MRT Corp awards RM8.2bn contract to MMC-Gamuda JV
Mass Rapid Transit Corp SB (MRT Corp) has awarded the underground package of the MY Rapid Transit (MRT) Sungai Buloh-Kajang line worth RM8.2bn to a JV entity comprising MMC Corp and Gamuda. The scope of work for the contract is to design and build a 9.5km MRT underground tunnel and seven underground stations. Works for the underground package will be directly supervised by MRT Corp. According to MRT Corp, the tunneling works alone will comprise about 30%-40% of the total project cost. (Malaysian Reserve)
KLK sells Crabtree & Evelyn for RM465m, expands oil palm landbank
Kuala Lumpur Kepong (KLK) is disposing of its non-core asset in CE Holdings (CEH) for USD155m (RM465m), and expanding its oil palm landbank in Kalimantan by acquiring an Indonesian firm for IDR10.8bn (RM3.6m). KLK said its wholly-owned subsidiary KLK Overseas Investments has entered into an unconditional SPA with HK’s Khuan Choo International to dispose of 100% equity, or 63.7m shares, in CEH while another subsidiary KL-Kepong Plantation Holdings sealed a deal to acquire 90% equity, or 225 shares, of PT Global Primatama Mandiri. (Malaysian Reserve)
Sime Darby to expand healthcare business in Indonesia, Asean
Sime Darby plans to expand its healthcare business in Indonesia in sync with its five-year strategic plan to grow the business in Malaysia and the Asean region. Its CEO Datuk Mohd Bakke Salleh said the group was currently focusing on Jakarta and had been discussing with a few players in the Indonesian market with regard to its plan. On a separate note, he said that the newly launched Sime Darby Medical Centre Ara Damansara, which was opened in January, currently has 73 beds and the number would be scaled up to 220 beds by 2016. (Malaysian Reserve)
Fajarbaru clinches RM73m contract
Fajarbaru Builder Group’s (FBG) wholly owned subsidiary, Fajarbaru Builder SB, has received a letter of award from Akitek Tenggara SB to demolish and rebuild part of the existing six-storey Shaw Parade Complex in phases for RM72.9m. It said the contract is expected to contribute positively to earnings and net assets of FBG for its financial years ending 30 June 2012 to 2015. (Malaysian Reserve)
EPF raises stake in IJM Plantations
The Employee Provident Fund (EPF) has been gradually increasing its stake in IJM Plantations and currently holds 12.54% or 100.5m shares in the plantation company. It showed that the EPF acquired 465.5k shares in IJM Plantations on 15 March. It had 98.2m shares in the company at the start of this year. (BT)
Maybank: Inks pact with Myanmar partners
Maybank has emerged as the first local bank to offer services for Myanmar workers in Malaysia to remit funds back home after signing a pact with four partners. President and CEO Datuk Seri Abdul Wahid Omar said this service could see some RM38m in transfers this year and help fuel the growth target of 20% in total remittance value from RM2bn in 2011. Maybank's four partners in Myanmar are Asia Green Development Bank, Co-operative Bank, Ayeryarwady Bank and Kanbawza Bank. Meanwhile, Abdul Wahid said Maybank was among 16 foreign banks that had set up representative offices in Myanmar and was waiting for approval from the Myanmar authorities to open its branch there. (Business Times)
Maybank: Sees 20% growth in fund transfer
Maybank is aiming for a 20% growth in the value of foreign workers' fund transfer this year from RM2bn registered last year. President and CEO Datuk Seri Abdul Wahid Omar said the target would be boosted by the introduction of Maybank Money Express (MME) remittance service to Myanmar that would see some RM38m being transferred this year. The new service to Myanmar will help fuel the 20% growth that we are targeting. It will bring us another step forward in strengthening our regional MME remittance platform,” he said at an agreement signing between Maybank and four Myanmar banks to use the MME service. The banks are Asia Green Development Bank, Co-operative Bank Ltd, Ayeryarwady Bank Ltd and Kanbawza Bank Ltd. The service would allow remittance transactions from Malaysia through Maybank branches and forex booths to the respective banks in Myanmar via an electronic platform. (StarBiz)
MAS: Hayati tipped to become MASkargo chief
According to sources, MAS executive vice-president of airport operations, Hayati Ali has been tipped to become the next head of its cargo arm. However, the national carrier has neither denied nor confirmed this. The company said the position of head of Malaysia Airlines Cargo Sdn Bhd (MASkargo) is currently vacant. MAS will make the necessary announcement once the suitable person for the position is appointed. While the MAS management was keen to appoint Hayati to the position, the decision had not been finalised, sources said. One of its considerations is Hayati’s possible reluctance to accept the position. A source said that she is quite happy with her post and may want to stay on, given the option. (Business Times)
BIMB Holdings: Bank Islam expects less robust performance
Bank Islam Malaysia expects its profit growth to slow this year given the more challenging economic environment. MD Datuk Seri Zukri Samat cited this to the economic situation in Europe and the US that was still fragile and that growth in big emerging economies like Brazil, Russia, India and China was also expected to slow down. (Business Times)
Key West Global: Terms with PT Formasi not finalised
Key West Global Telecommunications is in talks with PT Formasi Sumatera Energi to to venture into the oil and gas businesses in Indonesia, it said in a statement to the local stock exchange Tuesday. Business Times had on Tuesday reported that KeyWest was in talks with PT Formasi, and if the deal went through, it will lead to a reverse takeover of Keywest. KeyWest added in the statement to the bourse that to date, the terms have yet to be finalised. (Business Times)
Jotech: Gets shareholders’ nod for merger with AIC, AutoV
Jotech Holdings has received shareholders’ approval for the proposed merger with AIC Corporation and AutoV Corporation. Jotech said on Tuesday the approval was given at the EGM and court convened meetings on Tuesday. All three companies would be collectively be acquired by a special purpose vehicle -- Temasek Formation Bhd (TFB) – which is owned by executive chairman of Jotech and AIC, Datuk Goh Tian Chuan. (Financial Daily)
Cypark: Targets annual turnover of RM45m from solar plants
Cypark Resources has targeted to generate turnover of about RM45m from 2013 when the 33 MW solar capacity from its solar plants are completed. Cypark executive chairman and founder Tan Sri Razali Ismail said the company targeted to complete the installation of an additional 25MW of solar plants in Johor, Perlis, Melaka and Negeri Sembilan by end-2012. He said with the targeted completion of 33 MW total solar capacity, Cypark expects to generate annual turnover of about RM45m from year 2013 onwards, adding that by Jan 2013, Cypark hoped to fully transform itself into a green utility company specialising in the area of solar Photovoltaic and waste to energy. (Financial Daily)
Automotive: Feb vehicle sales jump 9%
According to Malaysian Automotive Association (MAA), motor vehicle sales in Feb 2012 increased by 3,626 units or close to 9% to 44,013 units, from 40,387 units in the same month last year. MAA said the passenger car segment recorded sales of 38,867 units compared with 36,457 units in Feb last year, while commercial vehicle sales rose to 5,146 units from 3,930 units. Longer working month and strong performance by the commercial vehicle segment were cited as main factors for 9% jump in sales volume in Feb. (Financial Daily)
Royal Bank of Scotland Plc (RBS) is closing its equity capital market (ECM) and corporate finance units in South Korea and cash equities businesses in Indonesia, South Korea and Singapore. RBS said in a statement, “For commercial reasons, we have agreed with CIMB Group Holdings Bhd (CIMB) that the cash equities, ECM and corporate finance businesses in Korea and cash equities in Indonesia and Singapore will not ultimately transfer as part of the sale. We have therefore made the decision to initiate steps to wind down these businesses commencing today.” The decision sheds light on the British lender‟s recent agreement with CIMB for the sale of Asian assets, signaling that CIMB is eyeing RBS‟ Hong Kong, India and Australian businesses to boost its investment banking presence in Asia. (Reuters)
The idea for the share swap between Malaysian Airlines (MAS) and AirAsia came from Datuk Seri Najib Razak but the PM did not want the deal to cause friction with employees, a MAS union leader has revealed. The plan was to have two national champions when the ASEAN open skies policy takes effect in 2015. “Najib said it was his idea to have the share swap and collaboration but he didn‟t ask them (the new management) to do all this (actions that caused unhappiness),” said Abdul Malek, MAS Employees Union (MASEU) secretary-general. The union leader said that some staff had been asked to resign from MAS before being transferred to the new yet unnamed subsidiary airline that would takeover the regional routes, a propose he found unacceptable. It is learnt that Putrajaya is considering a special entity to take MAS off the hands of its main shareholders, Khazanah and Tune Air. The plan could potentially be for Khazanah to divest its stake in MAS first before a general offer is made for the remaining shares from other shareholders, including Tune Air. (Malaysian Insider)
Naza Automotive Manufacturing, the manufacturing arm of the Naza Group, has invested RM30m in a new robotic assembly line at its plant in Gurun, Kedah. The new assembly line is the first line at the 56ha facility with robots to ensure the quality consistency for the C-segment Peugeot, which is set to be exported to other markets in the region. The RM30m assembly line is part of its RM714m expansion and upgrading exercise which began in 2010 and is scheduled to be completed end-2015. The exercise includes investments in facility upgrades, plants expansion, new model introductions as well as R&D. (BT)
Focus Dynamics Technologies Bhd said that Datuk Raymond Chan Boon Siew is not a placee in the private placement exercise undertaken by Focus and neither have they received any proposal from him to inject oil and gas projects into the company. Focus was responding to a query from Bursa Malaysia on an article in a Chinese daily, which stated that Chan plans to buy 25% equity interests in the company via a private placement exercise and from the open market. (BT)
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