Friday, December 2, 2011

20111202 1035 Malaysia Corporate Related News.

Tenaga, Petronas and government to share fuel cost increase
Tenaga Nasional (Tenaga) has received a letter from the government that provides a fuel cost sharing mechanism to address the utility’s increased cost due to the gas shortage. In a filing to Bursa Malaysia Securities on Thursday, Tenaga said that the letter provided that Tenaga, Petronas and the government would each equally share the differential cost incurred by Tenaga due to dispatching on alternative fuels and also imports, from 1 Jan, 2010 until 31 Oct, 2011 amounting to approximately RM3.07bn. (Financial Daily)

Daihatsu reiterates rejection of Proton-Perodua merger
Daihatsu Motor Co Ltd of Japan, a key stakeholder of Perusahaan Otomobil Kedua Sdn Bhd (Perodua), is standing firm against the idea of a merger between Perodua and national carmaker Proton Holdings Bhd. “Perodua has given its view on this issue [against a merger with Proton], and we [Daihatsu] respect that. I shall not comment on this further,’ Daihatsu president Koichi Ina told in a press conference. (Financial Daily)

DRB-Hicom issues RM500m debt notes for working capital, projects
DRB-Hicom has issued RM500mn in nominal value of Sukuk in two tranches which would be used for working capital, projects and capital expenditure. The first tranche of the Sukuk, amounting to RM250m in nominal value shall have a tenure of five years maturing on 30 Nov, 2016. The second tranche of the Sukuk, amounting to RM250m in nominal value shall have a tenure of seven years, maturing on 30 Nov, 2018. (Financial daily)

Petronas mulls building third LNG terminal in Lumut
Petroliam Nasional (Petronas) is considering building a third re-gasification plant or liquified natural gas (LNG) terminal in Lumut, Perak, to address the shortage of supply requirement in the power sector and industry users in Peninsular Malaysia. He said the re-gasification plant in Malacca is expected to come onstream by July or August next year, while in Pengerang by 2015. Apart from these, he said Petronas is also constructing an LNG terminal in Lahad Datu, Sabah, which will be connected to the power plant which is jointly built by the group and Tenaga Nasional. (BT)

Star buys free Chinese weekly
In a strategic move to reach out to the Mandarin-speaking community, Star Publications (M) has acquired an 83.61% stake in publisher Red Tomato Media SB for RM1.49m. Red Tomato produces Red Tomato, a 24-page Chinese weekly tabloid distributed free in the Klang Valley and Penang, and featuring economic and lifestyle content. The acquisition expands Star Publications' footprint in the media industry and complements its portfolio of media entities. It is also the group's first venture into the free newspaper model. (StarBiz)

London Biscuits 10.25m placement shares fixed at RM1 each
London Biscuits’s private placement of 10.25m new shares of RM1 each has been fixed at RM1 per share. It said on Thursday the RM1 issue price was about 22% above the five-days volume weighted average market price up to and including 30 Nov of 82 sen per share. The placement shares represented 10% of its paid-up share capital. (Financial Daily)

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