Puncak Niaga and Syabas say Selangor state government offer has many ambiguities
Puncak Niaga and Syabas say they would not be able to make a decision on the offer made by the Selangor state government to take over the two companies. There are numerous ambiguities on the offer made to take over the companies, a statement issued today by the parent company Puncak Niaga Holdings said. Its MD Datuk Hashim Mahfar said the two subsidiaries found numerous ambiguities which require clarification and explanation from the Selangor state government especially specifics pertaining to the offer price and other issues. (Bernama)
Pengurusan Aset Air sells RM2.7bn sukuk
Pengurusan Aset Air has sold RM2.7bn of Islamic bonds. The issuance was part of a RM20bn government guaranteed Islamic fund-raising program. (StarBiz)
Kencana completes placement, gets RM398m
Kencana Petroleum’s private placement of 166.7m shares of 10 sen each via its book-building exercise has been completed. The issue price has been fixed at RM2.38 each, representing about 1.65% discount to its last closing price of RM2.42. This would result in gross proceeds of about RM398m. (StarBiz)
Muhibbah, partner bag RM1.1bn project
Muhibbah Engineering in a consortium with Perunding Ranhill Worley SB has been awarded a RM1.1bn contract by Petronas Gas for works under its LNG regasification project. The proposed facilities will be located in Malacca and have a maximum send-out gas capacity of 3.8m tonnes a year. (StarBiz)
TH Plantations evaluates RM550m land purchase proposals
TH Plantations is currently evaluating two proposals for landbank acquisition in east Kalimantan and Sarawak that could cost up to RM550m. Management aims to achieve its target of having 50ha plantation land this year. It currently has a total plantation landbank of about 39,113ha, of which 37,483 has been planted. (Financial Daily)
SapuraCrest gets USD32m Petronas job
SapuraCrest Petroleum’s unit was awarded a USD32m job by Petronas for the provision of transportation and installation of offshore facilities for PC Myanmar’s Yetagun Phase 4 development in the Andaman Sea. (Financial Daily)
Hartalega: Miti confirms compliance with environmental standards. The Ministry of International Trade and Industry (Miti) said Hartalega Holdings Bhd's facility in Bestari Jaya complies with the Malaysian environmental regulatory standards. The ministry has consulted the relevant authorities on this issue and the Department of Environment assessment clearly shows that the company did not violate its requirements on effluent discharge. (Source: Business Times)
Wah Seong: Unit sells stake in JV, assets for RM10.5m. Wah Seong Bhd's wholly owned indirect subsidiary Yadong-Anti Corrosion (Int) Co Ltd is selling of its 50% stake in Arabian-Yadong Coating Co Ltd and steel pipe coating equipment for USD3.45m (RM10.5m). The sell down was due to termination of the JV company. (Source: Bursa Malaysia)
Building materials: Local cold rolled coil producers raise prices. Local cold rollers have raised the prices of cold rolled coils (CRC) in view of the general increase in the cost of raw materials and the recent floods in Australia. The latest sales were at USD840 to USD850 per tonne this week, up from deals done at USD780 to USD800 in the first week of January. (Source: The Star)
Property: Supply of office space in the city to considerably exceed demand. According to property consultant - DTZ Nawawi Tie Leong, the supply of new office space in Kuala Lumpur will be overwhelming this year. An additional 2.3m sq ft in new office space during 2011 will put more pressure on the market. The average rental rate for office space in the city would ease by 5% to RM5.90 per sq ft compared to last year. The rate of unoccupied space is expected to go up to 15% by next year. (Source: The Star)
PLUS: Shareholders to receive proceeds from sale in September. PLUS Expressways Bhd's shareholders will receive the proceeds from the disposal of their company's assets in early September this year. The tentative date for the completion of the disposal of PLUS' assets would be at the end of July, followed by a mid-August date for securing the High Court order for the selective capital repayment. Shareholders will then be paid the proceeds of the sale by early September and PLUS will be tentatively delisted by end-September. (Source: The Star)
Ramunia: To buy Oilcorp's fabrication yard. Ramunia Holdings Bhd has proposed to acquire the Pulau Indah Integrated Fabrication Yard and the moveable and immoveable assets located thereon from Oilfab Sdn Bhd (Oilfab), a 51%-owned indirect subsidiary of Oilcorp Berhad, for RM83.8m. The acquisition will be settled with RM3.8m cash deposit and issuance of new ordinary shares of Ramunia to Oilfab for the RM80m balance. (Source: Bursa Malaysia)
Mah Sing: Targets 30% sales from overseas ops. Mah Sing Group Bhd is targeting to get 30% of its revenue from overseas projects in five years. It is looking at China, Vietnam, Indonesia, Singapore and Australia for the company's overseas expansion plan. (Source: The Star)
IOI: To set up own broadband services. IOI Properties Bhd plans to develop its own broadband services for its townships in order to provide faster and better broadband connection to home owners. By 2Q11, the developer plans to come up with its own application called One IOI Net for some 150,000 households and 2,500 businesses in IOI townships in the Klang Valley and Johor. (Source: Business Times)
Ann Joo: To buy stake in Anshin. Ann Joo Resources Bhd has proposed to acquire a 38% stake in Anshin Steel Processor Sdn Bhd worth RM12m. Ann Joo currently holds the balance of 62% of the share capital of Anshin which operates a steel service centre. Upon completion of the acquisition, Anshin will become a wholly-owned subsidiary of the Ann Joo. (Source: Bursa Malaysia)
Proton, AirAsia: Team Lotus wins 1st round UK court battle with Proton. Datuk Tony Fernandes' Formula 1 team, Team Lotus, has won the first round of the UK court battle with Proton. The full trial has now been brought forward to March 21. (Source: The Malaysian Reserve)
Logistics: Projected to hit RM121b this year. According to Frost & Sullivan, Malaysia's logistics industry is expected to grow by 11.5% to RM121b this year from RM108.5b in 2010. The high-technology and capital-intensive projects under the 10th Malaysia Plan and the Economic Transformation Programme would create opportunities for the industry. Malaysia's external trade is expected to increase by 10% to RM1.28t this year from RM1.16t last year. Meanwhile, the total cargo volumes are expected to increase by 12.4% to 498.4m tonnes this year from 443.4m tonnes in 2010. (Source: The Star)
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