Wednesday, March 2, 2011

20110302 1000 Malaysia Corporate Related News.

Tan Chong: Sets up subsidiary in Laos. Tan Chong Motor Holdings Bhd has set up a wholly-owned subsidiary in Laos, Tan Chong Motorcycles (Laos) Co Ltd (TC Motorcycles), to undertake the assembly, sale and distribution of motorcycles. The Laotian firm would start operations in early 2012. TC Motorcycles was issued a foreign investment license and an enterprise registration license with a total capital of USD1.5m (RM4.6m). (Source: Bursa Malaysia)

Axiata: Renews Jamaludin's contract as president & group CEO for another three years. Axiata Group Bhd has renewed the contract of its president and group CEO, Datuk Seri Jamaludin Ibrahim, for another three years. Under Jamaludin's stewardship, Axiata's revenue has grew by about 40% and profit almost quadrupled. (Source: The Star)

Guan Chong: Sets RM120m for Batam plant. Guan Chong Bhd is allocating some RM120m to build its cocoa-grinding plant in Batam, Indonesia. The plant, with an annual capacity of 120,000t, will more than double the company's current grinding capacity to 200,000t from 80,000t. (Source: The Edge Financial Daily)

Regulation: Capital Market Masterplan to be launched by 1H11. The Securities Commission (SC) expects the new five-year Corporate Governance Blueprint and a second 10-year Capital Market Masterplan (CMP2) which is in the final stages of development, to be launched by the first half of this year. Both documents were intended to articulate Malaysia's strategies and agenda for the development and regulation of the capital market over the next decade. (Source: The Edge Financial Daily)

Construction: Bill to tackle building woes. The construction industry may soon see a major change in the way non-payment of progress billings that often plague the industry may be reduced in the future when a Bill to regulate the payment is passed by the Parliament. The Bill, which is currently being tweaked in the Attorney-General's chamber, would facilitate regular and timely progress payment through a speedy resolution via adjudication. (Source: The Edge Financial Daily)     

Proton inks MoU with Nissan
National carmaker Proton Holdings has inked a memorandum of understanding (MoU) with Japan automaker Nissan Motor Co Ltd for feasibility studies to be conducted on specific areas of cooperation between the carmakers, including the potential use of Nissan’s platform and power train. The duration of the feasibility studies will start from yesterday to 30 April 2011, or upon execution of a legally binding agreement, whichever comes earlier, unless extended by mutual written agreement of the parties. (MalaysianReserve)

Tan Chong sets up subsidiary in Laos
Tan Chong Motor Holdings has set up a wholly-owned subsidiary in Laos, Tan Chong Motorcycles (Laos) Co Ltd (TC Motorcycles), to undertake the assembly, sale and distribution of motorcycles. The Laotian firm would start operations in early 2012. TC Motorcycles was issued a foreign investment licence and an enterprise registration licence with a total capital of USD1.5m (RM4.56m), it added. (BT)

Alam Maritim secures RM70m contract extension
Alam Maritim Resources has secured a contract extension for the provision of one unit accommodation work worth RM70.52m. The extension won by its wholly owned subsidiary, Alam Maritim (M) SB, is for a period of 21 months starting from 12 April 2011. The contract is expected to contribute positively to the earnings and net tangible assets of the group for the FYE 31 Dec 2011 and beyond. (MalaysianReserve)

RHB Cap to undertake dividend divestment
RHB Capital has proposed to undertake a dividend divestment plan that provides shareholders the option to elect to reinvest their cash dividend(s) declared by the financial institution in new RHB Capital Ordinary share of RM1 each. The reinvestment of dividends by shareholders in new shares will enlarge the company’s share capital base and strengthen its capital position. (MalaysianReserve)

Guan Chong starts grinding cocoa in Indonesia
Malaysia's largest cocoa processor Guan Chong has commissioned its cocoa grinding plant in Batam, Indonesia, which is expected to improve earnings significantly. The plant boasts of an initial annual grinding capacity of 60,000 tonnes, increasing the group's total production by 75% to 140,000 tonnes a year. This makes Guan Chong one of the largest cocoa processors in Asia. The group's existing 80,000-tonne plant in Pasir Gudang, Johor is almost fully utilised due to a rise in global demand for its cocoa ingredients, it added. The group had shipped out about 200 tonnes of cocoa products just two weeks into production at its Batam plant. With a grinding plant in Indonesia, the group can also benefit from processing zero-tariff raw materials. The plant in Pasir Gudang processes cocoa beans mainly from Indonesia, which recently started to impose export tax of up to 15% on Indonesia-produced cocoa beans on a scheduler basis. (BT)

Berjaya Food IPO oversubscribed
Berjaya Food, en route to listing on Bursa Malaysia’s Main Market, has received an oversubscription rate of 14.48 times for its seven million shares made available to the public. A total of 4,942 applications for 109.4m shares with a total value of RM55.8m were received from the public, Berjaya Food said in a statement yesterday. Another 23.9m shares reserved for private placement and 4.9m shares for subscriptions by eligible directors, employees and business associated with the Berjaya FoodGroup were also fully subscribed, it added. Berjaya Food’s initial public offering involved an offer for sale of 35.8m shares at an offer price of 51 sen per share. (BT)

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