Tuesday, September 14, 2010

20100914 1545 Malaysia Corporate News.

Boustead: May get to reclaim land south of Penang Bridge. Boustead Holdings Bhd will be allowed to reclaim an area south of the Penang Bridge as compensation for scaling down its Royal Bintang Hotel project from 12 floors to 5 floors as required by Unesco for declaring George Town a World Heritage Site, according to sources. They said Boustead will be allowed to reclaim an area "very much less" than 100 acres between the existing Penang Bridge and the Penang Second Crossing (P2X) in Batu Maung. (Source: The Edge Financial Daily)

Daiman: To develop land in China. Daiman Development Bhd has signed a memorandum of understanding with the People's Government of Chaozhou Municipality, China (PGCM), to acquire and develop 121.5ha in the Chaoan county, Guangdong Province, China. (Source: Business Times)

HSL: Sets sights on SCORE projects. Hock Seng Lee Bhd (HSL) is eyeing the proposed extension projects for the Mukah Airport and Tanjung Manis seaport in central Sarawak, said its chairman Datuk Idris Buang. Both the airport and seaport are within the Sarawak Corridor of Renewable Energy (SCORE). (Source: The Star)

Jerneh: Ace tipped to be Jerneh Insurance buyer. Ace, which made an internal announcement on the impending acquisition of Jerneh Insurance recently, has been keen to invest in Malaysia for some time, says an industry source. Both Jerneh Asia and Paramount were not immediately available for comment, but shares in both companies have been suspended from trading since mid-day yesterday, pending "a material announcement in relation to the proposed disposal of Jerneh Insurance". (Source: Business Times)

MAE: Wins RM82m job at new LCCT. Malaysian AE Models Holdings Bhd (MAE) has won a RM81.8m job at the new low-cost carrier terminal, dubbed KLIA2, in Sepang. In its filing to the stock exchange yesterday, MAE said its wholly-owned unit Matromatic Handling Systems (M) Sdn Bhd will supply, install and maintain a baggage handling system for the main terminal building, satellite building, sky bridge and piers. (Source: Business Times)

Property: RM500m proposal to restore heritage assets. A RM500m incentive is being proposed by a think-tank to the federal government for the 2011 Budget as an inducement for owners of heritage properties in cities such as Penang and Malacca to restore these structures. The Penang-based Socio-Economic and Environmental Institute (Seri) is suggesting that the allocation should be in the form of grants or incentive loans. The beneficiaries will not be limited to cities on Unesco's World Heritage List, but will include historic towns like Taiping in Perak. (Source: Business Times)

Shipping: Decision on cabotage policy after study. The Transport Minister will head a study to determine whether the controversial cabotage policy, which has caused discord between shippers in Sabah and Sarawak and local ship-owners over the past 30 years, should be removed. The national policy, introduced in 1981, mandates that only Malaysian flagships can carry cargo between domestic ports. However, exporters and importers in Sabah and Sarawak, led notably by the Federation of Sabah Manufacturers (FSM), want the policy removed, blaming it for the higher prices of goods in the two states compared to the peninsula. (Source: Business Times)

TDC: Targets to connect 300 buildings in KL city centre by year-end. After wiring up several blocks of buildings in Kuala Lumpur's Mont Kiara, Time dotCom Bhd (TDC) now wants to connect 300 buildings in the KL City Centre area before the year is out. With an additional 300 buildings to the 90 at Mont Kiara, TDC would provide hundreds of residential and commercial units access to fibre optic with transmission speeds of 1 megabit per second (Mbps) to 50Mbps. TDC's network is capable of boosting speed to 100Mbps with no additional capital expenditure required. (Source: The Star)

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