KLCI chart reading : side way range bound.
Cash call for email project
Tricubes Bhd is going to make a cash call to fund the controversial myemail project that will require a RM50m investment over 10 years. The Edge Financial Daily learnt that Tricubes will propose a rights issue to raise between RM5m and RM10m from existing shareholders. The much publicized project has to date attracted RM5.3m from Malaysian Venture Capital Management Bhd (Mavcap) for its initial investment. The funding from Mavcap will be used towards infrastructure cost, marketing and creating awareness. (Financial Daily)
CIMB Niaga assets surge 30%
CIMB Group’s Indonesian subsidiary PT Bank CIMB Niaga’s total net assets as at 31 March 2011, were up 30% to Rp149.05trn (RM51.6bn) from Rp114.59trn in the same period last year. CIMB said in a statement yesterday the increase would strengthen its position as the fifth largest bank in Indonesia by assets. The bank also reported that its consolidated net profit for the period jumped to Rp727.53bn from Rp524.18bn in the same period last year, representing an increase of 39%. (Financial Daily)
Kencana wins RM208m Kebabangan contract
Kencana Petroleum Bhd has secured a RM208m contract for the fabrication of a substructure for the Kebabangan northern hub development project off the coast of Sabah. Under the contract, Kencana HL Sdn Bhd is to undertake the construction engineering, procurement, fabrication, inspection testing and commissioning, loadouut and seafastening (EPC), according to an announcement to Bursa Malaysia yesterday.(Financial Daily)
Carlsberg to raise prices slightly
Carlsberg Brewery Malaysia Bhd is planning to slightly increase the price of its beer products in May. Managing director Soren Ravn said the company would increase prices by an average of less than 3% across its beer product range due to rising raw material and operating cost. “The increase in price is not huge, and is in line with inflation, and this reflects our higher input costs. In the next three to six months, we will appropriately hedge raw material prices”, Ravn said after the company’s AGM yesterday. (StarBiz)
Yeo Hiap Seng Q1 net profit up 35.7%
Yeo Hiap Seng (M) Bhd’s, net profit for its quarter ended 31 March 2011 was up 35.7% to RM7.6m y-o-y, supported by higher sales from Yeo’s core products. The company in a filing with Bursa Malaysia yesterday said it recorded a marginal increase in revenue to RM151.6m for the quarter under review from RM151.2m previously.(StarBiz)
YHS: To consolidate plants. Yeo Hiap Seng (M) Bhd (YHS) will consolidate its factories in Shah Alam and Petaling Jaya to improve efficiencies and partially mitigate the effects of rising raw material prices. YHS also wants to introduce a new and less sweetened range of beverages to response to sugar price spikes. (Source: The Edge Financial Daily)
AirAsia Q1 traffic up 19.3%
AirAsia Bhd, South-East Asia’s biggest budge carrier, said it carried 19.3% more passengers in the first quarter of 2011 compared with a year earlier. Its load factor rose to 81% in the January to March period from 75% in the previous corresponding period, AirAsia said in an e-mailed statement yesterday. (StarBiz)
Proton Edar foresees delivery delay of cars
Proton Edar SB expects a delay in the delivery of Proton cars to buyers due to the snowball effect of the double disasters of earthquake and tsunami that hit Japan last month. Its general manage for marketing, Sidik Abdul Hamid, however, was not at liberty to disclose the actual timeframe of delay, saying that it all depends on the delivery timing of certain raw materials and parts from Japan. (Malaysan Reseve)
Proton: Banks on Saga and Persona. Proton Holdings Bhd is banking on Saga and Persona to drive up sales this year as it seeks to topple rival Perusahaan Otomobil Kedua Sdn Bhd (Perodua) as the biggest carmaker in the country. Proton hopes to sell 85,000 units of Saga and 40,000 units of Persona while the total sales was targeted at close to 170,000 units this year. (Source: The Sun)
Construction: Chinese companies may bid for MRT job. Chinese Premier Wen Jiabaos visit is expected to pave the way for them to participate in the RM40b MRT project as they have the financial muscle to go up against the Gamuda/MMC Corp joint venture and China is home to some of the most advanced railway systems in the world. (Source: The Edge Financial Daily)
Infrastructure: Sarawak to build 500km roads by end-2012. Under the National Key Result Area (NKRA) for a three-year period beginning last year, Manyin said Sarawak was allocated RM2b to build roads. Sarawak managed to complete 240km of new roads last year. (Source: The Edge)
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