Bumi Armada Bhd Pumps first Viet oil
Bumi Armada Bhd, an offshore oil field services provider, says its floating, production, storage and offloading (FPSO) vessel, Armada TGT 1, has achieved first oil for client Hoang Long Joint Operating Co (HLJOC) on Monday. This signifies the beginning of production at Te Giac Trang field offshore Vietnam. In a statement, Bumi Armada said Armada TGT 1 started production within 24 months after securing the contract. Under the contract, the FPSO will operate for HLJOC on the Te Giac Trang field for a fixed duration of seven years, with an option of another one year for up to 15 years. The job is being undertaken with its strategic alliance partner, Vietsovpetro, Bumi Armada chief executive officer Hassan Basma said. – Business Times
Tenaga Nasional Bhd Buying power from Rapidtech
Tenaga Nasional Bhd (TNB) is purchasing electricity for 21 years from Rapidtech System Sdn Bhd which uses empty fruit bunches as fuel, at RM18.4mil per year. Yesterday, TNB told Bursa it had signed the agreement to purchase the power which would be generated under the Small Renewable Energy Programme. –StarBiz
Building Materials Sector : Miti says imported hot-rolled coils not threatening steel industry
The Government has decided to terminate its investigation on the imports of hotrolled coils (HRC) into the country after determining that the imports did not threaten the domestic steel industry. The International Trade and Industry Ministry (Miti) said that the Government has completed the investigation and has made a preliminary determination that there was an increase in imports by 35.0% during the period of injury determination. However, it said the increase in imports had not caused or threatened to cause serious injury to the domestic industry. -StarBiz
Infrastructure Sector : MRT project to start by February 2012
The construction of the country’s largest infrastructure to date, MyRapid Transit (MRT) in the Klang Valley, will start by February next year. According to Abdul Malik Azman, the head of the MRT Procurement Department of Syarikat Prasarana Negara Bhd (Prasarana), the first two packages of the elevated civil works and another two packages for the stations are to be opened for tender in early September. There are 16 packages to be tendered out for the elevated civil works and stations. The packages are split between the open and bumiputera categories by way of five packages for the former and three packages for the latter for each work package. Twenty eight individual packages and JV companies have been pre-qualified for the 18 work packages (including two packages for the depots). However, Abdul Malik did not disclose the estimated value of the packages as Prasarana wants to get the best competitive pricing for each. He said that it is not necessarily the lowest bidder will get the project as Prasarana wants to look at other factors. –The Edge
Higher selling prices boost United Plantations’ 2Q net profit United Plantation’s Bhd net profit for the second quarter ended June 30, 2011 doubled to RM109.59m from RM54.26m a year earlier, due mainly to higher production and increase in selling prices. The revenue for the quarter rose to RM390.63m from RM233.53m in 2010. (The Edge)
Mudajaya clinches RM720m contract Mudajaya Corp Bhd has clinched a RM720m contract for the design and civil works for part of the Manjung power plant. Its unit had signed a subcontract with CMC Machipex Sdn Bhd for the detailed design and Construction of all civil works associated with the balance of plant component of Manjung No. 4 power plant project. (The Edge)
Ta Ann 2Q earnings surges to RM50.7m, declares 10 sen interim dividend Ta Ann Holdings Bhd’s net profit for the second quarter ended June 30, 2011 surged 678% to RM50.73m from RM7.48m a year earlier on higher selling prices for its products. The revenue for the quarter jumped 48% to RM278.51m from RM187.8m in 2010. (The Edge)
Prestariang gets RM28m govt job Prestariang Bhd has secured a RM28m contract from the Ministry of Higher Education to implement the 1Citizen Certification provide “IC Citizen” training and certification in all public and selected private higher learning institutions. Its wholly owned unit Prestariang Systems Sdn Bhd had accepted the letter of award from the Ministry for the contract. (The Edge)
JCY posts net loss RM31.8m in 3Q JCY International Bhd posted net loss RM31.86m in the third quarter ended June 30, 2011 compared to net profit RM55.59m a year earlier due mainly to higher raw material prices, inventory provision from a depreciating US dollar and slow moving stocks. The revenue for the quarter fell 17.8% to RM395.17m from RM480.79m a year ago. Loss per share was 1.56 sen compared with earnings per share of 2.72 sen. (The Edge)
Guocoland 4Q net profit increases 94.6% to RM22.34m Guocoland Bhd’s fourth quarter earnings rose 94.6% to RM22.34m from RM11.47m, boosted by higher share of results from associates and improved profit from its property development division. The revenue increased by nearly 95% to RM58.48m from RM30.02m while earnings per share were 3.33 sen versus 1.71 sen. It proposed dividend payment of 2.0 sen a share. (The Edge)
Sime Darby. said a court in Abu Dhabi had dismissed a case brought against its engineering unit by Emirates International Energy Services. (Bloomberg)
Petronas plans to invest RM15bn with partners to develop natural gas fields off Malaysia’s eastern coast in a move to help replenish the country’s shrinking energy reserves.
- The so-called North Malay Basin project aims to extract gas with high carbon dioxide content from nine discovered fields to help meet rising demand on Peninsular Malaysia. A 200km pipeline will be laid to transport the fuel to Kerteh. Petronas didn’t name its production-sharing partners for the project.
- The gas fields are located within Blocks PM301 and PM302 in the Bergading contract area, about 300km off the country’s peninsula. The investment will be undertaken on an “accelerated” basis, with the first delivery of 100m cubic feet of gas per day expected by early 2013, rising to 250m by 2015. (Bloomberg)
Tenaga Nasional is buying electricity from Rapidtech System Sdn Bhd for 21 years, which uses empty fruit bunches (EFB) as fuel, at RM18.4m per year. It signed the agreement to purchase the power which would be generated under the small renewable energy programme. (Financial daily)
The Australian government will oppose a Liberal-National Party coalition-supported antitrade Private Member's Bill on compulsory palm oil labeling as it would breach Australia's obligations under the World Trade Organisation. (Malaysian Reserve)
Sunway Bhd has allocated some RM400m for overseas expansion mainly in China, Singapore and India, says CFO Chong Chang Choong. RM300m has been set aside for the Tianjin Eco-City project in China while the rest will be for projects in Singapore and India. The Tianjin Eco-City project has an estimated gross development value (GDV) of RM5bn and is due to be launched in the middle of 2012. It will also be completed between five and seven years. (BT)
IJM Land is confident of a good 2011 despite a challenging year brought about by the global economic slowdown and European debt crisis. CEO/MD Datuk Soam Heng Choon said despite a slowdown in some areas such as the Kuala Lumpur City Centre and Mont Kiara, the property market is still resilient in other areas like Penang and Sandakan. "Property projects, which cost RM500k a unit, are still selling strong and the government's MRT project and the various economic transformation programmes will have strong spillover and multiplier effects in terms of property value and spending," he said. IJM Land, which is 67.1% owned by IJM Corp, will launch projects with a GDV of RM2bn and RM1bn in FY12-13. (BT)
Felda Global Ventures Holdings (FGV) posted a 25% rise in pre-tax profit to RM167.8m for the first half of 2011 from RM134m a year earlier. Turnover rose to RM1.98bn from RM1.57bn. Meanwhile, associate company Felda Holdings Bhd turned in a pre-tax profit of RM314m for the same period compared with RM363m a year earlier, Felda Global Group said. Felda Holdings’ revenue rose from RM6.9bn to RM8.9bn during the period. Felda Global Group president Datuk Sabri Ahmad said in the statement that he was confident the group would meet its profit targets. (Starbiz)
The Malaysian government has decided to terminate an investigation on the imports of hot rolled coils (HRC) into the country. The Ministry of International Trade and Industry said in a statement, "Pursuant to section 20 of the Safeguards Act 2006, the government has completed the investigation and has made a preliminary determination that there was an increase in imports by 35% during the period of injury determination. However, the increase in imports have not caused or threatened to cause serious injury to the domestic industry.“ (Bernama)
Kumpulan Jetson’s 70%-owned unit yesterday won a RM46.86m contract from Vinci Construction Grands Project, which is expected to boost earnings. (Financial Daily)
QL Resources is looking at selling biogas-generated electricity from its palm oil mill in Tawau, Sabah, under the feed-in tariff system for Malaysia’s renewable energy sector, which is due to be implemented in December. (Star Biz)
Silicon Valley-based solar photovoltaic (PV) cell manufacturer, Solexel plans to invest RM2.8bn over the next five years in a plant in Senai Hi-Tech Park, Iskandar Malaysia. (Star Biz)
Naza Quest, which distributes Chevrolet cars in Malaysia, expects sales this year to increase by threefold from 550 units last year mainly supported by brisk sales for its Chevrolet Captiva. (Malaysian Reserve)
Prestariang has won a RM40m four-year long contract from the Ministry of Higher Education Malaysia to provide licensed software and related value-added services to all public institutions of higher learning in the country. (Malaysian Reserve)
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