SP Setia leads race for PICC deal
Property developer SP Setia has emerged as the leading contender to build the Penang International Convention Centre (PICC) on the grounds of the Penang International Sports Arena (Pisa). According to sources, SP Setia is likely to get a 30-year concession to build and operate the convention centre, which will include other components like a hotel and retail outlets. "The proposed project is likely to cost over RM200m," one source told Business Times yesterday. Another source said SP Setia is one of four companies which had responded to a request for proposal from the Penang state government. The Penang Island Municipal Council had closed the tender in September last year. (BT)
Karambunai's RM6.5b resort plan gets Sabah govt backing
An ambitious RM6.5bn plan to develop an integrated resort in Karambunai near Kota Kinabalu has received support from the Sabah government. The state cabinet gave its nod after a delegation led by Karambunai Corp president Tan Sri Dr Tsen Lip Keong provided a briefing on the project yesterday. Chief Minister Datuk Seri Musa Aman said the development could strengthen Sabah's position as a tourism hub in the region and provide employment opportunities. "According to the briefing, 20,000 to 50,000 jobs will be made available in the next 10 years. (BT)
Indonesia's Garuda seeks USD1.1 bln in IPO; pricing high
PT Garuda Indonesia, the nation's flag carrier, expects to raise up to USD1.1bn in an initial public offering next month that could be the country's second largest, though its valuation looked pricey versus peers. The government's offering for the state carrier is aimed at tapping a boom in investor interest in Indonesia, though stocks have slipped this year after a record rally in 2009 and Garuda's price range was set about 30% higher than expected. The government set the price range at 750-1,100 rupiah (USD0.083-USD0.122) per share, said Mustafa Abu Bakar, the state-owned enterprises minister. The firm has said that it will offer a 36.5% stake, or 9.362bn new and existing shares. Garuda's price range reflects 7.4 to 10.8 times its Enterprise Value (EV) to EBITDA, said Iman Rachman, head of investment banking at Mandiri Sekuritas, one of the local underwriters. That is higher than regional peers such as Singapore Airlines with an EV to EBITDA at 4.9 times, and Thai Airways at 5 times, according to data from Thomson Reuters' Starmine. (Reuters)
KLIA to see four new airlines touching down
Malaysia Airports is set to receive four new airlines flying into KL International (KLIA) in Sepang this year. MAHB marketing manager Mohamed Sallauddin Mohamed Shah said the airlines from the Middle East, India, and South Africa have expressed strong interest to fly into KLIA and some indicated plans to commence services during the summer and winter period. (Malaysian Reserve)
Faber’s Abu Dhabi deals not renewed
Faber Group subsidiary Faber Ltd Liability Co (FLLC) has received a letter from the Department of Municipal Affairs, Western Region Municipality, Abu Dhabi, for the non-renewal of three contracts with an estimated annual total contract worth RM184m. The contracts are for the provisions of civil, mechanical and electrical maintenance services for low-cost houses at Madinat Zayed and Liwa in Abu Dhabi. The services of FLLC for the contracts will cease with effect from 3 April and 1 June. The non-renewal of the contracts shall have an effect to the group's earnings and the net assets per share of approximately 4 sen for the financial year ending 31 Dec 2011. (StarBiz)
Naim to work with 2 Sabah groups on projects
The Sabah Oil and Gas Contractors Association (Sogca) and the National Malay Chambers of Commerce Sabah (MCCM) branch will form a consortium to undertake some of the works in the RM2.4bn oil and gas terminal project in Kimanis awarded to Naim Engineering SB by Petronas. This follows the signing of a memorandum of understanding in Kota Kinabalu yesterday between the three parties that will see Sarawakbased Naim Engineering setting aside 30% or RM800m worth of works under the project to SOGCA and MCCM Sabah branch members. (BT)
Tejari eyes 20pc revenue growth
Tejari Technologies is confident of growing its revenue by 20% this year with the expandion of its retail and wholesale businesses in information and communication technology (ICT products. The recent acquisition of PC3 Technology SV and Essential Action SV have helped boost the group’s revenue for nine-month period ended 31 Aug. (BT)
Perodua allocates RM614m capex
Perodua, Malaysia’s number one car seller in 2010, has set aside RM614.2m for capital expenditure (capex) this year. Of this amount, between RM250m and RM300m will be utilised for the development of a new model, which is expected to further boost overall sales. “New models are needed in this business and we will also work towards increasing the local content. At present, the Alza has the highest local content of 90% while for other models, such as the Viva and Myvi, it is above 80%,” managing director Datuk Aminar Rashid Salleh told a press conference after unveiling the company’s sales figures for 2010 yesterday. He also said the new model would be a small compact car, but declined to say if it would be a completely new model or replacement of units of the current models in Perodua, as the Myvi has been in the market for five years. (BT)
TNB awards RM2.15bn jobs for Ulu Jelai project
Tenaga Nasional has signed two agreements worth some RM2.15bn for its Ulu Jelai hydroelectric project. The company said the contract period for the development of the Ulu Jelai hydroelectric project was five years, during which the payment to the contractors would be made in accordance with the progress. The project cost will potentially result in an increase in TNB's net assets by about 7.1%. TNB said the project was expected to be completed by July 2016. (BT)
No comments:
Post a Comment