Tuesday, October 12, 2010

20101012 1238 Malaysia Corporate News.

GBP300m capex for 5 Lotus models
Explaining the economics of the Lotus project yesterday, Proton’s managing director Datuk Syed Zainal Abidin Tahir said it would cost Proton over GBP300m (RM1.48bn) to develop the five new models which will be scheduled for production between 2013 – 2015. The project would be feasible with fewer than 10,000 units in annual production volume. With the right formula management guided that it could generate revenue of RM3.5- 4.5bn. In terms of financing for the Lotus project, Syed Zainal said the over GBP300m capex would be 80% funded by borrowings from banks. (FinancialDaily)

5 bids to buy over UEM
Prime Minister Datuk Seri Najib Razak yesterday revealed that there were in fact five proposals made to buy over the government's stake in UEM Group. The market had hitherto known of only two: one submitted by MMC Corp and the other by privately-owned Asas Serba SB, which proposed several months ago to buy over UEM listed unit PLUS Expressways. Najib, who made the disclosure in Putrajaya, said the government was studying all five proposals. The Prime Minister did not elaborate on the proposals, but hinted that he would mention something about them in his budget speech on Friday. (BT)

YTL wireless hybrid TV launch next year
YTL Communications will roll out a wireless hybrid television service that will bring together traditional TV, ondemand movies and Internet content to homes and mobile devices by the end of next year. This initiative is made possible through the signing of a License and Services Agreement with next-generation TV innovator Sezmi Corp in Kuala Lumpur, yesterday. Sezmi, a four-year-old Silicon Valley start-up based in California, is now the leading global provider of complete hybrid television solutions. The agreement gives YTL Comms the rights to deploy the hybrid TV service not only in Malaysia, but also throughout the Asia Pacific region - an arrangement which effectively turns Malaysia into an operational hub for the service in the region. (BT)

Gek Seng surfaces in MCM Technologies
British Virgin Islands-based Gek Seng Assets Ltd emerged as a substantial shareholder in ACE market MCM Technologies after the offshore firm acquired 18.09m shares or 5.66% last Thursday. The share acquisition has raised quite a few eyebrows as MCM is in the midst of being privatized by its controlling shareholder, Tan Sri Azman Hashim of the AmCorp Group which made an offer of 13 sen a share for the 37.5% he does not own. At press time, it is not know who the owner of Gek Seng and the rational behind the purchase. (FinancialDaily)

AirAsia X Seeks To Add New Routes to Jeddah And Sydney
Long-haul budget carrier AirAsia X is looking at a possibility of adding new routes to Jeddah and Sydney following demand from consumers, chief executive officer Azran Osman-Rani said Monday. These routes are popular and it is costing the country a lot of money right now because consumers now do not have enough choices for places like Istanbul and Osaka, he said. "There is a lot of places where we're losing out in terms of the opportunity cost and people have to pay more than RM3,000 to go to Jeddah or Sydney," he told reporters. (Bernama)

PJD to launch projects worth RM2b next year
PJ Development Holdings is set to unveil three new projects worth over RM2bn next year as it is bullish that the market will perform better on pent-up demand for high-end properties. Managing director Wong Ah Chiew said he is confident that the new projects, located in hot spots like Sri Hartamas, Cheras and Kuantan, Pahang, will do well. (BT)

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