Mah Sing Group yesterday acquired approximately 157 acres of land 1km south of its M Residence@ Rawang for RM40.9m or RM6 psf. The land is slated for a township development to be named M Residence 2@Rawang, with an estimated GDV of RM650m. Mah Sing's Group Chief Executive Tan Sri Dato‟ Sri Leong Hoy Kum said, “Our landbank now stands at 1,217 acres with remaining GDV and unbilled sales worth an estimated RM15.5bn, giving us strong earnings visibility for the next 5-7 years”. (Mah Sing)
Tan Sri T. Ananda Krishnan plans to sell his stake in satellite operator MEASAT Global Bhd, a move that comes days after he initiated the sale of power assets valued at US$3bn (RM9.05bn). The Straits Times reported that the power and satellite assets could be worth close to US$3.5bn, implying that MEASAT could be worth around US$500m. (Bernama)
Sime Darby Bhd may look into listing its subsidiaries, including its plantation, property, motors and industrial divisions, by next year following a “fruitful performance” of the company in the first-half of its financial year 2012. Its president and group chief executive Datuk Mohd Bakke Salleh said the company is working on a few initiatives as it is looking into list-able entities in its portfolio, without disclosing any specific subsidiaries it plans to list. (Malaysian Reserve)
The proposed RHB Capital-OSK Holdings merger, due to be sealed soon, will be paid for entirely in shares, sources said. OSK is expected to receive RHBCap shares worth around RM2bn – the reported price of the deal – in exchange for the former‟s investment banking business. At this stage, it is not clear what OSK will do with the RHBCap shares. At RM2bn, this works out to around 2x book value of OSK‟s business. The deal will create the largest stockbrocking house in the country, overtaking CIMB Investment. (Star Biz)
Foreign investors in Malaysia may shift some existing palm oil refining operations to top producer Indonesia to tap higher margins after Jakarta lowered its processed edible oil export taxes, said a top Malaysian industry official. “The consequence could be catastrophic especially for the smallholders and private millers which are depending on them now to off-load their fresh fruit bunches and crude palm oil.” said Palm Oil Refiners Association of Malaysia (PORAM) Chief Executive Mohammad Jaaffar Ahmad. (The Malaysian Insider)
Putrajaya will move ahead with the proposed listing of Felda Global Ventures Holdings Bhd (FGV), with FELDA Group claiming to have the backing of "the majority of settlers", despite reports of widespread opposition. FELDA Group gave its assurance that the listing would see settlers retaining full ownership of their land and benefiting directly from potential revenues. (The Malaysia Insider)
Kencana Petroleum Bhd has secured a contract for the fabrication of Tapis R substructure for the Tapis re-development project from ExxonMobil Exploration and Production Malaysia Inc worth RM74m. It is a one-off engineering, procurement and construction contract and is expected to be delivered to the latter within the second quarter of calendar year 2013. (Malaysian Reserve)
Malakoff Corporation Bhd, via its wholly-owned subsidiary Tanjung Bin Energy Issuer Bhd, has signed financing agreements worth RM6.5bn for the development of the new 1,000 MW supercritical coal-fired power plant. The project was awarded to Malakoff in June last year following a competitive bidding process, overseen by the Energy Commission. (Bernama)
Thai AirAsia’s parent company Asia Aviation pcl has submitted a filing for its long awaited IPO to the Securities and Exchange Commission of Thailand. According to Bloomberg, Asia Aviation has registered to sell up to 750m new shares. It was also reported that Asia Aviation is planning to grow its stake in Thai AirAsia to 55% from 51% following the IPO. Asia Aviation CEO Tassapon Bijleveld was earlier quoted as saying the IPO could raise as much as US$150m. (Financial Daily)
China-based Sozo Global Ltd, which makes ready-to-serve meals, is optimistic of generating 40% revenue contribution from its halal segment once its third processing plant is ready. To cater to the high demand and lucrative halal market, the group is acquiring a spring rolls-making plant in Negri Sembilan. The plant, which has a revenue of about RM12m annually, will be its first halal venture. "The acquisition will be a quick start for the company to penetrate the halal market before our factory in China is completed. "Hopefully it will be completed by the second quarter of this year," CEO Sheng Hengbao said at a media briefing yesterday. The group has allocated RM16 m over the next two years to expand its halal business. (BT)
Property developer Hua Yang Bhd is actively looking for land is Iskandar Malaysia as part of its long-term plan to further strengthen its presence in South Johor. Johor branch manager Soo Kim Hiang said the country's first economic growth corridor offered good prospect for property development. (StarBiz)
Bakery and confectionary manufacturer Silver Bird Group Bhd said the maximum exposure it faced arising from alleged financial irregularities could amount to approximately RM111.5m. The company said it had recently appointed PKF Advisory Sdn Bhd as the "forensic accounts" to conduct a forensic review to ascertain the financial position of the company. In a separate announcement, Silver Bird confirmed reports that it had suspended three of its key executives. (StarBiz)
Integrated Healthcare Holdings Sdn Bhd (IHH) began marketing a loan of about S$650m (RM1.6bn) to help finance the acquisition of a Turkey hospital chain, a person familiar with the matter said. In December last year, IHH agreed to buy 75% stake in Turkey's largest hospital group, Acibadem Saglik Hizmetleri & Ticaret AS. (Malaysian Reserve)
Sagajuta (Sabah) Sdn Bhd managing director and controlling shareholder Datuk Raymond Chan Boon Siew was appointed as chief executive officer of Naim Indah Corp Bhd yesterday. Early last month Chan bought a 22.8% stake held by Crest Energy Sdn Bhd in property and timber-related Naim Indah. Meanwhile, Sagajuta director, Tan Tiang Lai, aged 49, was appointed as director in Naim Indah. (BT)
Scomi Group (SGB) and its associate company, Scomi Marine (SMB), have proposed to merge their business under a new company in a bid to create a larger upstream drilling services provider. The newco would assume the listing status of SMB. SGB would have at least a 32.9% stake in the newco post-merger. The board of SMB also intends to propose a cash distribution of up to US$45m to SMB shareholders via a capital repayment exercise. Shareholders of SMB stand to gain 18.3 sen per share, assuming if SMB distributes the proceeds in full. (Star Biz)
RHB Capital, OSK: Merger likely to be all-share deal
Banking sources said the proposed RHB Capital (RHBC MK, Trading Buy, TP: RM8.70) - OSK merger, due to be sealed soon, will be paid for entirely in shares. OSK is expected to receive RHB Capital share worth around RM2bn – the reported price of the deal – in exchange for the former’s investment banking business. At this stage, it is not clear what OSK will do with the RHB Capital shares. Sources said it was likely OSK might hold on the RHB Capital shares for a while before deciding what to do. (StarBiz)
Sime Darby: 2Q FY2012 rises to RM1.6bn
Sime Darby posted a higher pre-tax profit at RM1.6bn for 2Q FY2012 compared to RM1.248bn recorded for the previous corresponding period. Revenue for the second quarter rose to RM11.389bn from RM9.994bn registered for the second quarter of the preceding financial year. For 1H FY2012, pre-tax profit increased to RM3.089bn from RM2.208bn recorded for the 1H FY2011. Revenue grew to RM22.453bn from RM18.669bn recorded for the first half of the preceding financial year. The group announced an interim dividend of 10 sen per share for the financial year ending June 30, 2012. (Business Times)
MAS: Records net loss of RM2.52bn in FY2011
MAS recorded a net loss of RM2.52bn, on the back of RM13.9bn in revenue for FY2011. For the 4Q FY2011, the national carrier recorded RM1.28bn in net loss, on a turnover of RM3.68bn. Group CEO Ahmad Jauhari Yahya said the bottom-line group losses for 2011 underscored the imperative need for the airline to immediately adopt strong measures to stop the bleeding. These include staff redeployment, increasing productivity and efficiency, relentless cost control and making further reviews. In addition, he said they are implementing an aggressive sales and marketing strategy. (Bernama)
MAS: Finalising plan to increase reserves, funding capacity
Malaysia Airlines (MAS) is finalising a plan to strengthen its balance sheet to increase its cash reserves and funding capacity. Deputy Group CEO Mohammed Rashdan Yusof said the national carrier would unveil the plan in 60 days, told. He said the plan would include debt and equity market options as well as a possible assets review and disposal of non-core assets. Khazanah Nasional and Tune Air, MAS' the two largest shareholders, are supportive of these initiatives. With the funding plan in place, the group will further progress the implementation of initiatives outlined in its business plan announced in December 2011. On the outlook for 2012, Group CEO Ahmad Jauhari Yahya said MAS was optimistic of the prospect for short and medium haul operations especially the key domestic and regional routes. He added that MAS would relaunch its short-haul operation by Jun. (Bernama)
MMC: Surge in 4Q FY2011 profit
MMC Corp has recorded a 73.86% surge in net profit to RM264.6m in its 4Q FY2011 compared with RM152.2m y-o-y. The group’s revenue increased 10.6% to RM2.41bn from RM2.18bn y-o-y. The increase in both net profit and revenue was due to higher profit contributions from the energy and utilities, transport and logistics, engineering and construction, as well as investment holdings, corporate and other segments. The higher profit from the energy and utilities unit was attributed to higher average dispatch factor achieved by Malakoff’s power plants compared with the previous year, which was in turn driven by a higher dispatch Tanjung Bin Power Sdn Bhd in response to the shortage of power caused by a gas curtailment. (StarBiz)
Proton: Posts RM84m loss in 3Q FY2012
Proton Holdings' pre-tax loss widened to RM84.054m for 3Q FY2012 compared to a pre-tax loss of RM51.535m in the same period in FY2011. The company said the weaker performance was due to a decline in year-end sales which resulted in the adjustment of production numbers to better manage costs. Revenue decreased to RM1.432bn from RM1.833bn previously. (Bernama)
Sunway: Core businesses boost profit for 4Q FY2011
Sunway posted a net profit of RM123.8m on revenue of RM968.6m for 4Q FY2011. EPS stood at 9.58 sen. For the FY2011, net profit was RM369.7m on revenue of RM3.74bn. EPS was 28.6 sen. Sunway said it 4QFY11 results were largely driven by its core businesses, comprising property development and investment as well as construction, which contributed about 81% to the group’s pretax profit of RM190.1m. The property development segment reported a pretax profit of RM79.5m on revenue of RM143.9m driven by progressive billings of its Sunway Nexis, LaCosta at South Quay, Sunway Vivaldi and Sunway Velocity projects. It said its property projects in Singapore also provided significant contribution. (StarBiz)
Aviation: Jan passenger traffic rises, cargo down
The International Air Transport Association (IATA) said global passenger demand for Jan rose 5.7%, but air freight declined by eight% compared with the same month in 2011. Passenger capacity in Jan was up 4.2%, average load factor rose 1.1%age points to 76.6% against the same month a year ago. Freight capacity contracted by 0.6% y-o-y and freight load factor fell to 41%, as deliveries of new widebody passenger aircraft offset measures to reduce freight capacity. IATA said the occurrence of Chinese New Year in Jan (rather than in February as in 2011) exaggerated the increase in passenger demand and the fall in air freight. (Bernama)
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