Friday, September 30, 2011

20110930 1056 Malaysia Corporate Related News.

PNB defended its conditional takeover offer for SP Setia at RM3.90 per share as "fair and  reasonable".  
• "We have considered this offer from various angles  such as market conditions, the  interest of all stakeholders, especially the minority shareholders," said PNB's group chief  executive Tan Sri Hamad Kama Piah Che Othman in a statement.  
• The statement also highlighted that its PNB's wish to work with the "current  management" to deliver value to the shareholders.  
• "This is a synergistic collaboration that blends the entrepreneurial spirit of SP Setia and  PNB's record as a strong and supportive long-term shareholder, which allows the  management to have an undivided focus on maximising shareholders' value," said  Hamad. (Financial Daily)    

RHB Capital has applied to the central bank to start merger talks with  OSK Holdings  Berhad. "The company has today submitted an application to Bank Negara Malaysia for  approval to commence negotiations with OSK Investment Bank, OSK Holdings and the  major shareholders of OSK Holdings in relation to the proposed merger negotiation," RHB  said. (BMSB)

Maybank  urged authorities to step up monitoring of personal loans, saying that it was  becoming a cause for concern. This comes as the nation’s household debt increased from  66.7% in 2004 to 76% in 2009, which is uncomfortably close to US levels prior to the 2008  financial crisis. Malaysians are facing increasing financial pressures as salaries have not kept up with inflation and many turn to personal loans and credit cards to help fund living  expenses. The size of the money lending industry is reflected by the extent of advertising  of personal loans, many with the interest rate of one per cent a month. “We need stronger  enforcement on personal loans,” said Maybank CEO Datuk Seri Abdul Wahid Omar.  
• He also suggested that non-bank lenders of personal loans should look at adopting  some of the same standards as the banks with regards to underwriting the loans.  
• The Maybank chief also expressed concern that there was “over-competition” in  Malaysia’s banking sector with banks being aggressive in pricing their loans to attract  customers. (Malaysian Insider)

Maybank sees its loan growth at 10% to 12% for the six months ending Dec 31, boosted  by the corporate segment. CEO Datuk Seri Abdul Wahid Omar hopes to see loan growth  exceeding the forecast industry average of about 11% for 2011 and also achieve ROE of  16% during the six-month period. (Star Biz)  

Sime Darby plans to appoint two or three directors to the board of Eastern and Oriental after the latter's AGM that will be held today, sources said.  The sources, however, could  not confirm the names of the directors. (Starbiz)  

The Malaysian Communications and Multimedia Commission (MCMC) released a new  Spectrum Plan 2011 that determines how to award  spectrum in the future, superceding  the earlier 2006 plan. It said spectrum could be awarded in three ways – auction, tender  and via fixed pricing and the allocation could be via spectrum assignment, apparatus  assignment and class assignment. This new plan would be used in the award of the  2.6GHz and 700MHz spectrum by the commission. The commission is in the final stages of  evaluating the award for the 2.6G spectrum where nine parties had submitted their  business proposals. It is unclear when the  700Mhz spectrum will be offered to players.  (Starbiz)    

The government has extended the time it will take to agree to new terms for Padiberas  Nasional Bhd’s contract over the monopoly of the country’s rice imports. Bernas said the  Public Private Partnership Unit under the Prime Minister’s Department has extended the  time for the government and Bernas to come up to an agreement on new terms indefinitely.  (BT)    

MSM Malaysia  has executed the lease agreement between the group  and Perbadanan  Aset Keretapi (PAK) over the lease of plots of freehold land in Bandar Prai, Seberang Prai  Tengah, Penang. The site is approximately 763,553 sq. ft. and has factory buildings,  warehouses, railway lines and other structures that are used by MSM in its sugar refinery  business operations. (Financial Daily)  

The  NAZA group of companies hope the government will lower the duty structure  for  cars by 20-30% in the 2012 Budget to spur businesses to invest more and the people to  spend more Joint Group Executive Chairman Datuk Wira SM Faisal SM Nasimuddin said  the people are complaining that the duty structure was too high. Reducing the duties will  create an interest among the people to buy cars, especially with the current volatility in the  market, he said. (Bernama)    

Petronas continues to receive an ‘A’ with a stable outlook  for its long-term foreign and  local currency issuer default ratings (IDRs), but was cautioned by  Fitch Ratings that its  foreign currency IDR may be downgraded if the government does not demonstrate efforts  to reduce the financial requirement on Petronas within the next 24 months. (Malaysian  Reserve)      

Although there are more investors keen on setting up  aluminium smelters in Sarawak,  the state will only entertain new proposals once it ensures there is enough power supply.  "Not the time because we need the supply from two more hydroelectric dams at Baram and at Pelagus, before I can entertain (these aluminium smelter) investments," Chief  Minister Tan Sri Abdul Taib Mahmud said. (BT)  

YTL Corp wants to use food as its springboard for a larger  slice of China's robust  economic cake. "If there is a place to be, it has to be in China as it provides the scale that  is huge enough. And in any shopping malls, food courts are important, especially in China,"  said managing director Tan Sri Francis Yeoh. The company announced that the success  and international recognition of YTL's Lot 10 Hutong food court will be replicated in  Guangzhou, China, by as early as next year. (BT)    

Heveaboard has received creditors’ approval to terminate its  restructuring plan. The  approval was gained subject to certain conditions being satisfied. According to  Heveaboard, all debt had been paid except for three scheme creditors, with which it hopes  to come to an arrangement. (BT)  

Axis REIT’s recent acquisition of real estate in Seberang Prai will give it a gross yield of  11% and a net yield of 10.2%, according to CEO  Stewart LaBrooy. He said while Axis  gearing levels would rise to 39% after this deal, they would come down to 26% by year-end  when the company’s proposed placement of 75.1m units was completed. He also said that  Axis REIT is bullish about Penang now and will be making more investments in the north.  (Star Biz)  

Atlan Holdings is selling two parcels of land measuring 64ha in Bandar Sri Sendayan,  Seremban, for RM52.2m to BSS Development. Proceeds from the sale will be used  to  repay borrowings and working capital for the company. (BT)  

Yinson Holdings is bidding for up to nine oil and gas-related projects worth about  RM800m involving vessel-chartering services in Malaysia, Indonesia, Thailand and  Vietnam. MD Lim Han Weng said up to 50% of the contracts are in Vietnam and some of  them are expected to be announced early next year. "We are confident of winning some of  the contracts, especially in Vietnam, as we already  have a strong relationship with  PetroVietnamTechnical Services Corp (PTSC)," he said. (Bernama)

CIMB unit to buy 70% of Thai broker
CIMB Group Holdings is buying a 70% stake in a stock broking firm in Thailand for RM78.4m. CIMB's indirect subsidiary, CIMB Securities International Pte Ltd, will execute the deal with Siam Industrial Credit Public Co Ltd. SICCO Securities Public Co Ltd (SSEC) is listed on the Stock Exchange of Thailand (SET), and has 13 branches in the country. The acquisition will trigger a mandatory tender offer for the rest of SSEC's shares. It is unclear if CIMB seeks to privatize the stock broking firm. (StarBiz)

AirAsia X IPO delayed by Khazanah decision
AirAsia X’s (AAX) IPO plan is being delayed by Khazanah Nasional prolonged deliberation to take up a 10% stake in the long-haul low-cost carrier. AAX’s CEO Azran Osman-Rani was quoted by Bloomberg as saying the carrier’s plan to list would be put on hold while talks to sell the 10% stake to Khazanah are ongoing. Khazanah said they wanted “more clarity” on AAX’s financials and its business plan.(Financial Daily)

Tenaga says no plans to break up into 3 units
TNB says it has no knowledge of any plan to break up the power company into three units to reform the energy sector. It said this in a statement to Bursa Malaysia on Thursday in response to a news article that it was looking into this proposal. The company said this “was never discussed with TNB and that TNB has no knowledge of this matter”. (Financial Daily)

Alam Maritim gets RM32m contracts to provide vessels
Alam Maritim Resources has secured two contracts to provide vessels with a total value of RM32m. It said on Thursday its unit Alam Maritim (M) SB had received letters of contract extension from Petronas Carigali SB to provide two anchor handling tug supply (AHTS) vessels valued at RM23.32m. Its unit also received a letter of award from Dayang Enterprise SB to provide one workboat valued at RM8.68m. (Financial Daily)

Century Logistics unit gets Pepsi-Cola contract
Century Resources (Thailand) Ltd, a wholly-owned subsidiary of Malaysia’s Century Logistics Holdings has secured a THB76m (RM7.6m) contract from Pepsi-Cola (Thai) Trading Co. Ltd for its warehousing facility. Century Logistics is one of Malaysia’s largest logistics companies listed on Bursa Malaysia. (Malaysian Reserve)

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