Mah Sing’s land buying since 2010 exceeds RM1bn
Mah Sing Group Bhd’s active landbanking moves have seen the developer acquiring some RM1.08bn worth of tracts across Malaysia in the last two years, including yesterday’s acquisition of 412 acres (165 ha) in Selangor’s Bangi enclave of RM333.25m principally from the Loh’s family. Before yesterday’s acquisition, Mah Sing had acquired some 555 acres for a collective value of RM750m. according to the developer’s filings with the exchange between Apr 2010 and Feb 2012. (Financial Daily)
Boustead offers a windfall for UAC shareholders
Shareholders of UAC Bhd are in for a windfall following Boustead Holdings Bhd’s offer of RM4.30 a share in its plan to privatise the Main Market company. The offer price, which includes a RM1-a-share dividend payout, represents a premium of about 50% over UAC’s five-day volume weighted average market price of RM2.87 as of last Friday. UAC’s shares were suspended from trading on Friday, pending the privatization announcement, at RM2.82. (BT)
GK Goh founder buys into E&O
Singapore-based GKG Investment Holdings Pte Ltd has emerged as a substantial shareholder in niche property developer Eastern & Oriental Bhd (E&O) following acquisitions of shares in the company on the open market last week. Filings to Bursa Malaysia showed that GK Goh founder and executive chairman Goh Geok Khim had acquired a total of 3m shares, representing about 0.27% stake in E&O from 16 to 18 May. (StarBiz)
New catering deal
Malaysia Airlines (MAS) is said to have re-negotiated its catering contract after 9 years where it will no longer pay a guaranteed monthly amount for catering services but only for what it takes from LSG Sky Chefs-Brahim’s SB (LSGB) for its in-flight catering services. It is learnt that renegotiations were concluded recently by the new team at MAS and will help MAS to restructure its cost base. (StarBiz)
Xingquan locks in sales orders worth RM400m at Quanzhou fair
Bursa Malaysia listed Xingquan International Sports Holdings Ltd says it received sales orders of RM400m for its GERTOP brand of shoes, apparels and accessories at the Autumn/Winter 2012 Sales Fair held in Quanzhou, Fujina Province, China. This was a 4.6% jump in sales compared to the same event last year, the fast growing outdoor casual wear enterprise in China said in a statement yesterday. (Malaysian Reserve)
Integrated Healthcare finishes marketing RM1.6bn loan
Integrated Healthcare Holdings Sdn Bhd has completed syndication of an about USD513m (RM1.6bn) equivalent loan after attracting total commitments of about USD183m – equivalent from Malayan Banking Bhd (Maybank), Oversea-Chinese Banking Corp (OCBC), RHB Bank Bhd and Sumitomo Mitsui Banking Corp SMBC, a person familiar with the matter said. (Malaysian Reserve)
AIA, Metlife among bidders for ING Asia
AIA Group Ltd and Metlife Inc are among companies that made offers for ING Groep NV’s Asia life insurance business, people familiar with the matter said. Manulife Financial Corp and Korea Life Insurance Co also submitted preliminary bids last week, the people said, asking not to be identified because the information is private. ING may give some of the bidders access to financial data in two weeks, two of the people said. (Malaysian Reserve)
Xingquan International Sports Holdings Ltd says it received sales orders of RMB826m (RM400m) for its GERTOP brand of shoes, apparels and accessories at the Autumn/Winter 2012 sales fair held in Quanzhou, China. It was a 4.6% jump in sales compared with that recorded at the same event last year, China’s fast-growing outdoor casual wear enterprise said in a filing to Bursa Malaysia yesterday. (BT)
MMC-Gamuda JV says there will be no extension of time (EOT) to complete the Ipoh-Padang Besar Electrified Double Track Project (EDTP). The project will be completed by the end of 2014, project director Datuk Paul Ha Tiing Tai said. "The project was granted an EOT from 2013 to 2014 by the government. There will be no new EOT for the EDTP beyond 2014," he said. It was earlier reported that the EDTP had hit a snag due to cost overrun and that MMC-Gamuda may ask RM1.5bn in variation order (VO) claims from the government. He stressed that there is no such VO, but in effect an expense and loss claim associated with the earlier EOT from 2013 to 2014, which is for actual additional expense incurred due to a delay caused by the government. The expense and loss claim is nowhere near RM1.5bn, he said. (BT)
Shareholders of UAC Bhd are in for a windfall following Boustead Holdings Bhd’s offer of RM4.30/share in its plan to privatise the company. The offer price, which includes a RM1/share dividend payout, represents a premium of about 50% of UAC’s five-day volume weighted average market price of RM2.87 as of last Friday. Boustead, controlled by Lembaga Tabung Angkatan Tentera, said yesterday it intended to privatise UAC, in which it owns a 65.2% stake, by way of a proposed selective capital reduction and repayment exercise (SCR) and dividend payout. UAC, which has been listed on the stock exchange since 1966,is a manufacturer and distributor of fibre cement building and construction products. (BT)
The Employees Provident Fund (EPF) has published the revised list of fund management institutions (FMI) and unit trust funds for 2012/2013 for the EPF members investment scheme (EPF-MIS). EPF public relations general manager Nik Affendi Jaafar said: “The list of funds under EPF-MIS is reviewed annually based on a set of evaluation criteria that focuses on the consistency of fund performance, as approved by the Ministry of Finance. “The evaluation process is carried out together with the Federation of Investment Managers Malaysia (FIMM) which represents the unit trust industry.”(Starbiz)
Masterskill's announcement that it is delaying plans to build its flagship campus is in line with speculation that the company may consider returning some of the proceeds IPO to shareholders. It said it will relocate RM76.9m balance IPO proceeds to be used as working capital. This is equivalent to 52.2% of the total RM147.6m raised from IPO. There have been recent reports that Masterskill would look into the possibility of distributing a portion of its listing funds as well as sell some assets to stave off declining student numbers and a tough operating environment. Management has, however, dismissed as speculation the news of a special dividend. (StarBiz)
Malaysia Airlines (MAS) has offered a maximum of two years of unpaid leave to its Malaysia-based employees as the flag carrier works out strategies to cut costs and seek RM6bn to fund a re-fleeting programme after losing RM2.52bn last year and aborting a share swap with competitor AirAsia. The programme is only for permanent MAS employees, excluding those in the MASWings division, MASWings Sdn Bhd and Firefly. This is the second time in recent times that MAS employees have been offered the option of unpaid leave. The first was during Datuk Seri Idris Jala’s time as the airline’s managing director when about 300 people took up the option. Some 2,600 others were laid off under a Voluntary Separation Scheme (VSS) in 2005, funded by the Treasury. (Malaysian Insider)
Malaysia Airline Systems Bhd is said to have re-negotiated its catering contracts where it will no longer pay a guaranteed monthly amount for catering services and only what it takes from LSG Sky Chefs-Brahim’s Sdn Bhd. A source said that with good inventory planning it will only uplift what it needs and this whole exercise helps it cut wastage and hopefully it translates in reduced cost for the airline. (Star Biz)
Salcon Bhd, a water and waste water solutions provider, is on the lookout for more acquisition opportunities in China as the company embarks on an aggressive expansion plan for the near term.The company, via several water treatment plants and concessions in China, has the capacity to treat 1.3bn litres per day of water. "We hope to increase the capacity to 3.0bn litre per day over the next two years. Then, only we will start to list our China assets on the stock exchange," said Salcon COO Ooi Cheng Swee during a media briefing here yesterday." "He was speaking to the media after signing a sale and purchase agreement with Darco Water Technologies Ltd. Salcon has agreed to buy a 60% cent stake in Darco Environmental Ptd Ltd for RM47.5m. Darco Environmental, which owns two water assets in China, is a wholly-owned unit of Darco Water Technologies, which is listed on the Singapore stock exchange. The acquisition is expected to generate total revenue of RMB1.7bn (RM842.5m) from the two water assets, which are in Wukang and Qian Yuan and have concession periods of 25 and 22 years respectively.(BT)
Nasim Sdn Bhd, local distributor of the Peugeot brand, has launched the highly-anticipated all-new Peugeot 408. COO Datuk Samson Anand George is confident the Peugeot 408 will contribute significantly to Nasim's sales target of 9,300 units this year, or 72% more than in 2011.The sedan is available in two variants: 408 Turbo and 408 2.0. (BT)
HeiTech Padu Bhd has won a RM34.5m software replacement and maintenance services contract from the Inland Revenue Board (IRB). The company said the contract was for three years and any further renewal or extension of the duration would be at the discretion of the board. (BT)
Brahim's Holdings has proposed to buy the remaining 49% stake in Brahim's-LSG Sky Chef Holdings Sdn Bhd (BLH) for RM130m cash. BLH's 70%-owned subsidiary, LSG Sky Chefs-Brahim's Sdn Bhd (LSGB) is involved in catering and catering related services. LSGB provides in-flight catering and related services at the Kuala Lumpur International Airport and Penang airport. LSGB has a 25-year concession expiring in 2028 to provide catering and related services to Malaysian Airline System Bhd at both airports. (Starbiz)
TAS Offshore Bhd has secured a major contract to sell two vessels for RM98m to a Middle-East client.The two anchor handling/oil recovery/support vessels are expected to be delivered by late 2013. The same client has over the years purchased 15 units of vessels from TAS. Group MD Datuk Lau Nai Hoh said the latest contract increased the total value of contracts won by TAS for financial year ending May 31 to RM182.5m. (Starbiz)
KFC Malaysia will make most of the new outlets it plans for this year, Drive Thru. There are plans for between 15 and 17 new outlets for the year. KFC Malaysia deputy president Alan Au said the longer operation hours and increasing appetite for it will drive the establishment of more Drive Thru outlets this year, despite the higher amount of investments needed. While a typical KFC outlet needs about RM 1m for set up, a Drive Thru outlet ranges between RM3m and RM4m. Currently, KFC has 46 Drive Thru outlets in Malaysia. Meanwhile KFC yesterday launched its latest offering, KFC Pokkits for a three month trial period. KFC Pokkits is a brand new Yum! Brands Inc innovation and Malaysia is the first country to launch this nation wide. (BT)
A group calling themselves the Caring Parents are asking Tasek Concrete S/B, a subsidiary of Tasek Cement to move out of its operations at Bukit Petaling. Its plant is just 300metres from the SJK (C) Kuen Cheng school. The school children are already suffering from skin allergies and eye irritation from the exposed cement dust. (BT)
Petronas Dagangan: Posts record revenue of RM6.85bn
Petronas Dagangan (PDB) has posted a record revenue of RM6.85bn for 1Q FY2012, an increase of 7.36% from RM6,382.7m in the corresponding quarter last year. Profit before tax increased by 7.64% to RM339.7m in the same period. PDB attributed the growth to higher average product selling prices by 5.0% and higher sales volume by 1.5%. This was further supported by an increase in other income by RM4.1m, which was offset by the higher operating expenditures by RM16.7m due to depreciation and amortization, impairment of property, plant and equipment as well as other finance costs. PDB MD and CEO Amir Hamzah Azizan said specifically, the retail and commercial business segments remained the main contributors to the group's strong performance. The group expects these segments to maintain its lead. (Bernama)
Boustead Holdings: To privatise UAC for RM4.30 per share
Boustead Holdings is privatising UAC for a deemed offer price of RM4.30 per share via a proposed selective capital reduction and repayment exercise (Proposed SCR) and a proposed dividend by UAC. Boustead, which now has a 65% stake in UAC, said the exercise will involve a selective capital reduction and a corresponding capital repayment to the shareholders of UAC based on an entitlement date to be determined later. As an integral part of the proposals, it also proposed for UAC to pay a dividend to its shareholders. Boustead said that under the proposed SCR, UAC’s shareholders will receive a total cash payment of RM85.4m or RM3.30 per UAC share. Additionally, under the proposed dividend, UAC minority shareholders will receive a net dividend payment of RM1 per UAC share amounting to RM25.9m. The deemed offer price of RM4.30 per UAC share represents a premium of 49.9% above UAC’s 5-day volume weighted average market price of RM2.87 as at 18 May 2012 being the last trading day of UAC shares prior to its suspension. (Financial Daily)
Tan Chong Motor Holdings: Q1 earnings fall 57% but sees scaleable recovery
Tan Chong Motor Holdings' earnings fell 57.2% to RM31.67m in the 1Q2012 from RM74.08m a year ago due to a significant reduction in supply and demand but it expects a scaleable recovery. The company cited earthquakes, floods and tighter credit which had significantly cut supply and demand as the reason for the 13.1% decline in revenue to RM982.59m from RM1.131bn a year ago. EBITDA fell by 42.6% from RM129m to RM74m. EPS were 4.85 sen compared with 11.35 sen. (StarBiz)
Eastern & Oriental: GK Goh founder buys into E&O
GKG Investment Holdings Pte Ltd has emerged as a substantial shareholder in niche property developer E&O following acquisitions of shares in the company on the market last week. Fillings to Bursa Malaysia showed that GK Goh founder and executive chairman Goh Geok Khim had acquired a total of 3m shares, representing about 0.27% stake in E&O from May 16 to 18. The transactions were believed to have been done at around RM1.30 per share. Following the transactions, Goh would now have direct interests of 1m shares, or 0.09% stake, in E&O, and indirect interest of 58.1m, or 5.16% stake in the company. (StarBiz)
Mega First Corporation: Gets nod for Laos dam
Mega First Corporation’s executive chairman Goh Nan Kioh said the company has obtained the approval of its environmental impact assessment (EIA) for its proposed 260MW to 380MW hydroelectric dam in Laos’ Mekong River. The EIA for the Don Sahong dam was approved last month, after almost 7 years. Goh said there is less construction risk for the Don Sahong dam as it is a run-of-the-river (RoR) hydroelectric dam, which means it does not require the construction of a massive dam to retain water like the Bakun dam. He said another advantage of the Don Sahong dam is it will have a firm capacity of 90% in comparison to Bakun dam which has a firm capacity of 50%. He also said the maximum capacity of the dam they can build is 380MW, adding that research has however shown that a 260MW is the optimum capacity. (Financial Daily)
TAS Offshore: Secures RM98m contract
TAS Offshore has secured a major contract to sell two vessels for RM98m to a Middle-East client. The two anchor handling/oil recovery/support vessels are expected to be delivered by late 2013. The same client has over the years purchased 15 units of vessels from TAS. Group MD Datuk Lau Nai Hoh said the latest contract increased the total value of contracts won by TAS for financial year ending May 31 to RM182.5m. In March, the group secured orders for five tugboats worth RM22.7m and a sixth tugboat for RM2.5m from Indonesia. (StarBiz)
Land & General: Unit gets RM7.8m aid
Land & General (L&G) is providing up to A$2.5m (RM7.8m) to its 50%-owned subsidiary Hidden Valley Australia Pty Ltd (HVA) within the next 12 months as financial assistance for a proposed retirement estate project in Melbourne. The company said that the proposed retirement estate consists of 298 residential units, built as standalone and duplex-style accommodation, with the average selling price at A$456,000 (RM1.42m) per unit, which is expected to generate a project surplus of A$60.1m (RM187m). HVA is in the midst of obtaining approvals from the Australian authorities to start the proposed project in 2H 2012. The project, expected to be completed in Mar 2023, will be built in 10 stages. Each stage is expected to take 12 months. The total gross development expenditure is estimated to be A$116.2m (RM362.2m), which primarily will be funded with bank borrowings and internal funds or collections from progress billings. (StarBiz)
MTD ACPI Engineering: Awarded RM500m MRT viaduct project
MTD ACPI Engineering’s wholly owned subsidiary MTD Construction Sdn Bhd has received a letter of award worth RM499.98m from Mass Rapid Transit Corp Sdn Bhd. MTD said the job, known as “Package V7” was for the construction and completion of viaduct guideway and other associated works from Bandar Tun Hussein Onn to Taman Mesra. MTD said the 48- month project was expected to begin in July and be completed by Jun 2016. (StarBiz)
Technology: Disk makers see turnaround
Hard disk drive (HDD) component manufacturers in the country expect a healthy year for the industry in 2012, after the industry was badly hit late last year by floods in Thailand. Eng Teknologi Holdings expects to regain its world market share by the year-end or in early 2013. Group CEO Datuk Y.K. Teh said the group had to date injected approximately RM100m to rebuild production capacity for its manufacturing plants in Thailand, China, the Philippines and Johor, in view of the flooding in Thailand late last year. According to Trendfocus, a premier data storage market research firm, worldwide shipment of HDD is expected to hit 680m units this year and 760m in 2013, compared with 622m in 2011. The worldwide shipment of HDD for 1Q 2012 was about 120m units, and is expected to rise gradually from 120m to about 180m in 1Q 2012. (StarBiz)
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