Monday, August 29, 2011

20110829 1024 Malaysia Corporate Related News.

The recent decline in  CIMB Group’s share price was due to selling by foreign  shareholders amid concerns of slower growth, according to its CEO, Datuk Seri Nazir  Razak. (Business Times)  

San Miguel Corp (SMC) plans to invest up to US$1bn (RM3bn) over three to five years to  upgrade a Port Dickson oil refinery it is buying from ExxonMobil Corp.
• Recently, SMC signed a deal to buy ExxonMobil’s Malaysia business. The deal costs  SMC a total of RM1.8bn and is expected to take six  months to complete. (Business  Times)  

Bintulu Port has engaged KTA (Sarawak) to carry out a detailed design for the proposed  Samalaju Port, a crucial component of the SCORE to serve energy-intensive industries.  (Star Biz)  

Malaysia Airlines (MAS) confirmed it would proceed to join the oneworld alliance by the  middle of 2012 and will review its product offerings in the new A380 and A330 to ensure  “best in class” service as part of its drive to be a premium airline.
• With the combination of oneworld membership, ‘best-in-class’ product and the airline’s  world renowned service standards, MAS is confident that revenues and yields would  improve, and that 2012 would see a positive turnaround for the airlines finances.
• The impending oneworld membership will also lead to easier transfers, code-shares,  joint ventures and greater route access amongst alliance partners, as well as benefit  passengers in terms of miles points, lounge and other rewards”. (Malaysian Insider)  

WTK expects the average price of Sarawak’s round-log, which surged more than 50% in  the first half of this year to remain firm due to tight supply as production has fallen  significantly. (Star Biz)  

Malaysian Biotechnology Corp is working with other government agencies and industry  players to draft a biomass initiative which will ensure that the industry has sufficient raw  materials.
• BiotechCorp is working at enhancing the ‘bioeconomy’ in terms of the policy on biofuel  as well as the strategy on industrial biotechnology and agro-biotech. (Star Biz)  

The  Government of Singapore Investment Corporation (GIC) has emerged as a  substantial shareholder in Parkson Holdings with a 5.03% stake. (Financial Daily)

Sime Darby agrees to acquire 30% of E&O
Sime Darby has agreed to buy 30% of Eastern & Oriental (E&O), a developer with large projects on Penang island, sources said. Sime will buy the shares from two parties, believed to be GK Goh Holdings and Puan Sri Nik Anida, the wife of Tan Sri Wan Azmi Wan Hamzah. Based on the latest Bursa Malaysia filings, Nik Anida has an indirect stake of 11.86% while GK Goh Holdings holds another 11.23%. Sources said E&O will also issue new shares to Sime. (BT)

Pan Malaysia receives takeover offer from consortium
Pan Malaysia Industries Bhd (PMI) told Bursa Malaysia on Friday that it had received an unconditional takeover offer from a consortium of three companies at a cash offer price of 4.5 sen for each offer share. The joint offerors – comprising Soo Lay Holdings SB, and Hong Kong-incorporated Norcoss Ltd and Cherubim Investment (HK) Ltd – were looking at acquiring all the remaining 558m ordinary shares of five sen each in PMI. (StarBiz)

PPB banks on overseas operations
Diversified conglomerate PPB Group sees overseas business as the main driver of its future growth. “Our income rise is mainly due to the higher sales of flour in Indonesia and Vietnam,” said its managing director Tan Gee Sooi. He said PPB is looking at increasing the production capacity of its flour mills in Indonesia and Vietnam by 100%. (BT)

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