Felda Global’s Africa Leap In 2013
Optimistic about the African market, Felda Global is in talks with relevant parties and is looking forth to enter the African market early next year. The African leap weighs heavily on its plan to grow eight times by 2020. Felda Global will look at African countries around the tropical belt, such as Ghana, Cameroon and Gabon, and build a business based on the Felda planter-settler model. One of Felda Global’s strategies that it has in mind is to enter the African market by building oil mills first. Group president Datuk Sabri Ahmad stressed that as land space in Asean is getting scarce, Africa will be important to Felda.
Significance: The venture into Africa will boost the Felda Global’s total plantation land bank that it has and raise its ranking higher among international palm oil contenders. This will augur well with Felda Global’s growth plan as its lank bank gets bigger and its oil extraction rate gets higher.
Confident Of Over 30% Growth: Takaful Malaysia
Syarikat Takaful Malaysia’s general manager Mohd Suhaimi Ahmad said that it is confident of surpassing the 30 percent growth that is projected for the takaful industry this year without mentioning the expected growth rate for Takaful Malyasia. Mentioning its current standing of number two, Suhaimi added that Takaful Malaysia intends to be Malaysia’s top takaful operator in terms of total contributions in two to three years. The total contributions of Takaful Malaysia for 2011 amounted to nearly RM1 billion. Takaful Malaysia reportedly posted a compound annual growth rate 32.2 percent for FY08 to FY11.
Significance: Coupling the increased penetration rate of the takaful industry as a result of close cooperation with Sabah’s government and Takaful Malaysia’s continuity in increasing the number of its agents in the state to double 1000 in two years, Takaful Malaysia’s expected growth rate is likely to be strong.
Casino Fine On Genting Singapore Affects Genting as It Slips On Concerns
Concerned about the new law set in the lion city (Singapore) to allow fines of up to 10 percent of its (Genting Singapore) revenue, the share price of its parent Genting took a beating on Monday, July 9. The change from the current maximum penalty of S$1 million that the Singapore Casino Regulatory can impose and the maximum penalty upon the passing of the new law, which could exceed S$200 million, is of substantial difference. Genting Singapore has been fined for admitting minors and for permitting Singaporeans and permanent residents to enter without paying the S$100 entry fee intended to keep in check gambling addictions. Foreigners need not pay any admission fee.
Significance: The much stricter Casino Control Act would have significant impact on Genting Singapore’s business, which could affect its eventual margins, earnings and that of its parent, Genting.