Tuesday, August 10, 2010

20100810 1236 Malaysia Corporate News.

Malaysia shortlists 3 sites for coal-fired plant
These are the Tanjung Bin Power Plant owned by MMC Corp subsidiary Malakoff Corp, Jimah Power Plant located in Port Dickson, Negri Sembilan; and the coal-fired power plant in Manjung, Perak, managed by Tenaga Janamanjung SB. There are no clear indications yet as to which of the three will be entrusted to develop the additional capacity. However, it is understood that the three power plants were shortlisted because of their existing facilities. It is also understood that an announcement will be made soon on the plant selected to start the project. (BT)

MAS picks Kota Kinabalu as its eastern hub
Malaysia Airlines yesterday announced that it has chosen Kota Kinabalu to be its eastern hub, as the airline sets its sights on China, Taiwan, North Asia, Indonesia and Australia markets. Its managing director cum chief executive officer Tengku Datuk Azmil Zahruddin said the hub will be developed over three stages from 15 Nov to 3 June next year, where new destinations and frequencies will be added to complement the currently served foreign cities from Kota Kinabalu. (Financial Daily)

KKB plans RM20m steel fabrication plant
KKB Engineering, which will double its annual capacity to 60,000 tonnes on full completion of its proposed RM20m new steel fabrication plant in Muara Tebas here in 2012, is set to expand its business beyond the shores of Sarawak and Sabah. Group executive director Kho Pok Tong said the company was exploring steelrelated projects in Peninsular Malaysia. (StarBiz)

EPIC denies any impending change in major shareholding
Petroleum supply base operator, Eastern Pacific Industrial Corp (Epic), has denied there will be a change in major shareholding of the company soon. Its chief executive officer, Ramli Shahul Hameed, said since last Thursday, the company’s share price on Bursa Malaysia has increased from RM1.80 to RM2.30 apiece. (Bernama)

Baswell declared PN17 firm
Baswell Resources has been declared a PN17 company after a proposed memorandum of understanding for a Middle East job was cancelled, it failed to meet credit payments and it ceased all of its furniture making businesses yesterday. The company in a filing to Bursa Malaysia said it is in the midst of formalising a regularisation plan to address its PN17 status. The company’s furniture making subsidiaries had defaulted on loans amounting to RM2.7m. (StarBiz)

Perodua set to surpass sales target
Perusahaan Otomobil Kedua SB (Perodua) is confident sales this year will reach 185,000, surpassing its forecast of 176,000. Managing director Aminar Rashid Salleh said the company was confident of surpassing the targeted figure because of the sales and bookings it had achieved so far. From January to July 2010, the service intakes from the whole country were 972,300, up 6.1% from 916,000 last year.(StarBiz)

Airlines: AirAsia X sets record sales to Seoul. AirAsia X Sdn Bhd yesterday said it had set a new sales record with its newly launched destination to Seoul recently, generating over RM20m for the booking period from Aug 4-8. It attributed the success of the campaign to the power of its blog and social network platform with over 410,000 Facebook and more than 30,000 Twitter followers. (Source: The Edge Financial Daily)

CCM: New Companies Bill to be more business-friendly, stress on governance. The new Companies Bill, which will replace the existing Companies Act 1965, aims to ease and cheapen the cost of doing business in Malaysia, but will give strong emphasis on corporate governance. The Companies Commission of Malaysia (CCM) has targeted to further reduce the number of days for setting up a business from three days to one. Hence, going e-centric will be a huge feature for the formation of companies. (Source: The Star)

Energy: Malaysia shortlists 3 for coal-fired plant. 3 companies have been shortlisted for a coal-fired plant that will be built to add 1,600 MW to the Peninsular Power Grid by the first quarter of 2015. They are the Tanjung Bin Power Plant owned by MMC Corp Bhd subsidiary Malakoff Corp Bhd; Jimah Power Plant located in Port Dickson, Negri Sembilan; and the coal-fired power plant in Manjung, Perak, managed by Tenaga Janamanjung Sdn Bhd. (Source: Business Times)

KFHM: Moves into car financing. Kuwait Finance House (Malaysia) Bhd (KFHM) yesterday entered the car-financing market in a big way by joining the sole importer and distributor of Peugeot cars in Malaysia, Nasim Sdn Bhd. The tie-up with Nasim, a member of the Naza Group of Companies, marks KFHM's significant move into the retail financing sector. (Source: Business Times)

Markets: RM777.5m payout for ASW 2020 investors. Amanah Saham Nasional Bhd (ASNB), a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), will pay a total of RM777.5m to Amanah Saham Wawasan 2020 (ASW 2020) unitholders for the year ending August 31 2010, about 32.3% higher than last year. (Source: Business Times)

MAS: Picks Kota Kinabalu as its eastern hub. Malaysia Airlines yesterday announced that it has chosen Kota Kinabalu to be its eastern hub, as the airline sets its sights on China, Taiwan, North Asia, Indonesia and Australia markets. By June 2011, Kota Kinabalu will have daily flights to Taipei and Hong Kong, 4 weekly flights to Kaohsiung (Taiwan) and Seoul, and 3 weekly services to Haneda and twice weekly to Osaka, says managing director cum chief executive officer Tengku Datuk Azmil Zahruddin. (Source: Business Times)

Rehda: Residential property prices on the rise. It is still a good time to buy property as the market is heading upwards, prices of residential properties will rise 10-20% over the next 6 months because of cost and inflationary pressures, says Real Estate and Housing Developers' Association Malaysia (Rehda) president Datuk Michael K.C. Yam. (Source: Business Times)

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