Kurnia Asia looking to dispose of insurance arm
Kurnia Asia Bhd is looking to dispose of its insurance business and has already attracted several interested parties, sources say. Its insurance arm, Kurnia Insurans (M) Bhd, is ranked among the top five players in the general insurance space, and interest in the business is not surprising, considering the slew of mergers and acquisitions (M&A) taking place in the industry. (The Edge Weekly)
Nizam Razak likely to surface at Petra Energy
As Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd steps towards a merger, something appears to be brewing at smaller integrated oil and gas (O&G) services provider, Petra Energy Bhd. Sources say Datuk Mohamed Nizam Razak, who is Prime Minister Datuk Seri Najib Razak’s younger brother, is set to emerge as a substantial shareholder in Petra Energy as the group undertakes a private placement. (The Star)
Hibiscus raises RM235m from IPO which is oversubscribed
Main Market-bound Hibiscus Petroleum Bhd has raised a total of RM235m from its initial public offering (IPO) and enjoyed 3.8 times oversubscription of its public portion of shares. However the public portion only represented a mere 3% of its IPO shares. The bulk of the IPO proceeds came from a placement of 265m new Hibiscus shares to selected investors, which raised a total of RM199m. The IPO price of Hibiscus shares is 75 sen per share. (The Star)
Maxis sees higher data segment revenue
Maxis Bhd expects to see a higher revenue contribution from its data segment in the coming years compared with the current 40%, given the rise in data use by its customers whether on smartphones or tablets. Chief Operating Officer Jean-Pascal Van Overbeke said Malaysians currently used data in every way that they can, even with a normal mobile phone. (Business Times)
Bursa reprimands Goodway
Bursa Malaysia Bhd has reprimanded Goodway Integrated Industries Bhd for its failure to announce to the bourse its annual audited financial statements together with the auditors' and directors' reports within a period of not more than four months from the close of its financial year. (The Star)
Century buys Indonesian IT firm
Century Software Holdings Bhd has signed a sale and purchase agreement to acquire a 60% stake in P.T. Praisindo Teknologi for RM4.35m. The stake will be acquired from Praisindo Teknologi's existing major shareholder, P.T. Mahaka Media Tbk, a listed entity on Jakarta Stock Exchange. The remaining 40% stake in Praisindo will be held by its management team. (The Star)
MAS to pay US$3.35m to US freight forwarders
Malaysian Airline System Bhd (MAS) is paying US$3.35m to some freight forwarders in the US to settle the air cargo litigation. MAS said on Friday, July 15 that it had on July 11 entered into a settlement agreement with the freight forwarders in the US. (The Edge)
Primus set to re-appeal
Primus (M) Sdn Bhd is seeking leave to appeal against the Court of Appeal's earlier decision which unanimously dismissed its two appeals with costs involving matters related to the RM5.06b disposal of the assets and liabilities of EON Capital Bhd (EON Cap) to Hong Leong Bank Bhd (HLB). The announcement was made by EON Cap yesterday to Bursa Malaysia. (The Star)
Maybank, Amex partner MAS to launch credit card for SMEs
Maybank, Malaysia Airlines and American Express have collaborated to launch a co-branded credit card - MAS American Express Business Card - dedicated to business travelers among the small- and medium-sized enterprises (SMEs). The latest addition to the Maybank and American Express family of cards is expected to attract 30,000 new members within three years. (Business Times)
UOA REIT 2Q net profit up 62% to RM10.68m
UOA Real Estate Investment Trust’s net profit rose 62% to RM10.68m in the second quarter ended June 30, 2011, from RM6.59m a year ago. It said on Friday, July 15, revenue increased by 88% to RM20.28m from RM10.78m. Earnings per share were 2.53 sen compared with 2.68 sen. (The Edge)
ACE Market-bound Inari posts net profit RM2.6m in 3Q
ACE Market-bound Inari Bhd posted net profit RM2.6m for the third quarter ended March 31, 2011 on the back of revenue RM35.8m. For the nine months ended March 31, the company’s net profit was RM14.7m on the back of revenue RM77m. (The Edge)
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