KLCI chart reading : pullback correction range bound downside biased.
New credit card rules out today
Bank Negara Malaysia will today announce new credit card guidelines to address concerns over rising household debt. Industry insiders said the new measures could include capping or reducing credit limits and limiting the number of cards for those in the lower income group. Currently, banks are free to set credit limits, based on their risk management practices. (BT)
Cypark in talks to win 'landfills into renewable energy parks' job
Cypark Resources is in talks with the Government to close, upgrade and convert 32 more non-sanitary landfills into renewable energy (RE) parks, a project that could involve an investment of some RM1bn. Besides the 32 landfills, it also plans to invest about RM500m to turn 16 landfills into RE parks, according to its CEO Daud Ahmad. (BT)
Karambunai unit inks agreement with China Central Asia
Karambunai’s wholly-owned subsidiary, Karambunai Resorts SB, has signed a joint venture agreement with China Central Asia (CCA) to develop the RM1bn first phase of the Karambunai Integrated Resort City in Kota Kinabalu. CCA would inject a seed capital of USD100m as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings and the development of a commercial beachfront centre. (StarBiz)
Faber proposes balance sheet clean-up exercise
Faber has proposed a balance sheet clean-up exercise that will involve a par value and share premium reduction to address its accumulated losses of RM422m. The par value reduction proposes to cancel 75 sen of every RM1 share’s par value whilst the share premium reduction will involve the reduction of its entire share premium of RM116m. (Malaysian Reserve)
Parkson may foray into Indonesia
Parkson Holdings may foray into Indonesia via the opening of its department stores in the populous republic. It had entered into an exclusivity agreement with PT Tozy Bintang Sentosa to negotiate a possible collaboration between the two parties to develop and expand Parkson department stores in Indonesia. (Financial Daily)
UMW secures RM127m Petronas Carigali drilling job
UMW Holdings’ subsidiary UMW Standard Drilling SB has been awarded a RM127m contract for the provision of its Naga 3 jack-up drilling rig to Petronas Carigali for its operations within Malaysian waters. (Malaysian Reserve)
Market: Capital market crosses RM2t. Securities Commission chairman Tan Sri Zarinah Anwar said Malaysia's capital market corssed the RM2t threshold for the first time ever as at end-2010, achieved an annual compounded growth rate of 11% from RM717b in 2000. (Soure: The Star)
Property: EPF buys 3rd London property for GBP148m. It marks the EPF's third property investment there since announcing an allocation of GBP1b for British property purchases. EPF's other 2 propery purchases are One Sheldon Square in Paddington Central, which was bought for GBP156m, and 40 Portman Square near Oxford Street which was acquired for GBP180m. The 2 properties have yields of 5.75% and 5.55% respectively. (Source: The Star)
Smelting: OMH plans Sarawak smelter. Austrialia-listed OM Holdings Ltd (OMH) plans to set up a manganese and ferro silicon alloy smelter under the Sarawak Corridor of Renewable Energy (SCORE) initiative, expected to be ready in 3Q 2011. The smelter facility is expected to have the capability to produce 300,000 tonnes of manganese ferro alloys and 300,000 tonnes of ferro silicon alloys a year. (Source: The Star)
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