Tuesday, November 22, 2011

20111122 1048 Malaysia Corporate Related News.

TSH: Aims for 30% revenue growth, announced ex-date for bonus issue. TSH Resources is aiming to grow average revenue by 30% on a compounded basis for every year in the next four years. The company is on a lookout to add oil palm plantation land of 40,000ha-50,000ha in East Kalimantan, Indonesia to expand its oil palm estates in 2012/2013. Separately, TSH has confirmed the ex-date of the bonus issue of up to 416,646,263 new ordinary share of RM0.50 each on the basis of one bonus share for every one existing ordinary share of RM0.50 each held in TSH to be on 2 December 2011. (Source: The Star, Bursa Malaysia)

MAHB: Penang airport may see further expansion. The Penang International Airport is likely to see further expansion if plans to relocate the MASkargo Complex Centre close to the airport is successful. MAHB is re-looking at an earlier plan to expand the existing passenger terminal to spill over to the cargo complex in Bayan Lepas to handle higher passenger traffic (Source: Business Times)

Bumi Armada: Plans up to RM2.5b in capex next year. Bumi Armada Bhd plans to allocate RM2.5b for capital expenditure in FY12 in a bid to increase its asset base in the markets where it is operating currently. Extra spending will be used to expand its operations in the 11 countries it has a presence and a bulk of the expenses will be used for building floating production storage and offloading (FPSO) vessels. (Source: The Edge Financial Daily)

RHB, OSK: May pay for OSK via stock. RHB Capital Bhd, Malaysia's fifth- biggest banking group, may issue stock to pay for OSK Holdings Bhds investment bank. RHB may issue new shares equivalent to as much as 10% of its existing equity to pay for the unit. That would value the transaction at as much as RM1.63b based on RHBs closing price last Friday. (Source: Business Times)

Petronas: Launches Malaysia's first mobile fuel dispenser. Petronas Dagangan, the domestic marketing arm of Petronas, has launched Malaysia's first mobile fuel dispenser called the Petronas Primax Mobile Fuel Dispenser. The dispenser which costs some RM400,000 is capable of fueling up some 20,000 litres of petrol. (Source: The Edge Financial Daily)

Eversendai: Bags RM132m job for Manjung power plant. Eversendai Corp Bhd's unit Shin Eversendai Engineering (M) Sdn Bhd (SEVM) has won a RM132m contract from Alstom Services Sdn Bhd to undertake the mechanical erection for the boiler and auxiliary equipment for the Manjung Unit#4 in Perak. There remain several other packages within this project that SEVM and Alstom are in negotiation currently. (Source: The Star, The Sun)


KLIA2 may cost more than RM2.5bn
Speculation is rife that the cost of KLIA2 has increased significantly from the initial estimates of between RM2bn and RM2.5bn, with speculation that cost has escalated to more than RM4bn. This may mean Malaysia Airports (MAHB) has to increase its charges, including airline parking and landing fees and airport taxes. While MAHB declined to comment on the cost of the project, it emphasized that even if there was an increase in expenditure in constructing the KLIA2, it would not affect the passengers or the airlines. It said that aeronautical charges are never based on the cost of building MAHB’s airports. (Financial Daily)

Nazifuddin resigns from Harvest
Mohd Nazifuddin Najib resigned as director of Harvest Court after less than a month on the board. However, both he and his business associate Datuk Raymond Chan intend to keep their respective stakes of 2.2% and 15.7% in the company. Nazifuddin said the speculation over Harvest’s stock was the reason for him to step down from the board of Harvest. He will, however, remain active in pursing the 1Green Enviro SB project and remain as executive chairman of Sagajuta (Sabah) SB, a property company based in Kota Kinabalu. (StarBiz)

Green light for San Miguel to buy Esso stake
Esso Malaysia has obtained the green light from the government to have its 175.5m ordinary shares, or 65% stake, sold by ExxonMobil International Holdings Inc to Philippine-based conglomerate San Miguel Corp. The letters of approval from the Ministry of International Trade and Industry and the MDTCC for the proposed acquisition have already been obtained. ExxonMobil first announced its intention to sell its 65% stake in Esso Malaysia and 100% in two other unlisted subsidiaries for a total price of USD610m to San Miguel in August. (StarBiz)

Bumi Armada eyes projects in Caspian Sea, Asian region
Bumi Armada is looking at securing two projects in the Caspian Sea and another in the Asian region involving a tie-in with Petronas for its transport and installation (T&I) services sector. Bumi Armada is also keen on obtaining at least two annual projects for its floating production storage and offloading sector. The company is looking to invest RM1.9bn to RM2.5bn in FY12, similar to FY11. (Malaysian Reserve)

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