Thursday, September 22, 2011

20110922 0939 Malaysia Corporate Related News.

Berjaya Sports Toto Bhd : Net profit jumps 44.0%
Berjaya Sports Toto Bhd (BToto) posted a 44.0% increase in net profit for its 1QFY12 ending July 31 to RM92.1mil from RM64.0mil a year ago. Revenue increased marginally by 1.3% to RM845.8mil from RM835.4mil last year. Earnings per share for the quarter were 6.89 sen compared with 4.78 sen last year.  In notes accompanying its financials, BToto said the increase in net profit was driven by higher pre-tax contributions from its foreign unit Berjaya Philippines Inc and principal subsidiary Sports Toto (M) Sdn Bhd. In terms of operational performance, Sports Toto, the group’s principal operating subsidiary, recorded a year-on-year increase in revenue and pre-tax profit of 0.3% and 14.1% respectively in 1Q, despite having fewer number draws in 1Q. BToto attributed the increase in pre-tax profit to a lower prize payout in 1Q. For 1Q, BToto declared its first interim single-tier exempt dividend of 8 sen per share. The entitlement date for the dividend has been fixed for Oct 10.
The first interim dividend amounts to about RM107.0mil, representing 116.2% of the group’s net profit. – The Edge

Malaysia Marine bids for jobs worth RM6bn
Malaysia Marine and Heavy Engineering (MHB), an indirect subsidiary of Petronas, has submitted bids worth between RM5 and RM6bn, says chairman Datuk Nasarudin Md Idris. "The bids are for engineering, procurement, construction, installation and commissioning and construction projects in the oil and gas industry, mostly in Malaysia," he said. MHB was listed on the Main Market of Bursa Malaysia in October last year. "They are now at various stages of being finalised. We have to replenish our order book and we are looking for more projects," he added. Nasarudin said the company's order book currently stood at about RM3.1bn, which would last until 2013. It is derived from upstream projects ranging from the central processing platform to the floating production system for both domestic and international markets. (Malaysian Reserve)

AZRB to build teaching hospital in Kuantan
Ahmad Zaki Resources (AZRB) has signed a 25-year concession agreement with the government to build a teaching hospital in Kuantan, Pahang. The deal marks the first hospital project to be developed under the government's private finance initiative programme. AZRB's unit Peninsular Medical SB inked the agreement with the Ministry of Higher Education (MOHE) and International Islamic University of Malaysia (IIUM) for the design, build, lease, maintenance and transfer of IIUM Teaching Hospital. "The project valued at RM412.6m will be built in Bandar Indera Mahkota, Kuantan, Pahang. The IIUM Teaching Hospital, with 300 beds for inpatients, has the capacity for 735 students," AZRB's chairman Raja Datuk Seri Aman Raja Haji Ahmad said. (BT)

Foreign suitors for Kurnia Insurans?
There were at least four foreign insurers, including two from the US, are among several parties believed to be close to making a bid for Kurnia Insurans (Malaysia) Bhd, according to industry sources. US-based Liberty International Holdings and Chartis Malaysia Insurance Bhd, whose parent AIG Inc was rescued by the US government in 2008, are believed to be vying for the stake owned by investment holding company, Kurnia Asia Bhd. Another potential suitor for the stake in the largest general insurer in the country is Insurance Australia Group Ltd (IAG), which holds a 49% stake in AmBank Group's general insurance arm, AmG Insurance. AmG Insurance is on the lookout for a sizeable insurer having failed to buy MAA Holdings Bhd's general insurance business arm after protracted negotiations. IAG sees a lot of potential in Malaysia and has intention to up its stake to 70% from 49% currently in AmG Insurance, the third largest motor insurer in the country. (BT)

BRDB eyes more govt jobs
Bandar Raya Developments (BRDB) is looking to participate in more government-linked property developments, as it looks to become a full-fledged property player, said its CEO Datuk Jagan Sabapathy. BRDB has put in a bid to participate in the Rubber Research Institute (RRI) land in Sungai Buloh as well as the Lever Brothers site in Bangsar. It is among parties that have been shortlisted to put in their proposals for the Lever Brothers land. BRDB also aims to deliver property developments worth RM1bn in gross development value (GDV) every year, starting from its year ending 31 Dec 2012. (StarBiz)

Formis gets RM54m job
Formis Resources’s unit has secured a RM53.75m contract from Fibrecomm Network SB for the next generation dense wavelength division multiplexing systems. In an announcement to Bursa, Formis said its unit, Formis Network Services SB, will supply engineering services, operation and maintenance of the NGDWDM systems, spares and accessories for the third route from Padang Besar to Menara Ansar in Johor Bahru for RM47.76m over five years starting 24 Aug 2011. (Financial Daily)

SapuraCrest and Kencana post healthy profits before merger under Integral Key
SapuraCrest and Kencana both posted healthy profit for their respective quarters. The two companies had earlier proposed to merge under a newco called Integral Key Bhd. Sapura posted a net profit of RM78.2m for the 2Q ended 31 July 2011, compared to RM53.3m y-o-y due to higher contribution from its business units in the country and abroad. Kencana on the other hand posted a net profit of RM223m compared to a net profit of RM136.2m y-o-y. Meanwhile, Sapuracrest Petroleum announced to Bursa yesterday to carry out a capital repayment exercise after the sale of all its assets and liabilities to Integral Key. (Malaysian Reserve)

New twist to E&O takeover
In a surprise move, ECM Libra Financial Group has proposed the nomination of two lawyers to Eastern & Oriental’s board. ECM Libra has emerged as a substantial shareholder of E&O in recent months. One of the two lawyers is a director of TA Enterprise. E&O said that on 14 Sept it received a notice of intention to nominate Mahadzir Azizan and Leong Kam Weng to its board. (Financial Daily)

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