TNB awards RM1bn jobs for hydropower project
Tenaga Nasional (TNB) yesterday awarded more than RM1bn worth of packaged jobs to build the Hulu Terengganu Hydropower on Sungai Terengganu, upstream of Kenyir Lake. The job packages involve the construction of two dams, installation of two hydro turbines and generators in an underground 250 megawatts (MW) power station. In its filing to the stock exchange yesterday, TNB said the hydropower project will take five years to complete. Payment will be made progressively and by October 2015, the plant is expected to start producing electricity. Loh & Loh Construction SB and Sinohydro Corp Ltd joint-venture were awarded RM828.3m contract to build two dams, a water transfer tunnel and an underground power house. The Consortium of Alstom Projects India Ltd and Alstom Hydro Malaysia SB were awarded separate contracts worth RM114m and RM127.6m to design, make, erect, test and commission two generators, each capable of generating 125MW. (BT)
AirAsia invests 40% stake in Philippine ops
AirAsia, which has formed a 40:60 joint venture (JV) with three Philippine partners, is investing USD8m for its 40% stake in AirAsia Philippines. We will be funding it internally via equity, group CEO Datuk Seri Tony Fernandes said after a signing ceremony between AirAsia and Antonio O. Cojuangco Jr, Dr Michael L. Romeo and Marianne B. Honours yesterday. He expects AirAsia Philippines to be profitable straight away and contribute to group revenue immediately as a lot of ground works had been done. The setting up cost is very low. There are already flights from Kuala Lumpur to the Philippines. Everything is there already, Fernandes said. AirAsia will hold 40% equity in AirAsia Inc, the JV company set up for AirAsia Philippines. The new airline is expected to begin operations in August 2011 with an initial working capital of US$25m. To a question, Fernandes said it was in the midst of getting approval from authorities for its airline operations in the Philippines. (StarBiz)
Securities Commission amends takeover code
The Securities Commission (SC) has introduced a revision to its takeover code that, among other things, requires more disclosures by parties looking to buy out listed companies and prohibits certain actions by companies to frustrate takeover bids. The Malaysian Code on Take-Overs and Mergers 2010 (2010 Code), which came into effect yesterday, requires a potential offeror or a potential target company, to make an announcement on possible offers where there are unusual movements in the price of shares of the latter. The potential offeror is now required to announce its intention to make a takeover offer or otherwise. However, if the potential offeror denies it is making an offer for the offeree, it is then prohibited from making a takeover offer for the same target company, for a period of six months. It is understood that this aspect of the new code places an onus on the target company to get in touch with the potential bidder, especially in instances where media reports have named the potential bidder or bidders. (StarBiz)
Proton: Persona replacement in 2012
Proton Holdings is to replace its existing Persona model with a new version in 2012, said its group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir. However, he did not disclose which of the five Pahlawan concept cars shown at the recent KL International Motor Show would be replacing the Persona model. "Take a guess," Syed Zainal said, when asked by reporters to reveal more on the Persona replacement model. Industry talk has it that the Tuah concept, or code-named Espire, would be bound for production. It is learnt that the Tuah concept car shown to the public was not the final design approved as Proton is coming up with an improved version. Earlier, Syed Zainal witnessed the signing of a memorandum of understanding between AutoV Corporation Bhd with US-based ArvinMeritor Inc and Germany's Continental AG. (BT)
Four firms to be delisted on 21 Dec
Four companies, namely construction firm Putrajaya Perdana, water infrastructure specialist Loh & Loh Corp, property developer General Corp and planter Kurnia Setia, will be delisted on 21 Dec. The companies made the announcements to Bursa Malaysia yesterday. Putrajaya Perdana and Loh & Loh were being taken private by Javace SB and Sheikh Tarek Essam Ahmad Obaid for a cash offer price of RM4.85 per share respectively. General Corp was being taken private by Consistent Record SB, which was acquiring all the company's assets and liabilities for RM505.01m while Kreatif Selaras SB was taking private Kurnia Setia. (StarBiz)
MTD Cap unveils new toll rates for Philippine expressway project
MTD Capital (MTD Cap) announced to Bursa Malaysia yesterday that the new toll prices for Phase 1, Alabang, Muntinlupa City to Sto. Tomas, Batangas, of the South Luzon Expressway (SLEX) will be effective 1 Jan, 2011. It said South Luzon Tollway Corp (SLTC), a joint-venture firm between Philippines National Construction Corp (PNCC) and MTD Cap's subsidiary MTD Manila Expressways, yesterday received two letters from the Toll Regulatory Board (TRB). TRB informed that its board had approved and issued a certificate of substantial completion for Project Toll Road 3 of SLEX. In a separate letter, TRB handed over the matrix of the applicable toll prices for Phase 1, which SLTC must publish once a week for three consecutive weeks in a newspaper of general circulation. (StarBiz)
Mulpha sells Hilton Melbourne for RM327m
Mulpha International will use the RM327mil proceeds from the sale of its Hilton Melbourne Airport Hotel to repay its debt levels unless new investment opportunities arise. Executive chairman Lee Seng Huang, in an e-mail reply to questions from StarBiz, explained: While we have no current use of the proceeds, we will repay our outstanding facilities as much as possible. But if and when an opportunity comes up, we can redraw our loan facilities to make an acquisition. This is part of our treasury management to ensure we maximise returns on our cash resources. In a statement to Bursa Malaysia yesterday, Mulpha said that the proceeds, if used to repay debts, could bring down the group's debt levels from RM1.5bn to RM1.18bn. To recap, yesterday Mulpha said it's wholly-owned subsidiary Mulpha Australia Ltd, had sold the Hilton Melbourne Airport Hotel to Singaporelisted Pan Pacific Hotels Group for AUD108.89m (RM337.5m) cash, with the sale expected to be completed by the first quarter of next year. (StarBiz)
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