KLCI chart reading :
correction range bound upside biased.
Bumi Armada plans to raise up to USD800m from IPO
Malaysian-based international offshore oil field services contractor Bumi Armada hopes to raise between USD700m and USD800m from its IPO plan. Its CEO, Hassan Basma, said it was now ranked number eight in world, looking at the number of floating production, storage and offloading (FSPO) vessels it operates. With the new FSPO that is going to start operation in August, he said Bumi Armada would make it to number six in the ranking. He mentioned that the IPO approval from the Securities Commission is expected sometime by the mid-June, and hopes to start producing the prospectus by end of the month. (Starbiz)
ADCB may sell stake in RHBCap to Aabar
Abu Dhabi Commerical Bank (ADCB), a bank partly owned by the Emirate’s government, is mulling the sale of its 25% stake in RHBCap to Aabar Investments. The bank told the Abu Dhabi bourse yesterday that it received the approval from Bank Negara to proceed with talks with Aabar on the matter. Aabar is majority owned by the Abu Dhabi government investment vehicle, International Petroleum Investment Corp. (BT)
Mutiara eyes RM1.2bn project along Jalan Sultan Ismail
Property developer Mutiara Goodyear Development is planning an estimated RM1.2bn commercial and residential project on the prime land it is acquiring from UDA Holdings. The 1.4ha freehold site near Sheraton Imperial Hotel along Jalan Sultan Ismail here is valued at RM215.5m. Mutiara executive chairman Hamidon Abdullah said the developer planned to build offices and apartments at a cost of some RM800m. (Financial Daily)
United U-Li selling three subsidiaries to French firm for RM200m
United U-Li Corp, a manufacturer of cable support systems and light fittings, is selling all its shares in three subsidiaries for RM200m to Legrand France, SA. The group was selling its entire stakes in United U-Li (M) SB, United U-Li Steel Service Centre SB and Cable-Tray Industries (M) SB. Managing director Datuk James Lee Yoon Wah mentioned that the group was selling three of seven subsidiaries and the sales only involved the businesses and machinery of the companies. (Starbiz)
HELP, Naza jointly set up auto college
HELP International Corporation and Naza Education SB have set up a joint venture company, Symphony Haven SB, to establish and operate a college that specializes in offering courses in automotive and transportation management. HELP said the focus would initially be on Malaysia, with a view to expanding to Asean countries. “The establishment of this automotive college is part of HELP's diversification plans to offer technical and vocational training for the nation,” it added. Both parties would share the responsibility of jointly establishing the joint venture, with each having a 50% equity shareholding. (StarBiz)
Gadang unit wins RM24m contract
Gadang Holding’s subsidiary Gadang Engineering (M) SB has received a contract worth RM23.9m from Syarikat Prasarana Negara to undertake civil construction at the Sungai Buloh Depot in relation to the Klang Valley mass rapid transport project. Gadang Engineering had accepted a letter of acceptance from SPNB to undertake the project, and that the contract was to be completed within eight months. (Starbiz)
Olympia sells Johor land for RM80m
Olympia Industries is disposing of 15.25 ha of freehold land in Johor Baru for RM80m cash to Adawan Development SB in order to reduce its debts. It said that the land was acquired in December 1989 and was an unconverted development land zoned for residential and commercial use located about 5km north-east of the Johor Baru city centre. The group said the land was one of several earmarked assets which had been identified as a significant divestment asset subsequent to the implementation of Olympia Industries’ restructuring scheme to meet its obligations under the said scheme. (Starbiz)
Singapore ready to sell more electricity to Malaysia
Singapore has signalled willingness to let its power generating firms sell electricity to neighbouring Malaysia but has not received any request to extend supply beyond 15 June. “In response to Tenaga Nasional's request, the Energy Market Authority (EMA) granted the approval for PowerSeraya Ltd to export electricity to Malaysia till 15 June 2011,” EMA said on Friday in reply to a Reuters query. (Starbiz)
PJI subsidiary bags RM10.6m sub-contract from UEM
PJI Holdings’ wholly-owned subsidiary P.J. Indah SB has secured a sub-contract worth RM10.6m from UEM Construction SB. The sub-contract is for the supply, install, testing and commissioning and maintenance of fire protection services at the main terminal building of the KL International Airport. PJI said its wholly-owned subsidiary will offer the services at Sectors S1, S2 and S3 of KLIA for a period of 43 weeks with the completion due 14 Feb 2012. (Starbiz)
PChem: Plans production ramp-up. Petronas Chemicals Group Bhd is going all out to grab a bigger market share of the world's petrochemical products. With this in mind, it also aims to become the third largest revenue contributor to parent Petroliam Nasional Bhd (Petronas) in the long term. (Source: Business Times)
E&O: Shareholding changes in the works at E&O. Eastern & Oriental Bhd (E&O) is likely to see some changes in its shareholding, which could even lead to a new name appearing at the helm of the company. It is learnt that some of the major shareholders are prepared to exit the company. (Source: The Edge Financial Weekly)
Petra Energy: To undertake private placement. Petra Energy Bhd may see a new shareholder as it is set to place out a 10% stake in the company as part of its fundraising efforts. (Source: The Edge Financial Weekly)
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