Financier unveils RHB plan: Tan Sri Rashid to use state funds for rescue
Article Abstract:
Malaysian financial Tan Sri Rashid Hussain will give up 12.1% of his stake in his flagship company Rashid Hussain Bhd (RHB) in exchange for a government rescue package worth $868.4 million. The Pahang State Economic Development Corp, the investment arm of the Pahang state, will acquire 29% of the troubled financial group. The acquisition will make it RHB's new controlling shareholder. Tan Sri Rashid blames Malaysia's prolonged recession and declining stock exchange for the failure of his expansion plans.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Tax haven Labuan gains international respect as an offshore finance center in Malaysia
Article Abstract:
Malaysia's Labuan island has become a strong international offshore financial center despite initial skepticism. Lured by low taxes and minimal government intervention for foreign currency transactions, about 700 financial and trading firms have already registered. A government agency was also formed to reduce bureaucracy. Finally, Malaysia plans to amend its Offshore Companies Act to allow Malaysians to own offshore firms.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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Tailoring Islamic finance
Article Abstract:
Commerce MGI Sdn. Bhd. (CMGI) CEO Hasnita Hashim is determined to establish a global investment-advisory company that operates according to Islamic principles. CMGI has already won a contract to arrange a $396-million syndication for part of Kuala Lumpur's light-rail transit project. The one-year-old company is also involved in raising 900 million ringgit for a power plant expansion in northwest Malaysia.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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