Proton and Mitsubishi to collaborate on manufacturing
Proton and Mitsubishi Motors are close to signing a working agreement which will entail the Japanese automaker utilizing Proton’s production facility in Tanjung Malim, Perak, sources said. The tie-up is said to give Mitsubishi access to Proton’s plant in Tanjung Malim for export to the Asean region. Sources also said both car manufacturers are looking to form a JV company to manufacture small vehicles, although the precise shareholding structure is currently uncertain. Proton is believed to be taking up a controlling stake. (Financial Daily)
Proton Holdings’ global compact electric and hybrid car, Emas, could enter the market in two to three years, its chairman, Datuk Seri Mohd Nadzmi Mohd Salleh, said. Emas, short for Eco Mobility Advance Solution, is a plug-in electric vehicle (EV) or hybrid Range Extender Electric Vehicle (REEV). The compact car’s powertrain could include a turbocharged small engine of 1.2-litre capacity, or lower. Proton is currently fleet-testing the Exora REEV and Saga EV to assess their potential (BT)
Gas Malaysia plans 334m shares in IPO
MMC Corp’s subsidiary Gas Malaysia is offering 334.84m ordinary shares of RM0.50 each in its IPO. This represents 26% of the existing issued and paid-up share capital of the company. Its institutional offering would consist of 147.68m shares to be offered to bumiputra institutional and MITI investors and 155.8m shares to be offered to institutional and selected investors. The retail offering will consist of 4.66m shares to be offered to eligible directors and employees, and 25.68m shares to be offered to the public. (StarBiz)
Alstom signs 11-year contract with Malakoff
French engineering company Alstom has signed a 11-year long-term service agreement worth about EUR150m (RM633m) with Malakoff’s operations and maintenance company, Teknik Janakuasa SB (TJSB). The agreement covers all nine GT13E2 gas turbines and the scope includes the supply of new hot gas path components and provision of reconditioning services for all major inspections over the term of the contract. The contract follows an earlier 7-year service agreement with TJSB for the Lumut plant, which has been in operation since 2004. (Malaysian Reserve)
The current political and economic uncertainties may present opportunities in the future for the banking world, especially for Asian banks, and CIMB Group is looking to capture them. CIMB Group CEO, Datuk Seri Nazir Razak said with what has happened in the Middle East, within a year or so, it is going to be an exciting time to relook at the Middle East.
• Another region which Nazir said is a growth potential for Asian banks is the UK. The recent proposed changes to UK banks as announced in a Vicars report would make UK banks less competitive. (Financial Daily)
CIMB Group Holdings has reiterated that it is not looking to buy smaller rival RHB Capital at this time. "I don't think RHB is on the table at this time," chief executive officer Datuk Seri Nazir Razak told reporters. (BT)
Khazanah Nasional Bhd's divestment plan for its GLCs is on track, says managing director Tan Sri Azman Mokhtar. "We have identified the assets to be divested but the right timing is crucial," he said. Azman declined to say when further divestments would be made but explained that Khazanah had been divesting "in quite a disciplined way". "We have been divesting but plans can change. We need to be flexible and do this at the right time. We have to be fleet-footed," he said. (Starbiz)
Khazanah is waiting for more clarity on the financial and business model of AirAsia X before it agrees to acquire a 10% stake in the airline. Khazanah wants more clarity on AirAsia X’s plans, their timeline and how they want to evolve, when there will be an IPO and also on the business model. (Star Biz)
Khazanah has defended the collaboration agreement between MAS and AirAsia signed a month ago, calling the decision a “necessary” move. Managing director, Tan Sri Azman Mokhtar acknowledged that the collaboration was not sufficient on its own to turnaround MAS, but deemed it beneficial for both airlines.
• Azman cited route network, returns and management performance as areas of focus for the collaboration to bear fruit. (Star Biz)
A Malaysian Airlines (MAS) workers’ union, which had earlier threatened to picket over the airlines’ share swap deal has put the plan on hold until they are thoroughly briefed over the matter. The announcement came after a two-hour meeting between MAS Chairman Tan Sri Mohd Nor Yusof and the Malaysian Airlines System Employees’ Union (Maseu) which represents 15,000 of the company’s staff members. (Star Biz)
OSK Investment Bank stake in OSK Securities (Thailand) Public has risen to 97.28% upon acceptance by shareholders to its mandatory tender for all the remaining shares. (Malaysian Reserve)
Glomac 90%-owned subsidiary, Glomac Thailand has proposed to dispose its entire 49% equity interest comprising 15.1m shares held in Thai’s WHA Glomac Alliance to WHA Corp for approximately RM30.9m. The proposed disposal is expected to be completed by end of September 2011. (Malaysian Reserve)
Bandar Raya Development (BRDB) has received a letter of offer from its major shareholder Ambang Sehati to buy the former’s assets at the price to be determined later. Ambang Sehati is keen to buy the company’s prime asset Bangsar Shopping Complex, CapSquare Retail Centre in KL and Permas Jusco Mall in Johor. These properties carry a total value of RM942m based on a revaluation exercise that was carried out at endDecember 2010. (Financial Daily)
Reinsurer MNRB Holdings says it will continue to look for a suitable partner following the fallout of the stake sales of its subsidiary Takaful Ikhlas to composite insurer Allianz Malaysia. According to news report, MNRB was mulling disposing up to 49% of Takaful Ikhlas. (Malaysian Reserve)
Mamee-Double Decker has sealed a sponsorship agreement with English Premier League champions Manchester United. The agreement is to be signed this week and is expected to contribute to Mamee-Double Decker's global presence and to its export sales. Mamee-Double Decker expects to see export sales contribution improve to as much as 50% from some 30% currently over the next few years on the back of its sponsorship deal, said business development manager Vuitton Pang. "It is a three-year agreement with the English soccer club," he said. (Financial Daily)
BHPetrol is aiming to open between 8-10 new service stations every year with an annual investment of RM50m. There are 312 stations in Peninsular Malaysia but there was no plan in the pipeline to venture into Sabah and Sarawak at the moment. (Bernama)
Notion VTec is looking for interested parties to purchase the entire 70% equity interest it holds in Swiss Impression on an “as is where” basis. Due to the uncertainty of Swiss’s future financial performance as well as the challenging outlook and prospects of the industry in which Swiss operates in, the board of Notion has decided to dispose of Swiss. (Malaysian Reserve)
The Malay Mail announced a strategic change in its business model – from a free afternoon daily to a paid morning newspaper. The paid morning paper will be launched within the next few weeks. (Malaysian Reserve)
The Securities Commission (SC) is still reviewing circumstances surrounding Sime Darby's acquisition of a 30% stake in Eastern & Oriental (E&O). "We will make the announcement in due time. There is nothing to add," SC chairman Tan Sri Zarinah Anwar said. (BT).
No comments:
Post a Comment