Friday, April 16, 2010

20100416 1009 Malaysia Corporate News.

Genting Singapore’s Universal Studios Singapore (USS) has announced that its Battlestar Galactica roller coaster is in the process of a 'complete ride inspection and review'. “The vehicle has been partially dismantled and components have been analysed, including an X-ray of its parts,” it added. 'Police will reinstate the licence for USS to operate the ride once the Conformity Assessment Body (CAB) has recertified the ride to be safe for use,” a spokesman for Singapore Police Force (SPF) said. (SPH)
The extent of inspection works appears to be taking longer than our initial expectations and this is a negative development. We note that the Battlestar Galactica roller coaster is one of USS’s key attractions and an extended closure could affect USS’s overall visitorship.

Tenaga has extended the contract of its CEO, Dato' Sri Che Khalib, for one more year until 30 June 2011. Meanwhile, it also appointed Ir. Azman bin Mohd as the company's ED and COO effective 15 April 2010. (Reuters)
We view Dato' Sri Che Khalib's contract renewal positively as this should clear earlier succession concerns. Dato' Sri has been instrumental in driving many positive changes in Tenaga over the past few years. Having said that, we note that his service tenure extension is for one year, which is a slight departure from his previous two 3-year contracts.

The government will table the feed-in-tariffs (FIT) for renewable energy power generation bill in parliament this October, Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui said. The Attorney General's Chambers was in the midst of drafting the legislation, he said. "Our major intiative will be the introduction of the FIT in Malaysia. Once that is done, we will need the EU's technology and expertise to modernise and expand our renewable energy sector, especially in biomass and solar energy," he said. (Bernama)

Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui is upset that the National Green Technology Centre has been slow in processing requests under the RM1.5bn green technology loan scheme. He has now given the agency another month to do so. The loan is meant to help companies which are producers and users of green technologies. It was established under Budget 2010. (BT)

India plans to hold an auction of ultra-high-speed 4G spectrum soon after completion of 3G access now underway, a report said. The sale process for 4G, which will provide highspeed Internet connections, will begin as soon as operators roll out their 3G networks this year, Communications Minister A. Raja said. "I do not want any delay in 4G services. We should be with the rest of the world in 4G," Raja said. Raja said he expected the successful telecom bidders for 3G frequency would start launching their new networks within a few weeks of receiving the spectrum when it is allocated in Sept. (Economic Times of india)

Maybulk is considering the acquisition of second-hand dry bulk carriers this year, executive chairman Teo Joo Kim said. The company, however, did not plan to get new tankers this year due to the high operational cost and low profit, he said. "We are not aggressively expanding this year. MBC has a positive cash position of RM460m, and so it will not be a problem for us to acquire any vessel this year," he added. (Bernama)

Kencana Petroleum has secured a 1+1 RM33m service contract for the provision of an offshore support vessel off the coast of Vietnam to Petronas Carigali. (BMSB)

KWAP has emerged as a substantial shareholder in Kencana Petroleum with a 5.61% stake. (BMSB)

Media Prima is optimistic of a better performance this year in line with the economic recovery. Group MD Datuk Amrin Awaluddin said its newly acquired niche-market leaders in outdoor advertising would position the group strongly in the media landscape. It also expects its content creation arm, Primeworks Studios, to contribute more significantly towards the group's revenue in coming years. On TV3 Network Limited Ghana, Amrin said, Media Prima intended to divest its stake in the broadcasting station. (Bernama)

YTL Corp has completed the purchase of the 617ha prime Japanese resort Niseko Village for about RM205m and the group plans to invest more in Japan. Group MD Tan Sri Francis Yeoh said the weakening yen was making Japanese properties attractive investments."We will make this village Aspen and St Moritz of the East," he added. YTL has secured a fiveyear fixed term loan of 7bn yen (RM238m) from the Bank of Tokyo-Mitsubishi to finance the acquisition. Yeoh said that Niseko Village will also be injected into Starhill REIT. (BT)

UMW Toyota Motor expects to sell more than 32,400 units of the Toyota Vios this year prior with the launch of a new model which has been enhanced and improved. Its president Kuah Kock Heng said the new Toyota Vios reinforced the product concept through refreshment in the design to provide updated features on the look and appeal on both the interior and exterior. The cost of the new Toyota Vios was from RM71,990 to RM92,000, depending on the variant. (Bernama)

Proton Exora, Malaysia's first MPV, has been nominated for the prestigious advertising and marketing effectiveness award organised by the New York Festivals. (BT)

Mitsubishi Motors Malaysia is aiming to double its market share of the full-size SUV segment from the 18.5% in 2009. CEO Keizo Ono said the target was achievable given its extensive sales network, comprehensive after-sales service and resumption of the company’s two-year free maintenance program that was halted in 2007. (Financial Daily)

Petronas has stopped supplying gasoline to Iran since mid-March as the threat of US sanctions on oil firms with supply ties to the country looms large. Iran is the world’s fifth biggest crude oil exporter but US sanctions mean it has suffered from lack of investment in refineries, forcing it to import some 40% of its gasoline needs. (Reuters)

Tenggara Oil will be de-listed on 19 Apr. Its proposed restructuring scheme has lapsed and as such, the company has failed to implement its regularisation plan within the extended timeframe. (BMSB)

Lion Diversified Holdings has sold its entire stake of 3% in Mineral Resources Ltd compromising of 4.98m shares for some AU$37.1m (RM111.3m). The disposal was done via a placement on January 20 and through the open market yesterday. The proceeds from the sale will be used as working capital. (BT)

Warisan TC Holdings has signed a deal to assemble Chinese light trucks in Malaysia. Its subsidiary, Kereta Komersil Seladang (M), will be the exclusive manufacturer and provider of after sales service. The deal was struck with Changsha Foton Vehicle Technology Co Ltd, a fully owned unit of Beiqi Foton Motor Co Ltd, which produces Forland commercial vehicle. (BT)

Ho Hup Construction Co’s decision to team up with Malton came about because the PN17 company is in no shape to carry out the proposed RM2.5bn project on its own, says a former top official. “The joint development agreement (JDA) was the best offer available and I believe the deal will help the company move forward,” former COO Datuk Woo Thin Choy said. (Starbiz)

No comments: