Bank stocks turbocharged a rally across the financial markets Tuesday, and all three major stock indexes posted their biggest gains of the year. The Dow Jones industrial average rose 218 pts and closed at 13,177.68, its highest level since the last day of 2007. The Nasdaq composite closed above 3,000 for the first time since Dec 2000, when dot-com stocks were collapsing. There was already plenty of good news driving the market higher Tuesday: Retail sales in Feb increased the most since Sept, and the Federal Reserve said it expected the unemployment rate to keep falling. (Bloomberg)
MAS set for growth as India JV gets clearance for take-off
Malaysian Airlines System (MAS) expects further growth potential through its involvement in the Indian aviation maintenance, repair and overhaul space through MAS GMR Aero Technic Ltd (MGAT) – a joint venture between MAS and GMR Hyderabad International Airport Ltd. MAS senior vice president Khairuddin Hamzah said MGAT received the approval of the European Aviation Safety Agency (EASA) last week, enabling it to service all aircraft leased from European by Indian operators. (Malaysian Reserve)
Notion VTec buys RM17.5m land in Klang, acquires subsidiary
Notion Vtec subsidiary Notion Ventures SB (NVSB) has entered into a sale and purchase with Dulon Industries SB for the purchase of a land in Klang together with an industrial factory for RM17.5m. The proposed acquisition would allow NVSB to expand its manufacturing operations. It is a cost effective measure contributing to enlarged economies of scale to expand and maintain the operations. (Malaysian Reserve)
Nicorp to participate in Shell LPG business buy
Naim Indah Corp (Nicorp) has been invited to participate in the purchase of Shell Malaysia liquefied petroleum gas (LPG) business and assets. Oman-based National Gas Company (NGC) recently won the bid to buy Shell Malaysia Trading SB’s LPG business for an estimated RM275m. NGC in partnership with Aspire SB set up a 40-60 special purpose vehicle to undertake the proposal. (BT)
IJM buys 20% of West Coast Expressway
IJM Corp is buying a 20% equity interest in West Coast Expressway SB (WCE) for RM6.75m. In an announcement to Bursa Malaysia, IJM said its wholly-owned subsidiary Road Builder (M) Holdings SB has entered into a share sale and purchase agreement with Prominent Xtreme SB for the 20% in WCE, consisting of 5.8m RM1 shares. In late January, WCE received an approval letter from the Public Private Partnership Unit of the Prime Minister’s Department to undertake the proposed privatization of the construction of the West Coast Expressway. The approval was based on a build-operate-transfer basis. (Financial Daily)
Another motion for AsiaEP EGM
AsiaEP Resources Bhd’s major shareholders, which collectively hold 11.05% of the shares in the company, have requested for an EGM following the company’s cancellation of a private placement exercise. According to an announcement to Bursa Malaysia, the shareholders have requested that disclosures in relation to the exercise be made at an EGM to be held on 6 April, which will also see another motion being tabled. (StarBiz)
An E&O Bhd minority shareholder is arguing that a judge’s former job in the Securities Commission (SC) has no bearing on his suit against the regulator for failing to compel conglomerate Sime Darby to buy remaining shares after it bought a 30% stake in the property developer for RM776m. Michael Chow Keat Thye has filed two affidavits in reply to the SC’s objections to his suit, with one arguing that the regulator’s objections are on technical issues and that their decision that Sime Darby was not required to make a mandatory general offer was a “tentative decision”. (Malaysian Insider)
Tenaga Nasional Bhd is confident the government will find the best solution to resolve the compensation issue for the benefit of all said President and CEO Datuk Seri Che Khalib Mohamad Noh. "We are looking for a solution to the problem. All the parties concerned understand. I don't think we have to worry. For sure, Tenaga believes that the government will find the best solution for the benefit of every party involved". Meanwhile, Chairman Tan Sri Leo Moggie said the issue would be resolved by the government. "The government has a role to determine the method and the payment for the gas price to ensure continued supply of electricity in the country," he said, adding that the utility company had expressed its views during discussions with the government. (BT)
AirAsia X will have to refund the monies forwarded to it under a joint marketing plan with Christchurch International Airport (CIAL). According to CIAL CEO Jim Boult, the fund provided to AirAsia X covers a variety of marketing initiatives tailored to suit its specific circumstances. AirAsia X is working with Air New Zealand on proposals to offer travellers who had already booked beyond the end of May flights to Christchurch via Australia. (BT)
UMW Group's unit, UMW Lubricant International, expects to rake in up to RM50m in sales this year, underpin by the launch of the new Repsol lubricants for passenger and commercial vehicles as well as industrial use. (Bernama, BT)
Maxis introduced 20 new exclusive applications for smart devices such as iPhones, tablets and Androids. The applications present a user-friendly interface for customers seeking useful local content for their smart devices. (BT)
Technip, a world leader in project management, engineering and construction in the energy industry has been awarded a front-end engineering design contract by Petronas for its proposed RM60bn refinery and petrochemical integrated development (Rapid) project in Johor. The contract is schedule for completion by 2013.
Ramunia received a letter of award worth RM23.63m from Aquaterra Energy. The contract is for the fabrication of wellhead support structures consisting of two subsea structures, one topside structure and a boat landing facility for the West Desaru project. (Financial Daily)
Preliminary findings by an accounting firm called in to review Silver Bird Group Bhd’s affairs indicate that the bread and confectionery maker remains a going concern, which means there is no reason to believe that the business will come to a halt anytime soon. Encouraged by this, the directors are working to keep the operations going and to restore confidence. The board's immediate priorities are to restructure the company's debts, to recruit an executive to lead the company full-time, and to figure out what to do next if it is established that Silver Bird has a sizeable capital shortfall. However, a big if hovers over all these. PKF Advisory Sdn Bhd, the firm appointed on Feb 26 to conduct a forensic audit of Silver Bird after alleged financial irregularities had been detected, needs at least three months to finish its assignment. Only then can the listed company's actual financial position be known. Sources said PKF's work was hampered by the lack of documentation and incomplete data. (Starbiz)
MMC Corp Bhd has asked for more time to complete the proposed listing of Gas Malaysia Bhd on the Main Market but still expects the exercise to be completed by the second quarter of this year. (Financial Daily)
Dutch Lady Milk Industries Bhd has appointed Rahul Colaco managing director effective April 1. Colaco, now marketing director, has 16 years’ experience in multinational corporations across Europe and Asia and has held various senior positions in marketing, sales, purchasing and finance. (Starbiz)
Xidelang Holdings Ltd, a sports shoes and apparels maker, expects its first quarter financial performance to be stronger this year, as demand for sportswear in China remains strong. "We are optimistic of a good first quarter results ... better than last year's," said managing director Mark Ding Peng Peng. (BT)
Maybank: Maybank Islamic to expand in Indonesia, Singapore. MAYBANK Islamic Bhd (MIB), already the region's largest Islamic bank by asset size, is pursuing an aggressive stance to further strengthen its presence in Indonesia and Singapore. Chief executive officer Muzaffar Hisham said after giving priority to its domestic operations in the last few years, MIB will be focusing more on growing its regional business this year. "We want to deep-dive into key markets especially Indonesia and Singapore," he said in an interview with Business Times, adding that Maybank group's acquisition of Singapores brokerage firm Kim Eng has opened opportunities for MIB too. (Source: Business Times)
IRM Group: IRM gets OK to set up solar station. Plastics manufacturer IRM Group Bhd has been granted the feed-in approval by the Sustainable Energy Development Authority (Seda) to install a solar power station with a maximum capacity of 5MW in Kangar, Perlis. The Feed-In-Tariff is scheduled to commence on 9 April 2013 for a period of 21 years from the commencement date. IRM Solar will also be signing a Power Purchase Agreement with SEDA / Tenaga Nasional Berhad (TNB) for the sale of electricity generated to TNB in due course. (Source: Bursa Malaysia)
Naim Indah Corp Bhd: To participate in Shell LPG business buy. Naim Indah Corp Bhd (Nicorp) has been invited to participate in the purchase of Shell Malaysia liquefied petroleum gas (LPG) business and assets.Oman-based National Gas Company (NGC) recently won the bid to buy Shell Malaysia Trading Sdn Bhd's LPG business for an estimated RM275 million. (Source: Business Times)
O&G: Halliburton, Petronas sign exploration deal. HALLIBURTON, one of the world's largest oilfields service companies, has teamed up with Petronas Carigali Sdn Bhd, the exploration and production arm of Petroliam Nasional Bhd (Petronas), to explore the potential of shale oil and gas resources in Asia Pacific. "This collaboration will enable Petronas Carigali to shorten its in-house capability development by leveraging on Halliburton's technology and experience outside of North America," Halliburton said in a statement. (Source: Business Times)
The Employees Provident Fund (EPF) has denied any unusual activity in its recent surge in share disposals that dragged the share market down last week. This comes after it was reported that the EPF along with its portfolio managers "dumped" a total 83.68m shares on the open market on March 7, or about half the total daily trading volume which pulled down the benchmark FBM KLCI. The move by EPF also sparked market rumours that the share disposals was timed with the next general election in mind as some analysts say that profit taking usually occurs just before the polls. (Malaysian Insider)
YTL Cement: Minorities shareholders could derail plans
Despite several extensions, YTL Corp has still fallen short of reaching the required threshold for a compulsory acquisition of the remaining shares it does not own in YTL Cement. This means that YTL Corp will not be able to wholly-own the cash rich cement manufacturer, as a group of minority shareholders did not take up the takeover offer by the conglomerate. In other words, YTL Cement will remains a public company, But not listed and YTL Corp will have to seek minority shareholders’ approvals on plans YTL Corp intends to execute on the cement manufacturer. (Financial Daily)
TSM Global: Will consider other offers for its business
TSM Global’s board will consider other credible offer for its business after West River Capital Sdn Bhd (WRC) rejected its request to improve on the RM1.25 apiece buyout offer for all its asset and liabilities. In a statement to Bursa Malaysia on Tuesday, the company said its board memebers who are independent of the offer have resolved to consider any other credible offers for the business and its undertaking, including all asset and liabilities. Meanwhile, the deadline for the acceptance of the offer from WRC has been extended to Apr 6. (Financial Daily)
Gefung Holdings: Golden Knights International emerges as substantial shareholder
Bahamas-registered Golden Knights International Ltd has emerged as a substantial shareholder in Gefung Holdings with a 5.11% stake or 13.50m shares. A filing with Bursa Malaysia showed that it accepted its entitlement of 7.5m shares under a rights issue on Jan 20, 2012. (Financial Daily)
The Employees Provident Fund (EPF) sold a further RM288m worth of shares on March 8, after selling RM441.09m worth a day earlier. According to filings with Bursa Malaysia, the fund managers engaged by the EPF disposed of a total 49.88m shares, while also acquiring 10.58m shares. Among the EPF's biggest disposals on March 3 were 8.08m shares in Petronas Chemicals Bhd, 7m shares in YTL Corp Bhd and 4m shares in CIMB Bank Bhd. A source close to the EPF explained that the pension fund took profit to lock up gains after the benchmark FBM KLCI neared an all-time high of 1,594.74 points. (Starbiz)
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