Tuesday, June 7, 2011

20110607 0950 Malaysia Corporate Related News.

KLCI chart reading :
correction range bound upside biased.

SP Setia and Ivory Properties in race to develop Bayan Mutiara land
It is learnt that SP Setia and Ivory Properties are the companies that have responded to the Penang state government's tender to develop the Bayan Mutiara land. The tender is part of the state government's efforts to raise funds. Sources said Ivory Properties had submitted the higher bid, for which the reserve price was reportedly set at RM200 per sq foot. The state government had asked for a request for proposal (RFP) to develop an initial 24.8ha, which is located south of the Penang Bridge and overlooking Pulau Jerejak. The RFP comes with the potential to develop an additional 14ha via a future reclamation after the development of the initial 24.8 ha. The deadline for the RFP of the project was set for 31 Dec 2010, it is learnt that the RFP had been recalled and interested parties were asked to re-submit their bids. (BT)

Khazanah said to list healthcare unit in 3 to 6 months
Khazanah plans to list its healthcare assets in three to six months, Singapore's Today newspaper reported without citing sources. According to the report, the offering is expected to raise more than SGD1bn (RM2.44bn) through the listing of its Parkway, Pantai and IMU units, which have all been placed under a new company called Parkway Pantai Ltd. (BT)

UEM still keen to sell its 45% stake in Time Engineering
UEM is still interested in selling its 45% stake in TIME Engineering worth approximately RM165m. Its MD-cum- CEO Datuk Izzadin Idris said it is evaluating all options, but has yet to receive any proposal. UEM has long mulled over divesting its TIME Engineering interest, which it sees as a non-core asset. (BT)

Sime budgets RM120m to RM130m per year for worker salary increases
In an unprecedented move, Sime Darby has increased the salaries of 37,000 of its estate and mill workers throughout the country, with each expected to earn an extra RM200 in basic salary effective 1 July. Sime has allocated RM120m to RM130m per year for this purpose. Sime will also gradually upgrade housing and other amenities for its plantation workers, with each estate allocated RM30m to RM35m. (Financial Daily)

Cyberjaya to see RM2.5bn development in 2011
Cyberview SB has RM2.52bn worth of developments in the pipeline in Cyberjaya for this year, which will be achieved through further land sales of enterprise, commercial, institutional and residential space. RM3.34bn was pumped into Cyberjaya last year via an influx of infrastructural and business investments, representing more than a third of the total investment value to date of RM9.25bn. (Malaysian Reserve)

MAS to review network after entry into alliance
Malaysia Airlines (MAS) will review its network following its entry into the oneworld alliance, the aviation alliance that includes British Airways and Qantas. MAS MD and CEO Tengku Datuk Seri Azmil Zahruddin said its planned entry into oneworld does not mean a termination of its current arrangements with non-oneworld airlines, although there will be a need to review it. It is due to fly as a member of Oneworld by 2013. (BT)

Aviation: Berjaya Air spreads its wings in JV deal with Lion Air. Berjaya Air Sdn Bhd, a subsidiary of Berjaya Land Bhd, has entered into a joint-venture (JV) agreement with PT Lion Mentari Airlines, the parent company of Indonesia's largest private carrier and Asia's first hybrid low-cost airline Lion Air, in a move to spread its wings into the lucrative Indonesian air travel market. (Source: The Malaysian Reserve)

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