Muhibbah to get Johor oil hub contract plus an equity stake
Muhibbah Engineering is set to become the lead contractor and shareholder in the Asian Petroleum Hub oil terminal in Johor that is being revived by a consortium led by creditor CIMB. Muhibbah was appointed contractor for the terminal and piling works for the proposed storage and bunkering facility promoted by cash strapped Asia Petroleum Hub SB (APHSB). A source said the project is about 65% completed. Muhibbah, which was awarded an RM820m contract by APHSB, has undertaken some RM600m worth of works. APHSB’s stake in the project is set to be diluted to a minority stake while CIMB would continue to provide the necessary funding for its completion. (Malaysian Reserve)
Singapore firm buys into IHT
Singapore-based Symphony International could end up with a minority stake in Khazanah’s Integrated Healthcare Holdings (IHH) when the latter goes for listing. Symphony would invest USD50m to buy a non-controlling stake in Integrated Healthcare Hastaneler Turkey SB (IHT) and has the option to convert its investment in IHT into a minority stake in IHH. Symphony previously sold its Parkway shares to Khazanah as part of Khazanah’s USD3.5bn takeover offer to privatize Parkway in 3Q10. (StarBiz)
OM Sarawak to invite bidders for RM1.5bn smelter works
OM Materials (Sarawak) SB (OM Sarawak) will invite bidders in the next two to three months for various packages in the construction of its RM1.5bn manganese and ferrosilicon alloy smelter in Samalaju Industrial Park, Bintulu. The civil works packages would be open to Malaysian contractors. The company aims to complete the project’s tender exercise by June. The smelting plant will require 24 sets of submerged fully and semi-enclosed ferro alloy furnaces and one set of ferro alloy refining furnace. Field work is expected to start in July. The plant will take 30 months to complete. (StarBiz)
Tengku Mahaleel to make shock return to Proton
Tengku Tan Sri Mahaleel Tengku Ariff is poised to make a shock return to Proton Holdings. The former Proton CEO will lead the national carmaker probably as chairman of the company in the coming months, replacing Datuk Seri Mohd Nadzmi Mohd Salleh, sources said. “More or less, it’s almost a done deal,” said a source close to DRB-HICOM, the new controlling owner of Proton under a RM1.29bn deal to buy Khazanah’s entire 42.7% stake announced last month. Tengku Mahaleel left Proton in September 2005 under controversial circumstances. (BT)
Cypark obtains approval for sanitary landfill project
Cypark has received approval in principle for the proposed development of a new sanitary landfill in Negri Sembilan. The government approval allows Cypark to implement the project on a build, operate and transfer (BOT) method via a public private partnership for a concession period of 25 years. The project will treat and dispose of municipal solid waste (MSW) and is expected to commence this year and be completed over two years. The estimated flow of MSW into the project is above 1,000 tonnes per day. (Financial Daily)
MBSB 2011 net profit surges on strong retail loan growth
Malaysia Building Society Bhd's (MBSB) net profit more than doubled last year on the back of strong loan growth in the retail segment. The non-bank lender, which is controlled by the Employees Provident Fund (EPF), reported a net profit of RM325.4 million compared with RM146 million in the previous year. Revenue grew by 64.8 per cent to RM1.26 billion. "Our group's improved performance is the result of the company's persistent efforts to grow its retail business in the face of stiff market competition," its chief executive officer Datuk Ahmad Zaini Othman said in a press statement. (Source: The Star)
KPRJ not selling out
Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) is not selling out and will be an indirect shareholder of Tebrau Teguh following the former's disposal of a 33.15% stake to Iskandar Waterfront Holdings Sdn Bhd (IWH) for 76 sen per share. On Tuesday, Tebrau Teguh announced that its major shareholder KPRJ was selling a 33.15% stake in the former to IWH. The offer is for 222 million ordinary shares of 50 sen each in Tebrau Teguh, which works out to a price tag of RM168.72mil. “KPRJ is not selling out of Tebrau Teguh as the former also owns shares in IWH. “The pie would be bigger now as more valuable assets would be in IWH following the takeover,” sources said. (Source: The Star)
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