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Malaysia Klang Valley RM170.00 N/A RM170.00 RM300.00 N/A RM300.00 RM400.00 N/A RM400.00

Malaysia Others (Pulau Pinang, Kedah, Perak, Pahang, Melaka, Negeri Sembilan, Johor, Terengganu, Kelantan, Perlis & Putrajaya)

RM170.00 RM138.00 RN308.00 RM300.00 RM276.00 RM576.00 RM400.00 RM414.00 RM814.00

Malaysia East Malaysia (Labuan, Sarawak & Sabah) RM170.00 RM193.00 RM363.00 RM300.00 RM386.00 RM686.00 RM400.00 RM579.00 RM979.00

Singapore Singapore RM170.00 RM392.00 RM562.00 RM300.00 RM784.00 RM1,084.00 RM400.00 RM1,176.00 RM1,576.00

Zone A Brunei, Cambodia, Indonesia, Laos, Mynmar, Phillippines, Thailand & Vietnam

RM170.00 RM1,270.00 RM1,440.00 RM300.00 RM2,540.00 RM2,840.00 RM400.00 RM3,810.00 RM4,210.00

Zone B India, China, Taiwan, Hong Kong, Japan, Australia & New Zealand

RM170.00 RM1,883.00 RM2,053.00 RM300.00 RM3,766.00 RM4,066.00 RM400.00 RM5,649.00 RM6,049.00

Zone C Europa, United Kingdom, Russia, Kuwait & Middle East, United States, North & South America & Africa

RM170.00 RM2,517.00 RM2,687.00 RM300.00 RM5,034.00 RM5,334.00 RM400.00 RM7,551.00 RM7,951.00

Subscription rates(Inclusive of Print Delivery Charges & 6% GST)

www.theedgemarkets.com/sg

Tan Choon Wee on why redeemable convertible notes aren’t so bad PG18

A new major shareholder and plans to invest in a rare earth mining operation have made ISR Capital the best-performing stock in the market this year. But before you jump in, turn to our Cover Story on Pages 16 and 17.

A j h h ld d l i i h

Connecting the dots at ISR Capital

6

SINGAPORE (INCLUSIVE OF GST) $5.00

B U S I N E S S & I N V E S T M E N T W E E K L Y

OTHERHIGHLIGHTS

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Inside the $48 mil ‘Copper House’ EP10&11

Market trendsDeferred payment scheme makes comeback

EP12

Affordable housing The next big thing in overseas real estateEP20

Done Deals Contrasting fortunes in Punggol EP32&33

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest newsTHE WEEK OF JUNE 27, 2016 | ISSUE 734

M A K E B E T T E R D E C I S I O N S

Uptick inresidential salesAre home prices next? See our Cover Story on Pages 16 and 17.

Departure of RBI’s Rajan negative for rupee and rates, but positive for equities, experts sayEconomy Watch PG4

SHS Holdings’ Ng crafts new growth plan; buys and expands modular construction businessCorporate PG6

Cityneon opens Avengers exhibit in Vegas, plans further exhibits; stock close to targetsCorporate PG8

Haw Par shutters Underwater World but Tiger Balm sales powering alongCorporate PG10

Fischer Tech expands to meet auto industry demand; CEO Peter Tan sees stable growthCorporate PG14

Shaking off BrexitCapital PG23New EIP-classifi ed fi xed income ETFs on SGX offer more diversifi cation optionsCapital PG27

DBS Group Holdings, Oversea-Chinese Banking Corp, United Overseas Bank, Singapore Telecommunications, Singapore Exchange, Singapore PostHot Stocks PG41

THE WEEK OF JUNE 27 — JULY 3, 2016 734

NOTEWORTHY

YYOOUURR PPEERRSSOONNAALL CCOOPPYY//NNOOTT FFOORR RREESSAALLEEYOUR PERSONAL COPY/NOT FOR RESALE

MANU BHASKARAN:Can Singapore’s

economy rise from the doldrums? PG20

KGI Fraser’sRenfred Tay on his three top stock picks PG24

World’s best100 hedge fundsPERSONAL WEALTH

THE ASCOTT INTERVIEW

Wala Wala’s journeyOPTIONS

Wong Poh Kam, social venture visionaryENTERPRISE

ad.indd 1 24/6/16 1:18 am

FBM KLCI 1642.21 8.17 KLCI FUTURES 1645.00 9.00 STI 2792.73 36.20 RM/USD 4.0330 CPO RM2321.00 57.00 OIL US$49.11 0.53 GOLD US$1322.00 4.10

MACC arrests Guan Eng over bungalow purchase 1 4 H O M E

Abu Dhabi plans merger of sovereign funds IPIC and Mubadala

PA G E 2

FINANCIALDAILY

w w w . t h e e d g e m a r k e t s . c o m

M A K E B E T T E RDECISIONS

PP 9974/08/2013 (032820)PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST)

THURSDAY JUNE 30, 2016 ISSUE 2199/2016

4 H O M E B U S I N E S S

6 H O M E B U S I N E S S

7 H O M E B U S I N E S S

1 0 P R O P E R T Y S N A P S H O T

1 5 H O M E

1 9 W O R L D B U S I N E S S

Margma warns glove makers not to expand ‘whimsically’

Investors now face low-growth, low-yield environment — HSBC

An opportune time to accumulate undervalued stocks

HBA’s wish list to new housing minister

Four cops acquitted of causing custodial death

Vodafone weighs post-Brexit move of HQ

For non-power sector as part of govt’s subsidy

rationalisation programme.Yimie Yong has the story on Page 4.

ANOTHER HIKE IN

GAS PRICE

www.theedgemarkets.comTHE WEEK OF JUNE 6 — JUNE 12, 2016

#1113

M A L A Y S I AB U S I N E S S & I N V E S T M E N T W E E K L Y

wwww .theheedgedgemarketsts.co.c mWEEK OF JUNE 6 — JUNNEE 12212, 2020166

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Guessing Azman’s plans for AMMBB Y J O Y C E G O H

Tan Sri Azman Hashim’s plan for AMMB Holdings Bhd, the banking group he founded decades ago, is the subject of much speculation. After all, the tycoon

has made it public knowledge that he does not rule out the possibility of buying back the 23.8% stake in AMMB that Australia and New Zealand Banking Group Ltd (ANZ) cur-rently owns.

Nonetheless, some veterans feel that who-ever buys ANZ’s stake in AMMB could just be a part of a bigger plan — perhaps a possible mega merger in the local banking industry.

The 77-year-old tycoon’s recent remark came as a surprise, considering that he had sold part of his stake to the Australian share-holder in 2007, a move some viewed as taking a step back from the hectic corporate world.

However, there are divided views on whether the regulators will allow Azman to buy back the substantial block, which would bump up his shareholding to 36.77% from an indirect stake of 12.97%. This would not only breach the 10% cap on an individ-ual’s shareholding in a bank but also trigger a mandatory general off er (MGO).

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Th e board (of Icon) is quite actively engaged in looking at where the next

leg is going to be” — Managing director Amir Hamzah Azizan

Icon Off shore aims to consolidate OSV sector CORPORATE 18

eTh e

engaDisruptive model of driverless carsD• EDGE 58

trade wise | Mikro MSC sets the stage for long-term growth 10

F R A N K LY S P E A K I N G 9

New board, old questions | Keep Malaysia competitive | Clarify new direction, please

External headwinds and domestic issues are buff eting the country’s economy. Th e people and businesses are

feeling the pain. If the 10-year economic cycle theory holds true, a downturn could be imminent. How severe will it be and can the government mitigate the impact?

See our Cover Story on Pages 69 to 72.

the economy

HOW BAD CAN IT

GET?20155%

20146%

4.2%

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WTK Holdings’ top brass allays concerns over family tussleCORPORATE 12

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6

www.theedgemarkets.comTHE WEEK OF JUNE 13 — JUNE 19, 2016

#1114

M A L A Y S I AB U S I N E S S & I N V E S T M E N T W E E K L Y

wwww .theheedgedgemarketsts.co.c mWEEK OF JUNE 13 — JUNENE 119,9 22010 66

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p

More charges in Kenmark fi asco

Steel players seek safeguard for wire rods

B Y T H E E D G E M A L AY S I A

The Securities Commission Malaysia (SC) could be taking more action against some of the personalities involved in the Ken-mark Industrial Co (M) Bhd fiasco several

years ago, sources familiar with the matter say.It is learnt that the SC is mulling charges

and could make a decision to initiate more proceedings early next week.

“Investigations are being conducted and it seems likely that the SC will seek more pu-nitive action,” a source says.

B Y K A M A R U L A Z H A R

Amsteel Mills Sdn Bhd, Ann Joo Steel Bhd and Southern Steel Rod Sdn Bhd have jointly submitted a petition for safeguard investigations into imports

of drawn or rolled wire rods and deformed-bar-in-coils (DBICs).

This is yet another safeguard investigation petition fi led by Lion Group, after Megasteel Sdn Bhd’s unsuccessful bid to have the gov-ernment protect the local hot-rolled coil steel manufacturing industry from imports.

CO N T I N U E S O N PAG E 1 6

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MORE INSIDE 4

I think the worst is over. With oil prices today at US$52 per barrel, things are stabilising...

but there is still a year for consolidation.”— Managing director Mac Ngan Boon

Muhibbah looks beyond current downturn CORPORATE 14

I thiat U

b

Interest returns to furniture stocks as value emergesTRADE WISE 8

S P Setia shores up balance sheet amid slowdownCORPORATE 26

Walking a tightrope on public fi nances 10

Banks are facing a harsher economic

climate, increasing competition, stricter capital requirements

and the need to up the technology game.

Will this challenging landscape push them to

merge to survive? Some banking heads share their

views in our Cover Story on Pages 78 to 80.

Stage set for bank M&A

F R A N K LY S P E A K I N G 7

From left to right hand | Has control changed at Reliance Pacifi c? | Back to square one for Proton?

THE STATE OF THE NATIONWEEKLY UPDATE

6