Wednesday, February 9, 2011

20110209 1157 Malaysia Corporate Related News.

Earlier auto sector liberalisation
The Government may bring forward the liberalisation of the automotive industry to several years earlier than 2020, amid mounting pressure for a level playing field between national and non-national players, and as foreign automakers express keen interest to set up or expand their manufacturing presence in the country, say sources. It is learnt that financial benefits such as R&D grants under the Industrial Adjustment Fund as well as soft loans from the Automotive Development Fund are likely to cease with liberalisation. When contacted, industry officials do not discount the possibility of a deadline earlier than 2020 being set. (Financial Daily)

MPHB suspended on possible relisting of Magnum
Speculation is rife that Multi Purpose Holdings may soon announce a corporate exercise either involving its numbers forecast operator (NFO) Magnum Corp or a major acquisition. This follows the suspension yesterday. Industry observers speculated that the exercise could be to facilitate the exit of Magnum’s strategic investor CVC Asia Pacific Ltd from the NFO, which could pave the way for a relisting of Magnum, three years after it was privatized. (Financial Daily, others) UOA to list development arm The board of United Overseas Australia Ltd (UOA) has submitted documents to Bursa Malaysia for a proposed listing of its development arm on the local bourse’s market. UOA is expected to hear a reply from regulators soon and hopes to have its redevelopment arm listed on Bursa by June 2011. (Financial Daily)

PJD plans RM1.7bn projects by Q3
PJ Development Holdings (PJD) aims to ride on the positive economic data by launching four projects worth about RM1.7bn by third quarter of this year. Chief operating officer Lim Lian Seng said the projects are located in Sri Hartamas and Cheras in Kuala Lumpur, Butterworth in Penang, and Kuantan in Pahang. This would be the first round of major projects it is launching since 2009. PJD had spent the last two years working on new plans after the economic crisis in 2008. (BT)

PNB buys 5% in Naim
Permodalan Nasional Bhd (PNB) has emerged a substantial shareholder in Naim Holdings Bhd, a Sarawakbased property and construction firm, after acquiring 12.5m shares or a 5% stake. PNB paid RM3.40 per share for the stake from Naim managing director/chief executive officer Datuk Hasmi Hasnan on 28 Jan. Naim closed at RM3.58 the same day on Bursa Malaysia. With the divestment, Hasmi's stake (direct and indirect) in the company has been reduced to 22.86%. (StarBiz)

Tabung Haji, Mara in medical venture
It is understood that Lembaga Tabung Haji and Majlis Amanah Rakyat (Mara) are expected to end up with a total of 45% equity stake in the newly-established Academic Medical Centre SB (AMC) that has a tie-up with world renowned Johns Hopkins Medicine International and Royal College of Surgeons (RCSI) in Ireland to offer courses at the soon to be set up RM2bn Perdana University Graduate School. Tabung Haji is likely to end up with 30% stake while Mara 15% in AMC. The remaining 55% equity will be held jointly by two companies controlled by businessman Tan Sri Dr Mohan Swami. The two companies are Turiya and Chase Perdana SB. (StarBiz)

PJI Holdings wins RM55.9m IJM Construction sub-contract
Engineering firm PJI Holdings has won a RM55.9m sub-contract from IJM Construction SB for mechanical and electrical service works in the construction of a university campus in Kedah. The proposed project is not expected to have any significant impact on net asset per share and share capital but is expected to improve earnings and gearing of the PJI Group.

Unisem: Plans to spend RM250m to ramp up plant expansion. Unisem (M) Bhd may spend more than RM250m this year to construct and equip new plants as capacity fills up with rising sales. Among others, Unisem plans to build a new plant in Ipoh, Perak, as the existing facility is nearing its production limit even after an expansion in 2010 to upgrade the assembly, test and wafer-bumping capabilities. (Source: The Malaysian Reserve)

Banking: Below 10m credit cards issued, corporate loans growth to continue. The total number of credit cards in circulation in the country has dropped below 10m, partly affected by the RM50 service tax introduced in Budget 2009 and as more people opt for debit cards. Separately, corporate loans growth fuelled by working capital loans is expected to continue its upward trend this year supported by the multitude of projects under the Economic Transformation Programme (ETP) and the 10th Malaysian Plan (10MP). (Source: The Star)

Property: UOA to list development arm. The board of United Australia Ltd (UOA) which is listed primarily on the Australian Stock Exchange (ASX), has submitted documents to Bursa Malaysia for a proposed listing of its development arm on the main market. UOA hopes to have its development arm listed on Bursa by June 2011. (Source: The Edge Financial Daily)

Property: Proposal for higher licence deposits set to test developers. The possible raising of the deposit required for a property developer's licence may not reduce the number of abandoned projects, but could instead lead to costlier homes, said the Real Estate and Housing Developers Association (Rehda). (Source: The Edge Financial Daily)

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