MAHB shortlisted for Qatar airport job
Malaysia Airports Holdings (MAHB) has been shortlisted for the airport operation and maintenance of facilities contract for Qatar's new airport, currently called New Doha International Airport. Chief operating officer Datuk Abdul Hamid Mohd Ali said the company has been shortlisted out of 16 candidates for the project and that MAHB had come out as the second choice due to its strength in technical knowledge. MAHB expects to know the outcome of its tender in the third quarter this year. (StarBiz)
Elevator maker EITA to lift profile with listing
Elevator manufacturer and electrical and electronics components distributor EITA Resources has received the nod from the Securities Commission to list its shares on the Main Market of Bursa Malaysia within the first half of this year. "We have installed our in-house brand elevators, including escalator and traveller systems, in numerous commercial and residential properties in the region," said group managing director Fu Wing Hoong in the statement. (BT)
TM aims to hit 400,000 mark for UniFi by year-end
Telekom Malaysia (TM) aims to hit the 400,000th customer mark for its high-speed broadband service, UniFi, by year-end. In a statement, TM executive VP Imri Mokhtar said UniFi's customer base has been growing rapidly, surpassing the 300,000 mark yesterday. Imri said TM expects the UniFi's take-up to continue to increase to 50% of premises passed in the next three to five years. (BT)
Mah Sing in deal for RM830m project
Mah Sing Group will be jointly undertaking the development of a 1.72ha parcel of prime leasehold commercial land in Harbour City, Kota Kinabalu. According to its announcement on Bursa Malaysia, the development, tentatively named Sutera Avenue, will be a niche project with a proposed gross development value of about RM830m. Comprising multi-storey shop offices fronting the Coastal Highway, Sutera Avenue will be complemented by street mall retail lots and serviced apartments. (Financial Daily)
IOI's Bumitama to list on SGX
IOI Corp is set to register at least USD226m (RM696m) or a 360% gain - on paper - from its investment in Indonesia-based Bumitama Agri Ltd. The latter has just filed for an IPO on the Singapore Exchange (SGX), which is said to fetch a market capitalisation of between SGD1.2bn and SGD1.3bn (RM2.9bn and RM3.2bn). Bumitama, which shelved its IPO proposal last June, now plans to raise as much as SGD222m due to improved company valuations and strong demand for its shares. (Financial Daily)
Gas Malaysia listing in 2Q
MMC Corp said the listing of its associate Gas Malaysia on the Bursa Main Market will likely take place in the second-quarter (2Q), according to a filing with the exchange, by the engineering, logistics and construction company yesterday. The Securities Commission has given an extension till 6 Oct 2012, for the Gas Malaysia to complete the listing. (Malaysian Reserve)
Amanah Raya opts to exit Johor resort project
Malaysia Pacific Corp (MPCorp) announced that Amanah Raya Development SB has given notice it is exercising its put option granted by Oriental Pearl City Properties SB to divest Amanah Raya's stake in joint venture Lakehill Resort Development SB. Oriental will have to purchase Amanah Raya's 22% stake for RM110.8m, according to a filing with Bursa Malaysia by MPCorp yesterday. Lakehill is an integrated resort development located in Johor. The put option shall be paid within a period of 60 days from the notice. (Malaysian Reserve)
UEM Land: Still in negotiations with regional developers
UEM Land Holdings said it is still negotiating with certain parties regarding its plans to enter India, Myanmar and Vietnam. MD and CEO, Datuk Wan Abdullah Wan Ibrahim however declined to divulge details on the negotiations, saying that one of the agreements was expected to be signed this year. The company currently has a presence in Canada through its subsidiary, Sunrise Bhd. Wan Abdullah also said the company would also be looking at other countries, wherever the opportunity arises. Going forward, UEM Land aimed to have a big jump in revenue and profit after tax and minority interest (PATAMI) by 2015. He added that currently, their focus is to make sure the projects in Nusajaya, Johor, kick off and be catalysts for the development's tipping point. The company has set a PATAMI growth target of 40.0% for this year on the back of a 50.0% rise in revenue. UEM Land has unbilled sales totalling RM1.9bn as at Dec 31, 2011, and aimed to achieve RM3bn in sales this year.
The company aimed to launch projects with GDV of RM4.5bn, of which less than 10% has been launched as of 1Q CY2012. (Bernama)
YTL Corp: To buy SG REIT’s convertible preference unit for RM42.8m
YTL Corp is acquiring 17.5m convertible preferred units (CPU) in Starhill Global Real Estate Investment Trust (SG REIT) for S$1 each which amounted S$17.5m (RM42.8m) in cash. YTL Corp said the acquisition provides an opportunity for the company to further increase its stake in SG REIT upon the conversion of the CPUs. The CPUs also carry a net annual yield of 5.1% (net of withholding tax) which is generally higher than the fixed deposit rates in Malaysia. It added that the CPU acquisition was undertaken to facilitate Starhill’s compliance with the relevant provisions of the Securities Commission of Malaysia’s Guideliens on Real Estate Investment Trusts, and that it also allowed Starhill REIT to focus on its core activity of property investment. (Financial Daily)
Malaysia Smelting Corporation: To double royalty payment to Perak government
Malaysia Smelting Corporation (MSC) has agreed to pay 100.0% more in royalties to Perak government. In return, it has secured the renewal of tin mining leases in the state for a longer period. MSC said its wholly-owned subsidiary, Rahman Hydraulic Tin Sdn bhd (RHT) had agreed to pay the state government a higher rate of 5.0% on sales of tin-in-concentrates. This doubles the current rate of 2.5% payable under the existing terms of the current mining leases, originally issued under the old enactment that was subsequently replaced by the 2003 enactment. The group said the extension of the current mining leases to 2030 will enable RHT to undertake the necessary additional investments to optimize its long-term production level at the mine. (Financial Daily)
Poh Kong: Cancels RM200m bond
Malaysia’s RAM Ratings has received confirmation that Poh Kong Holdings (Poh Kong) has cancelled its RM200.0m Murabahah Commercial Papers/Medium-Term Notes Programme(2006/2013) (CP/MTN) ahead of the maturity date of Aug 23, 2013. There had been no outstanding CP/MTN under the debt facility prior to its cancellation. (Business Times)
Adventa: 1Q FY2012 earnings fall on margin squeeze, forex loss
Adventa posted a weaker set of financial results for 1Q FY2012 with net profit falling 33.0% to RM2.7m from RM4.1m as it was impacted by margin squeeze, foreign exchange loss and higher finance cost. Its revenue slipped 2.2% to RM103.8m from RM106.2m while earnings per share were 1.77 sen compared with 2.65 sen. The group’s revenue dropped 2.0% over corresponding quarter due to a reduction in orders for latex examination gloves as many markets are switching to synthetic nitrile material. Although the group has new nitrile exam gloves manufacturing capacity, it is insufficient to meet the change in demand, it explained in the notes to the accounts. Adventa was more upbeat about the next three quarters as it expected an improvement in sales compared to the first quarter, with more nitrile glove capacity coming on stream. While it said latex gloves remain weak, it expected the dental gloves segment to maintain its contribution. (Financial Daily)
CB Industrial Products: Secures RM44.66m palm oil refinery project
CB Industrial Product Holding (CBIP) has secured a RM44.7m contract from Kumpulan Perladangan PKINK Bhd to build a palm oil mill. CBIP said on Monday its unit Modipalm Engineering Sdn Bhd was awarded a contract by PKINK’s unit Syarikat Ladang Sungai Terah Sdn Bhd to design and build a mill with a capacity of 30 tonnes per hour at a cost of RM42.6m. It said the contact included the extension of another 15 tonnes per hour capacity valued at RM2.1m. It added the extension had to be undertaken within two years after the 30 tonnes per mill had been handed over. (Financial Daily)
AIC Corporation: TC Goh denies selling shares to LTAT
Datuk Goh Tian Chuan said he is not disposing of his shares in AIC Corporation. The Edge Financial Daily had reported Monday that Lembaga Tabung Angkatan Tentera (LTAT) had acquired some 20m shares in AIC Corporation from several substantial shareholders including Goh. (Financial Daily)
mTouche Technology: Sees 16% of shares traded offmarket
Approximately 16% equity interest in mTouche Technology changed hands in off-market trades Monday. The company had been attracting attention as AirAsia’s co-founder Datuk Kamarudin Meranun has recently become a substantial shareholder. The off-market trade which occurred just after 3pm Monday took place at 31.5 sen a share and involved 27.2m shares in mTouche Technology. An additional block of 9.3m shares was moved off-market at the same price shortly after. (Financial Daily)
Pelangi Publishing Group: Positive on Thailand, Indonesia
Pelangi Publishing Group sees good growth prospects in Indonesia and Thailand as people in the two countries are avid book readers. Executive chairman and group MD Samuel Sum Kown Cheek said another major factor that would contribute to growth were the large domestic markets there. He said Indonesia, with a population of 240m and Thailand with 70m people offered ready markets for many publication companies. Sum added that Indonesians and Thais read books of a wider range of subjects unlike Malaysians who only go for examination and revision books. Sum said another advantage having operations in the two countries was that a majority books for the Indonesian and Thailand markets were published in Bahasa Indonesia and Thai. On related matter, he said the company wanted to further strengthen its position in the region with the setting up of a publishing house in Singapore. Sum said Pelangi Publishing Singapore Pte Ltd would produce English language books for regional markets such as Cambodia, China, India and Myanmar. (StarBiz)
Construction: Government to invest over RM800.0m in flood mitigation projects
The Malaysian Government, via the Department of Irrigation and Drainage, will be spending RM880.0m in flood mitigation projects throughout the country. Natural Resources and Environment deputy minister Tan Sri Joseph Kurup said a total of 32 projects are currently under construction, which are expected to be completed by the end of the year. He said flood hazard maps for six major river basins had been completed, which include the rivers Muar, Kulai, Kinta, Selangor, Muda and Kedah. (StarBiz)
Property: The Arabs are out, other foreign investors buy 80% of Medini land in Iskandar
Arab investors who were originally the master developers of 2,230 acres at Iskandar Malaysia known as Medini development will no longer be involved and about 80.0% of that land has since been sold to other foreign investors, including those from East Asia. Iskandar Investment Bhd president/CEO Datuk Syed Mohammad Ibrahim said that they have get investors from China, South Korea and Japan to invest in the land. Syed Mohamed said parties from China wanted to buy the entire Medini area, but because it would be developed into a cosmopolitan area, they had to ensure there was a mix of investors from different part of the world. (StarBiz)
Supercomnet Technologies has struck a deal with Mohd Nazifuddin Mohd Najib, where he has the option to buy an 18.66% stake in the ACE Market-listed company for about RM10.2m. Its non-independent non-executive director Wu Chung-Jung entered into an agreement, on behalf of the company's major shareholders, for Mohd Nazifuddin to have a 30-day option to buy 45.3m Supercomnet shares at RM0.225/share. Mohd Nazifuddin is the son of PM Datuk Seri Najib Tun Razak. Yesterday, Supercomnet's stock soared to close 19.5 sen higher at RM0.495. The share price has gained more than 250% since closing at RM0.14 on Mar 21. (Starbiz)
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