KLCI chart reading :
side way range bound little downside biased.
Perodua confident of meeting sales target
Perusahaan Otomobil Kedua (Perodua), the country's largest carmaker, is confident of meeting its sales target of 195,000 units this year, as the supply of imported auto parts and paints is expected to be back to normal earlier than expected. The company also anticipates its upcoming new model, which is scheduled to be launched before September, to help achieve its sales target. "We expect our operations and the supply chain to be back to normal by end of July," said managing director Datuk Aminar Rashid Salleh at a media briefing yesterday. (BT)
O&G provider Bumi Armada to raise RM3bn from IPO
Malaysian oil and gas support services provider Bumi Armada plans to raise nearly USD1bn (RM2.97bn) from its IPO, the next largest offer in Malaysia since the listing of Petronas Chemicals Group (RM2.8bn) last year, according to a Reuters report. In the report quoting a banking source, it said the IPO values the company at about 20 times price-earnings for its 2011 earnings, and 16 times for 2012. Bumi Armada was expected to file a draft prospectus with the Malaysian regulators this week for an IPO of around USD80m, according to the report. (Malaysian Reserve)
Dialog Axiata in JV to provide BPO services in Sri Lanka
Axiata Group’s subsidiary Dialog Axiata PLC is teaming up with India’s Firstsource Solutions Ltd (FSL) to provide information technology enabled (ITES) and business process outsourcing (BPO) services in Sri Lanka and also to the international market. Axiata said on 4 May, Dialog Axiata and the latter’s unit Dialog Business Services (Private) Ltd had entered into a shareholders’ agreement with FSL on Tuesday. It said the JV with FSL also complemented Dialog’s own contact centre operation. (Financial Daily)
Tricubes guarantees MavCap 15% IRR for RCPS
Tricubes provided further clarification yesterday on Malaysia Venture Capital Management’s (MavCap) funding on its national email project. In a filling with Bursa Malaysia yesterday, Tricubes said MavCap had subscribed for 400,000 redeemable convertible preference shares (RCPS) in its wholly owned subsidiary, Tam Tam SB, of 10 sen each with a premium of RM13.65 each, for a total consideration of RM5.5m. It said the RCPS is the most efficient method to raise funds for its urgent working capital needs and carries the interest at a cumulative Investment of Rate of Return (IRR) of 15% per annum. (Financial Daily)
Mutiara Goodyear-Tambun Indah JV to develop Penang land
Mutiara Goodyear development, via its wholly owned subsidiary Pembangunan Bandar Mutiara (PBM), has entered into a JV with Tambun Indah to develop a 213ha land in Seberang Prai. In a statement yesterday, Mutiara Goodyear said the JV would be carried out through Palmington SB which is 40:60 owned by PBM and Tambun Indah respectively. Mutiara Goodyear had acquired 40% and 60% stakes in Palmington for RM2.34m and RM3.51m yesterday. (Financial Daily)
MISC to sell older container vessels
National carrier MISC is looking to sell three of its smaller container vessels, Bunga Delima, Bidara Bunga and Bunga Kenari, with each having a 1,200 TEU (20-foot equivalent unit) carrying a capacity, according to reports. Another vessel, a sistership to the three, the Bunga Terasek, is understood to be laid up, but is not part of the sale. All the vessels are about 20 years old. News on the potential sale has been reported in international shipping publications. (Financial Daily)
Donghwa decides not to buy Heveaboard’s assets
Donghwa Malaysia SB has decided not to pursue its proposed acquisition of Heveaboard. Heveaboard said Donghwa had indicated in a letter that it decided not to pursue the proposed acquisition after Heveaboard imposed certain conditions following its request for an extension of time to complete the preliminary due diligence. “Following this, the earnest deposit shall be refunded to Donghwa,” said Heveaboard. (Financial Daily)
SunREIT: Metroplex sues SunREIT Manager, Trustee. Metroplex Holdings Sdn Bhd, former owner of Putra Place has filed a summons-in-chambers against Sunway REIT Management and OSK Trustees as the sale of Putra Place by public auction has breached the National Land Code, 1965. (Source: The Edge Financial Daily)
TA Global: Mulls setting up REIT for hotels. TA Global Bhd may consider setting up a hospitality real estate investment trust (REIT) to unlock the value of its hotel assets that are located in China, Singapore, Australia and Canada which have a combined asset value of more than RM2b. (Source: The Star)
Plantation: MSM Malaysia to raise RM900m. MSM Malaysia Holdings Bhd, the sugar refining arm of state-owned Felda Global Ventures Holdings Sdn Bhd, plans to sell as many as 234.6m shares through an initial public offering (IPO) in Kuala Lumpur, raising as much as RM900m. (Source: Business Times)
7 shortlisted for Vale mega project
Brazil's Vale International, the world's second largest mining company, has shortlisted as many as seven Malaysian companies to undertake the first phase of a USD2.5bn (RM7.45bn) infrastructure development project in Perak. People involved in the tender process told Business Times that the seven companies shortlisted for the first phase work are required to submit a detailed plan by next week. It is understood that Muhibbah Engineering, Gadang and Sunway Construction are among the seven companies that have been shortlisted. "All the submissions will have to be in by May 10," said a source. It is believed that the first phase will focus on earth works job, as well as the flattening of land in the area. The total cost for the earth work portion of the contract is estimated to be in the region of between RM200m and RM300m. (BT)
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