Wednesday, December 22, 2010

20101222 0935 Malaysia Corporate Related News.

PLUS imposes RM50m bidding deposit
Plus Expressways’ board is giving bidders close to three weeks to cough up RM50m as deposit for offers received by the end of tomorrow. The deposit will only be refunded if the offer is rejected by the board. As of yesterday, PLUS had two bids on the table, one from UEM Group and the Employees Provident Fund, and another from Jelas Ulung SB. On the surface, Jelas Ulung has the more attractive bid with RM26bn for PLUS' business, and no request for compensation from the Government or a tax waiver. PLUS said bids received by the end of the business day tomorrow would be required to put up the deposit by 10 Jan 2011. The company also said that it will seek an adjournment of the EGM to approve the UEM-EPF bid, planned for tomorrow, to have more time to evaluate the offer by Jelas Ulung. (BT)

KNM bags RM2.1bn UK energy contract
KNM Group Bhd has clinched a RM2.1bn contract for the engineering, procurement, construction and commissioning of 80MW gross capacity energy from a biomass and waste recycling centre project in Peterborough, the UK, for the next four years. KNM said wholly-owned KNM Process Systems SB had secured the “EnergyPark Peterborough” project with Peterborough Renewable Energy Ltd. “This project represents KNM’s drive into the renewable and clean energy sector,” it said. KNM Process was set up in June 1990 and is principally involved in the design, engineering, procurement and manufacturing of process equipment. (BT)

DRB-HICOM in milestone deal with VW
DRB-HICOM and Volkswagen AG, the largest carmaker in Europe, will collectively invest close to RM1bn over the next five to six years mainly to set up the infrastructure to assemble VW vehicles in Malaysia. About RM600m to RM700m will be invested by DRB-HICOM, with the balance by VW. "A bulk of it (about RM300m) will be used to buy the necessary equipment and machines for the production. A lot of the production will be robotised," DRB-HICOM group managing director Datuk Seri Mohd Khamil Jamil said. The local production of first batch of VW vehicles, namely the Passat and the Jetta, will begin in the fourth quarter of next year. DRB-HICOM is expected to produce 40,000-50,000 VW vehicles over the near term, for domestic sales initially and for the export market as early as the fourth quarter of 2012. (BT)

Maxwell to be sixth China company to list on Bursa
Maxwell International Holdings, a Chinese sports footwear manufacturer, will spend RM37.5m to set up a plant in China to double its production. Chairman and executive director Jenny Li Kwai Chun said the new plant will help Maxwell make 16m pairs of sports shoes a year. Li said the plant expansion is in line with the company's aim to grow and gain a larger share in China's rubber and plastic shoes industry, from 0.3% now. Maxwell does not carry its own brand. All its shoes are exported to Asia, Europe and US as original equipment manufacturer and original design manufacturer for brands like Kappa, Diadora, Brooks and Yonex. "We expect the plant to double our revenue once it is fully operational in 2012," she told reporters. Maxwell aims to raise RM34.4m from its initial public offerings (IPO) and plans to list on Bursa Malaysia's Main Market by January next year with a market capitalisation of RM216m. Its IPO consists of a public issue of 63.75m new shares at an issue price of 54 sen each. Of the total, 20m shares will be allocated for the Malaysian public and 43.75m shares for private placement to selected investors. (BT) 

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