Tuesday, October 4, 2011

20111004 1025 Malaysia Corporate Related News.

SP Setia buys land for RM381m
SP Setia has announced the proposed acquisition of a piece of land measuring 673.2 acres in Semenyih, Ulu Langat, Selangor for RM381.25m cash. The company intends to acquire the freehold land from Spektrum Megah (M) SB for RM13 per sq ft. The land will be developed into a mixed township project with a GDV of RM4bn. The company said it will attempt to replicate the “twin project success” of Shah Alam and Setia Eco Park. The purchase consideration is 73% higher than the price it paid for the nearby Beranang land two months ago, where the company paid RM330.13m or RM7.50 per sq ft. (Financial Daily) Please see accompanying report.

SapuraCrest unit wins RM99.5m job
SapuraCrest’s 50%-owned associate has won a RM99.5m shipbuilding contract from Tanjong Offshore. SapuraCrest’s unit Labuan Shipyard & Engineering SB was awarded a job to engineer, construct, test and deliver one 77m platform supply vessel within 21 months from the date of the contract. (Financial Daily)

Wijaya Baru to buy companies with timber concession for RM256.5m
Timber company Wijaya Baru Global has made an offer to purchase two Indonesian companies, Suffolk Pte Ltd and Wealthgate Pte Ltd for a total of USD80m (RM256.48m). Both Suffolk and Wealthgate, through joint ventures, hold exclusive rights to extract and sell timber from property located in Jair, Indonesia, which Wijaya will gain should the proposed acquisition be successful. Both Indonesian companies also have discretionary rights to carry out oil palm cultivation on the property. (Malaysian Reserve)

Budget 2012 will help the low-income group, says Najib
The government’s initiatives to be unveiled in Budget 2012 on Friday will help ease the cost of living of low-income earners, Prime Minister Datuk Seri Najib Razak said. He added that every initiative to be announced would be in line with the government’s firm commitment to cut down the national fiscal deficit. Najib said the government would continue to implement various programmes and activities to help the low-income group like extending financial aid, subsidies, incentives, skills training, healthcare services and housing. (Financial Daily)

OSK Investment Bank will bring its expertise in the regional investment  banking business and small and mid-cap companies in a merger with  RHB  Banking Group. The merged entity would be synergistic according to OSK  Investment Bank CEO, U Chen Hock.
It will also allow RHB with the proposed merger to tap the Singapore  investment banking scene which is tightly regulated and not an easy one  to penetrate. U reiterated that at this stage, both organisations were still  awaiting  Bank Negara’s approval to commence negotiations on the  proposed merger. (Star Biz)

The FTSE Group and  Bursa Malaysia Bhd have launched a new set of  industry, super-sector and sector indices to complement the existing FTSE  Bursa Malaysia Index Series.
The new  FTSE Bursa Malaysia EMAS Industry indices are  designed to provide investors with a comprehensive set of tools for  in-depth analysis of the Malaysian stock market, Bursa Malaysia said in  a statement.
The new set of 10 industry, 19 supersector and 39 sector indices can be  used to execute investment strategies and to create index-linked  financial products based on sector-specific criteria.
"Designed using the industry classification benchmark (ICB), adopted  as a global standard in stock, sector and industry classification, the  indices will also enable investors to make attribution and cross-border  comparison between sectors and industries in Malaysia and other  countries," Bursa Malaysia said.
 The new indices would form part of the FTSE Bursa Malaysia EMAS  universe and would be calculated on an end-of-day basis. (Bernama)

Real property gains tax (RPGT) would probably increase after Budget 2012  but experts are divided over the quantum or the new form the tax on property sales would take. Few are hoping for the rate to be maintained but others felt  the RPGT would increase by another 5%. The current RPGT is 5% for all  properties sold within the first five years of purchase. (Starbiz)

State Community Development and Consumer Affairs Minister Datuk Azizah  Mohd Dun has reiterated her call for a review on the issuance of  gaming  licences in Sabah. She said after a study, the authorities could decide whether  there were too many gaming licences in the state. "After the study, the  authorities can make a decision if there are too many licences, whether to limit them or cancel them, or what other actions to be taken," she said. (NST)

Proton and Agensi Inovasi Malaysia (AIM) have signed a MoU to cooperate  and collaborate in innovative activities of the automotive sector. Both entities  will work together to strengthen, promote, cooperate and mutually assist each  other in accelerating the development and commercialisation of innovative  products and advanced technology in the automotive sector. (Bernama)

Proton has plans to build C segment and A segment vehicles running on  electric motors. "Other than the Exora REEV and Saga EV, Proton will be  considering the possibility of introducing the technology in to C segment  vehicles and an A segment vehicles in the future. These plans are being  evaluated at the current moment," Proton said. (BT)

Salcon  has secured a RM20.7m contract  from Perbadanan Bekalan Air  Pulau Pinang Sdn. Bhd. to undertake works at Muda River Water Scheme Phase  4A : Package 11-25 MGD Process Unit and associated works, Sg. Dua WTP,  Seberang Perai Utara. (BMSB)

Shares of UOA Development continued to slide, losing 54% since its IPO at  RM2.60 in June, despite bucking a flattish property market sentiment and  achieving strong earnings. This has baffled both analysts and investors. The  company ended on Monday at RM1.19, effectively wiping off RM1.68bn from its  market cap of RM3.1bn at the time of its IPO. (Starbiz)

Octagon Consolidated has awarded a US$22m (RM70.18m) contract to build  its advanced thermal gasification reactor to be used for a waste-to-energy plant  in Sri Lanka. Its wholly-owned subsidiary, Green Energy and Technology has  entered into a contract with KNM Process Systems for the manufacture of its  reactor.  The manufacturing period for the reactor will be for a duration of 22  months from commencement date of the works plus a provisional period of two  months for refractory lining installation. (Malaysian Reserve)

Bursa Malaysia announced that MAA Holdings has triggered the criteria  pursuant to Practice Note No 17 (PN17) of the Main Market listing requirements  of Bursa Securities. (Bernama)

Union heat may delay ‘final leg’ of AirAsia-MAS deal
AirAsia chief executive officer and MAS board member Tan Sri Tony Fernandes told reporters last week that details of the agreement would be finalised in a month. This was, however, before MAS' unionised workers kicked up a fuss again about the national carrier's collaboration plans with AirAsia. According to an online news portal, all eight of MAS' unions have delivered an ultimatum that should MAS not rescind its collaborative agreement with AirAsia within two months, it will be faced with protests next month. (Source: Business Times)

KNM Process bags US$22m contract
OCTAGON Consolidated Bhd said its unit Green Energy and Technology Sdn Bhd (GreenTech) has awarded a US$22 million (RM70.62 million) contract to build a waste to energy plant in Sri Lanka to KNM Process Systems Sdn Bhd. The project involves the generation of renewable energy from municipal solid waste at the project site covering up to 8.1ha of land in Karadiyana, Colombo, Octagon told Bursa Malaysia. (Source: Business Times)

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