KLCI chart reading :
side way range bound downside biased.
Maybank to make mandatory unconditional cash offer for Kim Eng
Malayan Banking is going ahead with its plan to undertake a mandatory unconditional cash offer to acquire all the ordinary shares of Kim Eng Holdings Ltd at a price of SGD3.10 per share. Maybank said on Thursday, 5 May the pre-condition to the making of the offer was to satisfy certain key conditions in the sale and purchase agreements with Ronald Anthony Ooi Thean Yat and Yuanta Securities Asia Financial Services Ltd, to acquire 15.4% and 29.2% stakes respectively in Kim Eng. “The acquisition was conditional upon the satisfaction of the Key Conditions, including, amongst others, obtaining approvals from Bank Negara Malaysia and the Monetary Authority of Singapore. Maybank expects completion of the acquisition to take place next week,” it said. In addition to the acquisition, Maybank, had via Maybank Investment Bank Holdings, acquired a further 5.6% stake in Kim Eng from the market on 7 Jan, 2011 and 10 Jan, 2011. (Financial Daily)
TNB subsidiary to man hydro plant in Pakistan
TNB Repair and Maintenance SB (TNB Remaco), a wholly-owned subsidiary of Tenaga Nasional (TNB), is expected to complete a deal to operate and maintain an 84MW hydro power plant in Pakistan soon. The value of the project, however, could not be disclosed now, TNB Remaco chief operating officer Anuar Yusoff told reporters at a media retreat here recently. TNB Remaco is principally engaged in providing repair and maintenance; operation and maintenance and project consultancy services in the power as well as oil and gas sectors. While its main customer is TNB and its related companies in Malaysia, TNB Remaco has made major inroads in Pakistan and Saudi Arabia. In Pakistan, TNB Remaco was operating and maintaining two power plant projects a 235MW combined cycle power plant and the 225MW diesel-engine power plant. Besides the upcoming hydro power plant project, which would be commercially operational by 2013, there was also a 200MW diesel-engine power plant project in Faisalabad in the pipeline. The latter was expected to be commercially operational next year. (StarBiz)
EONCap: Takeover offer pending completion
EON Capital Bhd (EONCap) has secured the last two regulatory approvals it needs to proceed with its RM5.06 bn takeover by Hong Leong Bank Bhd. Bank Negara Malaysia yesterday approved its plan for a RM311.9m dividend payout, and a day earlier, the Securities Commission gave the go-ahead for a proposed change in shareholding of EONCap's investment bank, MIMB Investment Bank Bhd. "As such, the (takeover) offer has become unconditional and it is now pending completion," EONCap said in a stock exchange filing yesterday. It also said that its shareholder Primus (Malaysia) SB's appeal against a recent court ruling that the offer is legal has been fixed for case management on 31 May 2011. (Financial Daily)
Pos Malaysia views Tricubes email plan as threat
Pos Malaysia views Tricube’s venture to send government notices via email as a threat. Pos Malaysia said on 5 May it will engage with Performance Management & Delivery Unit and Malaysian Administrative Modernisation and Management Planning Unit (MAMPU) to understand the myemail project. Pos Malaysia said it would explore ways how it could participate in the project. “We know that this will be a significant threat to the physical mail business,” said Pos Malaysia CEO and group managing director Datuk Syed Faiusal Albar. He said that government mail amounted to RM20m of its annual revenue. Tricubes was appointed by MAMPU to implement the 1Malaysia Email project. (Financial Daily)
GAB’s Q3 net profit at RM49m
Guiness Anchor Bhd’s (GAB) net profit rose 5% to RM48.9m for the 3Q ended 31 March, against RM46.7m posted a year earlier, mainly due to supply chain efficiencies. Revenue for the quarter however was lower at RM351.9m compared with RM370.8m posted previously. GAB said the decline in revenue was mainly due to an earlier Chinese New Year. Earnings per share (EPS) for the quarter stood at 16.21 sen versus 15.45 sen posted a year ago. (StarBiz)-
Pantech plans RM250m investment
Pantech Group Holdings will invest up to RM250m over the next 5 years to develop its 26-acre land in Pasir Gudang, Johor as part of its plans to boost its manufacturing capability. The allocation will be used for the construction of a new corporate building at the site as well as to streamline manufacturing, warehousing and trading activities for the company, Pantech executive chairman and group managing director Datuk Jimmy Chew told the reporters. From the amount, he said the company has already invested RM100m into the setting up the new factory of its subsidiary, Pantech Stainless Steel and Alloy Industries SB (PSA), at the same site. (Malaysian Reserve)
F&N Q2 net profit up 55% to RM132m
Fraser & Neave Holdings Bhd’s (F&N) net profit for the 2Q ended 31 March increased by 54.9% to RM132m against corresponding quarter due positive performance in soft drinks division. The surge also came from the realisation of profit from the remaining properties in Fraser Business Park FBP via the divestment of Brampton Holdings SB with net cash inflow of RM36.3m. Brampton was a wholly-owned subsidiary of F&N which carried out the development of FBP. Revenue for the quarter under review was also up to RM1b from RM872.1m a year ago while earnings per share jumped to 36.8 sen from 23.9 sen last year. For the first six months of its current financial year, F&N’s net profit was up to RM2.03bn from RM1.8bn in the previous corresponding period. Revenue for the first half crossed the RM2bn from RM1.7bn a year ago. F&N recommended an interim single tier dividend of 20 sen per share and additionally a special interim dividend of 15 sen per share. For both of the proposed dividends, the ex-date and entitlement date would be on 5 July and 7 July. (StarBiz)
EPF to buy Rubber Research Institute land for RM3bn
The acquisition of the 3,000 acres of Rubber Research Institute Malaysia (RRIM) land in Sungai Buloh is expected to cost RM3bn, sources said. The signing between the purchaser, the Employees Provident Fund (EPF), and the Government is expected to be held in the near future, the sources said, adding that the development project would be carried out for the next 10 to 15 years. According to the sources, the EPF will have a master plan where it will allocate a few parcels and allow property developers to bid for those parcels; some parcels will be operated on a joint-venture basis while others may be sold outright via bids. The EPF has formed a company under Kwasa Land SB to be the master developer for the RRIM land in Sungai Buloh. (StarBiz)
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