Monday, February 28, 2011

20110228 1212 Malaysia Corporate Related News.

AFG: Langkah Bahagia looking to exit AFG. Langkah Bahagia Sdn Bhd, an investment vehicle believed to be linked to former finance minister Tun Daim Zainuddin, is looking at selling its stake in Alliance Financial Group Bhd (AFG). Langkah Bahagia owns 14.8% in AFG via Vertical Theme Sdn Bhd. Langkah Bahagia is said to be offering to dispose of the stake to parties related to Temasek Holdings Ltd, which indirectly holds 49% in Vertical Theme. (Source: The Edge Financial Weekly)

Bina Puri: Eyes RM250m revenue from property, secures RM1.1b projects in Brunei. Bina Puri Holdings Bhd is projecting a total of RM250m sales revenue from its property division or 20% of the group's overall ongoing projects this year. The contribution marked the construction group's effort to shift away from its core business activities to property development. Separately, Bina Puri has secured a total of RM1.1b worth of projects in Brunei. The company had an unbilled portion totalling RM265m until 2013 and plans to secure another RM600m worth of projects in the Sultanate this year. (Source: The Star)

Uzma: Poised to clinch Petronas contract. Uzma Bhd, which specializes in upstream oil engineering works, stands a good chance of getting a slice of the oil recovery enhancement contracts in domestic brown field and idle oil fields as its probably the only local firm that has the technology and equipment to conduct EOR in the oil fields. The total value of the contracts could be worth up to RM500m. (Source: The Edge Financial Weekly) 

RHB in final leg of acquisition
The RHB banking group, the country's fourth largest by assets, expects to conclude its purchase of Indonesian lender Bank Mestika Dharma in April this year after several delays, its chief said. The group's listed entity, RHB Capital Bhd, had first announced plans to buy 80% of Bank Mestika for some RM1.16 bn in October 2009. Those plans, however, ran into delays because of queries from the Indonesian central bank relating to "structure and disclosure", group chief executive officer Datuk Tajuddin Atan said as early as May last year. Tajuddin told Business Times last week that some changes in structure had since been made, with RHB Bank – RHB Capital's commercial bank - now being proposed as the entity to undertake the purchase. This new proposal, which was submitted on 20 Dec last year, got the green light from Bank Negara Malaysia on 31 Jan this year. It is currently pending approval from Bank Indonesia. (BT)

Hunza ready to launch RM800m property projects
Hunza Properties will launch property worth RM800m in gross development value (GDV) over the next 18 months as its Gurney Paragon mixed development project in Penang nears completion. The three projects identified for launch are the Alila II high-rise residences at Tanjung Bungah and the Bandar Putra Bertam residential project in Penang with a combined GDV of RM500m, and a high-rise residential project in Segambut, Kuala Lumpur, with a GDV of RM300m. (Malaysian Reserve)

DRB-Hicom inks new concession for Puspakom
DRB-Hicom Bhd’s wholly-owned unit Puspakon SB has signed a new 15-year concession agreement with the government to continue carrying out vehicle inspection. Under the latest concession, Puspakom will pay a “predetermined concession fee” at an undisclosed rate to the government beginning September 2009 to August 2024 and will be allowed to collect fees for each inspection, according to a filing by DRB-Hicom to Bursa Malaysia last Friday. “The concession allows Puspakom to continue motor vehicles inspection and testing activities which will further strengthen the services sector of DRB-Hicom,” the company said in the filing. (Malaysian Reserve)

Nissan may raise car prices to counter strong yen
Edaran Tan Chong Motor Sdn Bhd (ETCM), the sole distributor and assembler of Nissan vehicles in Malaysia, is considering raising prices of its vehicles to offset the yen’s appreciation against the ringgit. Its executive director Datuk Dr Ang Bon Beng said, however, the company would try to avoid raising prices and instead look to reduce other costs to offset the impact of the strong yen on its bottomline. “We are trying to maintain current car prices, even though the prevailing strong yen hurts us,” he told SunBiz at ETCM’s Chinese New Year media lunch last week. The ringgit’s rate against 100 yen was 3.7282/7337 last Friday. Meanwhile, Ang expects double-digit growth in net profit and car sales this year, as ETCM launches seven new completely knocked-down (CKD) and completely built-up (CBU) models as well as introduce cosmetic changes to its existing model line-up. He said the new models include single- and twin-cab trucks and the Nissan Livina X-Gear 1.6-litre engine passenger car. (Sun2Surf)

AirAsia may raise RM1.2bn in Thai, Indonesian units IPOs
AirAsia Bhd, South-East Asia’s biggest budget carrier, may raise as much as USD400m (RM1.2bn) from separate listings of its Indonesian and units to help pay for the expansion. The company expects to raise USD150m to USD200m in each offering, both of which will likely to happen in the fourth-quarter, chief executive officer Datuk Seri Tony Fernandez said in a Bloomberg TV interview last Friday. Bankers for the Indonesian share sale may be announced soon, he said. The airline jumped the most in three months in Kuala Lumpur trading after last Thursday reporting a ninefold jump in profit and saying it may begin paying dividends. The company, based in Selangor, Malaysia, plans to sell shares in overseas units as it seeks new planes, possibly including 175 of Airbus SAS’s planned A320neo. (Malaysian Reserve)

Tajuddin Atan to be appointed CEO Of Bursa Malaysia
Bursa Malaysia has appointed Datuk Tajuddin Atan as its CEO, effective 1 April, 2011. He will take over from Datuk Yusli Mohamed Yusoff who will remain in office until 31 March, 2011. He is currently the MD of RHB Bank and Group MD of RHB Capital since May 2009 and July 2009, respectively. (Bernama)

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