AirAsia: Introduces Phuket-Bali Route. Budget airline AirAsia introduced the Phuket-Bali route four times a week, dubbing it as "from paradise to paradise". The new route aims to make travel more convenient for everyone and to stimulate tourism revenue and the local economy in Phuket. (Source: Bernama)
TA: Launches first wholesale funds. TA Investment Management Bhd has launched its first wholesale funds- TA Australia Income Fund 1 and/or II - which seek to provide investors with a regular income distribution in Australian dollar over an investment horizon of three and/or five years as well as to receive capital repayment in Australian dollar upon maturity. The fund will be invested in Australian dollar-denominated fixed rate note issued by foreign financial institution. (Source: The Star)
Masterskill: Plunges on PTPTN woes. Masterskill Education Group Bhd's shares have fallen steadily since late July. The selling pressure accelerated sharply over the past week, possibly due to concerns that National Higher Education Loan Fund (PTPTN) could be facing a deficit of RM46b as highlighted in the 2009 Auditor General's (AG) Report. Masterskill is said to rely on PTPTN to provide financing for 95% of its students. There are also fears that Masterskill's stock could see overhang pressures once the six month moratorium on selling by its pre-IPO investors expire at Nov 18. (Source: The Edge Financial Daily)
Accounting: Full IFRS compliance by 2012. Malaysia is on track to achieve full compliance to the International Financial Reporting Standards (IFRS) by 1 January 2012, Prime Minister Datuk Seri Najib Razak said. (Source: Business Times)
AZRB to exit EPIC in RM115m deal
Construction firm Ahmad Zaki Resources (AZRB) is proposing to sell off its 35.97m shares, or 21.26% stake, in Eastern Pacific Industrial Corp (EPIC) to Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAW) for RM111.5m, or about RM3.10 a share. In announcement to Bursa Malaysia yesterday, AZRB said that the offer by LTAW “provides a timely opportunity for AZRB to realize and unlock the value of its investment in EPIC”. EPIC ended trading at RM2.09, gaining two sen yesterday. Meanwhile, the offer price is at a 48% premium to EPIC’s close. (Financial Daily)
Firefly plans to operates 30 B737-800s in five years
Firefly SB, the budget arm national of national carrier Malaysia Airlines (MAS), plans to add 30 units of B737- 800 to its fleet between 2011 and 2015. This is to support its aggressive route network expansion plans. Managing director Datuk Eddy Leong said Firefly expects to have six aircraft in service by end if 2011. Seven more airplanes will be added in 2012 and 2013, respectively and five in 2014 and another 5 in 2015. He said in the first year, all the jet airplanes operated by the airline will be leased via open market with plans to acquire new aircraft at the later stage. (Malaysian Reserve)
UEM Land: No plan to raise bid for Sunrise
UEM Land offered RM2.80 per share in an all-share deal but Sunrise shares rose 28% to close at RM3.22 yesterday. UEM Land Holdings has no plans to raise its bid for Sunrise Bhd after the latter's share price jumped above the offer price yesterday. Although major shareholders with a 40.34% stake have agreed to the offer, UEM Land still needs another 9.7% for the deal to happen. "We believe the current market price of Sunrise is only reflecting the proposed dividend announced, the proposed offer structure and the pricing of our offer to acquire Sunrise at RM2.80 per share," UEM Land said in response to Business Times' questions. Sunrise shareholders are offered 1.33 UEM Land shares for every share they hold, priced at RM2.10 each. "As such, any increase in UEM Land’s share price, will result in a proportionate increase in Sunrise’s share price as to reflect the proposed structure and pricing," it added. Shares of UEM Land rose 10.2% to RM2.49 yesterday. (BT)
Oil palm planters seek tax waiver
Planters in Sabah and Sarawak will soon pay the windfall tax as the average monthly cash price surpasses RM3,000 per tonne Oil palm planters in Sarawak are appealing to the Government for a waiver of the windfall tax on crude palm oil (CPO). Oil palm planters in Peninsular Malaysia had been paying windfall tax when CPO prices went beyond RM2,500 per tonne in the cash market. Planters in Sabah and Sarawak will soon pay the windfall tax as the average monthly cash price surpasses RM3,000 per tonne. Yesterday, CPO futures on the Bursa Malaysia derivatives market closed RM82 higher at RM3,273 per tonne. In a statement yesterday, Sarawak Oil Palm Plantation Owners Association (Soppoa) chairman Datuk Abdul Hamed Sepawi said it is unfair to levy a windfall tax on CPO, a commodity which is subjected to many factors in the international market beyond planters' control. (BT)
Toptrans to take over listing status of AMolek
The Ayer Molek Rubber Co (AMolek) listing status will be taken over by vendors of Toptrans Engineering SB in a back-door listing valued at RM7.5m. According to the restructuring proposal, a newco will take over AMolek’s 1.8m share equity for RM7.5m to be satisfied with a cash payment of RM4.17 per share, or the issuance of up to 196,600 newco shares at a price to be determined later. AMolek shareholders will also be given priority to subscribe to the newco shares to be offered by the vendors under a proposed offer for sale exercise. (Malaysian Reserve) China: Trade surplus may jump for October China may report its second-largest monthly trade surplus of the year tomorrow, indicating little lasting shift so far in addressing the imbalances in global spending and capital flows set to dominate a summit of the Group of 20. The USD25bn median forecast for October’s surplus compares with a USD16.9bn surplus in September. China’s export growth is estimated to cool to 23% in October y-o-y, compared with a 25.1% gain in September. (Bloomberg)
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