Axiata to sell RM4.2bn sukuk to refinance debt
Axiata Group, which owns Malaysia’s second biggest mobile phone operator, plans to sell as much as RM4.2bn of Islamic bonds or sukuks at the end of the July to refinance debt, CFO Datuk Yusof Annuar Yaacob said. The company’s long-term debt was about RM11.2bn at the end of March, according to data compiled by Bloomberg. It last sold notes in April, raising USD300m (RM965.1m) in its first dollar bond sale. Axiata plans RM3.6bn in capital expenditure this year to grow its international network, Yusof Annuar told reporters in KL yesterday. This includes RM1bn for its domestic operations under Celcom (Malaysia) Bhd, USD500m for its Indonesian unit PT XL Axiata and USD100m each for its arms in Bangladesh and Sri Lanka. (Malaysian Reserve)
Primus seeks damages of RM1.1bn
Primus (Malaysia) SB is seeking damages to the tune of RM1.12bn, or a sum set by the court for EON Capital, from the current board of directors of EON Capital save for Ng Wing Fai, should the sale of assets and liabilities of EON Cap be passed at an upcoming EGM. In a statement released by EON Cap to the exchange yesterday, the company said it had received the petition by Primus, which states that the private equity firm believes the above value represents the ‘undervalue’ amount and wants to claim it from the board of directors. (Malaysian Reserve)
Tussle at Petra Perdana heats up
The tussle for control of oil and gas outfit Petra Perdana Bhd (PPB) is heating up with the company rejecting the nomination of four individuals to the company’s board at its upcoming AGM on 28 June. The nominations were made by parties aligned to Tengku Ibrahim Petra Tengku Indra Petra, who is at loggerheads with PPB’s board led managing director Shamsul Saad and executive director Datuk Henry Kho Poh Eng. In a statement yesterday, PPB’s board said it had made the decision after seeking legal counsel and was advised that the nominations had not been made in accordance with the law. (Financial Daily)
BJLand JV aborts USD200m themed village project in Korea
Berjaya Land Bhd (BLand) has aborted its proposed USD200m (RM640m) joint venture (JV) project, an international themed village, on a 586,040 sq metre (about 145 acres) parcel of freehold land in the Jeju Special Self Government Province in South Korea. In a statement yesterday, BLand said it and the Jeju Free International City Development Centre (JDC) had mutually agreed that their conditional MoA on 28 Aug 2008 involving the development of the “themed village project” had lapsed. (Financial Daily)
M’sia and S’pore to reduce Second Link toll rate by 30%
Malaysia and Singapore have agreed to reduce their respective toll charges at the Second Link by 30% effective 1 Aug. The consensus was reached after a meeting between PM Datuk Seri Najib and his Singapore counterpart Lee Hsien Loong. The Second Link refers to the bridge that spans the stretch between Singapore and Malaysia where it extends a total of 47km from Tanjong Kupang to Senai in Johor, a twin-deck bridge supporting a dual three lane carriage way linking Tanjung Kupang in Johor and Tuas in Singapore. (Financial Daily)
KFCH proposes 1-for-1 bonus issue
KFC Holdings (M) Bhd (KFCH) has proposed a one-for-one bonus issue of up to 396.5m new shares to improve liquidity and reward investors. It has also proposed a share split of one RM1 share into two shares. This will be followed by a free warrants issue of 31.7m warrants on the basis of one free warrant for 25 existing KFCH shares. The bonus issue is expected to help improve the liquidity and marketability of KFCH shares, it told Bursa Malaysia yesterday. (BT)
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