Monday, November 15, 2010

20101115 1005 Malaysia Corporate News.

OSK: Hires Goldman to scout for buyers. OSK Holdings Bhd is believed to have appointed Goldman Sachs to explore the possibility of finding a suitor or strategic partner for its investment banking arm, OSK Investment Bank Bhd (OSKIB). Goldman Sachs, which was appointed several weeks ago, has approached a few local and foreign banking groups. Among those said to have expressed interest are Malayan Banking Bhd (Maybank) and Industrial and Commercial Bank of China. (Source: The Edge Financial Weekly)

Banking: Angkasa awaits nod for take-off. The Islamic Cooperative Bank of Malaysia (ICBM), owned by Angkatan Koperasi Kebangsaan Malaysia Bhd (Ang-kasa), is currently awaiting the green light from the Cooperative Commission of Malaysia (CCM) to begin operations. The bank has already accumulated 560 credit cooperatives, with almost 4m members, as associate members. (Source: Business Times) 

Proton offers Mitsubishi platform to widen tie-up
Proton Holdings has offered Mitsubishi Motor Corp (MMC) its vehicle platform that has churned out the Exora multi-purpose vehicle and Persona sedan to expand their non-equity strategic alliance. It is understood that the Japanese carmaker will then use the platform to build and sell cars for its export markets. While the Persona and Exora were among several models built from ground up by Proton, the national carmaker is developing a brand new car to replace the current Persona. Mitsubishi was the strategic foreign partner for Proton when the national car project was set up in the mid-1980s. (BT)

Musa Hitam: Sime to table forensic report, strategy
Conglomerate Sime Darby is expected to table the forensic report and strategy at its AGM on 16 Nov 2010, said its chairman, Tun Musa Hitam. Chief executive officer, Datuk Mohd Bakke Salleh said “works are in progress” pertaining to the  issues. Sime aims to put the group on track after incurring nearly RM1bn in losses from cost overruns in the group’s energy and utilities ducusuib. Bakke had said Sime planned to revamp its sprawling business into six flagship subsidiaries, each with its own board of directors and committees. (MalaysianReserve)

Boustead sells assets to REIT unit, then leases them back
Boustead Holdings plans to sell for RM189.23m its Sabah’s Sutera estate, Taiping rubber plantation and Trong oil mill to Al-Hadharah Boustead REIT, and then lease back these assets. The move will result in a cash inflow for the group and its subsidiaries, which will be used to reduce bank borrowings by the group and potentially save RM9.5m interest expense per annum for the group. This exercise will expand the fund’s plantation assets by 3,580ha to 19,984ha with a gross asset value of more than RM1bn. (Starbiz)

BRDB inks pact for RM652m project
Bandar Raya Developments Bhd, a commercial and residential developer, is planning a RM652m joint development in Seri Kembangan, Selangor, with Country Heights Land SB. The project, with an estimated  gross development profit of RM170m, would comprise 310 units of semi-detached houses and 13 units of  bungalows sprawled over 192,561 sq m within the so-called Bluwater Estate. The construction for the  proposed development is expected to commence in the last quarter of 2011 and completed within five years.  Under the JV Bandar Raya and Country Heights Land will take up 75% and 25% stake respectively in an  SPV purpose vehicle to undertake the development. (Malaysian Reserve)

Tan Chong to invest RM285m in Sabah plant
Tan Chong Motor Holdings Bhd last Friday announced it will invest RM285m to build cars in Sabah after it received an approval letter from the International Trade and Industry Ministry for its application of a licence to
manufacture and assemble luxury passenger vehicles and commercial vehicles. Tan Chong said the approval letter was on condition that the manufacturing and assembly activities would be for luxury passenger cars with 1,800cc and above and costing no less than RM150,000. The licence is for Tan Chong to conduct manufacture of vehicles at the Kota Kinabalu Industrial Park (KKIP), Sabah, which was built to establish Sabah as the gateway to the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). (StarBiz)

Kencana- Petrofac JV front runners for USD250m Sepat job
Kencana Petroleum Bhd and its technical partner London-based Petrofac Ltd have emerged as front runners to bag a USD250m (RM780m) engineering, procurement, construction and commissioning (EPC)job at Block PM313, the Sepat oil field. The Sepat oil field is a marginal field in offshore of Terengganu under the purview of the National oil company Petroliam Nasional Bhd (Petrogas). According to industry players, Sepat has large oil reserves that have yet to be fully recovered. With the high crude oil prices and increasing difficulties in exploring new oilfields, Petronas intends to improve oil recovery in the brown fields. Apart from Kencana and Petrofac, there were two other JV companies vying for the job, namely Malaysia Marine and Heavy engineering Holdings Bhd (MMHE) together with its partner, France-based Technip SA, as well as Australian company Roc Oil forming a partnership with local player Griffin Energy Ltd. (Financial Daily)

Petronas Chemicals sets IPO price at RM5.04
Petronas Chemicals Group Bhd has fixed the price of its initial public offering (IPO) at RM5.04 a share for the portion reserved for retail investors and at RM5.20 apiece for shares to be sold to institutional investors. The IPO would raise RM12.8bn, of which RM9.2bn was to be accrued to parent company Petroliam Nasional Bhd (Petronas), the company said in a statement yesterday. Based on the institutional price, Petronas Chemicals’ market value will be RM41.6bn, making it one of the largest petrochemical producers in South-East Asia. Petronas Chemicals will be a component stock of the FTSE Bursa Malaysia KL Composite Index. (StarBiz)

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