SapuraKencana earmarks RM5bn capex
SapuraKencana Petroleum, which will be listed today, is spending about USD1.5bn (RM4.7bn) over the next three years, a move deemed pivotal to expand the oil and gas (O&G) support services provider’s geographical presence. President and group CEO Datuk Seri Shahril Shamsuddin said the capital expenditure (capex), to be financed via bank loans, will fund the group’s projects involving drilling rigs and pipe-laying vessels. “We are using Brazil as our beachhead to venture into West Africa,” he said after SapuraKencana’s corporate identity and prospectus launch yesterday. (Financial Daily)
WCT eyes RM1bn worth of jobs
Construction and civil engineering outfit WCT is targeting to secure at least 20% out of its RM5bn tender book for the remaining quarters of this year. During 1Q, WCT managed to secure about RM630m worth of construction projects locally. The projects are the construction of the new headquarters for the Ministry of International Trade and Industry (Miti) in Kuala Lumpur and a medical centre in Kota Kinabalu, Sabah. (Financial Daily)
UMW disposes of subsidiary in Vietnam
UMW Holdings’ indirect subsidiary, Vina Offshore Holdings, had divested 100% charter capital of VND53.4bn (RM8.0m) in Vietnam Offshore Fabrication & Engineering (VOFE) to Technics Offshore Engineering. “An announcement will be made in due course on the completion of the proposed disposal,” UMW said in a stock exchange filing yesterday, adding that exercise is in line with the group’s strategy to rationalize its oil and gas investments and focus on its core business activities with the industry. (Malaysian Reserve)
HSL wins RM73m in jobs
Hock Seng Lee (HSL) has won contracts worth RM73m, bringing the total value of contracts secured so far this year to RM155m. The company said in a filing with the Bursa Malaysia yesterday that the latest projects were sub-contracts for further flood mitigation works in Sibu, Sarawak worth RM45.7m, earthworks as well as construction works for a RM10.6mn orphanage complex and a RM16.9m government office, both of which are in Bintulu, Sarawak. (StarBiz)
KPJ unit buys commercial land in Johor for RM45m
KPJ Healthcare’s unit, Kumpulan Perubatan (Johor) SB, is acquiring a parcel of commercial land in Tebrau, Johor for RM45m. In a statement to Bursa Malaysia in Kuala Lumpur yesterday, KPJ said a private specialist hospital would be built on the 5.4ha land, which in turn would expand its customer base thus contributing positively to the company’s yearly financial performance. (Malaysian Reserve)
Media Prima outlook strong despite 1Q setback
Media Prima's net profit and revenue for the first quarter ended March 2012 fell 40.4%and 5.3% to RM20.8m and RM335.3m, respectively, from the previous corresponding quarter due to lower advertising expenditure amid the current volatile global economy. The media conglomerate, however, is optimistic of the remaining part of the year as it anticipates positive growth of the country's economy while special events taking place in the subsequent quarters are expected to bring in advertisement revenue. It said the first quarter of the year has traditionally been the lowest one in terms of advertising expenditure (adex). (BT)
Axiata may not infuse fresh capital in the company if the government accepts the telecom regulator's recommendation to auction spectrum. Axiata's CEO Jamaludin Ibrahim said that Indian telecom sector would not be able to attract foreign investment in the current environment. Ibrahim met senior government officials including telecom minister Kapil Sibal, telecom secretary R Chandrasekhar and newly appointed Trai chairman Rahul Khullar. Whether Axiata would infuse capital in case Idea Cellular raises fresh funds through equity issue, is a hypothetical issue, said Ibrahim. "However, in case government accepts Trai's recommendations, they may not infuse fresh capital." "We are here for the long term, so we are not exiting... (but) the extent of how much we invest will be determined vis-a-vis the additional cost of spectrum... It will have to be carefully considered," he said. Expressing concerns over the recommendation of Trai, Ibrahim said the reserve price is disruptive and 'very much above what we have asked.' "Either we accept the fate and may be some of us will die a natural death or increase the price for the customer, one of the two things will have to happen," he said. On re-farming, he said it doesn't happen too often where the spectrum is just taken away from you. Shifting to other bands will incur huge capex and opex on the company. (Economic Times of India)
SapuraKencana expects its bidding order book to increase to RM12bn by year-end from RM7bn now. The success rate is between 30% and 45%. Group CEO Dato’ Seri Shahril Shamsuddin said the size of secured order book is RM13.5bn now. He expected capex to be US$1.5bn over three years. (Star)
Petra Energy could come into focus in the coming weeks ahead on the stock market following the planned stake sale by its present shareholder Perdana Petroleum. The stake sale is progressing as planned and the results will be announced in the weeks ahead if anything materialises. Perdana has put its entire 26.9% block in Petra Energy up for tender late last month with CIMB being appointed to undertake a restricted tender process for the proposed divestment of its 57.7m shares. An observer said the potential of a new shareholder entering the company could be a catalyst for the stock moving forward. (Star)
The EPF will take a significant stake in the SPV that is proposing to buy out QSR and KFC Holdings, said sources. The involvement of EPF in the buyout exercise is likely to be aimed at giving the buyout vehicle, Massive Equity Sdn Bhd, a firmer footing from the standpoint of funding as well as governance. The EPF is now going to be a major shareholder of the 49% portion of Massive Equity, while JCorp's 51% in the SPV remains intact. CVC portion of Massive Equity will be reduced. The equity portion of the EPF in Massive Equity will be announced soon. (Star)
Hektar Asset Management Sdn Bhd, the manager of Hektar REIT announced it has obtained the Securities Commission's (SC) approval for its proposal to increase its fund size and list new units on the Main Market of Bursa Malaysia Securities Bhd. With the approval, Hektar REIT is looking to increase its fund size by up to 93.859m units to a maximum of 413.855m units. Approval was also given for the valuation of two retail properties in Kedah to be acquired by Hektar REIT, it said in a statement. The properties are Landmark Central Shopping Centre and a major portion of the Central Square Shopping Centre, which are collectively worth RM184m, it said. The RM181m acquisition of both malls at a purchase consideration price will also increase REIT’s gross asset value to RM1bn, it said. Hektar REIT's enlarged net lettable area is expected to increase by about 52% after Kedah malls proposed acquisition. "Our next step is to meet our unitholders to obtain their approval for the proposed acquisition and rights issue through an extraordinary general meeting,” said Datuk Jaafar Abdul Hamid, Chairman and CEO of Hektar Asset Management Sdn Bhd. (Bernama)
AirAsia X will start to fly 4 times a week from KL LCCT to Beijing Capital International Airport effective June 22 and will offer daily flights from Aug 6. To celebrate the launching of the new route, special fares will be offered at RM249 one-way on economy class and minimum RM1,129 one way on premium flat beds.The fares include fuel surcharge and tax. (Bernama)
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