Tuesday, June 19, 2012

20120619 0955 Malaysia Corporate Related News.

Felda Global Ventures Holdings (FGVH) is confident of a successful listing on Bursa Malaysia, saying its strong business model would enable it to face global economic uncertainties. Chairman Tan Sri Mohd Isa Abdul Samad said under FGVH's initial public offering (IPO), the institutional offering of 1.92 billion shares was oversubscribed by 45x. Meanwhile, Malaysian Issuing House Sdn Bhd (MIH) said in a statement on Friday that the IPO's public portion of 72.963m shares was oversubscribed by 6.75x. "This is a good sign for FGVH's listing on the Main Board on June 28," Mohd Isa said, (Starbiz)

Louis Dreyfus Commodities Asia is said to be reconsidering its investment in Felda Global Ventures Holdings (FGVH) as the latter goes for listing next week, said business executives familiar with the matter. According to sources, Louis Dreyfus is said to be reconsidering its 2.5% strategic stake in FGVH due to the high fees imposed and the numerous cornerstone investors in the exercise. "The allocation of shares was supposed to be finalised yesterday, but Louis Dreyfus did not make it," a source said. FGVH declined to comment when contacted. (Financial daily)

Mudajaya eyes additional projects
Mudajaya eyes additional projects to increase in recurring income rather than focusing on 'cyclical construction activities', said managing director and chief executive officer Anto SF Joseph. The company said it will aim to secure more project in the region namely in India, Vietnam and the Middle East in which it is in talks with their business partners there. Anto Joseph also said Mudajaya has bid for projects of RM5bn and expects to add to its outstanding order book of RM3.6bn. Joseph said the company's on-going coal-based thermal power station in the state of Chhatisgarh is making significant progress and is expected to be completed on schedule. (StarBiz)

Aireen Omar is new AirAsia CEO for Malaysia
AirAsia has appointed Aireen Omar as its new chief executive officer (CEO) of Malaysian operations. AirAsia group CEO Tan Sri Tony Fernandes said Aireen has been with AirAsia for the past six years. Reuters meanwhile reported that prior to the appointment, Aireen was AirAsia's regional head of coporate finance and treasury. She will assume her new post on 1 July and report directly to Fernandes who confirmed he was moving to Jakarta. "We have 60% domestic and 40% international market share. We intend to maintain that and grow it," she told reporters after being named AirAsia's CEO for Malaysia's operations. (StarBiz) Please see accompanying report

TM to woo more developers
TELEKOM Malaysia (TM) wants to work with more housing developers to provide its UniFi broadband service. TM state general manager Ramlan Omar said the group had been working with several developers in Johor, Penang and the Klang Valley to install the service at their property projects. On the collaboration with Berjaya Hills, he said the service agreement was for five years and renewable. "We invested RM1.1m while Berjaya Hills invested RM1.4m to build the infrastructure to ensure there is smooth broadband connectivity for hotel guests and people living around the areas," he said. (BT)

Partnering solutions provider Orenda, Celcom Axiata launched Educube, the 3-in-1 online education service where primary and secondary school students can participate in online exams. "We are investing a significant amount of money in this service and for RM4.99 a month, we are confident that most of our customers will find this a value for money proposition," said Celcom advanced data chief operations Afizulazha Abdullah. (BT)

TNB signs MoU to embark on coal plant project in Sumatra
Tenaga Nasional (TNB) has signed a memorandum of understanding (MoU) with Indonesia's state-owned power company and a mining company for what could be a multibillion ringgit power plant project and an undersea power cable across the Straits of Malacca. The Malaysian national utility company said yesterday it was looking at laying a 275kV interconnection line from Malacca to Sumatra and a mine mouth coal-fired power plant project. The MoU involves TNB, Pt Perusahaan Listrik Negara and coal mining company PT Bukit Asam. An industry source estimates the overall cost of the mine mouth project including transmission lines, project cost and power plant would be more than RM7bn. (Malaysian Reserve)

Green Packet secures RM161.1m financing for expansion of 4G network
Green Packet's unit in Labuan has secured a USD51m (RM161.1m) financing from a consortium led by South-East Asia focused investment firm Kendall Court Capital Partners Ltd and Leafgreen Capital Partners Pte Ltd to expand its 4G network and consumer acquisitions activities in Malaysia. The financing consists of long-term loan and warrants for a duration of 60 months. Green Packet said its subsidiary, Packet One Networks (M) SB (P1), will issue warrants with a tenure of five years, which are exercisable into a maximum aggregate of 143,820 new ordinary shares of P1 (in the event P1 undertakes an initial public offering). Green Packet said the facility will increase the company's current gearing ratio to 2.33 times from 1.33 times at present. (Malaysian Reserve)

Can-One gets seats on Kian Joo board
The legal tussle between Kian Joo Can Factory (KJCF) and majority shareholder Can-One may soon come to an end following the appointment of the latter's CEO and chief operating officer (COO) to KJCF's board yesterday. KJCF's shareholders approved the appointment of Can-One CEO Yeoh Jin Hoe and COO Chee Khay Leong through a poll held at the company's AGM yesterday. Yeoh and Chee were nominated by Can-One, which won a Federal Court case in January to purchase a 32.9% stake in KJCF from Kian Joo Holdings SB (KJHSB). Can-One won the case after a long three-year legal tussle with the See family, who controls KJHSB (Financial Daily)

IGB makes first foray into Indonesia
IGB Corp is making its maiden foray into Indonesia, where the cash-rich property developer is acquiring a piece of land in West Jakarta for USD30.8m (RM97m). IGB said its wholly-owned subsidiary, IGB International Ventures SB, and British Virgin Islands-based joint venture partner Aspire Horizon Ltd will acquire the piece of land measuring 1.1ha. IGB and Aspire Horizon have established JV entity Wilmer Link Ltd on a 52:48 shareholding basis. Wilmer will in turn acquire a special purpose vehicle (SPV) which will own the land in Indonesia. According to IGB, the land will accommodate a hotel development worth RM32.2m. IGB also said it will advance up to USD5m to Wilmer to partially finance the acquisition of the land. (Financial Daily)

Pharmaniaga, which resumed trading last Friday, was issued with an unusual market activity (UMA) query by the stock exchange regulator after hitting limit-up for the second time. The company’s shares closed up 30%, or RM1.97, to RM8.47 with 2.67m shares traded yesterday. A separate filing showed that 550,000 shares were traded in an offmarket deal at an undisclosed price. Pharmaniaga said in a reply to the UMA that there were no corporate developments including those in the stage of negotiation/discussion that could account for the rise in the share price. (Starbiz)

New Hoong Fatt Holdings plans to capitalise on the growing automotive market, especially in the neighboring region. Managing Director Chin Jit Sin said the group would intensify its focus on overseas expansion. On the local front, NHF's branch in Gombak will be consolidated with the Segambut branch this month. Its Segambut warehouse is being expanded to include a RM7m double-storey warehouse, expected to be completed at the end of 2012. (Bernama)

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