KLCI chart reading :
side way range bound little upside biased.
MPHB a surprise RAPID winner
While oil and gas (O&G) companies are already identified as prime beneficiaries of the USD20bn (RM60.8bn) Refinery and Petrochemicals Integrated Development (RAPID) in Pengerang Johor, a surprise winner arising from the project is Multi-Purpose Holdings Bhd (MPHB). MPHB, which is undergoing a makeover to become a pure number forecast operator (NFO), has 4.641.3 acres of plantation in Pengerang with some portions fronting the sea. The land is said to be next to the site where the various RAPID projects are to be located. (Financial Daily)
Bland puts to reset concerns on RM711m bond redemption
The speculation on Berjaya Land Bhd (Bland) undertaking a massive restructuring to redeem a RM711m bond issue was put to rest on Monday when the company announced that it had deposited the required sum into a reserve account, fulfilling its obligation to bondholders. The amount was due on 15 August this year, which means Bland is ahead of schedule to redeem the five year debt paper issued in 2006.(Financial Daily)
Latexx shareholders denied exit opportunity, lose money
Shareholders of Latexx Partners Bhd must be wondering what went wrong with the takeover deal of the company.On Monday, Latexx shares plummeted by 10% after the company said the deal was aborted. Monday's closing price of RM2.40 is also a significant drop from the indicative offer price of RM3.10 that was stated on Jan 31 when the company received a conditional offer to buy out its assets. But in explaining why the deal was aborted, Latexx only said the parties could not agree on the terms of the deal. (StarBiz)
Billionaire Syed Mokhtar to list three of his MMC units worth RM13bn
MMC Corp Bhd, a company owned by billionaire Tan Sri Syed Mokhtar Al-Bukhary, will spin off three of its subsidiaries worth a total of RM13bn for a listing either this or next year. Group managing director Datuk Hasni Harun said the corporate exercise would likely see Gas Malaysia Sdn Bhd listed first followed by the re-listing of Malakoff Bhd and Johor Port Bhd.“We are planning to unlock value via possible listing of our stable of companies,” Hasni said reporters after its AGM yesterday. He said MMC was currently conducting financial and technical due diligence to get the go-ahead from the board of directors. (StarBiz)
Consumer: Price of RON95 petrol will be reviewed in June. The prices of all petroleum products, including RON95 petrol, will be reviewed in June. The price revision, to be conducted by the ministry and other agencies such as the finance ministry and the Performance Management & Delivery Unit (Pemandu), would determine whether the prices would be maintained or increased, depending on the government's subsidies. (Source: The Star)
Consumer: Super Subsidy for diesel to be abolished from June 1. The government will abolish the super subsidy for diesel given to nine types of commercial vehicles including limousine taxies, effective June 1. All the nine listed vehicles would no longer be allowed to purchase fuel at a subsidized price of RM1.48 per litre, but purchase at a higher subsidized price of RM1.80 per litre instead. (Source: The Malaysian Reserve)
Shipping: Dry bulk, container shipping rates firm up. Global dry bulk and container shipping freight rates are expected to firm up further this year buoyed by the increase in demand and bunker fuel prices. (Source: The Star)
FDI: Invest Malaysia attracts 201 US investors. A total of 201 US brokers, bankers, index providers, multinational companies and fund managers will participate in the inaugural Invest Malaysia New York 2011. (Source: The Edge Financial Daily)
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