GAB: To cut FY13 budget by 30%. Guinness Anchor Bhd (GAB) is reducing its investment budget for financial year 2013 (FY13) by 30% due to economic uncertainties. MD Charles Ireland said this year, the capex (capital expenditure) is more than MYR75m. Next year, it will be a little bit less, about 70% of this year's capex. (Source: The Sun Daily)
Kenanga: To pay MYR890m for ECM Libra's IB. K&N Kenanga Holdings Bhd could fork out as much as MYR890m to acquire ECM Libra Financial Group Bhd's investment banking and stock broking business, sources said. The two companies yesterday received the requisite regulatory approvals from the Minister of Finance eight months after Bank Negara Malaysia gave them the green light to commence merger talks, in October 2011. (Source: The Edge Daily, Bursa Malaysia)
IPO: FGVH shares for institutions oversubscribed. Sources said Felda Global entures Holdings Bhd (FGVH) drew orders from institutional investors for more than 15 times in its USD3.2b (MYR10b) initial public offering (IPO). (Source: The Star)
Kimlun: Secures MYR48.4m MRT contract. Kimlun Corporation Bhd's unit has secured a MYR48.48m contract to supply precast concrete tunnel segment linings for the Klang Valley Mass Rapid Transit (KVMRT) project. (Source: Bursa Malaysia)
Integrated Healthcare: Prices IPO at RM2.85 per share
IHH Healthcare (IHH) , which is seeking dual listing in Malaysia and Singapore late next month, will offer total of 2.23bn shares at RM2.85 per share to raise more than RM6.36bn. According to executives amiliar with the book-building exercise, the cornerstone investor tranche was priced at RM2.85 on Thursday, compared to an indicative price of RM3.15. The executives also said cornerstone investors oversubscribed their tranche by 1.31 times, applying for roughly 2bn shares against 1.53bn shares offered to them. (Financial Daily)
DRB-Hicom: Lotus CEO Bahar gets the boot
Group Lotus plc sacked its CEO Dany Bahar with immediate effect yesterday, people familiar with the matter said. Sources close to the British sportscar maker, which is 100% owned by Proton Holdings, said the Lotus board decided to relieve Bahar of his duties following an emergency board meeting. Senior Proton officials could not be reached for comments but it is understood that the board meeting was held here. Details behind Bahar’s dismissal are sketchy but it comes on the heels of his suspension as Lotus CEO late last month. Business Times had reported on May 21 that Bahar was suspended pending the completion of a review of Lotus’ performance by Proton. (Business Times)
SP Setia, Sime Darby: To acquire UK Battersea power station for RM2bn
SP Setia and Sime Darby Property have emerged as the preferred bidder for the Battersea Power Station in London. SP Setia said in a statement to Bursa Malaysia on Thursday that they had signed an exclusivity agreement with the joint administrators and receivers Alan Bloom and Alan Hudson of Ernst & Young LLP. The agreement is to acquire the site for £400m or about RM2bn. (StarBiz)
Cahya Mata Sarawak: Inks MoU for RM850m phosphate plant in Sarawak
Cahya Mata Sarawak (CMSB) is teaming up with Malaysian Phosphate Additives Sdn Bhd for a proposed RM850m integrated phosphate plant in Samalaju, Sarawak. CMSB said on Thursday its unit Samalaju Industries Sdn Bhd had signed an MoU with Malaysian Phosphate Additives to hold talks about the proposed plant which would have an annual production capacity of 500,000 tonnes. It said both parties might set up a special purpose vehicle to undertake the project. The indicative equity structure of the project company would see Malaysian Phosphate Additives holding a 60% stake and Samalaju Industries 40%. It said the project company shall undertake a feasibility study in respect of the project in order for Samalaju Industries and Malaysian Phosphate Additives to assess whether it is feasible to proceed with the project. (StarBiz)
Boustead Holdings, Wah Seong: To form 50:50 JV in Myanmar
Boustead Holdings’ unit and Wah Seong Corporation’s subsidiary have entered into a joint venture (JV) agreement to undertake business activities in Myanmar. In separate filings to Bursa Malaysia on Thursday, Boustead and Wah Seong said their respective subsidiaries, Boustead Global Trade Network Sdn Bhd (BGTN) and Wah Seong Industrial Holdings Sdn Bhd (WSIHSB), had agreed on an equal shareholding of 50:50 basis through a joint company namely, Passion Returns Sdn Bhd (PRSB) as the vehicle for the JV. The companies said the intended business of PRSB was to undertake investment holding activities and businesses in property development and management; provision of general fabrication, engineering and oil and gas services; trading and marketing activities and any other businesses or projects as shall be mutually agreed from time to time in Myanmar. (Financial Daily)
Utusan Melayu: May venture into property development
Utusan melayu may venture into property development in the future as part of its strategy to unlock the value of its current landbank. Executive chairman, Tan Sri Hashim Makaruddin said this would enable the company to earn recurring income in the long term. The company, which owns 4ha of land in Chan Sow Lin, Kuala Lumpur, leased the land to the service and manufacturing industries. He said the company can turn it into commercial buildings such as office buildings and service apartments and condominiums in the future. (Financial Daily)
Integrated Healthcare: Prices IPO at RM2.85 per share
IHH Healthcare (IHH), which is seeking dual listing in Malaysia and Singapore late next month, will offer a total of 2.23bn shares at RM2.85 per share to raise more than RM6.36bn. According to executives familiar with the book-building exercise, the cornerstone investor tranche was priced at RM2.85 on Thursday, compared to an indicative price of RM3.15. The executives also said cornerstone investors oversubscribed their tranche by 1.31 times, applying for roughly 2bn shares against 1.53bn shares offered to them. (Financial Daily)
Gas Malaysia: 1Q FY2012 net profit at RM34.54m on margin compression
Gas Malaysia's earnings fell 53.5% to RM34.54m in 1Q FY2012 from RM74.4m a year ago as its earnings were affected by a margin compression. Gas Malaysia, which will be listed next Monday, said its revenue increased 9.2% to RM506.6m from RM464.1m. It said the profit before taxation for the quarter was RM46.1m, a decrease of 53.5% compared to RM99.2m in the corresponding period last year. Commenting on its business, Gas Malaysia said the increase in natural gas and liquefied petroleum gas segment's revenue in 1Q FY2012 to RM506.6m from RM464m a year ago was mainly due to higher volume of gas sold by 1.5% and the upward revision in tariff which was effective from June 1, 2011. It added that the lower profit before taxation for 1Q FY2012 by RM53.1m compared to the corresponding period last year was mainly due to margin compression resulting from the revision in gas tariff. (StarBiz)
Aviation: Passenger traffic on steady growth path as air freight continues its descent
According to Air Transport News (ATN) , passenger traffic grew almost 5% in the month of April despite on-going concerns of recessions and the sovereign debt crisis in the Eurozone area. International traffic also increased by 6% in the same month, while global air freight volumes declined 4%. In a statement Thursday citing the Airports Council International (ACI), ATN said that while air travel experienced an expansion in all regions, emerging markets continued to post impressive growth figures. (Financial Daily)
Construction: MRT Corp denies plan to acquire BB Plaza but to integrate station entry
Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) has confirmed that it is in negotiations with the government to build an underground station integrated with Bukit Bintang Plaza (BB Plaza). The plan to integrate the station towards BB Plaza will do away with the need to involve private properties in completing the project, and at the same time provides a golden opportunity to reposition the almost 40-year old BB Plaza. Discussions between property owners and traders on Jalan Bukit Bintang with Prime Minister Datuk Seri Najib Tun Razak was held in March, after which the prime minister raised concern over the planned five-year closure of businesses there. MRT Corp explored 3 alternative solutions but decided on the station integration option. MRT Corp CEO, Datuk Azhar Abdul Hamid said it is the best solution because it presents UDA Holdings with the opportunity to redevelop BB Plaza, with a direct linkage to a key public transport infrastructure. (Bernama)
Plantation: Ministry to present palm oil tax plan to Cabinet
Minister of Plantation Industries and Commodities, Tan Sri Bernard Dompok said tax issue in the palm oil industry is one of the subjects in the plan to be presented to the Cabinet but whether there will be a change is up to the government. He said he will be presenting the plan to the Cabinet soon, adding that it will be a comprehensive plan to make the Malaysian palm oil industry more competitive. Currently, Indonesia imposes 19.5% export tax for crude palm oil (CPO) , while Malaysia's is 30% after a duty-free limit of 3.6m tonnes, putting it in a disadvantage position. Besides this, Indonesian refiners are also getting cheaper CPO and feedstock. (Business Times)
Economy: BNM's reserves up slightly at RM417bn
Bank Negara Malaysia's international reserves rose marginally to RM417bn (equivalent to US$136bn) as at May 31, 2012, against the reserves of RM416.9bn, recorded as at April 30, 2012. The central bank said the reserve position was sufficient to finance 9.3 months of retained imports and was 4.1x the short-term external debt. (Bernama)
WCT: Highway sale proceeds to fund WCT capex and property operations
WCT will utilize the estimated RM40m proceeds from the proposed sale of its 21.6% stake in India-based highway concessionaire Swarna Tollway Pte Ltd (STPL) to finance capex and property business expansion. WCT corporate affairs manager Kenny Wong said the planned transaction is still on-going and is due for completion in the near future. (Financial Daily)
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