Wednesday, November 16, 2011

20111116 0953 Malaysia Corporate Related News.

Radiant Spendour Sdn Bhd, the purchaser of  Sunway's on-bloc tower B of  Palazzio is serving Sunway a writ of summons worth RM92.3m. The charges are  in relation to the purchase of the on-bloc tower. Subsequent to the purchase,  Radiant Spendour  had raised  some complaints relating to Palazzio Tower B  mainly on the quality of the marble flooring. A dispute settlement committee  was proposed but the matter was not resolved. Sunway is currently seeking the  advice of its solicitors on the matter. (BMSB)

Tycoon  Tan Sri Vincent Tan Chee Yioun  plans to launch a new  retail  concept which could instantly make him the  pharmacy industry’s leader.  Vincent wants to set up a venture called eCosway Pharmacy, which will  incorporate pharmacies within Cosway stores, Berjaya Group’s direct-selling  business. According to sources, this 2-in-1 concept is expected to take off by  year-end. It is understood that an existing Cosway store can add a pharmacy  within its premises or an existing pharmacy may have a Cosway store.  Alternatively, a new branch that incorporates both can also be set up. Malaysia  now has over 2,000 retail pharmacies which include Guardian, Vitacare and  CARiNG. For Tan, this is not the first pharmacy venture. In January this year,  the tycoon, in his personal capacity, bought a minority stake in home-grown  CaRiNG Pharmacy. It was reported that this will enable CARiNG Pharmacy to  expand faster. A check on CARiNG's website shows that it has about 60 local  pharmacies. (BT)

Amkor Technology  Inc will delay its purchase of a Toshiba Corp  semiconductor assembly plant in Malaysia due to Thai flooding, which has  forced the Japanese company to divert some production to Malaysia, the  companies said yesterday. The companies had said in September they expected  to complete the transaction by early January 2012. Toshiba will move  production of discrete components at a flood-hit Thai factory to the Malaysia  plant in the first quarter of 2012, after it has secured the necessary equipment,  Toshiba spokesman Keisuke Omori said. (BT)

Petronas makes ‘significant’ oil discovery offshore Sabah
Petronas Carigali SB, yesterday announced that it had made a “significant” oil discovery offshore Sabah. In a press release, Petronas said the discovery was made via the Wakid-1 well within Block 2G-2J, about 100km northwest of Kota Kinabalu. “The well was spudded on 30 May and was completed on 4 July. It reached a total vertical dept of 3,330m and confirmed the presence of significant oil and some gas-bearing reservoirs”, said the state-owned oil major. (Malaysian Reserve)

Naim denies problems in Fiji road project
Naim Holdings claimed that the company was not facing problems due to delays for the road upgrade works in Fiji as reported by some local media there. Its head of engineering and construction Sivakumar Ramasamy commented that the company is “on track” with the upgrading and rehabilitation project of Fiji’s national roads. (Malaysian Reserve)

REDtone invests RM20m to boost sales
REDtone International has invested nearly RM20m for new projects to boost its sales and revenue for the current financial year ending 31 May 2012. Its MD Datuk Wei Chuan Beng said that the new projects involve the expansion of its prepaid card business in China to other parts of the country. Currently, the prepaid cards are sold in Shanghai. (Malaysian Reserve)

AirAsia chief calls off PC on tax hike
AirAsia’s group CEO Tan Sri Tony Fernandes, has called off a press conference (PC) on airport tax which was scheduled yesterday. However, he used social media, Facebook, to vent his frustration at the issue, saying airport taxes should be lower to make them affordable to the common people. (Malaysian Reserve)

SP Setia to kick-start RM6bn project early 2012
SP Setia will kick-start the first phase of the RM6bn KL Eco City project by as early as next year. The first involves the building of RM2bn worth of high-rise residential units. The company’s plan for the project received a boost after it managed to secure RM460m financing facilities. The project, which has a total gross development value of RM6bn, is expected to take 10 years to complete. The first phase will take about three to four years. (BT)

500-channel digital cable TV
The new digital cable TV network, known as Asian Broadcasting Network or ABN which is set to take off by the second quarter of 2012, promises to offer a new viewing experience to Malaysians and will have over 500 channels, including football. At the point of launch, ABN expects to offer over 100 channels comprising a variety of content including free-to-air channels and video-on-demand. (StarBiz)

Harvest designation poser
The designation of Harvest Court Industries’ securities is likely to cool down the exuberant rise of penny stocks over the last few weeks. On Monday night, Bursa Malaysia said it was designating the shares of timber-related Harvest Court, which essentially means that trading in the counter will now require payment upfront. (StarBiz)

AP Land gets nod
The majority of Asia Pacific Land’s voting shareholders approved the disposal of assets and liabilities to Low Yat Holdings SB for RM302.5m or 45sen a share. The resolutions passed at the company’s EGM yesterday brings a long-awaited closure to the Low family’s privatisation bid, with 95.28% of the voting shareholders representing 28.86% of the company’s total share base voting in favour of the sale. (StarBiz)

Maybank: Launches USD500m clean energy fund. Maybank has launched a USD500m (RM1.57b) private equity fund to invest in the wind, solar, geothermal, small hydro, biomass, biofuel and energy efficiency sectors in the region. The 10-year private equity fund will invest in a diversified portfolio of clean energy projects in the Asia-Pacific, with focus on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos. (Source: The Sun)

SP Setia: RM460m funding for KL Eco City. SP Setia signed a RM460m syndicated Islamic financing yesterday with three Islamic financial institutions in conjunction with the official launch of its RM6b KL Eco City project. The RM460m syndicated loan will be utilized to provide infrastructure such as ramps and bridges. SP Setia will invest more than RM150m to link the project to all major highways surrounding the area. (Source: The Edge Financial Daily)

Utilities: RM3b power investment. First Solar Malaysia Sdn Bhd, which has invested RM2.9b in its plant in Kulim expects to produce 1.62 GW of solar panels by year-end. The wholly-owned subsidiary of US-based First Solar Inc, currently has six thin-film photovoltaic (PV) solar module manufacturing plants in Kulim Hi-Tech Park, Kedah. (Source: The Star)

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