SP Setia wins RM438m bid in Singapore
SP Setia won a SGD180m (RM437.7m) bid from the Urban Redevelopment Authority of Singapore (URDA) for a 4.62-acre site along Chestnut Avenue in Singapore. The Chestnut Avenue site has a potential development value of RM1.1bn and a maximum allowable gross floor area of 39,270 sq m. The high-rise residential development is expected to be launched by end-2012. This is SP Setia’s second foray into the Singapore property market following its acquisition of a freehold development along Woodsville Close in April this year. (Malaysian Reserve)
ECM Libra IB sale may be back on
K&N Kenanga has cleared the first hurdle to acquiring ECM Libra’s investment banking (IB) unit after receiving the go-ahead from Bank Negara some three weeks ago, according to sources. The sources said that Kenanga will only be acquiring the IB unit rather than the entire listed entity and the consideration will be in cash. This will make ECM Libra a cash-rich entity and enable it to pursue new business interests. Both parties are currently awaiting a decision by the Securities Commission pending several minor details. (Financial Daily)
Celcom Axiata, Philippine firm sign MVNO pact
Celcom Axiata has signed a mobile virtual network operator (MVNO) agreement with Philippine-based PLDT Global Corp (PGC) to offer mobile prepaid services to Filipino workers in Malaysia. The MVNO will be Celcom’s fifth, with Celcom holding a 49% stake and PGC the remaining 51%. The service will be offered under the Smart Pinoy brand. The Smart Pinoy had an addressable market of 800,000 Filipinos. (StarBiz)
CIMB to diversify Sri Lanka ops
CIMB plans to diversify its corporate advisory services in Sri Lanka to also include stockbroking and banking. However, CIMB will only pursue its Sri Lankan ventures once the bank better understand the market there. In August, CIMB entered a joint venture and shareholders’ agreement with its Sri Lankan partners, Alex Lovell and Reshani Dangalia, to establish an investment banking advisory JV in Sri Lanka. (Malaysian Reserve)
Tanjung Offshore gets a RM43m Carigali contract
Tanjung Offshore has won a RM43m contract from Petronas Carigali SB for the provision of maintenance services for mechanical rotating equipment operated by the upstream company in Sarawak for a period of five years. (Malaysian Reserve)
Datuk Khalid Abdol Rahman, DRB-Hicom director for corporating planning, is Pos Malaysia CEO effective 1 Jan, 2012, further etching DRB-Hicom’s influence over the company it gained control of in July this year. The announcement on Khalid’s appointment yesterday came five months after DRB-Hicom group managing director Datuk Seri Haji Mohd Khamil Jamil was named Pos Malaysia’s chairman. Pos Malaysia incumbent CEO, Datuk Syed Faisal Albar, had been tapped to fill the CEO chair at Malaysia Airports Holdings (MAHB). This had yet been confirmed or denied at press time. (Financial Daily)
MRCB won a RM40.3m river rehabilitation project for Muara Sungai Perai in Penang from the Department of Irrigation and Drainage. Scope of works include construction of a jetty and boat mooring facilities. Contract period is 15 months. (BMSB)
PLUS Expressways announced that the stock will be suspended from 8 Dec 2011 until delisting. Ex-date for the cash distribution of RM4.45/share will be on 12 Dec 2011, while entitlement date on 14 Dec 2011. Payment date is set on 28 Dec 2011. (BMSB)
AirAsia Bhd announced that the passenger service charge (PSC) or commonly known as the airport tax, will come into force for all its international flights from December 1. All tickets purchased from today would include the new airport tax of RM65 per person, up from the RM51 for flights from Langkawi, Penang and Kuching international airports, said AirAsia in a statement. For Kota Kinabalu International Airport (Terminal 2) and the Low Cost Carrier Terminal (LCCT) KLIA, the new charge is RM32, up from RM25 previously. (Bernama)
In a move to expand the range of Saga models, Proton Holdings Bhd yesterday unveiled a new entry-level Saga variant, the Saga FLX SE, set to appeal to the younger generation of car buyers. The car, priced from RM49,449 will be powered by the 1.6 litre Campro Intake Air-Fuel Module engine. (Bernama)
Capital TV, a new business and finance channel is slated to make its debut today but it is only exclusive to Telekom Malaysia’s Unifi subscribers. Adding more content is TM’s way of strategising itself to brace for competition from other players in the market place. It is learnt that Capital TV would get its news feed from Bernama and Bloomberg TV. (Star Biz)
Petronas Carigali Sdn Bhd awarded Tanjung Maintenance Services Sdn Bhd, a unit of Tanjung Offshore Bhd, a RM43m contract to maintain mechanical rotating equipment at all Petronas-operated offshore platforms in the Sara-wak operations region. The five-year contract, supported by Tanjung’s operations centre in Miri, can be renewed for another year. (BT)
Express Rail Link (ERL), the operator of the high-speed train service between KL Sentral and KLIA is optimistic ridership on board the KLIA Express and KLIA Transit will improve further next year once the rail link service is extended to the new low-cost carrier terminal, KLIA2. The 2.2km link will be completed by October next year. (Bernama)
Danajamin Nasional will guarantee the 13-year RM350m sukuk issued by hypermarket chain, Mydin Mohamed Holdings. The funds raised will be used to finance the construction and development of three hypermarkets. (Malaysian Reserve)
LFE Corp Bhd’s accounts have been qualified by its independent auditors, the firm said in a statement to the stock exchange. “As at July 31, an amount of RM26.5m was due to the group by a former director, of which the scheduled repayment has not been met, the auditors said in their report. (BT)
Dutch Lady plans to reduce sugar consumption by 40% or 2,700 tonnes by 2013 from its current level as part of its effort to improve nutritional profile of its products. The drive will begin with the withdrawal of its sweetened creamers range from the market beginning December 2011. (Malaysian Reserve)
Syarikat Prasarana Negara Bhd (SPNB), which is increasing the capacity of its monorail system, plans to expand the network to cover other commercial areas within Kuala Lumpur. The network expansion, however, is only likely to happen after upgrading work on the existing line is completed by July 2013. Yesterday, SPNB signed an agreement to award Scomi Engineering Bhd a RM494m contract to supply new and bigger trains and undertake work to upgrade RapidKL Monorail stations around the city. Actual work on this project had already started back in September. "The new four-car trains are better designed, faster and will double the current capacity,'' Prasarana's group managing director Datuk Shahril Mokhtar said. The four-car trains, to be delivered in stages from June next year, will replace the existing two-car trains. "The two-car trains shall remain as property of Prasarana for future utilisation elsewhere,'' Shahril said. He added plans are in the pipeline to expand the existing monorail network into new areas. He did not elaborate, saying the plan is still at the preliminary stage. The new four-car train costs about RM5.5m each, depending on specifications. In total, Prasarana has agreed to purchase 12 sets of trains, or 48 cars, from Scomi. This is the first major upgrade for the RapidKL Monorail service since it started operations in August 2003. Currently, the monorail system is operating at 35% over its capacity. With the upgrade, its capacity will be increased to 6,400 passengers per hour per direction (pphpd), or double its existing carrying capability. (Sun)
Silver Ridge: Gets new core business. Silver Ridge would work together with Huatai Financial Holdings (Hong Kong) Ltd to promote the Huatai Von Malaysia Fund, which has a fund size of USD500m (RM1.5b), MD Datuk Mohd Suhaimi Abdullah said after the signing of memorandum of understanding between Huatai and Warrants Capital Sdn Bhd to jointly develop investment and business opportunities in Malaysia (Source: The Star)
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