Wednesday, June 16, 2010

20100616 1123 Malaysia Corporate News.

Bank Negara names new deputy governor
Bank Negara announced yesterday the appointment of Datuk Muhammad Ibrahim as deputy governor for three years effective today. Muhammad joined the central bank in 1984. He has served in the areas of bank regulation and supervision, strategic planning, payment systems, insurance, offshore banking and treasury and financial markets. His previous professional posts included as managing director of Danamodal Nasional, commissioner of the Securities Commission and council member of Malaysian Institute of Accountants. Bank Negara also announced the appointment of Datuk Ooi Sang Kuang as special adviser for one year following the completion of his eight-year term as deputy governor. The central bank names Jessica Chew Cheng Lian as assistant governor for regulation sector. These appointments also take effect today. (Starbiz)

Power plant upgrades in the works
The Energy Commission will soon call for bids to upgrade existing power plants in Peninsular Malaysia for use from 2015 onwards. "Malaysia's power consumption increases by 3% every year. By 2015, we'll need 800 megawatts (MW) more power and by 2017, a further 1,000MW," said Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui. (BT)

Water tariff hikes sought
The National Water Services Commission has received several requests from state governments to raise water tariffs, said Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui. However, he declined to name the states. "I'll be forwarding their requests for Cabinet consideration at an appropriate time," he told Business Times. He concurred that water tariffs are too low considering the scarcity of new water catchments and costly treatment to produce safe drinking water. (BT)

SunREIT’s yield may touch 7.5%
Sunway REIT Management SB (SunREIT), which is on an investor roadshow currently, has told institutional investors that its dividend yield range would be between 6.8% and 7.5%. A source familiar with the matter said the dividend yield was not fixed as yet, but the REIT manager was able to provide the institutional investors a range that it was confident of achieving, based on the track record and forecast net profits of the properties injected into the REIT. SunREIT had also earmarked a dividend yield of 6.86% for its cornerstone investors, the source said. SunREIT’s cornerstone investors are the Government of Singapore Investment Corp Pte Ltd (GIC), the Employees Provident Fund (EPF), Permodalan Nasional (PNB) and Great Eastern Assurance (Malaysia), which have a collective 14% in REIT. (FinancialDaily)

Indonesian telco ups stake in Scicom
PT Telekomunikasi Indonesia International is believed to have upped its interest in Scicom (MSC) to 29.3%, making it the largest shareholder in the business process outsourcing (BPO) outfit. Yesterday, a total of 30m shares in four blocks and representing about 11.2% of the company’s total share base were crossed off market for RM18.9m, or an average of 63 sen a share. (FinancialDaily)

Fortis keeping options on Parkway open
India's Fortis Healthcare said it was keeping its options open on Malaysian sovereign fund Khazanah Nasional Bhd's offer for Parkway, while sources said the Indian firm had hired Macquarie and Religare Capital to raise funds for a possible takeover battle. Fortis, controlled by Indian billionaire brothers Malvinder and Shivinder Singh, is also in talks to hire RBS to help raise funds, said two sources with knowledge of the matter. (BT)

IJM Construction wins RM350m job
IJM Corp said its unit IJM Construction SB has won a RM349.98m contract from Jambatan Kedua SB to build part of the second Penang bridge. Package 3B involves building a new dual 2-lane carriageway of 5.7 km with a cloverleaf interchange and four bridges, IJM said in a statement to Bursa Malaysia. Construction will start form June 28 2010 and work will take 31 months. (BT)

PLUS acquires Teras Teknologi
PLUS Expressways has bought 100% of Teras Teknologi SB, a toll systems and equipment provider, from UEM Group for RM44m. The deal fits with PLUS’ plan to expand locally and abroad. It will also help broaden its earnings base. Teras is the company that introduced the Toll Revenues and Collection System, the contactless smart card system known as Touch ‘n Go, and the non-stop vehicle on-board unit known as SmartTAG. (BT)

IJM Prop, Angkasa scrap building plan
IJM Land said its unit IJM Properties SB and Angkasa Gagah SB, a unit of IGB Corp, have scrapped a plan to build residential property in Setapak, Selangor. Both parties signed a deal for the project in October 2006. IJM did not say why they aborted it but said that it needed regulatory approval for the project. (BT)

Naim Holdings plans to lift Dayang stake
Naim Holdings plans to increase its stake, currently at 36%, in associate oil and gas firm, Dayang Enterprise Holdings, said managing director Datuk Hasmi Hasan. However, he declined to reveal how much more Naim intended to add to its equity stake in Dayang Enterprise. Under the law, Naim can only purchase Dayang shares up to 4% in a year. “Naim now holds about 126m shares in Dayang worth more than RM240m at the current price of RM1.90 per share against its investment cost of RM108m. (Starbiz)

Maxis to spend RM.4bn on capex, seeks funding
Maxis has allocated RM1.4bn for capital expenditure (capex) this year as it aims to achieve 80% of 3G population coverage by year end. So far, RM200m has been earmarked for fiberisation of fixed broadband, out of which RM150m has been spent. The remaining RM1.2bn has been allocated for its 2G and 3G and fiberisation of network. The capex will be sourced from internal cashflow. Meanwhile, Bloomberg reported that Maxis is planning to raise as much as RM4.5bn through a possible bond sale and bank credit within the next three to six months. The telo will use RM2.5bn of the proceeds to repay a bridging loan and the remainder used for capex. (MalaysianReserve) 

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