Bina Puri to bag Pakistan highway deal?
Bina Puri Holdings is close to securing the privatization concession for the Motorway 9 (M-9) highway in Pakistan sources told The Edge Financial Daily. The M-9 links Hyderabad to Karachi, the country’s largest city and seaport. It is understood that Bina Puri has already received the letter of intent (LOI) from the National Highway Authority of Pakistan but is still negotiating the finer points of the contract. According to source, the construction firm will have a 28-year concession to operate the highway, 3 years of which will entail Bina Puri upgrading the M9 from 4 lanes to 6 lanes, at a cost of some RM600m. (Financial Daily)
RHBCap awaits nod on merger with OSK unit
RHB Capital Bhd (RHBCap), is awaiting central bank approval for its planned merger of OSK Holdings Bhd's investment banking business. A merger of the two would create the country's largest stockbroker, unseating CIMB Investment Bank Bhd from its current top position. Both RHBCap and OSK said in separate filings to the stock exchange that they applied for approval from Bank Negara Malaysia (BNM) yesterday. (BT)
Tan Chong refutes speculation of Proton bid
Automotive manufacturer and distributor Tan Chong Motor Holdings has denied speculation that the company may join the race to acquire Khazanah Nasional Bhd's 42.74% stake in Proton Holdings. It was reported that the company had been invited to submit a bid and was in the midst of drawing up a proposal. Tan Chong's board of directors said in an announcement on Bursa Malaysia that they had neither received any formal invitation nor had any plan to bid for the stake. Group chairman Tan Sri Asmat said UMW’s focus was on its present commitments, mainly its partnerships with Toyota and Perodua. (Bernama)
Petra Energy names new CEO
Integrated oil and gas brownfield services provider Petra Energy has appointed Datuk Anthony @ Firdauz Bujang, 53, as CEO. He was previously group CEO of The New Straits Times Press (M) Bhd and CEO of television station, NTV7. (StarBiz)
Supermax sees better profit on expansion, higher prices
Supermax Corp Bhd expects to post a profit after tax of between RM100m and RM110m for its financial year ended 31 Dec 2011 (FY11). Executive chairman and group managing director Datuk Seri Stanley Thai said while Supermax would be announcing its full-year results by next month, the company was also expecting sales in FY11 to be around RM1bn. “We should be able to achieve our earlier forecast targets,” he said after the company's EGM. He expects a better financial year in 2012, with earnings to be similar with 2010. Thai said Supermax is aiming for sales growth of 20% to 30% in 2012, driven by its capacity expansion and expected higher demand for natural rubber gloves due to softening latex prices. (StarBiz)
Kulim board to discuss Malay Chamber of Commerce counterbid before CNY
The directors of Kulim (M) Bhd will meet before the Chinese New Year holidays to discuss a counterbid from the Malay Chamber of Commerce Malaysia (MCCM) to buy Kulim's 54% stake in QSR Brands Bhd. Sources say it is likely that the board will reject MCCM's offer. “The view has always been that Johor Corp (JCorp, which owns 55.9% of Kulim) is not keen on disposing of any of its prized assets, especially QSR and KFC. So it should come as no surprise if there is a rejection,” said a source close to the matter. (StarBiz)
Plan to privatise KTMB on track
Keretapi Tanah Melayu Bhd (KTMB) has been asked to assist MMC Corp to conduct due diligence on the national railway company starting this month, said its president Dr Aminuddin Adnan. The due diligence is important for MMC to decide if it wants to privatise KTMB. Business Times reported in December 2011 that MMC plans to pump some RM1bn into KTMB and take over its operations. Aminuddin told BT that the process by MMC to take over KTMB’s operation is on-going. “MMC sent us a letter stating that they want to start the due diligence this month and we have been asked to assist them. Other than that, we have not received any instructions from the government to put the matter on hold,” he said. (BT)
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