KLCI chart reading : side way range bound little upside biased.
ADCB said to seek sale of 25% stake in RHB
Abu Dhabi Commercial Bank PJSC (ADCB), the United Arab Emirates’ (UAE) third biggest bank by assets, is choosing advisers for the sale of a 25% stake in RHB Capital, two people with knowledge of the matter said. The bank hasn’t made a final decision on which advisors to pick for sale, said one of the people, who declined to be identified because discussions are private. Abu Dhabi Commercial Bank has shortlisted at least 6 to 7 banks to make proposal for the sale, Thomson Reuters unit International Financing Review (IRF) reported yesterday on its website. The stake is worth RM4.3bn, based on the closing price of RM8.02 yesterday. (MalaysianReserve)
Wah Seong to make fans, blowers
Wah Seong Corp will set up a joint venture (JV) with PT Agrindo Prima Lestari (PTA) to manufacture industrial fans and blowers for the palm oil industry and other industries utilizing similar products in Indonesia. Its indirect wholly owned unit PMT Industries SB (PMTI) and PTA will provide after-sales, operations and maintenance services to palm oil mills and other general industries. PMTI holds a 60% stake in the JV, and PTA the balance 40%, with a proposed initial issued and paid-up capital of US$100,000 (RM303,000). PMTI”s investment in the company would be financed through its internally generated funds. (FinancialDaily)
Alcatel-Lucent barred from Axiata, TM deals for a year
Both Axiata Group and Telekom Malaysia (TM) have barred Alcatel-Lucent from participating in tenders, contracts or joint ventures for a year following the call from Malaysian Anti-Corruption Commission (MACC). “Alcatel-Lucent welcomes the MACC recommendation and is committed to earning back our customers’ trust,” it said in a statement in response to the 12-month suspension. Axiata said the suspension runs for 12 months from 18 Feb while TM’s suspension was effective 5 Jan. (Starbiz)
TM renews group CEO's contract
Telekom Malaysia (TM) has renewed group chief executive officer (CEO) Datuk Seri Zamzamzairani Mohd Isa's contract for another three years effective 1 April. Zamzamzairani has been the group CEO since 2008, when TM and Axiata Bhd (formerly known as TM International) demerged.TM said one of the many milestones achieved under his leadership is the launch of the High Speed Broadband service (HSBB) branded UniFi in March 2010. The HSBB rollout has been one of the fastest in the world in terms of implementation, in a record 18 months. (BT)
SEGI plans 50% dividend payout
SEG International has announced a dividend policy to distribute a minimum 50% of its group net profit to shareholders with effect from the financial year ending 31 Dec 2011. The announcement of the dividend policy came on the heels of SGI’s managing director Datuk Clement Hii raising his shareholding to 32.44% from barely 0.81% when he was at the helm of Star Publications (M) last year. (FinancialDaily)
Kossan: Ventures into cleanroom gloves. Kossan Rubber Industries Bhd has proposed an acquisition of a 51% stake in Cleanera HK Ltd for USD3.1m (RM9.3m) in order to venture into clean-room gloves. (Source: Bursa Malaysia)
Transmile: Gets RM200m from aircraft sale. Transmile Group Bhd has completed the disposal of four of its aircraft to Federal Express Corp for USD67m (RM200m), paving way for the company to pare down its long term borrowings that totaled RM531.6m as at Dec 31, 2010. (Source: The Edge Financial Daily)
Autos: Toyota to restart hybrid vehicle output in Japan. Toyota Motor Corp would restart production of three hybrid models (Prius, Lexus HS250h and CT200h) on Monday after a massive earthquake this month disrupted output across the industry. (Source: The Edge Financial Daily)
SCORE: Nine companies investing RM20b in Score so far. Nine companies have to date confirmed investments totalling RM20b in the Sarawak Corridor of Renewable Energy (Score). This does not include the RM2b investment by a Taiwanese company in the halal industry hub. (Source: The Star)
Plantation: 'Abolish windfall tax' call. Four national oil palm associations which represents over 80% of the country's oil palm fraternity has submitted a joint memorandum to the Prime Minister, urging the Government to seriously re-consider abolishing or reviewing the imposed crude palm oil (CPO) windfall profit tax (WPT) for the sector. (Source: The Star)
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