Thursday, July 21, 2011

20110721 1352 Malaysia Corporate Related News.

Growth forecast may be lowered
Malaysian Rating Corp Bhd (MARC) may revise downwards its gross domestic product (GDP) growth target of 5.3% for the country this year. “The GDP growth number we are looking at, for the second quarter of 2011, is between 3.5% and 4%. If that materialises, then the overall picture for this year is not as robust as I initially thought it would be. But we should still have a GDP growth of 4% to 5% (for the full year),” MARC chief economist Nor Zahidi Alias said on the sidelines of the company’s 2011 CEO Breakfast Forum yesterday. (Source: The Star)

Genting : Genting Group and partner Vina Capital have the Vietnamese government's permission to  reclaim 1,555 ha of land in the Thang Binh district, paving the way for a US$4bn (RM12bn)  recreational resort project with gambling facilities for foreigners, said a Vietnam news  report. Genting and its partner have 12 months to reclaim the area or risk losing the project  site. The project, which was reportedly granted an  investment certificate last December,  will also house five-star hotels, resort villas as well as up to 2,500 houses for sale or ret,  said VietNamNet report, citing information from the Quang Nam People's Committee.  (Financial Daily)

UDA Holdings : UDA Holdings is terminating the proposed sale of a piece of land in Jalan Sultan Ismail in  the heart of Kuala Lumpur for RM215.5m to Nadayu Properties. Nadayu, formerly known  as Mutiara Goodyear Development, said that its solicitors had received a letter from UDA  about the unsuccessful land deal. UDA said it was “unable to obtain the approval of UDA’s  shareholder” for the disposal of the 3.56 acres and intends to terminate the sale and  purchase agreement with Nadayu. “UDA has also proposed that all the obligations and  liabilities of the parties under the SPA shall cease to have effect and none of the parties  shall have any claim against the other for cost, damage, compensation or otherwise.  (Financial daily)  

KLCC Property : KLCC Property expects its latest commercial development Lot C, to contribute about  RM100m to group revenue in the coming financial year.  The office tower portion will be  taken up by Petronas and named Petronas Tower 3. Petronas is expected to move in early  2012.  The retail portion already has 22 tenants, and full occupancy is expected by  September 2011. (BT)

CI Holdings : CI Holdings were suspended yesterday and will remain suspended until tomorrow, on a  strong chance that the company will announce the sale of its unit, Permanis Sdn Bhd. The  company told Bursa Malaysia that the request for suspension of trading was due to an  impending material announcement in relation to a substantial transaction involving its  subsidiary. Speculation has been rife of late that Japan’s Asahi Group Holdings Ltd is  looking to buy Permanis, driving up CI Holdings’ share price to new highs last seen since  2000. (Starbiz)    

SEB : Sarawak is expected to sell up to 230 MW of electricity, via  Sarawak Energy Berhad (SEB), to West Kalimantan by mid-2014, said State Public Utilities Minister Datuk Amar  Awang Tengah Ali Hasan. Tengah, who is also Second Minister of Planning and Resource  Management, said construction of the new line would commence early next year using a new 275 Kv transmission line that would connect Mambong, near here, to Bengkayang in  West Kalimantan. “The interconnection provides Sarawak the platform to become a  powerhouse in the region and will allow Indonesia to capture massive savings compared to  the cost of the oil-fired power that is mainly used today,” he said in  a statement in  conjunction with the signing of a team sheet for a  power purchase exchange agreement  between SEB and PT PLN Persero (PLN), the Indonesian power utility. (Bernama)  

YTL Communications : YTL Communications will put together a business plan to secure licenses to rollout its 4G  mobile Internet-with-voice service Yes in Sabah and Sarawak. CEO Wing K. Lee said it  had received acknowledgement from the Government fro the required license to start  operations in the two states and had been requested to submit its business plan. However,  the company has not yet been assigned any apparatus assignment. YTL Comm is also  expanding its footprint in Johor this week and is on track to introduce its Android-based  applications. (StarBiz)  

CPO : Malaysia’s palm oil exports rose 5.4% in the first 20 days of July from the same period in  June, independent market surveyor Intertek said.  A total of 1,021,729 metric tons of the  commodity were tracked from July 1 to 20, versus 969,804 in the same period last month,  Intertek said in an e-mailed statement in Kuala Lumpur. (Bloomberg)    

CPO : Indonesia could cut its  crude palm oil  export tax to 15% in August from 20% in July  because of a drop in international prices, an industry source said. “We expect the tax to be  capped at 15% next month because the average price of CPO was US$1,090 (RM3,270)  in the first 20 days of July,” said the source. (Reuters)    

MAS : Tan Sri Dato’ Dr. Mohd. Munir bin Abdul Majid will stand down as Chairman of Malaysian  Airline System  Berhad when his current term expires on 31 July 2011. (MAS press  release)     It is up to Malaysia Airports Holdings (MAHB) to decide whether to install aerobridges at the second Kuala Lumpur International Airport (KLIA2), says Transport Minister Datuk Seri  Kong Cho Ha. Kong said the ministry has always tell the airport operator that the building  of any airport must be based on international best practices. He said KLIA2 would not only  be used by AirAsia but also other low-cost airlines. (Bernama, BT)  

TNB: TNB Integrated Learning Solution Sdn. Bhd. (ILSAS), a wholly owned subsidiary of  Tenaga Nasional Berhad (TNB) has signed a Memorandum of Understanding (MoU) with  Persatuan Usahawan Tenaga Malaysia (PUTM) for the sharing of technical expertise and  collaboration on technological innovations with the aim to elevate the expertise of  bumiputera entrepreneurs. The duration of the MoU is for the period of three years. The  collaboration between ILSAS-PUTM encompasses the skill, knowledge and professional  development of bumiputera vendors in Malaysia. ILSAS and PUTM will also work together  towards developing technology innovations, product  improvement and development of  training, leveraging on each other’s expertise. (BMSB)

Cypark :  Cypark Resources has obtained the green light from the Negeri Sembilan government to  develop three integrated renewable energy (RE) parks, including one in Pajam. "With the  three sites, Cypark is poised to deliver its 50MW within its three year RE project delivery  plan with potential concession revenue of above RM60m annually," Cypark Chairman and  Founder Tan Sri Razali Ismail said. Cypark plans to develop RE with total generating  capacity of 100MW by 2015. If the project is implemented in full, the 100MW green energy  is expected to generate additional revenue of up to RM130m annually. (Bernama)

Singapore LTA director roped in for Klang Valley MRT project
Marcus Karakashian, a director of the Singapore Land Transport Authority (LTA), has been roped in to help oversee the multi-billion ringgit Klang Valley mass rapid transit (MRT) project, sources indicate. Karakashian is a project director for the civil aspects of Singapore’s latest MRT extension project – Downtown Line stage 1 – currently under construction. (Financial Daily)

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