MISC Bhd, the world’s largest owner-operator of liquefied natural gas tankers, has decided to quit the container shipping business due to difficult operating conditions. “The company’s decision to exit from the liner business is also hastened by the present difficult operating conditions in which the liner business suffered a total financial loss of USD789m (RM2.51bn) over the past three financial years that had impacted the overall financial performance of MISC,” it told Bursa Malaysia in a statement yesterday. MISC said its liner business is expected to cease operations by 30 June 2012. (BT)
SP Setia cancels London project
SP Setia confirmed that it was in talks with Irish group Real Estate Opportunities (REO) to acquire a stake in the redevelopment of the Battersea Power Station in south London but the deal had fallen through as the creditors of REO had rejected its preliminary offer. In an announcement to Bursa Malaysia yesterday, SP Setia said the lenders, Lloyds Banking Group Plc (Lloyds) and the National Asset Management Agency (NAMA), had in a letter dated 23 Nov, informed SP Setia that they did not intend to engage further on SP Setia's preliminary offer. The property group said it had on 18 Nov instructed its investment adviser to submit a conditional non-binding preliminary offer to acquire from Lloyds and NAMA, the senior debt facilities and the swap exposure and other related claims in the Battersea Power Station site and its holding company for USD262m (RM1.3bn). StarBiz
Gas Malaysia listing delayed to 1Q2012
The listing of Gas Malaysia, originally planned for the current quarter, may be postponed to early next year as the company has yet to fulfill certain conditions set by the SC, sources said. The SC had on 7 Oct granted conditional approval for the proposed listing on the Main market of Bursa Malaysia. Among the condition is a requirement that the company executes a new gas supply agreement with Petronas. (Financial Daily)
Genting Malaysia acquires London’s Fox Poker Club
Genting Malaysia has acquired Fox Poker Club through its subsidiary Genting Casinos UK for GBP7.75, (RM38.26m). According to the announcement, the Fox Poker Club holds a casino premises license and operates a poker club in Shaftsbury Avenue in central London. According to news reports, the club is London’s only fully licensed and dedicated poker service, as does Genting UK. (Financial Daily)
Hwang-DBS: No Alliance merger scheme
Hwang-DBS Bhd yesterday dismissed media reports of a merger scheme with Alliance Financial Group Bhd (AFG). "This is speculative and we have nothing to comment. So far the board has not deliberated on the possibility of any merger and we will take market conditions as a cue," its director Eric Ang told Business Times after Hwang-DBS' annual shareholders meeting at Hotel Equatorial. (BT)
XL Axiata eyes RM4.9bn from tower sale
Axiata Group Bhd’s Indonesia subsidiary is looking to raise IDR (RM4.9bn) by selling 7000 of its telecom towers next year; a top official was quoted as saying by the Jakarta media. “We are going to sell the towers anyway because we want to focus on our core business.” Hasnul, president of PT XL Axiata Tbk, said. “So far, no one has expressed interest”. (BT)
Dayang Enterprise has accepted the offer to subscribe to 45.012m new shares which represent a 10% stake in Perdana Petroleum via private placement. It said the subscription price would be based on the volume-weighted market price for the five market days immediately preceding the price-fixing date and a discount of not more than 5% but not less than the par value of Perdana shares of 50 sen each. Dayang said the proposed subscription was part of its plan to expand and diversify its business and that it would provide the opportunity to participate in potentially high-yielding contracts. (Bernama)
Tenaga Nasional Bhd (TNB) expects a decision on the compensation it is seeking from Petroliam Nasional Bhd (Petronas) to be finalised by mid-Dec or it risks a cash crunch soon. The utility giant is seeking compensation over its huge losses due to severe gas curtailment. TNB spent an additional RM2.1bn on fuel oil and distillates to generate electricity due to severe gas curtailment in Aug-FY11. President Datuk Seri Che Khalib Mohamad Noh said negotiation with all the relevant stakeholders was still ongoing. They are Performance Management and Delivery Unit (Pemandu), Economic Planning Unit, Petronas and TNB. Asked if a writeback will happen in Dec, Che Khalib said the payment or compensation would come slightly later but it was more important to have a compensation policy in place. (Starbiz)
Maybank Group has unveiled a new corporate identity for Kim Eng and announced a new management line-up, setting its aspiration to be the premier investment banking service provider in Asean by 2015. This followed the completion of the S$1.79bn acquisition of the securities and investment broking group earlier this year. In a statement, Maybank said Kim Eng would be known as Maybank Kim Eng and would adopt the tiger symbol as its new corporate identity and embrace the yellow colour of group. "It would also retain its corporate name for now in Singapore, Hong Kong, India and Indonesia, reflecting only the new symbol and colour, pending further regulatory approvals," it said. Maybank has named the current CEO of Maybank Investment Bank, Tengku Datuk Zafrul Tengku Aziz, CEO of Maybank Kim Eng to oversee its global activities in 11 countries. It has named Ronald Ooi executive advisor of Maybank Kim Eng and Tan Pei-San as head of international business to oversee the operations in Philippines, Hong Kong, Vietnam, India, UK and US. (Bernama)
Volkswagen Group Malaysia said its completely knocked down (CKD) models will be available to the public next year. This follows DRB-HICOM Bhd group managing director Datuk Seri Mohd Khamil Jamil's recent announcement that the first batch of the Volkswagen Passat 1.8 CKD models has started its production roll-out at DRB-HICOM Automotive Complex in Pekan. To date, DRB-HICOM has assembled about 70 units of the Passat 1.8 CKD model, which will be used internally by Volkswagen Malaysia in preparation of its launch. In a statement, Volkswagen Malaysia said it is currently assessing the market introduction and pricing strategy of the vehicle, and will make an announcement at an appropriate time. Germany's Volkswagen AG and DRB-HICOM Bhd signed an agreement for local vehicle assembly of the Volkswagen CKD products in December last year. “DRB-HICOM is the assembler of Volkswagen CKD products in Malaysia. Volkswagen Malaysia is responsible for the market introductions of all Volkswagen products, both CKD and CBU, into the Malaysian market,” said Volkswagen Malaysia managing director Ricky Tay. "Volkswagen has 62 manufacturing plants all over the world and each Volkswagen vehicle produced has to meet the high standards that have been set before introducing it into the market,” he added. (Sun)
AirAsia Bhd will not adhere to a planned increase in airport tax scheduled to take place this month, the low cost carrier said in a statement posted on its Facebook fan page. The carrier added that it will continue to lobby for the status quo to remain. 'Look at the queue at the immigration, space for check-in counters, quality of toilets, cleanliness of the facilities - is it really worth the increase?" - AirAsia Bhd head of commercial Jasmine Lee said in the statement. Malaysia Airports Holdings Bhd (MAHB) had announced on October 27 2011, that it plans to proceed with a RM7 increase in airport tax or passenger service charge, at the low cost carrier terminal in Kuala Lumpur International Airports on November 15 2011. This would bring the airport tax for LCCT to RM32. (BT)
Notion VTec is confident of making up for its earnings losses due to the floods in Thailand in the remaining quarters of FY12. The company is optimistic because its two major customers, Seagate and Western Digital, are recovering well from the floods. The company said it will set aside RM3m for the provision of submerged finished goods and RM2m for the provision of replacement machinery. (Financial Daily)
Dialog Group Bhd is bidding for several projects under Petroliam Nasional Bhd's (Petronas) brownfields in Malaysia, says executive chairman Ngau Boon Keat. The company is bidding for the job with a foreign firm."Petronas is intensifying its marginal oilfield development and there will be more jobs in both upstream and downstream activities," he told reporters after the company's AGM yesterday. He declined to reveal the tender value but it is understood that brownfield jobs can touch as high as US$1bn (RM3.19bn). In Aug, Dialog said it was part of the second consortium Petronas picked to develop the Balai marginal oil cluster, off Bintulu in Sarawak.(BT)
Standard & Poor’s (S&P) announced that it is buying a 4.9% stake in RAM Holdings from the Asian Development Bank. Areas for further cooperation include sharing analytical best practices and research, joint seminars, contributions to industry sector reports and expanded career opportunities for staff. (Bernama)
Syarikat Prasarana Negara Bhd (Prasarana) is implementing full ticketing integration of the RapidKL Kelana Jaya Line and Ampang Line on Nov 28. The integrated ticketing system uses a new MyRapid Pass and tokens for single journeys. The new system would also allow customers to purchase and re-load their tickets online in future via the website. The programme will continue with integration of the RapidKL Monorail in 1Q12, before being extended to the whole system, to cover the RapidKL bus services in 2Q12. Current daily ridership for the three rail services is 420k. INDRA-IRIS AFC Consortium (IIAC) is the new system installed by a Malaysian-Spanish JV. It costs RM115.2m. (Bernama)
Tenaga Nasional Bhd (TNB) expects a decision on the compensation it is seeking from Petroliam Nasional Bhd (Petronas) to be finalised by mid-Dec or it risks a cash crunch soon. The utility giant is seeking compensation over its huge losses due to severe gas curtailment. TNB spent an additional RM2.1bn on fuel oil and distillates to generate electricity due to severe gas curtailment in Aug-FY11. President Datuk Seri Che Khalib Mohamad Noh said negotiation with all the relevant stakeholders was still ongoing. They are Performance Management and Delivery Unit (Pemandu), Economic Planning Unit, Petronas and TNB. Asked if a writeback will happen in Dec, Che Khalib said the payment or compensation would come slightly later but it was more important to have a compensation policy in place. (Starbiz)
Maybank Group has unveiled a new corporate identity for Kim Eng and announced a new management line-up, setting its aspiration to be the premier investment banking service provider in Asean by 2015. This followed the completion of the S$1.79bn acquisition of the securities and investment broking group earlier this year. In a statement, Maybank said Kim Eng would be known as Maybank Kim Eng and would adopt the tiger symbol as its new corporate identity and embrace the yellow colour of group. "It would also retain its corporate name for now in Singapore, Hong Kong, India and Indonesia, reflecting only the new symbol and colour, pending further regulatory approvals," it said. Maybank has named the current CEO of Maybank Investment Bank, Tengku Datuk Zafrul Tengku Aziz, CEO of Maybank Kim Eng to oversee its global activities in 11 countries. It has named Ronald Ooi executive advisor of Maybank Kim Eng and Tan Pei-San as head of international business to oversee the operations in Philippines, Hong Kong, Vietnam, India, UK and US. (Bernama)
Volkswagen Group Malaysia said its completely knocked down (CKD) models will be available to the public next year. This follows DRB-HICOM Bhd group managing director Datuk Seri Mohd Khamil Jamil's recent announcement that the first batch of the Volkswagen Passat 1.8 CKD models has started its production roll-out at DRB-HICOM Automotive Complex in Pekan. To date, DRB-HICOM has assembled about 70 units of the Passat 1.8 CKD model, which will be used internally by Volkswagen Malaysia in preparation of its launch. In a statement, Volkswagen Malaysia said it is currently assessing the market introduction and pricing strategy of the vehicle, and will make an announcement at an appropriate time. Germany's Volkswagen AG and DRB-HICOM Bhd signed an agreement for local vehicle assembly of the Volkswagen CKD products in December last year. “DRB-HICOM is the assembler of Volkswagen CKD products in Malaysia. Volkswagen Malaysia is responsible for the market introductions of all Volkswagen products, both CKD and CBU, into the Malaysian market,” said Volkswagen Malaysia managing director Ricky Tay. "Volkswagen has 62 manufacturing plants all over the world and each Volkswagen vehicle produced has to meet the high standards that have been set before introducing it into the market,” he added. (Sun)
AirAsia Bhd will not adhere to a planned increase in airport tax scheduled to take place this month, the low cost carrier said in a statement posted on its Facebook fan page. The carrier added that it will continue to lobby for the status quo to remain. 'Look at the queue at the immigration, space for check-in counters, quality of toilets, cleanliness of the facilities - is it really worth the increase?" - AirAsia Bhd head of commercial Jasmine Lee said in the statement. Malaysia Airports Holdings Bhd (MAHB) had announced on October 27 2011, that it plans to proceed with a RM7 increase in airport tax or passenger service charge, at the low cost carrier terminal in Kuala Lumpur International Airports on November 15 2011. This would bring the airport tax for LCCT to RM32. (BT)
Notion VTec is confident of making up for its earnings losses due to the floods in Thailand in the remaining quarters of FY12. The company is optimistic because its two major customers, Seagate and Western Digital, are recovering well from the floods. The company said it will set aside RM3m for the provision of submerged finished goods and RM2m for the provision of replacement machinery. (Financial Daily)
Dialog Group Bhd is bidding for several projects under Petroliam Nasional Bhd's (Petronas) brownfields in Malaysia, says executive chairman Ngau Boon Keat. The company is bidding for the job with a foreign firm."Petronas is intensifying its marginal oilfield development and there will be more jobs in both upstream and downstream activities," he told reporters after the company's AGM yesterday. He declined to reveal the tender value but it is understood that brownfield jobs can touch as high as US$1bn (RM3.19bn). In Aug, Dialog said it was part of the second consortium Petronas picked to develop the Balai marginal oil cluster, off Bintulu in Sarawak.(BT)
Standard & Poor’s (S&P) announced that it is buying a 4.9% stake in RAM Holdings from the Asian Development Bank. Areas for further cooperation include sharing analytical best practices and research, joint seminars, contributions to industry sector reports and expanded career opportunities for staff. (Bernama)
Syarikat Prasarana Negara Bhd (Prasarana) is implementing full ticketing integration of the RapidKL Kelana Jaya Line and Ampang Line on Nov 28. The integrated ticketing system uses a new MyRapid Pass and tokens for single journeys. The new system would also allow customers to purchase and re-load their tickets online in future via the website. The programme will continue with integration of the RapidKL Monorail in 1Q12, before being extended to the whole system, to cover the RapidKL bus services in 2Q12. Current daily ridership for the three rail services is 420k. INDRA-IRIS AFC Consortium (IIAC) is the new system installed by a Malaysian-Spanish JV. It costs RM115.2m. (Bernama)
1 comment:
Dear Mr Futures Corner,
Nice to meet you.
Could we link exchange ?
http://www.Alitips.com
Thank you.
Best Regards,
Bruce Lee
6016-7760217
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