F&N to buy 23% of Cocoaland
Fraser and Neave Holdings (F&N), Malaysia's largest soft drinks manufacturer and distributor, has agreed to acquire a 23.0% stake in Cocoaland Holdings for RM54.6m to expand in the food business. Under the deal, F&N is proposing to buy 39.6m new shares in confectionery maker Cocoaland for RM1.38 each. Cocoaland's last traded price prior to its suspension was at RM2.87 a share. Cocoaland has rallied by 119% this year. F&N chief executive officer Datuk Ng Jui Sia said the stake in Cocoaland, its first in a food manufacturer, will provide the group with a strategic and synergistic foothold to advance its food products in its existing regional, world-class food and beverage (F&B) enterprise. (BT)
Tenaga proposes 1-for-4 bonus issue of up to 1.12bn shares
Tenaga Nasional has proposed a one–for-four bonus issue of up to 1.12bn shares of RM1 each with the entitlement date to be announced later. As at 31 May 2010, its paid-up capital stood at RM4.35bn, comprising 4.35bn shares while there were 129.85m shares outstanding ESOS options. In a statement to Bursa Malaysia yesterday, Tenaga said the bonus issue would be carried out by capitalizing up to RM1.12bn from its share premium account, which amounted to RM5.27bn as at 31 August 2009. (Financial Daily)
Masterskill to buy land
Masterskill Education Group says wholly-owned Masterskill (M) SB will buy nine plots of freehold land for RM30.04m to build the group’s flagship university campus. The land in Kajang measures a total of 19.77 hectares. The university campus, dubbed Masterskill University College of Health Sciences, will comprise an academic block with about 700,000 sq ft in built-up area and hostel facilities of about one million sq ft in built-up area. The campus will be able to accommodate around 20,000 students, Masterskill said in a statement. (BT)
JPK to be axed from Bursa
JPK Holdings will be de-listed from Bursa Malaysia Securities on 8 Sept 2010, after a filing to submit its regularization plans to the regulators. In a filing to the exchange yesterday, the trading of the securities of the company will be suspended with effect from 6 Sept. “The securities of the company will be de-listed on 8 Sept unless an appeal is submitted to Bursa Securities on or before 3 Sept 2010. Any appeal submitted after the appeal timeframe will not be considered,” it said. JPK said it would be appealing against the decisions. (Malaysian Reserve)
Affin and BEA form strategic partnership
Affin Holdings (AHB) and The Bank of East Asia Ltd, Hong Kong (BEA) have formally established a partnership to jointly develop business in China, Hong Kong, Malaysia and other key markets where they both operate. Both parties signed a memorandum of understanding yesterday for the strategic partnership to signify the beginning of a long-term collaboration between AHB and BEA. The signing outlines the framework for a mutually beneficial co-development of businesses between AHB and BEA. AHB said the strategic partnership would enhance AHB’s ability to support its customers who want to have a business presence in China and Hong Kong by leveraging on BEA’s strong presence and extensive branch network there. (StarBiz)
Axiata's CFO joins Goldman
Datuk Yusof Annuar Yaacob, the group chief financial officer of Axiata Group, will leave the group at the end of November this year. He will join US investment bank Goldman Sachs as the managing director for Goldman Sachs Corporate Finance Malaysia, Axiata said in a statement. (BT)
AirAsia may consider aerobridges at new LCCT
Budget carrier AirAsia may consider using aerobridges at the new permanent low-cost carrier terminal (LCCT) to aide passenger convenience, says its chief. "MAHB (Malaysia Airports Holdings) has given us a proposal on using aerobridges and if we can get the right economic deal, we will consider it," AirAsia chief executive officer Datuk Seri Dr Tony Fernandes said. Fernandes added that the airline would still be able to meet its 25-minute turnaround time with the usage of aero-bridges. (BT)
Autos: Ford, Mazda to invest RM1.1b in Thailand plant. Ford Motor Company and Mazda Motor Corp will invest USD350m (RM1.1b) in their joint-venture AutoAlliance Thailand (AAT) plant in Rayong to support the production of their next generation compact pickup trucks. The investment will enable production of the new Mazda and Ford compact pickups to start in mid-2011. (Source: Malaysian Reserve)
Banking: No fee for unilateral wa'd currency hedging. Islamic financial institutions can enter into forward foreign currency transactions for hedging purposes based on unilateral wa'd (promise) but no fee is to be charged on the promisee, according to Bank Negara's Syariah Advisory Council. The fees were not to be charged on the promisee in view that upfront cash payment for forward currency transaction would lead to a bilateral wa'd which was not allowed by syariah. (Source: The Star)
Green Packet: To supply WIMAX modems to Saudi's GO. Green Packet Bhd has sealed a deal to supply its WIMAX modems to Saudi Arabia's first and fastest growing 4G operator, GO (Etihad Atheeb Telecom Co). Green Packet said GO held a fixed line license on the 3.5 GHz frequency spectrum across 13 regional divisions of Saudi Arabia, and aimed to revolutionise internet broadband services by bringing the latest telecommunications wired and wireless technologies to the kingdom. (Source: The Edge Financial Daily)
Markets: CDRC to revamp RM2.2b debts. The revived Corporate Debt Restructuring Committee (CDRC) has agreed to help restructure RM2.2b of debts from 13 applicants. The companies that CDRC agreed to help in recent months included KBB Resources Bhd, Tracoma Holdings Bhd, Limahsoon Bhd, Carotech Bhd and LCL Corp Bhd. (Source: The Star)
Pantech: New plant will raise manufacturing revenue. Pantech Group Holdings Bhd, a pipes, fitting and flow-control products manufacturer, expects its manufacturing division revenue to increase by 50% when its new plant in Pasir Gudang, Johor, commences operation by year-end. It is sited on part of a 8ha land and has an initial capacity of 7,000 tonnes annually, producing mainly stainless steel welded pipes and fittings. (Source: The Star)
Plantation: Felda settlers set to receive RM11m award. Felda has to pay RM11m in damages to 354 settlers after the agency's final bid to appeal against the payment order was refused by the Federal Court here. (Source: The Star)
Zelan: To focus on Gombak project. Engineering and construction group Zelan Bhd will focus on the Gombak Integrated Transport Terminal (GITT) project, which is expected to provide an income stream of RM900m over 25 years. To be concluded in the next couple of months, the project would contribute an additional RM220m to Zelan's orderbook. (Source: Business Times)
No comments:
Post a Comment