EPF goes on selling spree
The Employees Provident Fund (EPF) sold a whopping RM441.09m worth of Malaysia-listed equities on 7 March alone, in line with its trend of active disposals over the last two weeks. Bursa Malaysia filings showed that on 7 March, the EPF along with its portfolio managers dumped a total 83.68m shares on the open market, substantially more than the 7.4m shares it had acquired the same day. The number of shares disposed of represents almost half the total volume traded that day, which stood at 173.14m shares. Fund managers reckon that the fund was merely taking profit but its aggressive selling had dragged the FBM KLCI down from its all-time high last week. (StarBiz)
REDtone eyes government projects worth RM800m
REDTONE International, a communications solutions provider, is bidding for government projects worth up to RM800m. REDtone managing director Datuk Wei Chuan Beng added that he expected revenue contribution from the public sector to be more "balanced" over the next few years. Currently, contracts from the government and related agencies contribute about 30% of the company's revenue.(BT)
PFCE in RM300m deal to transform into O&G player
Loss-making PFCE will transform into an oil and gas (O&G) counter after DAT Group SB proposed to inject its wholly-owned unit, PFC Engineering SB (PESB) into the former for RM300m. DAT, which is owned by PFCE’s group executive chairman Datuk Abu Talib Mohamed and son Muammar Gadaffi, will be issued 500m new PFCE shares priced at RM0.60 per share, which will result in them controlling 91% of PFCE. In a statement yesterday, PFCE said the deal will give it an immediate presence in the O&G industry. (Malaysian Reserve)
Kimlun secures RM152m job
Kimlun Corp has secured two construction projects in Johor Bahru totaling RM151.6m, bringing the construction company’s estimated outstanding orderbook to about RM1.5bil. The first project is the construction of service apartments and ancillary buildings and the second, the construction of 244units of houses. The first project’s total contract sum is RM114.7m and is expected to be completed in Feb 2014. The second project total contract sum is RM36.9m, with an estimated time of completion in Sept 2013. (Malaysian Reserve)
1Bestarinet to kick off soon
The government’s 1Bestarinet project is in the process of being implemented by YTL Communications SB (YTL Comms), a unit of YTL Power International. Although no official announcement has been made by the government on the project award, sources said that YTL Comms has already rolled out the service to a number of schools in the Klang Valley, having started doing so from Dec 2011. (Financial Daily)
AirAsia X axes NZ route
AirAsia X SB will stop flying the loss-making KL-Christchurch route effective end-May due to volatile jet fuel prices. Christchurch will be the fourth destination the long-haul low-cost carrier has withdrawn from in recent months after announcing that it would stop flying to London, Paris, Delhi and Mumbai. AirAsia X CEO Azran Osman-Rani told The Edge yesterday that the capacity from Christchurch would be redeployed to Taipei, Perth and other routes. He said in a statement that since the suspension of its flights to Europe and India, the airline has increased flight frequencies to Tokyo and a new route to Sydney. (Financial Daily)
Firefly will reintroduce the fuel surcharge for flight bookings made from March 21 to counter high jet fuel prices. A fuel surcharge of RM10 for domestic travel will be imposed for each leg and RM20 for regional routes. (Bernama)
Hong Leong Bank announced its proposal to dispose of MIMB Investment Bank to its sister company, Hong Leong Capital (HLC). The selling price was not stated in the announcement. HLC will then transfer its investment banking business from Hong Leong Investment Bank (HLIB) to MIMB. HLIB, which will be a shell company, will be acquired by Hong Leong Bank. (BMSB)
DRB-HICOM said it is open to the possibility of collaborating with other vehicle manufacturers, including those from China and other European countries, as it undertakes to optimise its assembly lines and transform the facility in Pekan, Pahang, into a regional and global automotive hub. On recent news reports speculating on the potential joint venture between its partner Volkswagen Group Malaysia and Proton in an attempt to uplift the latters' perceptive image, build quality and production, Datuk Seri Mohd Khamil Jamil reaffirmed his stance that rebadging of Proton will not happen while he is at the helm. (Malaysian Reserve)
Datuk Mohd Khamil Jamil, managing director of DRB-Hicom, is strongly tipped to take charge of national carmaker Proton Holdings, people familiar with the matter said. Business Times was told that Mohd Khamil‘s name was among the three names put forward for the post of executive chairman. Earlier, there were reports that Tengku Tan Sri Mahaleel Tengku Ariff would make a comeback to the company that he once led. (BT)
Khazanah Nasional has sold its entire 4.17% stake in Yes Bank Ltd for about US$105m, reportedly following an unsuccessful attempt to raise its stake in the Indian private lender to 10%. Since the Reserve Bank of India norms do not allow more than 5% stake by a single entity, Khazanah decided to monetised its investment at a phenomenal premium of 150%. (Financial Daily)
Paramount Corp has acquired a 30-acre (12 ha) freehold industrial tract in Selangor for RM125m to develop semi-detached factories. The proposed development is expected to start in 2013 spanning over seven years. The acquisition will be funded by a mix of internal funds and borrowings. (Financial Daily)
Dayang Enterprise Holdings Bhd‘s Tengku Datuk Yusof Tengku Ahmad Shahruddin has recently disposed of two million shares, or a 0.36% stake, in the company. The transaction was done last Friday at an average price of RM2.22 per share. Yusof still held a direct interest of 10.07% stake. (Star Biz)
Qi Group of Companies, which has presence in over 100 countries, will consider listing its multi-level marketing (MLM) business, QNet Holdings, on Bursa Malaysia in two years' time when market conditions improve, said its director for investment management Kuna Senathirajah. QNet is the flagship subsidiary and main revenue generator of the Qi Group, which is helmed by Malaysian entrepreneur Datuk Vijay Eswaran.(Sun)
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