☕️ RM1.57 billion new funds for Malaysian startups
Tun M claims the government may fall today. The rubber glove Covid-19 clusters. Lose USD50 million as a university student, but with a billionaire father.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
12 million items sold within the first 24 minutes of Shopee’s birthday sale on 12:12.
130,000km/h - the speed of colour Geminid meteors debris as it crashes into the Earth’s upper atmosphere.
RM270,000 worth of cash were taken out of an ATM in Klang by masked men equipped with gas cutter.
3,872 child abuse cases were recorded in Malaysia as of Sept 2020.
3. COVID-19 SUMMARY
4. IN MALAYSIA
Penjana Kapital, a newly incorporated government entity under the Ministry of Finance will partner with 8 VC funds after carefully selecting from 51 applicants to invest RM1.2 billion in Malaysian startups, on a 1:1 matching basis with the government contributing RM600 million. An indicative fund size of RM1.57 billion with additional commitment of RM370 million by the VCs will be deployed.
KLCI’s five day gaining spree was cut short as another season of political turmoil is happening in Malaysia with Tun M and Kuli putting up a show of camaraderie just one day before the Budget 2021 that is to be passed today (15 Dec 2020). Tun M commented that the govt may fall today.
Former prime minister, DS Najib Razak has voiced concerns over the lack of foreign direct investment (FDI) over the past 2 years as US-tech giants Tesla, Amazon and Google will be going to Indonesia.
Hartalega Holdings Bhd confirms 35 employees tested positive for Covid-19. Some production lines have temporarily shut down with estimated capacity loss to be less than 0.5% of the annual output. It is still much lower than the Teratai’s cluster of 5,450 involving mainly Top Glove workers with one reported casualty thus far. The 3rd and 4th biggest glove manufacturers in Malaysia, Supermax Corp Bhd and Kossan Rubber Industries Bhd respectively have yet to be impacted by Covid-19 clusters.
PDRM has warned the public to be cautious when disposing our online shopping packages as personal information can be obtained and be used for nefarious purposes
Fans of Taco Bell rejoice as the fast food chain from America will be opening in its first outlet in Malaysia at Cyberjaya, followed by another in Tropicana Gardens Mall.
High Speed Rail (HSR) project that connects KL to Singapore will be continued without Singapore’s involvement. Did you see this coming? Malaysia will pay Singapore RM320 mil as compensation if we opt to proceed on our own.
5. AROUND THE WORLD
Tony Hsieh, the former CEO of Zappos, died without having a proper will but post-it notes on his wall, making it complicated for his family to piece together his sprawling and unwieldy estate in the hundreds of millions.
Less than a week after FireEye, a large cybersecurity firm, got hacked, it was the US government’s turn to get hacked, with Russian-backed hackers being the top suspect, though Kremlin spokesperson have denied it.
Adidas to evaluate whether to offload Reebok by Mar 2021, the brand it acquired in 2006 for USD3.8 billion as part of its new 5-year strategy, after turning it around to profitability. Adidas CEO, Kasper Rosted had hoped for a price tag of EUR2 billion (USD2.4 billion) before the pandemic, but would be happy with a lower price now.
Multiple large M&A deals were announced yesterday:
AstraZeneca to acquire Alexion Pharmaceuticals for USD39 billion
Vista Equity Partners, a PE firm is acquiring Pluralsight, an online training company to educate IT professionals for USD3.5 billion
EA, the gaming company acquired British gaming studio, Codemasters for USD1.2 billion, outbidding is rival by USD200 million.
Morgan Stanley estimates that Pfizer and Moderna could rake in USD32 billion in revenue in 2021 through their Covid-19 vaccines.
A Russian billionaire oligarch son lost USD50 million making risky trades whilst being a university student.
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