Weekly Presentation (10%)

Yesterda
ys
Closing

Last
weeks
Closing
(Date)

Comments
+/-

(Date)
FBM KLCI

USD vs RM

CPO (RM)

Crude Oil
Brent (UDS)
CPI Monthly

GDPQuarterly
Interest OPR
2 months
External
Reserve Monthly
Instructions:
1. All data are to be update on a weekly basis.
2. Students are to comment on the performance for the week.
3. Where possible make a forecast of the next weeks performance providing
assumptions on their forecast.
4. To also include corporate news
CPI Monthly
GDP- Quarterly
Interest OPR
2 months
External Reserve - Monthly

As and when announced

Foreca
st

5. The presenting group will need to print the Weekly Presentation Performance for
grading purposes.
Objectives:
i.
To encourage students to stay in-touch with the market.
ii.
To develop students analytical skill.
iii.
To assess students understanding of the subject matter.
Weekly Presentation Performance (10%)
Date:
Group/Sub-group:

Name

Data
Presentation
35%

Knowledge of
Subject
Matter
50%

Presentation Skill
15%

Monday, 10 October 2016 | MYT 8:48 PM

Perisai MD no longer substantial shareholder due to forced selling
Perisai shares have sunk to an all-time low, closing at 7.5 sen on Monday.
Background:
Perisai Petroleum Teknologi Berhad ("Perisai") is a Malaysia-based upstream oil &
gas service provider. We offer a host of offshore services and solutions designed to
fulfill a wide range of client needs, covering four broad segments.
i. Off shore Drilling
ii. Off shore Production
iii. Off shore support
iv. Off shore Construction
KUALA LUMPUR: Perisai Petroleum Teknologi Bhds managing director Datuk Zainol
Izzet Mohamed Ishak, has ceased to be a substantial shareholder of the company
after the forced selling of 36.526 million shares.
In a filing with Bursa Malaysia on Monday, the upstream oil and gas provider said
Zainol Izzets shareholding had fallen from 5.4% to 2.34% following the disposal of
his 36.526 million 10-sen shares via the open market.
The sales of shares are pursuant to financing arrangement that Datuk Zainol Izzet
Mohamed Ishak is a party to and is not a voluntary sale on his part, Perisai said.
The disposals, carried out on Wednesday and Thursday last week, were made at
prices ranging from 7.8 sen to 9.2 sen per share. The shares were sold for
RM3.121mil in total.
Perisai shares have sunk to an all-time low, closing at 7.5 sen on Monday, down half
a sen from Friday with 26.184 million shares changing hands.
For the financial year ended Dec 31, 2015, the Perisai group posted a loss before
tax of RM688.15mil compared with a pre-tax profit of RM27.87mil in the preceding
year. The loss attributable to shareholders was RM706.32mil.
Perisai attributed the loss mainly to a total provision for impairment on plant and
equipment and prepayments for jack-up drilling rigs under construction amounting
to RM725.74mil,
For the first half of this year, the company continued to be in the red with loss
attributable to shareholders of RM6.73mil.

Perisai recently defaulted on its debt repayment after its unit Perisai Capital (L) Inc,
which issued S$125mil (RM377.27mil) 6.875% medium-term notes due on Oct 3,
2016, failed to get the noteholders approval during a meeting to, among others,
defer the payment of interest due on the date and to postpone the maturity date to
Feb 3, 2017.
However, the company said that it and Emas Offshore Ltd (EOL), its joint-venture
partner in Emas Victoria (L) Bhd and SJR Marine (L) Ltd, had on Sept 30 received an
indicative offer of financing from a financial institution.
Part of the amount from the indicative offer would be earmarked towards a
mutually acceptable resolution with the companys noteholders with regards the
notes through the availability to the Perisai Group of a sum of approximately
US$20mil (RM82.98mil), Perisai said on Oct 3.
It is on this basis that the company intends to engage with the Noteholders on an
alternative proposal.
EOL owns an 11.83% direct stake in Perisai. In turn, Perisai has the choice to
exercise its put option to sell its 51% stake in SJR to EOL for US$43mil.
EOLs ultimate shareholder is Singapore Exchange-listed Ezra Holdings Ltd, which
holds a 22.5% stake in Perisai.
Perisai, in a separate statement to Bursa Malaysia on Monday, said it had on the
same day received a notice from the trustee of the S$125mil notes that said an
event of default for payment of principal and interest of the notes had occurred.
The trustee further notified that it does not intend to take any further action to
declare the notes to be due and repayable unless directed by noteholders in
accordance with the trust deed and provided with satisfactory indemnification
and/or security and/or prefunded against any liability they may incur, as provided
for in the terms of the notes and trust deed, it said.
Perisai said Perisai Capital planned to reach a mutually agreeable solution with the
noteholders based on the availability of the indicative financing.
It is expected that this resolution would include a restructure of the due date of the
principal and interest of the notes, thereby rendering Perisai Capital back to
solvency, it added.
Zainol Izzet joined Perisais board on April 13, 2010, and was appointed managing

director a week later. He had previously been SapuraCrest Petroleum chief

executive officer (retired on Jan 31, 2010).

Ex-BSI Bankers Charged in Singapore Linked to Partying

Financier
Bloomberg, October 10, 2016

Yak, Seah face seven charges each from Singapore authorities

Charges include failure to disclose suspicious transactions

Singapore authorities charged two ex-BSI SA bank employees in a case linked to an

embattled Malaysian investment fund at the center of international probes,
accusing them of failing to disclose suspicious transactions involving a high-living
financier.
Yak Yew Chee, a former private banker for 1Malaysia Development Bhd. and
financier Low Taek Jho, faces seven charges including for forgery, according to court
papers filed on Monday. Yaks former subordinate Yvonne Seah Yew Foong was also
charged in the same Singapore state court. The two, who didnt enter any pleas,
were allowed bail of S$35,000 ($25,500) each.
The latest charges come as Singapore vowed stronger action after the central bank
found anti-money laundering lapses at banks linked to the troubled
Malaysian fund known as 1MDB. The city state said in May it would fine BSI
and revoke its license. Swiss prosecutors and U.S. authorities are also digging into
how billions of dollars may have been diverted from 1MDB, which was intended to
fund development projects across Malaysia.
1MDB has consistently denied wrongdoing and Malaysias government has said it
will cooperate with lawful investigations of local companies or its citizens in relation
to the fund. Apart from Yak and Seah, Singapore has criminally charged two
other men, including former BSI banker Yeo Jiawei, for their roles in
transactions and money flows linked to 1MDB.
Yak, 57, was charged with forging reference letters and failing to disclose suspicious
transactions involving Jho Low, which came to Yaks attention in the course of his
employment with BSI, according to the court papers. Seah, 45, was charged with
intentionally aiding Yak with forging reference letters, and for failing to disclose the
suspicious transactions.

The two were among six members of BSI Banks senior management and staff that
the central bank said in May it had referred to the public prosecutor to evaluate
whether they had committed criminal offences.
Yak was a private banker to Jho Low, 1MDB and related entities, his lawyer Lee Teck
Leng said after the hearing on Monday. Seahs lawyer Peter Low said he would need
to take his clients instructions on the charges against her. Two calls to Jho Lows
Jynwel Capital in Hong Kong werent answered. 1MDB didnt immediately reply to an
e-mail seeking comment on its relationship to Yak.
Jho Low, known for partying with Lindsay Lohan and Paris Hilton, directed funds from
1MDB to connected individuals and for his and his associates personal
gratification, U.S. prosecutors say. He bought art and real estate and paid for lavish
parties and gambling, they said. He had previously described his role with 1MDB as
informal consulting that didnt break any laws.
Yak, a former senior vice president at BSI, had said in a declaration to BSI in 2015
that he didnt get any unlawful benefits from managing 1MDB accounts. Yak had a
monthly pay of about S$82,000 before he left the bank in February.
The charges against Yak and Seah are:
* That Yak and Seah had reasonable grounds to suspect around Nov. 20, 2012 that
$153 million transferred from Good Star Ltd. to Abu Dhabi-Kuwait-Malaysia
Investment Corp. may have been proceeds of criminal conduct, which they failed to
disclose to authorities.
* A similar charge involving the sum of $153 million transferred from Abu DhabiKuwait-Malaysia Investment Corp. to Low Hock Peng, Jho Lows father.
* A similar charge involving the sum of $150 million transferred from Low Hock Peng
to Jho Low.
* A similar charge involving the sum of $110 million transferred from Jho Low to
Selune Ltd.
* That Yak forged and Seah aided him in forging reference letters to BNP Paribas and
Kendris Ltd.
* That Yak forged a reference letter to Rothschild Trust AG.
* That Seah aided Yeo Jiawei in forging a reference letter to Citibank.
The next court hearing is set for Nov. 24. The cases are Public Prosecutor v Yak Yew
Chee and Public Prosecutor v Yvonne Seah.

Monday, 10 October 2016

China's yuan sinks to six-year low after central bank drops midpoint

SHANGHAI: China's yuan dipped to a six-year low against the dollar on Monday,
breaching a key psychological threshold after a week-long national holiday that saw
offshore-traded yuan slump to nine-month lows.
The fall in the value of the Chinese currency comes after the central bank
announced late last week that its foreign exchange reserves dropped for a
third month in September, by more than expected, suggesting fresh capital
outflows from the world's second-largest economy.
Pressure has also risen on the yuan as the U.S. dollar has strengthened in global
markets, most recently on the back of strong labour market data that supports a
possible U.S. interest rate hike later this year.
On Monday morning, the yuan spot rate fell below 6.7, a psychological barrier in the
market, for the first time since July. It traded as low as 6.7051, its lowest rate since
September 2010, before paring the day's losses to be around 6.7020.
The People's Bank of China put the midpoint on Monday at 6.7008 yuan per dollar,
its weakest fix since September 2010 and about 0.3 percent weaker than the setting
on Sept. 30, before the Oct. 1-9 National Day holiday.
The currency is allowed to trade in a band of 2 percent on either side of the
midpoint, which is set each day.
The People's Bank of China put the midpoint on Monday at 6.7008 yuan per dollar,
about 0.3 percent weaker than the last setting on Sept. 30, before the Oct. 1-9
National Day holiday and its weakest since September 2010. The currency is
allowed to trade in a band of 2 percent on either side of the midpoint, which is set
each day.
TOUGH TO PREDICT
One trader at a European bank in Shanghai said he thought the yuan could
potentially continue to depreciate against the dollar unless the central bank took
steps to stop the slide.
"It's hard to predict how the yuan will move today, and so far we haven't seen any
central bank actions. The yuan could soon breach the 6.75 level if the central bank
does not show up at all," said the trader, who declined to be identified because he
was not authorised to speak publicly.
A trader at a Chinese bank said the central bank may have loosened its grip at the
6.7 per dollar level after the yuan's official inclusion into the International
Monetary Fund's reserve basket, known as Special Drawing Rights (SDR), on

Oct.1.
"We will have to see what the next threshold is," the trader added.
On Friday, the offshore yuan slumped to its lowest rate against the dollar since Jan.
7. Offshore yuan mostly trades in Hong Kong and is not bound by the Chinese
central bank's tight trading restrictions.
Hong Kong markets are closed Monday for a holiday.
In the weeks before onshore markets closed for China's long holiday, the spot rate
flirted with 6.7. The last close was at 6.6745.
The yuan is expected to fall another 3 percent by next September, according to a
Reuters poll of more than 70 foreign exchange strategists issued on Thursday. Reuters

SC revokes former RHB dealer's licence

KUALA LUMPUR (May 25): The Securities Commission (SC) revoked Jason Chan Yew
Mun's Capital Market Services Representatives Licence (CMSRL), after the
regulator discovered Chan made "improper" fund transfers amounting to
RM2.5 million into his wife's trading and banking account.
In a statement today, the SC said the RM2.5 milllion was from 10 cheque payments
from four of Chan's clients. The SC said Chan was formerly attached with RHB
Investment Bank Bhd and the revocation of his licence started from April 26 this
year.
"Jasons CMSRL was revoked under section 72 read together with section 65 of the
Capital Markets and Services Act 2007 (CMSA), when he was found to have
engaged in business practices appearing to the Commission to be
deceitful or otherwise improper. In this regard, Jason had caused 10 cheque
payments amounting to RM2.5 million from four of his clients, to be
allocated into his wifes trading and banking account. "As such, the SC
finds that Jason is no longer fit and proper to continue to be licensed to
carry out regulated activities in the Malaysian capital market. Jason has not filed
any appeal against the SCs decision within the prescribed time provided in the
CMSA.

Source: The Edge Markets -10 Oct 2017