Wednesday, May 4, 2011

20110504 1049 Malaysia Corporate Related News.

 KLCI chart reading : 
side way range bound littel downside biased.

Axiata: Dialog, Firstsource in JV. Sri Lanka-based Dialog Axiata, a subsidiary of Axiata, announced a business process outsourcing (BPO) joint venture with India's Firstsource Solutions. Firstsource Solutions and Dialog will hold a 74% and a 26% stake respectively in Dialog Business Services (DBS). The JV will manage Dialog's customer contact management operations across its mobile, fixed line, pay television and broadband businesses. (Source: Business Times)

EonCap: Restraining order unlikely by Primus as such move may result in legal suit by HLB. Primus Pacific Partners Ltd, which last week lost its legal case against EON Capital Bhd's (EON Cap) directors and shareholders, is unlikely to file a restraining order or injunction to stop the sale of EON Cap's assets to Hong Leong Bank Bhd (HLB) for fear of opening itself up to a legal suit. (Source: The Star)

MSM listing set to be sweetest IPO this year at RM2.5b
The price discovery process for the initial public offering (IPO) of MSN Malaysia Holdings Bhd, the Felda Group controlled sugar refiner, has yielded an indicative price of RM3.50 a share, according to people familiar with the exercise. The indicative price thus values MSM at about RM2.46bn (702:98 million shares), making it the largest IPO on Bursa Malaysia so far this year. The listing exercise is being managed by CIMB Investment Bank Bhd.(Malaysian Reserve)

Motor cover for all motorists with immediate effect
All general insurers must provide motor cover to all motorists including those “displaced vehicles” -- mainly comprising private vehicles exceeding 10 years old, Bank Negara Malaysia said. The central bank’s directive, issued on Tuesday, May 3 and coming into effect immediately, was also to ensure motorcycles currently underwritten by the Malaysian Motor Insurance Pool (MMIP) would be provided motor cover.(Financial Daily)

ADCB eyes 2 times book value for RHB stake
Abu Dhabi Commercial Bank is looking at two times book value, or about RM10 per share, for its 25% stake in RHB Capital Bhd, sources told StarBiz. RHB Capital, which closed at RM8.87 yesterday, is currently trading at about 1.7 times book value. “Looking at the interest so far, they may be able to get that price” a source opined. Of the 12 enquiries made, four or five were “very serious”, having put in their bids already, the sources added.(StarBiz)

KPS gets extension for Syabas deal
Kumpulan Perangsang Selangor Bhd (KPS) has been granted a further 18 months extension to acquire a 15% stake in Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) by Kumpulan Darul Ehsan Bhd (KDEB). In a filing with Bursa Malaysia yesterday, KPS said it had on 29 April entered into a supplemental agreement with KDEB to vary the terms of the share sale agreement. With the new agreement, the expiry of the put option granted to KPS by KDEB pursuant to the acquisition, was extended for a further 18 months Dec 30 Dec 2012 from 30 Jun 2011 .(StarBiz)

KPJ to raise RM500m for projects
KPJ Healthcare Bhd has launched its Islamic commercial papers/Islamic medium term notes (ICP/IMTN) programme to raise RM500m to finance hospital and healthcare projects. Affin Investment Bank Bhd has been appointed by Point Zone Sdn Bhd, wholly owned subsidiary of KPJ as principal adviser and lead arranger for the programme. (StarBiz)

Ramunia proposes capital revamp
Ramunia Holdings Bhd is proposing a capital reconstruction and a rights issue as part of its proposed regularization plan to uplift the company from its PN17 status. In its filing with Bursa Malaysia yesterday, the oil and gas service provider announced it s proposed regularization plan involving a reduction of its entire share premium account and the cancellation of 25 sen in the par value of the existing ordinary share of 50 sen each.(Financial Daily)

Sunway REIT records 3Q pre-tax profit of RM44m
Sunway Real Estate Investement Trust (Sunway REIT) posted a pre-tax profit of RM43.7m and a revenue of RM82.3m for the third quarter ended 31 March 2011. In a filing with Bursa Malaysia yesterday, the company said it registered a gross revenue of RM240.1m and a net property income of RM179m for year to date ended 31 March 2011.(Financial Daily)

TRC clinches RM45m naval contract
TRC Synergy Bhd, via its wholly-owned construction arm Trans Resources Corp Sdn Bhd, has clinched a RM45m construction arm contract from Boustead Penang Ship yard Sdn Bhd, adding its orderbook of RM1.3bn for the next three years. The company, in a statement, said the project entails the design, construction, outfitting, integration, testing and commissioning of submarine hanger and workshop facilities in relation to the Royal Malaysian Navy (RMN) contract of the in service support for two unites Scorpene class submarines.(Malaysian Reserve)

RM300m for green tech ventures
In order to drive the government’s green technology development agenda, Malaysia Debt Ventures Bhd (MDV) plans to disburse RM300m in loans over the next year for both start-ups and existing companies that produce green tech products, said managing director and CEO Md Zubir Ansori Yahaya. Speaking after the launch of MDV’s Green Technology Financing Programme here by Deputy Finance Minister Datuk Donald Lim Siang Chai yesterday, Zubir said three companies had applied for loans amounting to RM60m. (Financial Daily)

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