The Government is looking into the proposal to split Tenaga Nasional (TNB) into the three units of power distribution, generation and transmission. Speaking on the sidelines of a conference, Energy, Green Technology and Water Ministry secretary-general Datuk Loo Took Gee confirmed that the matter was “under study”. She declined to elaborate. “I think we need to be quiet and do our work well to present it to the market when we're ready,” Loo said when asked to comment on the matter. (Starbiz)
Market is abuzz with talk that SP Setia will be the next privatisation target of governmentlinked funds. According to unconfirmed sources, the property developer may be taken private near the current price of RM3.50 per share. Market observers speculate that one possible reason for taking SP Setia private is for PNB to use the developer as its main vehicle to consolidate its investments in various property companies. (Financial Daily)
Tun Dr Mahathir Mohamad threw his weight behind the controversial share swap deal between AirAsia and Malaysia Airlines (MAS) despite strong opposition from the rightwing Malay ground and MAS staff against Tan Sri Tony Fernandes’ involvement. The former prime minister said he was ‘fed up’ with MAS’ management over the years. The government had supported MAS with funds and protection but MAS had never done well.
• In contrast, he observed that AirAsia being a “newcomer” into the aviation industry had defied the odds and grown from a two-plane operation covering four routes into Asia’s biggest budget carrier. Dr Mahathir wants to see AirAsia’s management playing a role, indirectly or directly in the management of MAS. (Malaysian Insider)
In a departure from its earlier plans, MAS’ unit Firefly will be transformed into a short-haul premium airline while its domestic turboprop operations will run as usual, according to sources. Plans to set up a new airline dubbed Sapphire Air have been shelved against the backdrop of rising criticisms and protests. There will be two clear distinctions at MAS: longhaul premium and short-haul premium.
• The move to set up Sapphire Air received protests as some view it as ‘killing’ competition posed by Firefly especially after the airline ate into AirAsia’s market share. Even more so, it is understood that 80% of the national carrier’s workforce that may be transferred to Sapphire Air will not likely be represented by a union. (Financial Daily)
The acquisition of Menara Multi-Purpose from MPHB by the Malaysian Chinese Association (MCA) is a long-term investment for the party, said president Datuk Seri Chua Soi Lek. • He added that the MCA has "no more money to go for any other acquisitions".
• The MCA will have no problem funding the acquisition as the party has been the beneficiary of the dividends from Star Publications which is 42.4% owned by the MCA. (Financial Daily)
Telekom Malaysia launched its web-based map application, SmartMap, to the SME market. SmartMap, the first of its kind in Malaysia, combines TM's digital map with valuable business data which allows customers to perform geo-spatial analysis to support business decision-making. (Bernama)
Crude palm oil (CPO) futures on Bursa Malaysia Derivatives rebounded to close higher after falling to its lowest level in almost one year at RM2,905 per tonne on Monday. The benchmark CPO futures contract for December firmed RM47 to settle at RM2,982, November contracts rose RM41 to RM2,949 and October contracts added RM43 to RM2,948 per tonne respectively yesterday.
• In the short term, a trader said that prices would be supported by the widening CPO price discount of about US$250 to US$300 per tonne compared with soybean oil and rapeseed oil. “The current high CPO price discount will make it a more attractive alternative oil to purchase,” he said. (Starbiz)
India's infrastructure giant GMR will dispose of 30% of its Singapore energy unit GMR Energy (Singapore) Pte Ltd (GMRE) to Petronas International Corporation Ltd. The value of the transaction was not disclosed. GMRE is developing an 800MW combined cycle gas turbine power plant on Jurong Island for an estimated US$1bn. The plant is slated for commercial operations in 2013.
• "This acquisition marks Petronas's maiden foray into the international power market and is a major step in its effort to extend its existing integrated presence further along the energy value chain," said Datuk Anuar Ahmad, Executive Vice-President of Petronas Gas and power business. (Bernama)
The Court of Appeal upheld the decision of the High Court which had declared OSK Trustees Berhad as trustee for Sunway Real Estate Investment Trust (Sunreit) the legal owner of the commercial complex Putra Place. The court ordered Metroplex to pay RM200,000 in legal costs to OSK Trustees Berhad and Sunway Reit Management Sdn Bhd. The High Court also ordered Metroplex to deliver possession of Putra Place within 72 hours of the court order. (Bernama, The Star)
AMMB Holdings has signed a MoU with Australia and New Zealand Banking Group to introduce ANZ’s Signature Priority Banking service to AmBank and AmIslamic Bank’s affluent retail banking customers which is expected to be launched in the fourth quarter of 2011. (Financial Daily)
RHB Capital had RM5.9bn worth of shares changing hands in an off-market trade. Some 545.8m shares in the Malaysian lender traded at RM10.80 each. (Bloomberg)
Berjaya Corp’s application to list Bermaz Motor on Bursa Malaysia has been rejected by the SC due to a deficit in Bermaz’s net operating cashflows. BCorp said it will deliberate on the next course of action. Meanwhile, Tan Sri Vincent Tan has backtracked from asking for an exemption from the SC from an obligation to take BCorp private. (BT)
Bandar Raya Developments (BRDB) has received three offers from institutional investors for its key assets after its major shareholder had offered to buy them, company officials said. BRDB will call for a tender by the end of this year or early next year. "We can't disclose who the interested parties are as these are confidential matters.
• They are parties who invest in assets and securities," one of the officials said. BRDB on Monday announced that it had decided to scrap a deal to sell four key assets and related liabilities to a major shareholder, Ambang Sehati, for RM914m, and call for a tender instead. (BT)
Tune Hotels Group plans to invest about US$450m (RM1.42bn) over the next five years to establish 18 Tune Hotels in the country and 72 overseas. The Group is looking at Thailand, the Philippines and Indonesia and also targeting the United Kingdom, India, Australia and Europe. (Star Biz)
DHL International GmbH is exploring the possibility of using Proton's to-be-launched electric vehicle (EV) as its medium of transportation in Malaysia. DHL Asia Pacific business development vice-president Christopher Ong said the company has already initiated talks with the national carmarker. "We are still in discussion with them and hopefully we will be able to test one of their electrical vehicles, maybe early next year," he said. (Bernama, Financial Daily)
PLUS has received a request from the parties seeking to buy its assets for an extension of one month for them to complete the takeover. The extension request related to the finalisation of a revised concession agreement between the joint offerors and the Government. (Star Biz)
Yinson Holdings is looking to secure another FSO facility charter or a FPSO facility with the added capability of offshore oil production in another two to three years. Its first FSO will be delivered end of next year or early 2013.
• PTSC South East Asia Pte Ltd, the incorporated JV between Yinson (49%) and PetroVietnam Technical Services Corp (51%) signed two loan facility agreements with UOB Group and OCBC for a total loan of US$105m with a repayment period of seven years. (Financial Daily)
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