Proton: Plans to make two-seater sports car. Proton Holdings Bhd plans to produce a two-seater sports car in two years. The vehicle would not be a hatch-back type like Satria Neo but would look like the legendary Lotus. Meanwhile, Proton is planning to replace Saga's current platform that has been used for eight years with a new platform in five years. (Source: The Star)
MAS: Ties up with KLM. Malaysia Airlines (MAS) and Dutch airline KLM are set to explore closer links with each other, including, greater connectivity, better schedules, more choices for customers as well as cost reduction. The MoU with KLM is significant as Malaysia is an ideal transit point for visitors from Australasia and Europe. (Source: The Star)
MMC-Gamuda: Govt negotiating MRT project fees. The Government is in the midst of negotiating with mass rapid transit (MRT) project delivery partner (PDP) MMC-Gamuda JV Sdn Bhd on the fees for managing the project, which would have to be delivered within an agreed timeframe and cost. Industry observers believe that MMC-Gamuda is likely to get the tunneling parcel of the project worth RM13b to RM14b. Approximately 20% of the 65km line would be underground. (Source: The Star)
Infrastructure: Local firms set to pounce on India highway projects. Malaysian construction companies are expected to be involved in the massive development of highways in India as early as the first half of next year under the recently inked memorandum of understanding (MoU) between the two governments. Malaysian construction players are slated to participate in the development of 1,000km of highways in India that could potentially be worth RM17.5b. (Source: The Star)
Banking: M'sia to offer syariah hedging derivatives. Standard Chartered Plc and Bank Islam Malaysia Bhd plan to offer syariah-compliant derivatives in Malaysia that will allow investors to hedge against interest rates and commodity prices. Standard Chartered will begin selling contracts in the first quarter that provide protection from fluctuations in the cost of items such as rice and oil. Meanwhile, Bank Islam Malaysia will offer swaps. (Source: The Star)
L&G: To develop upscale housing project in Seremban. Land & General Bhd (L&G) plans to develop an upscale residential development with estimated gross development value of RM555m in Seremban. The properties in Tuanku Jaafar Golf & Country Resort of Seremban would be developed into bungalow lots, double-storey cluster semi-detached houses, link cluster houses and apartments. (Source: The Star)
Olympia: Still in the race for Pan Malaysian Pools. Olympia Industries Bhd expressed that it was still pursuing its bid to acquire Pan Malaysian Pools Sdn Bhd from Tanjong plc. However, Olympia has yet to determine its expected offer price for Pan Malaysian Pools and the expected date of submission for the offer. (Source: The Edge Financial Daily)
PLUS to buy time
The battle for PLUS Expressways, Southeast Asia's biggest toll highway company, is likely to go down to the wire as the deadline looms at 5pm today. UEM Group and the Employees Provident Fund (EPF), which have bid RM23bn or RM4.60 a share, is pitted against little-known Jelas Ulung SB’s RM26bn, or RM5.20 apiece offer. PLUS will seek to suspend its shareholder meeting today to evaluate all takeover offers. It will then call for a fresh EGM in early January. (BT)
Possibility of strategic investors for BToto
Berjaya Corp (BCorp) has hired investment bankers to look into the possibility of undertaking a corporate exercise that could see the entry of strategic private investors into the group’s cash cow Berjaya Sports Toto (BToto), said sources. “A foreign investment bank has been appointed to look into the job. The strategic private investors that could emerge in the company include foreign investors. The bankers are exploring a few possible corporate exercises, which include the one Magnum (Corp) underwent a couple of years back that had involved its privatisation,’ said a source. (FinancialDaily)
UEM Land gets shareholders’ nod for RM1.3bn Sunrise buy
UEM Land Holdings has received shareholders’ approval for the proposed acquisition of property developer, Sunrise for RM1.39bn, or RM2.80 per share. “The extraordinary EGM resolution for the takeover has been passed by shareholders along with the special resolution to increase our share capital,” UEM Land chairman, Tan Sri Dr Ahmad Tajuddin Ali told reporters. (MalaysianReserve)
NV Multi moves into steel sector
NV Multi Corp, previously a bereavement-care company, is venturing into the steel business. It has entered into a restructuring agreement whereby AYS Ventures SB (Newco), a special-purpose-vehicle that will assume its listing status, would acquire Ann Yak Siong Hardware SB (AYSH) and its subsidiaries for RM172m. The AYSH group comprises hardware stockists that trade in steel and nonferrous products serving the engineering, fabrication, construction and building industries. It is also involved in the production and sale of light steel sectional products and sectional storage tanks. (Starbiz)
Boustead signs pact
Boustead Holdings has signed a memorandum of understanding with DRIR Equities SB and Tulus Sejagat SB with the intention to buy a 51% stake in MHS Aviation and a 51% stake in a special purpose vehicle that will purchase all the aircraft and helicopters owned by DRIR Equities. The entire acquisition is not expected to exceed RM100m. (BT)
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