Monday, December 20, 2010

20101220 1200 Malaysia Corporate News.

IJM Corp secures RM460m contract from Naza
TTDI IJM Corp Bhd, a property developer and contractor, has secured a RM460.59m contract from Naza TTDI Construction SB for the “superstructure work” for Platinum Park’s phase three. The project involves the development of a 50- and 38- storey office towers comprising a one level facilities area at level 10, eight levels of podium carparks and a three-level basement carpark, according to a filing to Bursa Malaysia last Friday. The completion date is 31 Dec, 2013, IJM said in the filing. (Malaysian Reserve)

More funding for EC Expressway
The Works Ministry has provided an additional allocation of RM410m to get work started on six packages under Phase 2 of the East Coast Expressways, which have been delayed due to problems, and due to be completed by early 2012. Minister Datuk Shaziman Abu Mansor said work on the six packages was halted due to increase in the prices of building materials, like iron, steel and cement as a result of the increase in petroleum price in 2007 and 2008. “The contracts on the six packages were terminated, five by mutual termination,” he said in Kuantan, on Saturday. (Malaysian Reserve)

Selangor govt enters new talks with Syabas
The Selangor State government has vouched to remain “highly professional, transparent and ethical” in the new negotiations between Selangor Government and Syarikat Bekalan Air Selangor SB (Syabas) despite the RM471m legal suit initiated by the water concessionaire against the state government. In a statement released last Friday, Selangor Mentri Besar Tan Sri Abdul Khalid Ibrahim said he is unsure if Syabas can reciprocate the same conduct since the company is clearly bitter over the state’s stand not to allow tariff increases until the water negotiation are finalized. The statement said Selangor is currently preparing an offer document for the water concessionaires – Syabas, Puncak Niaga SB, Konsortium Abass and Syarikat Pengeluaran Air Selangor SB - to take over the water services industry. (Malaysian Reserve)

DiGi to spend RM700m to improve services next year
The robust growth in data/broadband/Internet is forcing telcos and celcos to invest more to upgrade and expand their networks and DiGi.Com Bhd says it will invest RM700m in 2011 in capital expenditure. Although the amount is similar to what it has spent this year, a lot more will go towards enhancing data and Internet rather than voice services next year. We are in the new era of data and Internet. We know where our growth is going to come from and we will invest RM700m to grow our coverage and capacity,'' DiGi chief executive officer Henrik Clausen told StarBiz in an interview. “We can still grow our voice (business) but it would not be as big; the potential is limited for we see a turning point in voice,'' he said. (StarBiz)

JCorp seeks to remove Muhammad Ali
Johor Corp (JCorp) is seeking to remove Tan Sri Muhammad Ali Hashim, its previous head for 18 years, from the boards of three listed companies it has direct stakes in. The move seems to confirm speculation that Muhammad Ali, who had suddenly resigned as JCorp's CEO in July, is no longer in the good books of the powers that be in the state of Johor. JCorp has called for EGMs at Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd (DRealty) for this purpose. The removal of Muhammad Ali will be via ordinary resolutions at each of these companies, which means that a simple majority of shareholder votes would achieve the desired result. While JCorp controls more than 50% of the equity of Kulim and DRealty, it owns only 237.8 million shares in KPJ Healthcare, according to the latest shareholding changes filed with Bursa Malaysia. And according to Bloomberg data, this number of shares amounts to only a 42.6% stake in KPJ. (StarBiz) 

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