Monday, August 9, 2010

20100809 1151 Malaysia Corporate News.

Costs at Bakun set to balloon
Costs at the RM7.3bn Bakun Dam project are set to balloon with every step in the delay in impoundment and power supply to Sarawak, said Sarawak Hidro SB managing director Zulkiflie Osman. Starting next year, an additional interest payment of RM10m per month will be incurred as the dam is already five months behind schedule for flooding. It takes seven months from the impoundment date for the dam to reach its minimum operating level to generate power. Sarawak Hidro, the owner and developer of the Bakun Dam project, has submitted its commitments and undertakings to Sarawak’s Ministry of Public Utilities as per the Sarawak cabinet decision in June. By the year-end, the project cost including interest and compensation is estimated at RM7bn to RM7.3bn. “In view of the rising costs, impoundment must take place before the end of the year,” said Izzuddin. (StarBiz)

Govt says no to PTP-Johor Port consolidation plan
The Government has decided not to approve a proposal by MMC Corp to consolidate and rationalise the operations of Port of Tanjung Pelepas (PTP) and Johor Port. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the decision was made after considering views and concerns from companies and industries operating here. He said his ministry has held dialogues with companies and industries operating in Pasir Gudang to discuss the matter after the proposal made headlines. “The companies have voiced their concerns that they will have to incur higher haulage costs if they were to use PTP instead of Johor Port,’’ said Mustapa. (StarBiz)

Gamuda unveils USD171m Bahrain bridges venture
Gamuda has opened the first phase of its Sitra Causeway Bridges in Sitra, Bahrain. Costing USD171m (RM547m), the Sitra Causeway Bridges project comprised the construction of bridges and causeway works together with grade separated interchanges at both ends of the causeway and Nabih Salleh Island, it said. The project also consisted of massive underground infrastructure and relocation of utility works for the setting up of high and low voltage cables, sewage, gas and irrigation works. The remaining eastern marine bridges that are in the direction towards Sitra from Umm Al Hassam are scheduled for completion and handover in December 2010. (StarBiz)

SC aims to conclude review on Mudajaya soon
After days of speculation surrounding an alleged probe in Mudajaya Group by the Securities Commission (SC), the regulator said it was still reviewing the affairs of the construction and engineering firm but added that it aimed to conclude the review as soon as possible. The SC also said it had engaged all relevant parties, including the management of Mudajaya. It is understood that SC’s review of Mudajaya is still at the “surveillance” stage and has not escalated into a full investigation. A source familiar with the situation added that the SC had met with Mudajaya managing director Ng Ying Loong on Tuesday and that the regulator had not contacted him since.(StarBiz)

Wah Seong unit buys into Petro-Pipe
Wah Seong Corp said last Friday its indirect wholly-owned subsidiary, Asiana emas SB, has signed a share sale agreement with Detik Gaya SB to acquire 20% of Petro-Pipe (Sabah) SB for RM10.5m cash. (StarBiz)

Kurnia plans to place out shares
Kurnia Asia said it plans to undertake a private placement of up to 10% of its share capital to repay some RM40m in borrowings and raise some RM35m for its working capital requirements. In a filing with Bursa Malaysia last Friday, the general insurer did not identify the price for the placement shares or the investors the shares will be placed with. (MalaysianReserve)

Focus Point secures new listing date
Malaysia’s largest chain of professional eye-care centres, Focus Point Group, has secured a new date from the regulators to proceed with its listing on the ACE Market of Bursa Malaysia. The new listing date is tentatively schedules on 23 Aug. Focus Point has given its cooperation to the regulators to address the allegations made against the company two weeks ago that affected its earlier listing plan, it said in a statement last Friday.(MalaysianReserve)

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