Datuk Raymond Chan plans to offer construction contracts to Harvest Court Industries Bhd (HCIB) and help turn around the loss-making company. In an yesterday with BT, his privately-held company, Sagajuta (Sabah) Sdn Bhd, now has close to RM1.2bn worth of construction contracts. Chan was clarifying earlier reports that he was injecting assets into HCIB. He said his plans were only to “inject contracts to spruce up revenue”. The deals will be awarded in phases and the first that has been offered to HCIB is valued at RM129m. It involves building a 950-unit condominium block called 1 Sulaiman Gold Tower in Kota Kinabalu. He also wants to award a RM70m EPC (engineering, procurement, construction and commissioning) contract to HCIB to set up a pulp and paper plant in Negri Sembilan. The plant, owned by Chan‟s 1Green Enviro Sdn Bhd, will convert biomass into paper. Chan, who is a substantial shareholder in HCIB with a 13.8% stake, said his proposals will be tabled out soon by the HCIB board. So far the board has been quite receptive. Chan said if all goes well, the construction jobs will provide HCIB with a healthy margin of over 10%, “and this will definitely help revive the company within one year”. Chan also said he is working closely with HCIB MD Ng Swee Kiat to explore how best to raise capital for the company. This includes a rights issue or share placement. Chan first rose to prominence after cash-rich Sagajuta was linked to a reverse takeover of Jerneh Asia Bhd, which is 37%-owned by Robert Kuok. The talks in the end fell through due to a disagreement over definitive terms. HCIB posted a net loss of RM2.7m on revenues of RM6.4m in FY10. In 1HFY11, its net loss was RM0.7m on a turnover of RM6.1m. (BT)
Harvest Court, Sagajuta in RM129m deal on project
Harvest Court Industries' wholly-owned subsidiary has entered into a RM129m related party transaction with Sagajuta SB for the design and construction of a proposed mixed development in Sabah. The project, with an estimated gross development value of RM500m, will include 68 units of two-storey shoplexes, office blocks and a medium cost apartment. (Malaysian Reserve)
CIH raising cash distribution to RM724m from RM568m
CI Holdings yesterday announced that it would raise the proposed cash distribution – arising from the recent disposal of its beverage subsidiary Permanis SB – to RM724.2m from RM568m previously. The cash distribution will be carried out via a declaration of a special dividend and capital repayment. (Malaysian Reserve)
KPJ to build 5 state-of-the-art hospitals for RM760m
KPJ Healthcare is set to build five new state-of-the-art hospitals in Malaysia with an investment of RM760m, in line with the government’s intention of improving the health travel segment under its National Key Economic Areas. Out of the five, two hospitals will be opened next year, another two in 2013 and the final one in 2014. (Malaysian Reserve)
Benalec bags reclamation works in Johor
Benalac Holdings has secured land reclamation contracts from the Johor government to reclaim lands in Pengerang and Tanjung Piai. The two pieces of land in Johor measure 1,760 acres and 3,485 acres respectively. The contracts will be undertaken to facilitate the development of the Petroleum and Petrochemical Hubs and Maritime Industrial parks situated on the coasts of Pengerang and Tanjung Piai. (Malaysian Reserve)
UMLand buys company, land for RM30m
United Malayan Land yesterday announced that it has proposed to acquire Tentu Teguh SB (TTSB) for RM11m. With the acquisition, UMLand will subsequently avail itself to 332.68 acres of freehold land in the eastern corridor of Iskandar Malaysia, which TTSB bought in February this year for RM45m from SAP Holdings Bhd. (Malaysian Reserve)
A bigger slice of DiGi.Com
Telenor ASA, the largest phone company in the Nordic region, is in talks with the government about raising its stake in DiGi.Com. The interest comes about four years after it sold some shares to comply with a foreign ownership cap for the industry. It now owns 49% of DiGi. (BT)
AirAsia X waiting on markets for IPO, won’t pull it
Low-cost airline AirAsia X wants to see an improvement in the economic climate and markets before its planned public share offering, but there is no possibility it will scrap the plan, its CEO said yesterday. AirAsia X said in October that it would make an IPO of shares in 2012. It has not given the size of the planned IPO. (Financial Daily).
Dijaya Corp and Ivory Properties Group have asked for a one-day suspension in trading of their shares today pending a material announcement. There is market speculation that the two developers could tie up to undertake a major property project on Penang island, where Ivory Properties is one of the most prominent developers. (Financial Daily)
Sime Darby Bhd will unveil its potential collaboration with the property developer, E&O on Nov 25, says president Datuk Mohd Bakke Salleh. More details would be known on that day, which is also the day that Sime will announce its 1QFY12 results. "We will announce the E&O collaboration, outlook for the next FY as well as Sime's 2012 KPI (Key Performance Index) target on Nov 25," Bakke said after its annual shareholders meeting. Bakke also said Sime had no plans to increase its stake in E&O. (BT)
Petronas may add a power plant to its refinery and petrochemical integrated development (Rapid) complex in Pengerang, Johor. “Rapid will require power. It will also require gas. It will require energy and electricity, so there will be power requirement,” Petronas executive vice-president (gas and power business) Datuk Anuar Ahmad said. The Rapid project, costing about RM60bn, is expected to be commissioned by end-2016. It will have multinational oil & gas companies as JV partners. (Star)
The West Coast Highway (WCE), which is expected to cost RM6.5bn, will have a total of 16 tolls. Selangor state executive councilor Datuk Dr Hasan Ali said that nine of the 16 tolls would be in Selangor. He said the project would involve the acquisition of 77.8 acres of state land and 1,523.9 acres of private land. The highway was expected to cost RM3.5bn in the state alone. Construction of the 286km-long highway, linking Banting in Selangor and Changkat Jering in Perak, is expected to begin by December. (Star)
Johari Abdul Muid, 54, has been appointed the new MD of RHB Bank while Renzo Viegas will be the deputy MD. Both positions will be effective 14 Nov. “Johari will drive the next stage of the group‟s commercial banking business in Malaysia and the region. Viegas will primarily be responsible for the retail banking and global financial banking businesses of RHB Bank,” the bank said. (Star)
RHB Capital Bhd has appointed Johari Abdul Muid as the new managing director for RHB Bank Bhd. He will assume the position effective next Monday. The position has been vacant since Datuk Tajuddin Atan left to join Bursa Malaysia Bhd in April. Aged 54, Johari has more than 30 years of experience in the financial sector. Prior to his appointment, Johari was a director of RHB Capital Bhd, RHB Bank Bhd and RHB Islamic Bank Bhd, positions which he held for over six years. Renzo Viegas, the current principal officer, will start his new duties as deputy managing director also next Monday. (BT)
There is strong interest by firms wanting to be listed on the local bourse, says Bursa Malaysia chief executive Datuk Tajuddin Atan. "There's no drying up in the initial public offer (IPO) space. The IPO pipeline is strong, I think you will see a lot of interests. I believe it is an issue of timing now, everybody is watching what's happening in Europe and so forth.” (BT)
Melati Ehsan Holdings Bhd will design and build medium-cost flats in the vicinity of Sentul, after clinching a RM297m contract from the Government. The company had announced earlier that it had won the contract to build residential flats for the Housing and Local Government Ministry's People's Housing Programme (PPR), without revealing further details. “It (Melati Ehsan) will be tasked with the design and building of the flats, while the authorities are still responsible for selling and distributing the units,” says a source. The land is currently occupied by squatters, and it would be a resettlement plan (for the people staying there) and the project would provide new residences for eager homeowners. (Starbiz)
No comments:
Post a Comment