Friday, September 9, 2011

20110909 1031 Malaysia Corporate Related News.

DiGi to distribute RM509m proceeds
DiGi.Com will distribute to shareholders, via dividends or other such manner, “the excess proceeds” of about RM509m via its wholly owned unit DiGi Telecommunications SB. The move is to offset a potential drop in DiGi’s dividend payout as a result of group front-loading its capital expenditure over FY11 and FY12 ending 31 Dec. DiGi also announced a 1-into-10 stock split, expected to be completed in 4Q. (Financial Daily) Please see accompanying report

PM unveils 8 new projects worth RM1.4b under ETP
Prime Minister Datuk Seri Mohd Najib Razak announced yesterday eight new investment projects worth RM1.4bn in various sectors such as agriculture, education, aerospace, wholesale, retail and manufacturing. Among the 8 projects, KLK will invest RM706m to develop downstream sector of palm oil industry. (Malaysian Reserve)

KLK invests RM706m in plants and R&D centre
Kuala Lumpur Kepong is investing RM706m to develop oleo derivatives with the establishment of three new plants in the country and to set up a centralised research and development centre. The investment comes under one of the eight additional initiatives in the Economic Transformation Plan announced by Prime Minister Datuk Seri Najib Razak yesterday.(Financial Daily)

Syabas sues Selangor Govt for RM1bn
Puncak Niaga Holdings’ 70%-owned subsidiary, Syarikat Bekalan Air Selangor SB (Syabas), has instituted legal proceedings agains the Selangor state government for a sum of RM1.05bn. The company said the legal proceedings relate to compensation for the period from 1 Jan 2009, to 31 Mar 2011, from the state government under the terms of concession agreement dated 15 Dec 2004, between Syabas, the federal government and the state government. (Malaysian Reserve)

RCE strengthening loan business after Kowaja freeze
RCE Capital is focusing on strengthening its loan book after Koperasi Wawasan Pekerja-Pekerja ceased disbursing new personal loans sourced from RCE to its members between December last year and June 2011. “Right now, we are just purely looking at building the business,” RCE CEO Loh Kam Chuin told a press conference after the company’s AGM yesterday. (Financial Daily)

Ireka units acquires land for RM22m in Ulu Langat
Ireka Corp’s wholly owned subsidiary, Ireka Engineering & Construction SB, has proposed to acquire a parcel of freehold land in Ulu Langat, Selangor for RM22.4m from Borncity Development SB. The land, measuring 83,339.8sq m, is located within Bukit Angkat Industrial Zone and is intended for a gated and guarded mixed-use industrial development. (Financial Daily)

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