KNM forms JV with Sabah state unit
Process equipment maker KNM Group has formed a strategic collaboration with a Sabah state-owned unit to offer support services to oil and gas majors operating here. The company had signed a joint venture (JV) agreement with Petrosab Logistick SB on 13 Dec to establish a JV company, KNM Petrosab SB. KNM and Petrosab Logistik will own 51% and 49% respectively in the new entity. The investments are generally aimed at tapping into various existing for oil, gas and petrochemical projects in Sabah, which is in line with KNM’s overall objective of expanding and growing the businesses of KNM and its group of companies throughout Malaysia. Under its deal with Petrosav Logistik, KNM would spearhead fund raising to finance future projects via issuance of new shares and bonds, apart from financial derivatives and convertible instruments. (FinancialDaily)
KLK to fork out RM210m for Yule Catto’s rights issue
Kuala Lumpur Kepong (KLK) and its wholly owned subsidiary, KL-Kepong International Ltd (KLKI), have proposed to subscribe to their rights issue entitlement in Yule Catto & Co Plc for £42.4m, or RM209.8m. KLK and KLKI currently hold a total of 27.41m shares in Yule Catto, or 18.82% of its issued share capital. KLK intends to assign to KLKI all of its rights entitlement arising from its existing Yule Catto shareholding, and KLKI will thus subscribe in full for both its and KLK’s entire rights entitlement arising from the rights issue. Upon subscription of the rights issue, the KLK Group will acquire 36.55m new Yule Catto ordinary shares representing approximately 18.82% of the new ordinary shares to be issued under the rights issue. (FinancialDaily))
Hiap Teck to raise funds for furnace
Hiap Teck Venture, a maker of steel pipes, plans to raise about RM800m to put up a blast furnace in Terengganu. "The blast furnace is estimated to cost around RM750m to RM850m. We'll need to raise the funds by mid-2011 and it'll be a combination of debt and equity," Hiap Teck executive director Low Choong Sing said. The fund-raising plan for a steel slab plant stems from Hiap Teck's 55% stake purchase in Eastern Steel SB, which owns 240ha of land in Teluk Kalung, Kemaman, Terengganu. (BT)
YTL denies given spectrum for LTE
Tan Sri Francis Yeoh says the YTL group had never received any spectrum from the Malaysian Communication and Multimedia Commission (MCMC) for Long Term Evolution (LTE), the latest standard in the mobile network technology. Yeoh described recent talk as baseless and said he was saddened and disappointed that many quarters had been twisting facts about his recently introduced YES 4G mobile and Internet services as well as the Sezmi Hybrid TV. "We have never received any spectrum from MCMC for LTE; what we have done is sent our proposal over to MCMC for it to consider our roll-out of the Sezmi Hybrid TV." he said. (BT)
YTL Power buys stake in Jordan oil shale project
YTL Power has acquired a 30% stake in Estonian state oil company Eesti Energia's oil shale project in Jordan, marking its foray into the upstream oil business, the power producer said yesterday. YTL Power is joining power and utility companies from India, South Korea and Japan in investing in overseas fuel assets to manage the escalating costs of fuel and gas. Under the agreement, Eesti Energia and its Jordanian partner Near East Investment, along with YTL Power, will develop an oil plant with an output of about 38,000 barrels per day (bpd) and a 900 megawatt oil-shale fired power plant. "We are going into Jordan on a holistic basis, which means we are going to be involved in every part of the project," YTL Power's director of financial analysis Lucius Chong said.(BT)
DRB-HICOM eyes firm deal with Russian truck maker
DRB-HICOM is seeking to strike a firm deal with one of Europe's largest truck makers to assemble and distribute its heavy-duty trucks in Malaysia. The group yesterday sealed a memorandum of understanding (MOU) with Russia's Kamaz INC for the purpose. If it materialises, DRB-HICOM will have the rights to also distribute Kamaz's right-hand-drive trucks to the Asean region. The MOU is the result of an earlier discussion between the two groups on the possibility of working together to produce and manufacture Kamaz trucks in Malaysia for the local market as well as in Asean," group managing director Datuk Seri Mohd Khamil Jamil told the media yesterday. The MOU, he added, will pave the way for a feasibility study as well as detail costing studies in respect of setting up the facilities in Malaysia. (BT)
Time dotCom wins RM139m DiGi deal
TIME dotCom has won a 10-year contract worth RM139m from DiGi.Com to provide high-speed backhaul capacity and maintain the links between its aggregation wireless towers and its mobile switching centres. This is the first peninsula-wide deployment of a full optical switched fibre network to support mobile backhaul traffic. (BT)
TM, Maxis ink 10-year deal
Telekom Malaysia (TM) and Maxis Broadband SB have signed a 10-year agreement for TM to provide high speed access connectivity, via its high speed broadband access (HSBB Access) service to Maxis. Both parties signed the agreement yesterday that would enable Maxis to offer bundled services, including Internet Protocol (IP) based offerings, to 700,000 homes at present and 1.3m households by the end of 2012. (Starbiz)
Sunway City, Sunway Holdings boards accept merger proposal
Sunway City and Sunway Holdings, two Malaysian property developers, said their respective boards accepted a merger proposal by Tan Sri Dr Jeffrey Cheah, chairman of both companies. (MalaysianReserve)
Maybank to issue 244.257m new shares under dividend plan
Malayan Banking (Maybank) is required to issue 244.257m new shares pursuant to the Dividend Reinvestment Plan applied to the final dividend of the bank for financial year ended 30 June 2010. The new shares represented approximately 88.59% of the 275,728,660m new Maybank shares had all the entitled shareholders elected to reinvest their respective electable portions in new Maybank shares. (MalaysianReserve)
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