Selangor water deadlock broken?
The deadlock in the proposed consolidation of water assets in Selangor may have been broken with all the parties close to agreeing on pricing, and ironing out the issues of operations and maintenance (O&M). Sources said the Selangor government and Federal Government-owned Pengurusan Aset Air (PAAB) would jointly pay for the acquisition of the state’s water assets and liabilities at over one time book value. PAAB could be the owner of the assets, and as consideration for the state’s payment of a portion of the total acquisition price, the Selangor government would end up with a stake in the management of the assets. (Financial Daily)
Korean group to set up RM1.5bn plant
South Korea-based industrial group STX Corp is investing RM1.5bn to set up a solar cells manufacturing plant at the Senai Hi-Tech Park (SHTP) in Johor. Chief operating officer and deputy president Je Hyun Yoon said it would be the company’s second solar cells plant after its facility in Gumi-City, Gyeongbuk, South Korea. Work on Senai plant will start this year and the project is expected to be completed within the next eight months, or by the end of 2011, CEO said. (StarBiz)
AirAsia X considers London share listing
AirAsia X, the long haul budget carrier controlled by AirAsia’s chief executive officer Datuk Seri Tony Fernandes, is considering listing its shares for trading in London, London Sunday Times reported, citing Fernandes. The airline, which is 16% owned by Richard Branson, chairman of the UK’s Virgin Group Ltd, will have its primary listing in Malaysia when it goes public next year. No decision has yet been made on which international market to use for a secondary listing. (Bloomberg)
Boustead to spend RM570m for expansion
Boustead Holdings, a conglomerate controlled by the Armed Forces Fund Board, plans to spend RM570m by year-end to fund its expansion in Malaysia. The budgeted capital expenditure (capex) would be used for the expansion of its dockyard in Lumut, Perak and further develop properties consisting of mainly hotels in Klang Valley. The funds will be financed from on going operations as well as some proceeds from recent rights issue. (Malaysian Reserve)
Tanjung Offshore gets Carigali LOA
Tanjung Offshore said that its wholly-owned subsidiary, Tanjung Offshore Services SB (TOS) has received a letter of award (LoA) from Petronas Carigali SB for the provision of marine seismic data acquisition services for Block SB305, Offshore Sabah. TOS is in the midst of satisfying the scope of work for the block as stated in the LoA involving the charter of an offshore seismic vessel and related services which are expected to complete by 31 Dec 2010. (Malaysian Reserve)
Putrajaya Perdana gets hospital job
Putrajaya Perdana says it won a contract to build a 300-bed private hospital in Desa Parkcity for RM142.8m. This will be the firm’s first project in the health sector. The project, which includes a six-storey elevated car park, was scheduled for completion in April 2012. (StarBiz)
Mulpha to raise RM21m
Mulpha International expects the listing of its subsidiary, Manta Holdings Co Ltd (MHCL), on the main board of Stock Exchange of Hong Kong Ltd in July to raise HK$50m (RM21.2m). Chief executive officer Chung Tze Hien said the funds raised would help MHCL expand its crane business. “The listing status allows the MHCL group to have greater financial flexibility when pursuing its growth plans,” he told reporters after Mulpha International’s AGM and EGM on Friday. There are four companies under the MHCL group - Manta Engineering and Equipment Co Ltd, Manta Equipment Rental Co Ltd, Manta Equipment Services Ltd and Manta Equipment (S) Pte Ltd. (StarBiz)
AmFIRST : To build up assets. AmFIRST Real Estate Investment Trust (AmFIRST REIT) is out to increase its asset size of more than RM1b and expects a deal to be done in the current financial year. Its performance will also be driven by the expansion of major tenant AmBank Group and progressive upgrading of existing buildings to attract new tenants. According to Am ARA REIT Managers Sdn Bhd CEO Lim Yoon Peng, the trust manager also aims to acquire a few assets in the Klang Valley. (Source: Business Times)
Auto : Vehicle sales in May jumped 16%. Vehicle sales rose again in May 2010 with the year-on-year volume up 16% to 50,845 units from 43,985 units, said the Malaysian Automotive Association (MAA). On Friday, MAA stated that for the January to May period, sales rose by 20% to 247,072 units versus 206,060 units a year earlier. Passenger vehicle sales in May increased to 46,229 from 40,159 units whereas commercial vehicles increased to 4,616 from 3,826 units. (Source: The Star)
Boustead : To spend RM570m for expansion by year-end. Boustead Holdings Bhd plans to spend RM570m by year-end to fund its expansion in Malaysia. The budgeted capex would be used for expansion of its dockyard in Lumut, Perak, and further develop properties consisting of mainly hotels in Klang Valley, according to an unnamed Boustead official. (Source: The Malaysian Reserve)
HLFG : Sells 30% of its life insurance business for RM940m. Hong Leong Financial Group will sell a 30% stake in its insurance unit Hong Leong Assurance Bhd (HLA) to Japanese insurance outfit Mitsui Sumitomo Insurance Co Ltd (MSI) for RM940m cash. HLA also plans to merge its entire general business with MSIG Insurance (Malaysia), MSI's Malaysian unit, HLFG said Friday. Following this, HLA will get a 30% stake in the enlarged MSIG Insurance Malaysia entity. (Source: The Star)
MAS : May ask for investment tax allowance. Malaysia Airlines (MAS) may consider applying for an investment tax allowance incentive from the Ministry of Finance (MOF) with the arrival of the first of its aircraft on order. The national carrier will receive three Boeing 737-800s this year under its fleet renewal program. By end-2016, it is expected to take delivery of six Airbus 380s, 15 A330-300s and 35 B737-800s. If proceeded, MAS will not be able to retain the current tax exemption on its chargeable income in respect of all sources of income in 2012. Under the exemption, deferred tax assets are not recognized in respect of unused tax losses, unabsorbed capital allowances and other deductible temporary differences. In contrast, the investment tax allowance is 60% of qualifying capex incurred within 5 years of the date of the first capex. It can be used to exempt up to 70% of statutory income in the assessment year. (Source: Business Times)
MRCB, MAHB : May be part of consortium. Bristeel Overseas Ventures Inc, a Malaysian consortium whose members are rumoured to include Malaysia Resources Corp Bhd (MRCB) and Malaysia Airports Holdings Bhd (MAHB), has offered to invest USD150m (RM490m) to help in the development of the Diosdado Macapagal International Airport (DMIA) in Pampanga province, the Philippines. Online news reports said the consortium is interested to enter into a JV agreement with Clark International Airport Corp (CIAC) to develop and expand the DMIA Terminal 1, with a passenger capacity of 7m p.a. (Source: Business Times)
Tenaga : CEO raises power demand forecast. Tenaga Nasional Bhd (TNB) forecasts electricity demand to grow by as much as 5% this year as the country's economic recovery spurs manufacturing. That is higher than the utility's earlier estimate of 3.5% for the current year ending Aug 31. According to CEO Datuk Seri Che Khalib Mohamad Noh, power demand may grow by as much as 4% to 5% annually for the next 5 years. (Source: The Star)
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