Friday, March 4, 2011

20110304 0944 Malaysia Corporate Related News.

Lion to fire up RM3bn mega blast furnace project in Banting
Tan Sri William Cheng’s Lion Diversified Holding will jointly invest in a RM3.23bn blast furnace project spanning several steel ironmaking facilities with his two other listed vehicles. Lion Diversifies will own a 51% stake in the joint venture under Lion Blast Furnace SB while Lion Industries Group and Lion Forest Industries will hold 29% and 20% respectively of the project located in Banting, Selangor. (Malaysian Reserve)

New multibillion ringgit investment for O&G project in Teluk Ramunia
Johor will receive a new multibillion-ringgit investment for an oil and gas (O&G) project in Teluk Ramunia soon. The state has earmarked a 800ha plot on the southeast coast of Johor, said Johor Menteri Besar Datuk Abdul Ghani Othman. The project will be led by a "local company that has been all over the world and is now coming back to Malaysia". The government will help fund the development of infrastructure for the project. Ghani refused to elaborate. (BT)

KNM Group secures RM693m new orders to-date
KNM Group has secured new order amounting to RM693m so far this year, underpinned by the improved sentiments in the global oil & gas industry, the oil & gas process equipment manufacturer said in a statement to Bursa Malaysia yesterday. It said its current order book stood at RM6.4bn with a backlog of RM6.4bn. (Financial Daily)

EPF can’t own more than 45% of RHB Cap
Bank Negara has not allowed the Employees Provident Fund (EPF) board to hold more than 45% of the paid-up share capital of RHB Capital. In a note to Bursa yesterday, RHB Cap said that RHB Investment Bank and CIMB Investment Bank, on its (RHB Cap’s) behalf, said that Bank Negara was not able to consider the EPF’s application via a letter dated Feb 25. “Accordingly, EPF’s irrevocable undertaking to subscribe under the rights issue shall be for a minimum of 45% of the total rights shares,” it said. (StarBiz)

Prasarana to get part of RRIM land for development
Syarikat Prasarana Negara will be allocated a parcel of land in the proposed Sungai Buloh Rubber Research Institute Malaysia (RRIM) development project for commercial development as part of the “rail plus property” model being used to offset the cost of building the mass rapid transit (MRT), sources said. “Negotiations are ongoing between Prasarana and the Employees Provident Fund (EPF),” said one source. “The parcel of land (to be allocated) will be used to build the MRT's main depot but it will also include commercial development above and possibly around the depot, in the form of retail and office space,” another source explained. (StarBiz)

Kenmark directors fined RM2.5m
Bursa Malaysia has fined three directors of financially troubled Kenmark Industrial Co (M) some RM2.5mi collectively for breaking listing rules. The three Taiwanese, who have not appeared in public since the furniture company's troubles began last year, are being punished for Kenmark's unclear and late statements, among others. Legal action would be taken against them, namely Hwang Ding Kuo @ James Hwang, Chang Chin- Chuan and Chen Wen-Ling, if they fail to pay the fines before 10 March 2011. (StarBiz)

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