Axiata: Makes new appointments. Axiata Group Bhd announced the appointment of Donald James Rae as its new senior vice-president for group business development and regional operations, effective July 1, Eric Chong as Hello Axiata's chief marketing officer in Phnom Penh, Cambodia, effective June 21. Suresh Sidhu, head of regional development, will move from the corporate centre to Sri Lanka as chief officer, enterprise and global business. Suresh Sidhu will be replaced by Thivanka Rangala. (Source: The Star)
Kencana: Wins RM201m job. Kencana Petroleum Bhd said its wholly owned subsidiary Kencana HL Sdn Bhd has been awarded an RM201.1m contract by Newfield Peninsula Malaysia Inc. (Source: The Star)
Markets: More companies defaulting. Carotech is the latest in a growing list of companies missing debt payments. Other companies such as Haisan Resources Bhd, Limahsoon Bhd, Ngiu Kee Corp Bhd, Nam Fatt Corp Bhd, Kenmark Industrial Co (M) Bhd, Linear Corp Bhd, LCL Corp Bhd and Tracoma Holdings Bhd have also recently defaulted on their debt payments. (Source: The Star)
Retail: Carrefour says there are no store closures. Carrefour Malaysia and Singapore have denied any store closure in the two countries. In 2010, four Carrefour hypermarkets have been opened in Malaysia and another four are slated to be opened by the year-end. (Source: The Star)
Genting Malaysia sole surviving bidder for NYC racino project
Genting Malaysia is one step closer to clinching the licence to develop and operate a video lottery facility in New York City’s Aqueduct racetrack following the disqualification of two of the three proposals received by the New York Lottery. Genting Malaysia via its wholly owned subsidiary, Genting New York LLC, had on 1 June paid an entry fee of USD1m (RM3.22m) to participate in the bidding process. A statement by the New York Lottery of Tuesday said the disqualified proposals did not conform to the requirements of the competition and instead, attempted to negotiate for terms more favourable to the bidders. (Financial Daily)
EONCap sticks to its plan
EON Capital's (EONCap) board has decided to proceed with tabling Hong Leong Bank's (HLBB) takeover offer for its shareholders' consideration, despite objections by EONCap's single largest shareholder. EONCap said its board members, with the exception of Ng Wing Fai, affirmed the decision to table the offer to the company’s shareholders at an EGM. The board would seek shareholder approval for the offer, and to empower the board to make a decision whether or not to accept Hong Leong’s offer, subject to certain conditions met. (Financial Daily)
Khazanah said to seek loans to boost Parkway bid
Khazanah Nasional has started talks with five banks for loans that would enable it to increase an offer for Parkway Holdings. Australia & New Zealand Banking Group, CIMB Group Holdings, DBS Group Holdings, Overseas-Chinese Banking Corp and United Overseas Bank were approached by the KL-based company, the people said, asking not to be named because the talks are private. Khazanah told the banks it may need to borrow at least SGD1bn (RM2.32bn). (Malaysian Reserve)
F&N gets shareholders nod to sell Malaya Glass
Fraser and Neave Holdings (F&N) has received the approval of shareholders to divest its entire equity interest in Malaya Glass Products SB for RM738.6m. F&N CEO, Tan Ang Meng said the completion of transaction is now subject to the Ministry of International Trade and Industry’s approval next week. After the transaction and its current net cash of about RM1bn, F&N has the funding capacity of RM2bn. The company would wait between 12 and 24 months to evaluate any business growth and expansion initiatives through merger and acquisitions. (Financial Daily)
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