KLCI chart reading : side way range bound.
EON Capital accepts Hong Leong Bank takeover bid
The board of EON Capital (EON Cap) has accepted the RM5.06bn takeover bid by Hong Leong Bank (HLB), capping a 16-month battle to create the country’s fourth-largest bank by assets. It also proposed a surprise net interim dividend of RM312m, or RM0.45 per share, in addition to the offer price. EON Cap also said that the net liabilities at EON Cap at company level shall not exceed RM14.1m as at the offer’s completion date. (StarBiz)
AirAsia to re-impose fuel surcharge starting 3 May
AirAsia has finally succumbed to the pressure of persisting high fuel prices and will re-introduce fuel surcharge ranging from RM10 to RM30 per flight after having abolished its fuel surcharge policy in late 2008. The surcharge would be imposed starting 3 May 2011 for all domestic and international routes. (StarBiz)
Deal likely between Federal Government and Sarawak on Bakun Dam tariffs
The Federal and Sarawak Governments are believed to have to have struck an agreement on power tariffs for the Bakun Dam project early last week, sources said. According to the source, the rate is likely between the state utility firm Sarawak Energy’s offer for a starting tariff of six sen per kilowatt hour and the request from Sarawak Hidro SB, the owner and developer of the Bakun Dam, for around seven sen per kilowatt hour. This places the valuation of the RM7.46bn Bakun Dam project at RM6bn to RM8bn. (StarBiz)
Multi-Purpose unit to develop township in Phillipines
Shareholders of Philippine Racing Club (PRCI), a 33% owned unit of Multi-Purpose Holdings (MPHB), have approved an agreement with Ayala Land to jointly build a township on a 21 ha site in Makati City, Philippines. PRCI would contribute its property in Makati City while Ayala would secure all the necessary permits at all stages of the development and develop the property into a new township that consist of residential, commercial, retail and entertainment outfits. PRCI’s share is estimated to be about 18% of the total sales unit. Gross development value of the proposed project is estimated to be worth RM4.85bn. (StarBiz)
Italian firm Galperti to set up plant in Iskandar
Italian-based Galperti Group is set to open a manufacturing plant in the Setia Business Park in Iskandar Malaysia, a project by SP Setia, as part of the company's expansion plan into Asia. Galperti Manufacturing Malaysia SB is a subsidiary of the Galperti Group Italy, a market leader in the manufacturing of forged components for the oil and gas industries, in addition to chemical and petrochemical plants. The two-storey building spanning 2.6 ha, is an office and manufacturing facility valued at RM60m that is scheduled to begin operations in 2012. (BT)
Sime Darby Motors to expand further in China
Sime Darby Motors is planning for rapid growth of its dealership network in China, the world’s largest automotive market, this year. The company would expand the number of its vehicle outlets from 14 to 20 in the short term within both first- and second-tier cities in China. The higher capital expenditure will be funded by a combination of internally generated funds and external borrowings. Sime Darby Motors is Sime Darby’s largest revenue contributor and third largest pre-tax profit contributor. (StarBiz)
Utilities: Selangor confident of solving water issue. The Selangor government is confident that it will be able to solve issues pertaining the restructuring of the state's water industry through discussions with the Federal government as stipulated under the Water Services Industry Act 2006. (Source: The Star)
Property: Residential property boom in Johor Baru. The prices of residential properties have risen by an average of 40% since 2006, in a city which used to suffer from an overhang of properties. Property owners and buyers can expect property prices in Johor Baru to rise by a further 10-20% by end of 2011, on increased costs alone. (Source: Business Times)
Construction: Three names submitted for Gemas-JB rail job. The Chinese government is understood to have nominated three companies to partner local outfits in bidding for the RM7b Gemas-Johor Baru double-tracking project. The companies include China Railway Engineering Corp (CREC) and China Raiway Construction Corp Ltd. The 3rd company is understood to be partnering Tan Sri Tan Kay Hock, who controls Johan Holdings Bhd and George Kent (M) Bhd. (Source: The Edge Financial Weekly)
The board of EON Capital (EON Cap) has accepted the RM5.06bn takeover bid by Hong Leong Bank (HLB), capping a 16-month battle to create the country’s fourth-largest bank by assets. It also proposed a surprise net interim dividend of RM312m, or RM0.45 per share, in addition to the offer price. EON Cap also said that the net liabilities at EON Cap at company level shall not exceed RM14.1m as at the offer’s completion date. (StarBiz)
AirAsia to re-impose fuel surcharge starting 3 May
AirAsia has finally succumbed to the pressure of persisting high fuel prices and will re-introduce fuel surcharge ranging from RM10 to RM30 per flight after having abolished its fuel surcharge policy in late 2008. The surcharge would be imposed starting 3 May 2011 for all domestic and international routes. (StarBiz)
Deal likely between Federal Government and Sarawak on Bakun Dam tariffs
The Federal and Sarawak Governments are believed to have to have struck an agreement on power tariffs for the Bakun Dam project early last week, sources said. According to the source, the rate is likely between the state utility firm Sarawak Energy’s offer for a starting tariff of six sen per kilowatt hour and the request from Sarawak Hidro SB, the owner and developer of the Bakun Dam, for around seven sen per kilowatt hour. This places the valuation of the RM7.46bn Bakun Dam project at RM6bn to RM8bn. (StarBiz)
Multi-Purpose unit to develop township in Phillipines
Shareholders of Philippine Racing Club (PRCI), a 33% owned unit of Multi-Purpose Holdings (MPHB), have approved an agreement with Ayala Land to jointly build a township on a 21 ha site in Makati City, Philippines. PRCI would contribute its property in Makati City while Ayala would secure all the necessary permits at all stages of the development and develop the property into a new township that consist of residential, commercial, retail and entertainment outfits. PRCI’s share is estimated to be about 18% of the total sales unit. Gross development value of the proposed project is estimated to be worth RM4.85bn. (StarBiz)
Italian firm Galperti to set up plant in Iskandar
Italian-based Galperti Group is set to open a manufacturing plant in the Setia Business Park in Iskandar Malaysia, a project by SP Setia, as part of the company's expansion plan into Asia. Galperti Manufacturing Malaysia SB is a subsidiary of the Galperti Group Italy, a market leader in the manufacturing of forged components for the oil and gas industries, in addition to chemical and petrochemical plants. The two-storey building spanning 2.6 ha, is an office and manufacturing facility valued at RM60m that is scheduled to begin operations in 2012. (BT)
Sime Darby Motors to expand further in China
Sime Darby Motors is planning for rapid growth of its dealership network in China, the world’s largest automotive market, this year. The company would expand the number of its vehicle outlets from 14 to 20 in the short term within both first- and second-tier cities in China. The higher capital expenditure will be funded by a combination of internally generated funds and external borrowings. Sime Darby Motors is Sime Darby’s largest revenue contributor and third largest pre-tax profit contributor. (StarBiz)
Utilities: Selangor confident of solving water issue. The Selangor government is confident that it will be able to solve issues pertaining the restructuring of the state's water industry through discussions with the Federal government as stipulated under the Water Services Industry Act 2006. (Source: The Star)
Property: Residential property boom in Johor Baru. The prices of residential properties have risen by an average of 40% since 2006, in a city which used to suffer from an overhang of properties. Property owners and buyers can expect property prices in Johor Baru to rise by a further 10-20% by end of 2011, on increased costs alone. (Source: Business Times)
Construction: Three names submitted for Gemas-JB rail job. The Chinese government is understood to have nominated three companies to partner local outfits in bidding for the RM7b Gemas-Johor Baru double-tracking project. The companies include China Railway Engineering Corp (CREC) and China Raiway Construction Corp Ltd. The 3rd company is understood to be partnering Tan Sri Tan Kay Hock, who controls Johan Holdings Bhd and George Kent (M) Bhd. (Source: The Edge Financial Weekly)
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