☕️ "Squid Game" - an overnight success that took more than 10 years
Farm Fresh, the milk maker aiming for listing at a RM2 bil valuation. AirAsia obtained guarantee from Danajamin on its RM500 mil loan. 24 Exchange-the startup that wants to bring 24-hour stock trading
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
500,000 yen — the price of a luxury print of each ten classic scenes from the megahit manga series “One Piece.” Publisher Shueisha selected the scenes. The pieces will be printed by a skilled artisan on 100% cotton paper and authenticated by blockchain transaction history.
As many as 216,000 children have been sexually abused by members of the French Catholic clergy since 1950, according to an independent inquiry commissioned by the French Catholic Church.
Owen Diaz, a former employee of Tesla Inc., will be compensated USD137 mil over racism at work as the company turned a blind eye to racial taunts and offensive graffiti Diaz endured at the northern California plant.
3. COVID-19 SUMMARY
10 vaccine administering centres (PPVs) in Penang will allow walk-in vaccination until Oct 31, 2021.
According to an observational study published Monday in the peer-reviewed journal The Lancet, Pfizer BioNTech Covid-19 vaccine’s effectiveness against infection falls to 47% six months after two-shot series. However, its protection against Covid-related hospitalisation persists.
Kelantan’s Local Government, Housing and Health Committee chairman Dr Izani Husin said the high infection rate in the state is due to the non-compliance of SOP.
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4. IN MALAYSIA 🇲🇾
Politics and Local
Ewein Bhd founder and executive chairman Ewe Swee Kheng fell to his death in Penang yesterday. Ewe was a key prosecution witness in former chief minister Lim Guan Eng’s undersea tunnel corruption case but has yet to be called to the stand of the ongoing corruption trial.
Something is fishy, is there foul play?
The Election Commission (EC) has received official notice on the dissolution of the Melaka state assembly and an election ought to be held within 60 days following the dissolution. The EC will hold a special meeting to discuss the election.
What’s the point of the Pakatan Harapan and the government’s MoU again?
While the Pandora Papers have revealed some damning evidence of dirty money amongst world leaders, former prime minister Datuk Seri Najib Abdul Razak continues to play innocent.
He claims he is faultless in response to Washington DC-based International Consortium of Investigative Journalists (ICIJ) and Malaysiakini on his involvement in the 1Malaysia Development Bhd scandal.
“I was comforted that these are big brand name firms and that they would have alerted me or the board of 1MDB should there be any red flags.”
Phase One of the Putrajaya MRT Line is expected to start operations in November, according to Transport Minister Datuk Seri Dr Wee Ka Siong. Phase One runs 17.5km and connects from Kwasa Damansara to Kampung Batu. Townships such as Damansara Damai, Bandar Sri Damansara, Kepong, Jinjang, and Kampung Batu will be able to benefit from the line extension.
Datin Seri Rosmah Mansor testified in High Court that she did not chase away a Jepak Holdings executive and his business partner after they offered a sum of 10% of the project (Sarawak schools’ solar hybrid power system) value as a political donation to Datuk Seri Najib Razak, through her. The meeting only ended “immediately.”
After his name appeared in the Pandora Papers, finance minister Datuk Seri Tengku Zafrul Abdul Aziz said Malaysians can open offshore bank accounts as long as regulators pass necessary approval processes.
Straight-forward “Maker-Check” authorisation process.
An Invoicing tool.
Cash flow data generator (in CSV format).
AirAsia Group Bhd’s whiteknight — Danajamin Nasional Bhd. Danajamin has approved a club facility (syndicated) facility of up to RM500 mil under the Danajamin Prihatin Guarantee Scheme. The low-cost carrier said its lenders had approved the loan under a club deal term financing. Danajamin will guarantee 80% of the loan.
Can this be considered as a too-big-to-fail bailout? We think so. From our humble experience in banking, guarantee schemes are meant for firms that do not have sufficient payment capacity.
Nazir Razak is the chairman of Bank Pembangunan. It’s a well-known fact that Nazir Razak and Tony Fernandes are good buddies.
Johor-based Farm Fresh Bhd, an integrated dairy farming player, has filed a draft prospectus for an initial public offering (IPO) on the Main Market of Bursa Malaysia. The IPO is expected to take place in 1H2022. The company is looking at a potential valuation of RM2 billion from the IPO. Khazanah Nasional Bhd owns 30% of the dairy player. Ka-ching!
Malaysia Competition Commission (MyCC) will be looking at possible anti-competition behaviour in the port logistic ecosystem and motor vehicle warranty.
Solarvest Holdings Bhd has been awarded a RM46.75 million subcontract from Tenaga Nasional Bhd (TNB) to provide engineering, procurement, construction, and commissioning (EPCC) for the development of a large-scale solar (LSS) photovoltaic (PV) plant will be in Bukit Selambau, Kedah.
136,890 pieces of solar PV panel will be installed at the plant, which is capable of generating up to 50MW of green energy.
5. AROUND THE WORLD 🌎
Another Chinese property developer, Fantasia Holdings Group has failed to repay USD206 mil bond payment due on Monday, just 2 weeks after it said it had “sufficient working capital and no liquidity issue”. With a market cap of USD415 mil, Fantasia is a minnow compared to China Evergrande Group. However, its default adds to growing worries about the health of Chinese property developers.
Fitch estimates that Fantasia has nearly USD2 bil of international bond payments to make between now and the end of next year as well as almost USD1 bil of local bond payments.
24 Exchange, is a startup that wants to upend the traditional stock market cycle by proposing 24-hour trading operations, including weekends and public holidays like how digital assets are trading. The startup is in the process of completing its application with the US SEC.
Its founder and CEO, Dmitri Galinov, a 20-year electronic trading veteran, said his proposition would serve international traders who want to trade US shares, noting that demand for a 24-hour cycle has been on the rise, especially from individual investors. Also part of his proposal to the SEC is to allow for the trading of fractional stocks in as little as 1/1000th of a share, a feature Robinhood and Fidelity Investments already offer.
The CEO of Volvo Cars, Hakan Samuelsson, told CNBC that the automaker’s shift to electric vehicles is the reason behind its planned listing on the Nasdaq Stockholm stock exchange. It said it plans to raise 25 bil kronor (USD2.86 bil).
Samuelsson said that it is “firmly committed to becoming an electric-only car maker and the transition should happen by 2030”. The IPO, as such, will help it “secure this transformation in the next five, six years”.
China’s Zhejiang Geely Holding did not disclose how much stake it would sell in the IPO but indicated it would likely remain a major shareholder after the listing. Ford Motor Co, weakened by the global financial crisis, sold Volvo to Geely for US1.8 bil in 2010. Ford bought Volvo in 1999 for USD6.5 bil.
“We have a very big interest from investors to invest into EV companies, you see that growing all the time. We have said 2030 is our end date for [the] ICE [Internal combustion engine] engine and we of course want to secure that transformation. There is no long-term future for cars with an internal combustion engine. We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030.”
- Henrik Green, Volvo Cars’ chief technology officer,
Singapore recorded SGD5.2 bil in outbound real estate investment deals in Q3, representing a 53.9% growth from the SGD3.4 bil transacted in the same period last year.
“Squid Game” is an overnight success that was more than 10 years in the making. For a decade, local studios rejected the show pitch as too grotesque and too unrealistic. It’s now No.1 in more than 90 countries including the US. The creator, Hwang Dong-hyuk came up with the idea more than a decade ago, whilst living with his mother and grandmother. He had to stop writing the script at one point: he was forced to sell his USD675 laptop for cash. Will there be a season 2? Seems like a yes, and no. Read here what Hwang has to say.
Below - the best “Squid Game” meme so far.
6. FOR YOUR VIEWING PLEASURE 👁👁
BepiColombo, a European-Japanese spacecraft, flew past Mercury for the first time in 6 years on Friday, capturing 53 photos during the flyby.
Drone show went wrong - raining drones in Zhengzhou, China.
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