Amanah Harta Tanah PNB: RM500m potential asset injection in future. Real estate investment trust Amanah Harta Tanah PNB (AHP) could add over RM500m worth of assets in its portfolio within the next four years. PNB Commercial Sdn Bhd, the asset management subsidiary of Permodalan Nasional Bhd, has set its objective of turning around the commercial properties within PNB Commercial's stable, which will later be offered for injection into the REIT. (Source: Business Times)
AZRB: Files suit against AFU. Ahmad Zaki Resources Bhd (AZRB) has initiated legal actions against Saudi Arabia's Alfaisal University (AFU) over the latter?s decision to liquidate the performance and advance bonds totaling 52.6m riyals (RM43.9m) for the Alfaisal University campus development project (phases 1 & 2) in Riyadh, Saudi Arabia. AFU had on Aug 23 sent a letter to AZRB alleging a breach of performance. (Source: The Edge Financial Daily)
Berjaya Assets: To handle Lido Boulevard. Berjaya Assets Bhd is now in the midst of taking over the development of Lido Boulevard, the multibillion ringgit integrated waterfront development project in Johor Bahru by Central Malaysia Properties Sdn Bhd (CMP). The exercise is likely to be completed within the next six months, after which work on the project is expected to start. (Source: Business Times)
CIMB: Among bookrunners picked for AIA IPO in HK. CIMB Group was selected as one of the underwriters to sell AIA Group Ltd shares in the pan-Asian life insurer's proposed initial public offering (IPO) on the Hong Kong Stock Exchange (HKSE). CIMB will be one of a record 11 book runners that AIA's parent, American International Group Inc (AIG), has chosen in the hope to raise about USD15b (RM46.7b) which will be used to repay part of the USD182.3 b in government bailout assistance the insurance giant received beginning September 2008. (Source: Malaysian Reserve)
CIMB: Vietnam venture hits rough waters? CIMB Group venture in Vietnam may have hit a snag. The parent company of Vinashin Shipbuilding Finance Co Securities LLC (VFC) (CIMB has a 10% stake in VFC) has hit choppy waters. State-owned Vietnam Shipbuilding Industry Group (Vinashin) is debt laden and came close to bankruptcy this year. While the equity stake and investment committed is small, VFC is still CIMB's only toehold in Vietnam. (Source: The Edge Financial Weekly)
HPI: Expanding with RM44m plant. HPI Resources is investing RM44m to set up a new integrated manufacturing plant and warehouse in Nilai, Negeri Sembilan by end-2011 as part of its expansion plans. It has acquired a new piece of industrial land for RM8.5 m from the Chemical Company of Malaysia Bhd, as announced last Friday. (Source: The Edge Financial Daily)
Jetson: Naza terminates shareholders' agreement for Matrade project. The Naza Group?s TTDI KL Metropolis Sdn Bhd (TKLM) has terminated the shareholders? agreement with Kumpulan Jetson Bhd to build a new trade exhibition centre for the Malaysia External Trade Development Corporation (Matrade) on a joint-venture basis. Jetson said on Friday, Sept 3 the termination arose from disagreements on certain commercial terms relating to the project costs for the Matrade centre in Jalan Dutamas which was expected to cost RM628m. (Source: The Edge Financial Daily)
KYM: In ?intense? talks with Vale. KYM Holdings Bhd, which only recently garnered interest based on its ties with Brazil's mining giant Vale International SA, is set to make the relationship official soon. Executive chairman and CEO, Datuk Dr Isahak Yeop Mohd Shar said ?definitely before year-end?. The company will make an official announcement on the contracts it hopes to secure from Vale. (Source: The Star)
Property: Wing Tai to launch projects in Malaysia. WING Tai Holdings Ltd, a property developer, will launch several new projects in Malaysia as it is bullish on the market. Its deputy chairman Edmund Cheng said Wing Tai will continue to develop high-end properties in the Klang Valley. It currently has 80ha of land in Kuala Lumpur and Penang. (Source: Business Times)
RHB Cap: EPF mulls bigger exercise for RHB Cap. The Employees Provident Fund (EPF), the major shareholder of RHB Capital Bhd, is not discounting the possibility of a bigger corporate exercise in its move to pare down its interest in RHB Cap. Some key people in the top management in EPF are looking at the possibility of RHB Cap merging with a local banking giant. They have identified 3 potential partners ? Ambank Group, Malayan Banking Bhd and CIMB Group. However, ANZ, Ambank Group strategic partner with 27% equity interest has expressed that they was not interested in the tie-up. (Source: The Edge Financial Weekly)
TM: No decision on Measat GO
Telekom Malaysia Bhd (TM) has yet to decide whether to take up the RM4.20 per share cash offer for its 15.39% stake in satellite operator Measat Global Bhd by Measat Global Network Systems SB (MGNS). An investment vehicle connected to tycoon T Ananda Krishnan, MGNS owns a 59.56% stake in Measat. The offer, which was made by MGNS in late July for all the shares it does not already own, values Measat at RM1.64bn. The offer price also represented a 10.53% or 40 sen premium over Measat’s closing price of RM3.80 on 27 July. TM has the second-largest stake in Measat, with the next largest shareholder holding a 1.33% stake. The general offer (GO) expires 8 Sept. (StarBiz)
Sunway unit in S’pore project
Sunway Holdings Bhd’s unit, Sunway Developments Pte Ltd, and joint-venture partner Hoi Hup Realty Pte Ltd will pay SGD165m (RM384m) to lease a parcel of state land from the Singapore government at Miltonia Close for 99 years to undertake a property development project. “The completion period of the proposed project shall be 72 months or earlier, commencing from 2 Sept and would contribute positively to the earnings of Sunway Group for the financial year ending 31 Dec, 2011 onward,” Sunway told Bursa Malaysia yesterday. (StarBiz)
SAAG proposes to raise RM416m
SAAG Consolidated Bhd has proposed to raise gross proceeds of up to about RM416m by undertaking a proposed rights issue, proposed exchangeable bonds and/or proposed ICPS issue. The corporate exercise would enable the company to increase its shareholders’ funds and strengthen the capital base, SAAG said in a filing with Bursa Malaysia. It would also enable the company to repay borrowings and raise funds for its business expansion. The proposals involve a renounceable two-call rights issue of up to 5.2bn rights shares on the basis of five rights shares for every two SAAG shares. It comes with up to 1.04bn warrants on the basis of one free warrant for every five rights shares subscribed. (StarBiz)
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