Ahmad Zaki Resources wins RM145m job
Ahmad Zaki Resources (AZRB) has won a RM145.4m job to complete the remaining works of Lebuhraya Pantai Timur, Phase 2, in Terengganu. The job is expected to contribute positively to AZRB Group’s earnings and the net tangible assets for the financial years ending 2011 to 2012. (BT)
Alam Maritim unit bags RM10.95m contract
Alam Maritim Resources’ wholly owned subsidiary Alam Maritim (M) SB has clinched an extension of a spot charter contract to supply one unit straight supply vessels for RM10.95m. In a filing with Bursa Malaysia, Alam Maritim said the contract was for an extended period of one year only subject to seven days notification for termination. “The contract is expected to contribute positively to the earnings and net assets of Alam Maritim for the financial year ending 31 Dec 2011 and beyond,” it said. (StarBiz)
Delloyd Ventures looking at M&A
Delloyd Ventures is planning to expand its auto parts operations and is considering mergers and acquisitions (M&A) to capitalize on the improving automotive sector in the region. Its deputy CEO Leon Tee Wee Leng said Delloyd is in talks with other auto parts makers of similar size for a possible corporate exercise to fortify its position as a regional player in the industry. (Financial Daily)
Selangor Dredging arm buys London property
Selangor Dredging’s indirect 50-associate SDB Guernsey Ltd, has signed a deal with the trustees for The Kengsington High Street Syndicate in London to buy a piece of land and building for GBP9.83m (RM48.36m). The four-storey building is now leased to HSBC Bank Plc on a 15-year full repairing and insuring deal expiring in February 2020. The current annual rent is GBP410,000 (RM2.02m), Selangor Dredging said in a filing. (BT)
Kuwait’s Baraka to invest in mobile hub in Malaysia
Baraka Telecom SB, a unit of Reach Telecom Holding KSCC of Kuwait, will invest RM50m to set up a mobile virtual network enabler (MVNE) hub here. The MVNE will be launched on 17 March 17 to offer services to mobile virtual network operators (MVNOs) across Asia, Baraka Telecom said in a statement yesterday. (MVNO refers to a company that provides mobile phone services but does not have its own licensed frequency allocation of radio spectrum). It was reported recently that Maxis was on the final leg of negotiations with Baraka on a three-year MVNO agreement. (StarBiz)
KL Kepong: Drops plans to issue RM912m bonds. Kuala Lumpur Kepong Berhad (KLK) has dropped plans to issue USD300m (RM912m) bonds based on the company's current financial condition. KLK feels it no longer requires the planned RM912m, five-year unsecured guaranteed exchangeable bonds with an over-allotment option to increase the issue by RM304m. (Source: Bursa Malaysia)
Hong Leong Bank: Gets nod for RM912m bonds. Hong Leong Bank Berhad has been given approval by the Securities Commission to issue up to USD300m (RM912m) Senior Unsecured Bonds. The proceeds from the bond issuance will be used for working capital and general banking purposes. (Source: Bursa Malaysia)
Berjaya Land Berhad: To sell BVC India for RM15m. Berjaya Land Berhad is disposing of its 100% stake in Berjaya Vacation Club India Pte Ltd (BVC India) for RM15.1m cash. The proposed disposal would result in an exceptional gain of about RM11.1m for the current financial year ending April 30, Bland said, adding that the cash proceeds of RM15.1m would be used by the group for working capital (Source: Bursa Malaysia)
MAS: Hedge down on unclear economy. Malaysia Airlines drastically reduced its fuel hedging levels this year to 25% from 60% last year due to uncertainty in the economic recovery and higher fuel hedging entry cost. Malaysia Airlines fuel hedge levels are said to be in line with its benchmarked peers, with current hedge levels ranging from 17% to 35%. (Source: The Star)
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