Berjaya Land records RM8.05m loss from sale of BToto shares
Berjaya Land recorded a net loss of about RM8.05m at group level after it disposed of 18.3m Berjaya Sports Toto shares for RM79.6m. B-Land said the shares were disposed of on Thursday at an average selling price of RM4.35 and the shares represented about 1.37% of BToto. (Financial Daily)
Takeover offer for Mahajaya at 85 sen each
Property developer Mahajaya has received a notice of conditional takeover from a group of joint-offerors, made up of its major shareholders, to acquire the remaining 75.56m shares representing a 27.57% stake they do not own in the company at 85 sen each. The offer value the whole Mahajaya at RM232.9m. The joint-offerors are Waiban Corp SB, Rancangan Impian SB and Mahajaya managing director Tan Ming Wai and deputy managing director Tan Ming Ban. (Financial Daily)
Hua Yang to raise RM100m for acquisitions
Property developer Hua Yang plans to raise RM100m capital to fund its land acquisitions this year. CEO Ho Wen Yan said the amount is three times the size of capital expenditure last year for buying land. The developer is eyeing up to 121ha of land in Penang and Sabah for township development. However, the fund raising exercise is still being discussed and has not been finalized yet, Ho said. (Financial Daily)
Kumpulan Jetson acquires Asian Corp for RM11m
Property developer and automotive parts manufacturer, Kumpulan Jetson Bhd, has acquired a 100% stake in China-based Asian Corp Ltd (ACL) for RM11m. The purchase price was a 22.5% discount to ACL's net assets of RM14.2m, and its main asset is a 57,737 square metre industrial land in Yangzhou City, China. (StarBiz)
Kumpulan Jetson Bhd maker, expects a strong take-up rate for its RM174m integrated industrial property project in Yangzhou City, China. The project, dubbed Jetson Integrated Industrial Park (JIIP), comprises 10 units of detached factories, four blocks of four-storey exchange centre, a six-storey hostel and a six-storey production centre. So far, three units of the detached factories have been sold to investors. These units were leased back to Jetson for its production and warehousing of anti-vibration systems to serve the domestic automotive market. The project, which has a gross development cost of RM125m, is expected to be completed by the end of 1Q14. "We are confident that all the units will be sold. I don't think it will be difficult. So far, we are in talks with several serious investors on other units," said group managing director Datuk Teh Kian An after its EGM yesterday.The company will start its production of the anti-vibration systems in China in 2Q12.
The part re-location will free up production capacity in Malaysia to cater for other growth markets like India and Iran. Teh said that the company now exports between 25-30% of its manufactured products overseas, with China being a major market. (BT)
Kamarul's resignation will have no impact on Petra Energy, says company
The resignation of Petra Energy Bhd director Kamarul Baharin Albakri will not have any impact on the company's effort to move forward. Kamarul, appointed executive director of Petra Energy on 18 Feb, 2010, submitted his resignation letter at the company's board of directors meeting yesterday, the company said in a statement. The company recently announced a new senior management line-up as part of its transformation plan to strengthen the group's business activities and to capitalise on growing opportunities available in the vibrant oil and gas industry. (Bernama)
DRB-Hicom Bhd has not yet decided on the new management line-up to steer Proton Holdings Bhd.DRB-HICOM group MD Datuk Seri Mohd Khamil Jamil said he was surprised with all the names suggested through the media. "I do meet them (Proton officials) from time to time on business arrangements, but I have not made any decision on the new Proton line-up. I must first go through the merger and acquisition process. "We will hold an EGM on the first or second week of March to finalise the deal. He was commenting on news reports that Proton's former CEO Tengku Tan Sri Mahaleel Tengku Ariff was poised to make a comeback as the national carmaker's new chairman, replacing Datuk Seri Mohd Nadzmi Mohd Salleh. DRB-HICOM's group COO Datuk Lukman Ibrahim and Hicom Automotive Manufacturers CEO Abdul Rashid Musa are also names tipped to be potential candidates as Proton CEO.
On sports-car outfit Lotus plc, which is bleeding money, Mohd Khamil said the group will have a look at Lotus' good points first before deciding on what to do with it as it is an important element of Proton."I cannot just dispose of it because Lotus has 2,000 employees and Proton, 15,000 employees. The possibility to sell is there but the probability depends ... maybe sell 10-20% or 100%." (BT)
Volkswagen AG (VW) is considering expanding production in Malaysia and has sent senior executives, including management board members, to review Proton Holdings's operations for a potential partnership, a person familiar with the matter said. The high-ranking executives are considering whether the plants are equipped to produce VW models as it considers creating a production hub in Malaysia to target Southeast Asian markets, the person said. (Bloomberg, BT)
Khazanah Nasional Bhd and PNB will divest 10 non-core businesses to qualified Bumiputera companies via open tender, PM Datuk Seri Najib Razak said. He said these businesses would either be sold or outsourced in efforts to increase Bumiputera equity. "This will be done through a process of open tender where potential Bumiputera companies will be invited (to take part) and the most qualified company will be chosen to own these companies. (NST)
Palm oil is Malaysia's biggest commodity export, registering RM80bn last year. In second spot was rubber with RM20bn, said Deputy Plantation Industries and Commodities Minister Datuk Hamzah Zainudin. (Bernama)
MY Rapid Transit (MRT) Corporation CEO Datuk Azhar Abdul Hamid clarified that he had not said that MRT Corp preferred local companies to participate in the construction of the country's largest public transport infrastructure project. In a clarification to BT report yesterday, Azhar said: "I strongly deny having said what has been attributed to me in the story. While I have said before that cost and the fact that a company is Malaysian are important factors, they are merely two of many factors which are taken into account during tender evaluation. "In fact, what I have often maintained is that cost is not the principal consideration in the tender evaluation process. "Further, to further suggest that all foreign bidders have been excluded (solely because they are not Malaysian) from being considered when the tender evaluation process is still being carried out is grossly irresponsible. (BT)
Bursa Malaysia Securities Bhd cautioned investors yesterday in the trading of Naim Indah Corp Bhd (Nicorp) shares. The market requlator rarely cautions investors in trading of stocks, preferring instead to issue Unusual Market Activity (UMA) queries. However, a caution by Bursa should be taken seriously, as traditionally if the shares continue to trade erratically, the exchange may impose trading restrictions by designating the stock.The last time the regulator had designated a stock was with Harvest Court Industries Bhd.(BT)
Dijaya Corp Bhd aims to launch RM1.1bn worth of projects this year after accumulating land for development in the past 18 months. Last year, the master property developer of Tropicana Golf & Country Resort and Tropicana Indah Resort Homes in Petaling Jaya only launched RM700m worth of properties. "For 2012, we are targeting sales between RM650m-RM700m", says MD Datuk Tong Kien Onn to pressmen after the EGM yesterday. Last year, Dijaya sold about RM420m of properties. "Dijaya will be launching many new projects this year and next year on lands that we have purchased over the last one-and-a-half years. "The total gross development value (GDV) of these lands works out to around RM28bn," said Tong, adding that the group's total undeveloped landbank area is 324ha. (BT)
Bank Islam Malaysia (BIMB) is tying up with the Shariah arm of the National Cooperative Organisation of Malaysia (Angkasa) to help the latter offer total financial solutions to its members. A MoU is expected to be inked today – the offered solutions will include the whole range of BIMB banking products of cash management and loans. (Malaysian Reserve)
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