previous wave of Delta infections, according to a real-world study.
World Health Organization (WHO) warns that Omicron is probably already present in most countries worldwide as it is spreading at an unprecedented rate.
4. IN MALAYSIA 🇲🇾
Politics & Local
Senior Defence Minister Hishammuddin Hussein said the RM1,000 fine imposed under the Prevention and Control of Infectious Disease Act 1988 or Act 342 for SOP violation is ineffective and is not proportional to the offence committed. Of course, it’s ineffective if the law is selectively applied depending on one’s background.
The government is now tabling an amendment to this act to allow offenders to be compounded up to RM10,000 instead of the existing RM1,000 or up to 7 years’ jail or both. To put things into perspective, theft and robbery gets you 7 years’ jail too. Imagine getting jailed for not wearing mask?
Legit question - will ‘orang kayangan’ be subjected to the same rule?
The KL Sessions Court has ordered former Sabah infrastructure development minister Peter Anthony to enter his defence to charges of falsifying documents relating to a system maintenance contract 7 years ago. He was the state minister when Warisan ruled Sabah between May 2018 and Sep 2020.
Syed Saddiq’s Malaysian United Democratic Alliance (MUDA) has won its lawsuit against the Home Ministry a the High Court has ordered the ministry to register MUDA as a political party within 2 weeks and also to pay RM10,000 to cover legal costs.
Lim Wei Jiet, another of MUDA’s co-founder shared in the tweet below the reasons and excuses the Home Ministry used to reject MUDA’s registration.
Following a video that went viral showing students in Sultan Azlan Shah Mara Junior Science College (MRSM) allegedly violently bullying a student, the college disciplinary committee has decided to expel the 10 students involved.
The Education Ministry also announced it will implement a reporting system for students and parents to lodge reports on bullying directly to the ministry. As usual, it’s always the enforcement and execution that our government stumbles at - let’s hope this system would be an exception.
The most peculiar acquisition of the year? This perhaps goes to Grab’s acquisition of premium grocer Jaya Grocer Holdings Sdn Bhd. How does this fit into Grab’s super-app and asset-light model? The deal amount was not disclosed. However, it is estimated to be between RM1.5 - 1.8 bil. This works out to an earnings multiple of at least 21.8x Jaya Grocer’s FY2020 net profit of RM68.7 mil on the back of revenue of RM1.34 bil.
Towards the end of Nov 2021, Teng Yew Huat bought back 45% of its stake for some RM411 mil from AIGF, which invested RM300 mil in 2016. This works out to a valuation of RM911 mil. And not more than a month later, Teng sold all ordinary shares and 75% of preference shares to Grab at a mark up of at least 67% (assuming Grab invested at the lower end of RM1.5bil).
Wonder how the folks in AIGF are feeling over this news? That’s a few hundred million they have left out on the table.
UMW Group said both UMW Toyota (UMWT) and UMW’s associate company Perodua registered sales of 28,785 units in Nov 2021.
UMWT registered 8,486 units in Nov 2021. YTD as at Nov 2021, it sold 63,105 units, 26% higher than the 50,074 units registered in the corresponding period last year.
Toyota Vios is the best-selling model in Nov, followed by Hilux and Yaris.
Perodua registered 20,299 units in Nov 2021. YTD as at Nov 2021, it sold 167,250 units, 14.2% lower than 194,980 registered yoy.
Perodua is aiming for the highest-ever monthly registration in its history with at least 30,000 units in Dec 2021.
Sunway Group founder and chairman Dr Jeffrey Cheah is the sole Malaysian in Forbes magazine’s 15th round-up of Asia’s top philanthropists. The tycoon announced in Sep last year to launch an endowment fund worth over RM1 bil. Cheah has donated more than RM600 mil for scholarships so far.
However, the foundation is urging the Malaysian government to amend a policy that requires charitable organisations to spend at least 50% of its income in the following year, so that the donation can be invested and grown like endowmnets at US universities. Read Cheah’s profile in this Forbes’ coverage.
5. AROUND THE WORLD 🌎
Nike Inc. will be acquiring the NFT studio RTFKT (pronounced “artifact”) in its bid to plunge deeper into the world of crypto-collectables. The acquisition is timely as RTFKT is currently behind one of the most talked-about NFT project drops of the month — a sweeping avatar partnership with artist Takashi Murakami called CloneX. The project has already seen nearly USD65 mil in transaction volume.
CoinMarketCap, a prime source for tracking the prices of cryptocurrencies, went berserk earlier this morning as cryptocurrency prices on the website increased by several orders of magnitude. For example, the price of BTC rose to USD789 bil! As much as we wish it was true, the website tweeted that it is undergoing price issues.
Two large digital media behemoths — Vox Media and Group Nine Media will merge after the former agrees to buy the latter. Mr Jim Bankoff, the chief executive of Vox Media, will be the CEO and chairman of the merged entity — Vox Media. Group Nine operates the lifestyle sites PopSugar, NowThis, the Dodo, Thrillist and Seeker. The combined company is expected to generate more than USD700 mil in revenue in 2022.
United Airlines will purchase up to 100 of ZeroAvia’s ZA2000-RJ — an engine it described as zero-emission and 100% hydrogen-electric after taking an equity stake in ZeroAvia. United CEO Scott Kirby said hydrogen-electric engines were “one of the most promising paths to zero-emission air travel for smaller aircraft.” The tech could be retrofitted to aircraft from as early as 2028.
Apparently, SpaceX will be launching a new program to remove carbon dioxide from the atmosphere and use it as rocket fuel — according to Elon Musk’s tweet. He’s inviting people to join him and said the program would be important for Mars. He also tweeted that Tesla Inc. will accept payment in Dogecoin for some merchandise, causing the coin to surge 33%.
A 7.4 magnitude earthquake struck off the coast of Indonesia's South Sulawesi province, triggering people to evacuate homes and buildings. However, the initial tsunami warnings for the area were lifted later and most people had returned to their normal activities.
It is believed at least 50 people have been killed by an accidental explosion of a truck carrying fuel in the Haitian city of Cap-Haitien. Deputy Mayor Patrick Almonor added that “about 20” houses in the area were also set ablaze by the explosion.
6. FOR YOUR VIEWING PLEASURE 👁👁
Get your Christmas gifts from Belokal’s Bazaar at Sungei Wang, KL, the coming weekends!
A Perak state assemblyman, Muhamad Arafat Varisai, brought whole chicken poultry into the Perak state assembly to urge the state exco to take action against rising poultry prices.
This Spiderman scene took 156 attempts and was not CGI.