GBM nears completion of gold mine buy

KUALA LUMPUR: Australia-listed GBM Resources Ltd is closer to bedding down the acquisition of a gold mine in Malaysia, following the completion of a technical and legal due diligence.

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/gbmandi/Article/
Published: July 17, 2013

In a disclosure to the Australian Securities Exchange, the company said it has executed a formal acquisition and joint-venture agreement with Angka Alamjaya Sdn Bhd (AASB) to recommission the Lubuk Mandi gold mine in Terengganu.

GBM announced on June 11 that it had entered into a binding term sheet to undertake a share swap with AASB.

Under the terms of the agreement, GBM and AASB will undertake a share swap, in which the former will acquire about 40 per cent of AASB by issuing 15 per cent of ordinary shares in GBM, subject to shareholder approval at the company's shareholders' meeting on Monday.


Apart from GBM shareholders' approval, the remaining conditions on the agreement include procuring project funding of up to S$6 million (RM15.17 million) for AASB.

It was also noted that the GBM board has approved the transaction to prepare for an ongoing plan to develop the Lubuk Mandi gold mine and recommence mining operations.

The exploration target for the project is estimated to contain between 174,000 and 443,000 ounces of gold, with the development plan to focus on the retreatment of the tailings dam, followed by the recommencement of hard rock mining.

Both parties have also agreed that following the completion of the share swap, further exploration and development of the tailings dam on the Lubuk Mandi gold mine, satisfaction of any regulatory requirements and market conditions, the parties intend to complete an initial public offering of AASB shares on the Singapore Stock Exchange.

GBM managing director Peter Thompson was quoted as saying in a previous statement that the company's strategy is well supported by its major Singaporean shareholders and is in line with its business objective of delivering shareholder value via project generation.

The Lubuk Mandi gold mine, which, in the 1990s, was owned and operated by Terengganu State Economic Development, produced 108,000 ounces of gold from two shallow pits.

KATM eyes co-op bank licence by mid-2014

PETALING JAYA (July 16, 2013): Koperasi Angkatan Tentera Malaysia Bhd (KATM), which plans to become a cooperative bank by January 2015, is planning to secure the necessary licence from the regulators by the middle of next year, its CEO Gen (R) Datuk Ahmad Zahudi Salleh said.

Source from (The Sun Daily): http://www.thesundaily.my/news/770957
Published: July 16, 2013



The country's armed forces multipurpose cooperative will submit its application for the cooperative banking licence to Bank Negara Malaysia before the end of this year.

"We are halfway there. We are targeting to secure the licence at least by the middle of next year and then have six months of preparations before we start operations as a full-fledged cooperative bank," Ahmad Zahudi told SunBiz in an interview.

"The proposal is almost ready and we will apply soon if not before the end of this year."

KATM expects to spend up to RM100 million in the next three years to set up the cooperative bank, which would more than double its workforce to about 600.

KATM's total fees and share capital stood at RM915.8 million as at Dec 31, 2012, surpassing the minimum capital requirement of RM300 million to be a cooperative bank.

"We have surpassed that minimum capital requirement a long time back. Our shareholders' fund was RM1.2 billion as at December 2012," said Ahmad Zahudi.

KATM has been planning to upgrade itself into a cooperative bank since last year and has since implemented a transformation plan towards the 2015 target.

"The plan involves five modules and will take between 20 months and 30 months to be completed. We expect the plan to be completed in July next year.

"From this transformation project, we are aiming to increase our total assets to RM13 billion by 2020. Out of this amount, up to RM8 billion or two-thirds will be generated from non-members business activities," said Ahmad Zahudi.

KATM membership is open to all members of the Malaysian Armed Forces and all civil servants in the Ministry of Defence.

Total membership as at December 2012 was about 147,440.

"Our target to become a cooperative bank, while maintaining KATM's exclusivity to our members, by 2015 is also a strategy to bring KATM to a higher level and for the long term benefits of our members," said Ahmad Zahudi.

Last year, the military cooperative's total assets stood at RM2.38 billion, and recorded an operating profit of RM282.88 million.

KATM has consistently paid dividend of 12% since 1996. In 2011, the army cooperative paid a record dividend of 14% and replicated that feat last year as well for a total payment in excess of RM119 million.

In 2012, KATM recorded a record pre-tax profit of RM249.09 million, up 18.6% from 2011. Its major revenue contributors are from financing, insurance and investment.

Gold Price In India To Surge To RS28,000 (US$467) Per 10 Grammes

NEW DELHI, July 15 (Bernama) -- Gold price in India is expected to surge to Rs28,000 (US$467) per 10 grammes again towards the year-end as the demand is to increase due to the wedding season, a study revealed.

Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=963241
Published: July 16, 2013

"The price will hover between Rs26,500 (US$442) and RM27,500 (US$459) before crossing Rs28,000 per 10 grammes around November and December," a study by the Associated Chambers of Commerce and Industry of India (Assocham) on gold trends showed.

"We tend to disagree with the general discourse among analysts who say that the gold has lost its flavour in favour of equities largely on the back of improvements in the US economy," said the study.

It said even if the assumption that the US economy was improving was correct, then the next consequence would be the increase in inflation in the American economy.

"At that point of time, gold will again be seen as a safe haven against inflation," said the study.

The study was based on inputs from several domestic and international analysts and those in the bullion trade and fund managers.

It said the continuing pressure on the rupee would also influence gold prices in the domestic market as the landed price would increase with currency depreciation.

The rupee has gone down to a record low of Rs61.20 per US dollar in recent days.

As for the domestic demand for the next few months, it said that would be largely driven by end-users.

Some of the pure-play investors have burnt their fingers after betting excessively on the yellow metal and investing with the bullish outlook even when gold was selling in excess of Rs33,000 per 10 grammes, the study said.

In the world market, gold price has tumbled to US$1,200 per troy ounce from US$1,800.

"Though the gold exchange-traded funds are a small fraction of the overall bullion trade, investors have lost significantly and are not expected to return for some time," the study said.

Investors would return once the price cross the Rs28,000 mark as most of them follow the trend and are not contrarian in nature, the study added.

-- BERNAMA

Harga Emas Di India Melonjak Kepada RS28,000 (AS$467) Setiap 10 Gram

NEW DELHI, 15 Julai (Bernama) -- Harga emas di India dijangka melonjak sekali lagi kepada Rs28,000 (AS$467) setiap 10 gram menjelang akhir tahun dengan permintaan akan meningkat ekoran musim perkahwinan, demikian menurut satu kajian.

Source from (Sinar Online): http://www.sinarharian.com.my/global/harga-emas-di-india-melonjak-tinggi-1.182811
Published: July 16, 2013

Source from (Bernama): http://www.bernama.com/bernama/v7/bm/bu/newsbusiness.php?id=963280
Published: July 16, 2013

"Harga akan bergerak antara Rs26,500 (AS$442) dan RM27,500 (AS$459) sebelum mencecah Rs28,000 setiap 10 gram sekitar November dan Disember," kata kajian yang dibuat oleh Persatuan Dewan Perdagangan dan Perindustrian India (Assocham) mengenai trend emas.

"Kami enggan bersetuju dengan pendapat sesetengah penganalisis yang menyatakan emas sudah hilang tarikannya berbanding ekuiti ekoran penambahbaikan di dalam ekonomi AS," kata kajian itu.

Malah, katanya, sekiranya andaian yang ekonomi AS telah semakin pulih betul, maka, akibat yang seterusnya ialah inflasi akan meningkat dalam ekonomi Amerika.

"Dan pada masa itu, emas akan sekali lagi dilihat tempat yang selamat jika dibandingkan dengan inflasi," kata kajian itu.

Kajian itu dibuat berdasarkan kepada maklumat daripada beberapa penganalisis domestik dan antarabangsa serta para pengurus dana dan urus niaga emas.

-- BERNAMA

Singapore Jewellery And Gem Fair 2013 To Rake In S$100 Million Sales

KUALA LUMPUR, July 15 (Bernama) -- The maiden four-day Singapore Jewellery and Gem Fair 2013, which will begin on October 12, is expected to rake in sales of S$100 million (RM251 million).

Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=963403
Published: July 16, 2013

The exhibition, to be held at the Singapore Marina Bay Sands Convention Centre, would be an excellent platform for international jewellery traders, manufacturers, importers, wholesalers and crafters to explore the Asean jewellery market, said fair organiser, UBM Asia Trade Fairs Pte Ltd.

UBM Asia Managing Director Paul Wan said the event would also benefit jewellery buyers in securing the best deals.

He said over 200 leading jewellery companies from 25 countries across the globe including Austria, Germany, Hong Kong, India, Israel and Japan would participate in the fair to showcase their finest jewellery.

"They will exhibit diamonds, pearls, precious and semi-precious gemstones, fine gold and silver jewellery at the fair which would be sprawled over 8,300 sq metre of exhibition space.

"As such, we expect 8,000 trade visitors to patronise the exhibition over the four days," he said at a press conference here today.

Project Manager Ong Wei Hong said the exhibition would be held annually and was targeted at high-end, second and third tier customers.

"If the event is very successful, I believe it will, we will increase the exhibition space to 13,000 sq ft next year," said Hong.

-- BERNAMA 

Gold price rebound no change in bearish trend: expert

DUBAI, July 13 (Xinhua) -- The increase of gold prices by 4.98 percent last week was mostly triggered by investors who covered their short positions, said Gerhard Schubert, head of commodities at bank Emirates NBD, on Saturday.

Source from (Xinhuanet): http://news.xinhuanet.com/english/business/2013-07/14/c_132538897.htm
Published: July 15, 2013


The gold prices rise by 61 U.S. dollars to 1,285 dollars was no signal for a reversal at all, said Schubert, "as the price action seen can easily be described as a short covering rally in a bear market environment." Regarding interest in physical gold buying, Schubert said in his weekly commentary on precious metals that it had still been strong, especially in the early days of last week, "with interest waning in the wake of the rising prices."

However, the outflow from exchange traded funds (ETF) with gold as an underlying continued at stop-watch speed. According to British firm ETF Securities, investors pulled some 18.5 billion dollars out of gold ETFs in the second quarter alone.

Chinese imports are still going strong but the turnover of the Shanghai Gold and Futures Exchange plummeted at the end of last week, said Emirates NBD's Schubert.

The expert added that the gold market had to rely on a still accommodating interest rate scenario for the medium to longer term (1 to 2 years), "in order to generate enough fresh interest to sustain current prices and look potentially towards higher prices. " Schubert's opinion is based on United States federal reserve chairman Ben Bernanke's recent comments that the economic basis for a reduction in Quantitative Easing (QE) have not been met yet and that a reduction in QE would not automatically mean higher interest rates. Earlier in the week, the International Monetary Fund reduced its growth outlook for the global economy to 3.1 percent from 3.3 percent.

The trend that investors act more and more risk oriented and prefer stock markets over commodities undermined the weak outlook for gold, said Schubert, who added that gold producers in South Africa cut in their own flesh. "The major centralized wage negotiations for the gold mining industry in South Africa are under way with the highest ever demands on record, in an industry plagued by rapidly falling prices." 

PP1M tingkat ekonomi penjaja

Penjaja atau peniaga makanan boleh dikatakan sudah sinonim dengan budaya masyarakat negara ini yang majmuk dalam memenuhi cita rasa menjamu selera.

Source from (Harian Metro): http://www.hmetro.com.my/myMetro/articles/PP1Mtingkatekonomipenjaja/Article/index_html
Published: July 15, 2013

Peranan penjaja atau premis makanan bukan lagi sekadar untuk menikmati hidangan sebaliknya meliputi fungsi sosial seperti lokasi santai keluarga, perbincangan perniagaan, perkongsian minat sukan dan sebagainya.

Menyedari hakikat itu, Kementerian Perdagangan Dalam Negeri Koperasi Dan Kepenggunaan (KPDNKK) melalui Program Strategi Lautan Biru Kebangsaan (NBOS) mengambil inisiatif melaksanakan Program Penjaja 1Malaysia (PP1M).

Inisiatif ini dilaksanakan dengan kerjasama pelbagai agensi kerajaan dan swasta iaitu pihak berkuasa tempatan (PBT), Setiausaha Kerajaan Negeri, Kementerian Kesihatan, Jabatan Pertahanan Awam Malaysia (JPAM), Pasukan Sukarelawan Malaysia (RELA), Jabatan Belia dan Sukan dan Kementerian Dalam Negeri.

Turut terbabit Kementerian Perumahan dan Kerajaan Tempatan, penuntut institut pengajian tinggi awam (IPTA) dan swasta (IPTS), sukarelawan IM4U, persatuan penduduk serta persatuan penjaja dan peniaga kecil.

Sektor swasta yang turut terbabit pula adalah Shell, Petronas, Giant Hipermarket, Alam Flora, Nestle Product Malaysia, NSK Trade City dan AEON yang sentiasa menyokong pelaksanaan aktiviti PP1M dari segi penajaan dan sukarelawan dalam setiap aktiviti dianjurkan PP1M.

Pembabitan sektor swasta ini sedikit sebanyak dapat menjimatkan kos pembiayaan bagi pelaksanaan program PP1M.

Bagi memastikan PP1M benar-benar mencapai objektif yang disasarkan iaitu untuk meningkatkan ekonomi golongan peniaga dan penjaja kecil, pelaksanaan PP1M adalah dengan mengambil kira keperluan dan kesesuaian pihak penjaja itu sendiri.

Sehubungan itu KPDNKK mengambil kira pandangan persatuan peniaga dan penjaja kecil dalam merangka aktiviti dan program yang bersesuaian.

Fokus utama adalah untuk memastikan pendapatan penjaja dan peniaga kecil dapat ditingkatkan melalui premis perniagaan yang bersih manakala produk makanan dan minuman yang dijual adalah berkhasiat.

Untuk itu, premis perniagaan penjaja seperti medan selera atau gerai perlu ditransformasikan menjadi sebuah pusat perniagaan yang serba lengkap dan selesa bukan saja kepada pelanggan, malah kepada peniaga itu sendiri.

Di bawah NBOS, kerja mentransformasi infrastruktur premis penjaja ini dilaksanakan secara gotong-royong.

Pendekatan ini bukan saja dapat menjimatkan kos pelaksanaan, malah dapat menggabungkan idea dan buah fikiran pihak yang berkepentingan khususnya penjaja sendiri.

Gabungan tenaga dan idea itu dapat membuahkan satu jalan penyelesaian bersepadu ke arah mentransformasi premis penjaja dengan menganjurkan aktiviti gotong-royong membaik pulih dan menaik taraf premis penjaja.

Melalui gotong-royong yang sudah dilaksanakan di 13 lokasi PP1M setakat ini, kerja membaik pulih dan menaik taraf premis dilaksanakan meliputi aktiviti pembersihan, mengecat premis perniagaan dan membaik pulih kemudahan di medan selera.

Aktiviti lain ialah kerja pendawaian elektrik, menggantikan kemudahan rosak, menyeragamkan papan tanda gerai dan membersihkan kawasan persekitaran termasuk longkang dan sistem perparitan.

Dari aspek kebersihan dan kesihatan, Kementerian Kesihatan memberi bimbingan kepada penjaja berhubung panduan penyediaan sajian makanan bersih dan berkhasiat di samping kebersihan persekitaran gerai.

Ia dapat menghindari persekitaran gerai busuk, pembiakan tikus dan lalat serta perparitan yang dipenuhi sampah. Cara demikian bukan saja dapat memberi imej lebih positif kepada golongan penjaja dan pengusaha premis makanan, malah meningkatkan taraf pendapatan mereka apabila premis penjaja kelihatan lebih meyakinkan untuk menarik pelanggan.

Daripada perspektif Persatuan Penjaja Bumiputera Wilayah Persekutuan, pelaksanaan program gotong-royong PP1M di Pusat Penjaja Jalan Raja Muda Abdul Aziz (TPCA), Kampung Baru, Kuala Lumpur tahun lalu berjaya mengubah imej pusat penjaja itu kepada sebuah lokasi menjamu selera yang lebih berdaya maju dan meyakinkan.

Selepas lokasi itu menjadi lokasi sulung program gotong-royong PP1M, transformasi infrastruktur dan kemudahan di situ berjaya meningkatkan jumlah pengunjung setiap hari.

Ia bukan sekadar pengunjung dalam kalangan penduduk berhampiran, malah turut menarik minat pelancong asing kerana kedudukan medan selera itu di tengah ibu kota.

Program PP1M wajar diperluaskan lagi supaya bilangan penjaja dan peniaga yang mendapat manfaat daripadanya dapat dimaksimumkan. Dengan keahlian persatuan itu kira-kira 62,000 di sekitar Kuala Lumpur, usaha kerajaan melalui NBOS amat diharapkan untuk menaik taraf ekonomi golongan penjaja.

Lebih-lebih lagi, dengan pembabitan PBT dan KPDNKK selaku pihak yang berkait rapat dengan golongan penjaja dan peniaga kecil.

Sehingga Jun tahun ini, program PP1M dilaksanakan di 13 lokasi medan selera dan pusat penjaja di seluruh negara iaitu:

Pusat Penjaja Jalan Raja Muda Abdul Aziz (TPCA), Kampung Baru, Kuala Lumpur.

Pusat Penjaja Padang Sarkas, Taiping, Perak.

Medan Selera Batu Buruk, Kuala Terengganu, Terengganu.

Medan Selera Gerai Majlis Perbandaran Temerloh, Lurah Semantan, Temerloh, Pahang.

Medan Selera Anjung Perdana, Tanjung Aru, Kota Kinabalu, Sabah.

Medan Selera Triang, Bera, Pahang.

Medan Selera Brasmana, Kuala Perlis, Perlis.

Bazaar Jalan Lee Sam, Negeri Sembilan.

Anjung Selera, Teluk Likas, Kota Kinabalu, Sabah.

Gerai EMBA, Pantai Bersih, Bagan Ajam, Pulau Pinang.

Medan selera Sungai Kuah,Pandak Mayah, Langkawi.

Pasar Majlis Daerah Simunjan, Sarawak.

Medan Selera Batu Gajah, Batu Gajah, Perak.

Pelaksanaan PP1M ini dijangka mampu menepati matlamat yang ditetapkan hasil kerjasama erat dan perancangan strategik semua pihak yang terbabit demi masa depan penjaja yang lebih terjamin.

Selain dapat mengeratkan kerjasama di kalangan agensi kerajaan melalui NBOS, ia juga mampu mendekatkan lagi komuniti penjaja dan peniaga dengan pihak KPDNKK selaku kementerian yang baru diberi tanggungjawab menguruskan hal-ehwal golongan peniaga itu.

Program PP1M akan terus diperkembangkan di masa depan dengan pembabitan lebih banyak pihak termasuk sektor swasta dan agensi kerajaan.

Di masa akan datang, ia bukan saja menyasarkan kepada perubahan prasarana penjaja untuk meningkatkan pendapatan mereka sebaliknya turut memfokuskan kepada transformasi minda golongan penjaja dan peniaga kecil supaya lebih berwawasan dan berpandangan jauh untuk memajukan kerjaya perniagaan mereka.