DRB-Hicom Definitive Pact With Geely Worth RM460.3 mln

The definitive agreement between DRB-Hicom Bhd and China’s Zhejiang Geely Holding Group (Geely) is worth RM460.3 million. DRB-Hicom Group Managing Director, Datuk Seri Syed Faisal Albar, said Geely would inject RM170.3 million in Proton and set up a sport utility vehicle or suburban utility vehicle (SUV) platform for Boyue with an implied value of RM290 million. “Geely will also develop future models with Proton, bringing in the latest technology and research and development (R&D) programmes, and will be assembling Volvo cars if there is any excess capacity in the Tanjung Malim plant,” he said. He added that Geely would share its management expertise and ensure that Proton’s R&D centres would be recognised as Geely’s global centre of excellence.

BNM: 23 mln Payment Cards Now Pin-enabled

About 23 million payment cards in Malaysia have been replaced with personal identification number- (PIN) enabled cards to-date. Bank Negara Malaysia said all payment card terminals deployed in the country, including outdoor payment terminals at petrol stations, had also been upgraded to support PIN. The Central Bank said only six per cent of PIN-eligible card transactions were reported to be still using signature verification as at May 31, 2017.

TNB’s Annual Report Wins ‘excellence In Reporting’ Award

Tenaga Nasional Bhd (TNB) has won the ‘Excellence in Reporting’ gold award from the Australasian Reporting Awards 2017 (ARA) for the company’s annual report, after being selected from about a thousand competitors from all over the world. TNB said the prestigious award was in recognition of the company’s achievement in management and best practice. The ARA was established in 1950 to improve the standards of financial reporting and communication, based on the criteria set by the world’s best business practices.

MAS makes two significant deals with Airbus and Boeing

Malaysia Airlines (MAS) has signed a maintenance programme deal with Airbus for its existing A330 and incoming A350 fleets, which will also see the international giant grow its presence in Malaysia. The Flight Aero Services programme will see all imaginable parts and services for the A330 and A350 available in Malaysia. Malaysia Airlines chief executive officer Peter Bellew said although the programme was for the national carrier, it would also serve as a catalyst for growth of the maintenance, repair and overhaul (MRO) industry in the country as any airline in the region with A330 or A350 aircraft could have them serviced and repaired in Malaysia.

The second deal makes Malaysia Airlines one of the launch customers for Boeing’s latest version of the 737, the B737-MAX 10. The airline has ordered 10 of the aircraft, considered a stretch version of the MAX 8. Malaysia Airlines has ordered 25 MAX 8, with options for 25 more. Bellew said the idea to purchase the MAX 10 is for the extra space afforded by a stretch version to be used to increase the business class capacity for shorter routes.


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