Masteel signs RM500m deal with Trafigura
Malaysia Steel Works (KL) Bhd (Masteel) yesterday signed a RM500m three-year off take agreement with Trafigura Pte Ltd, the world’s second largest independent trader of bulk and non-ferrous minerals. Masteel in a statement said the deal would see Trafigura purchase steel billets and steel bars from Masteel over a period of three years, commencing from 2H of 2012. (Financial Daily)
MHB clinches RM278m Sarawak Shell contract
Malaysia Marine and Heavy Engineering Holdings (MHB) has clinched the F14/F29 project, comprising three structures with a combined contract value of RM278m, from Sarawak Shell. With the addition of F14/F29 topsides, substructures and process module contract, the company will have two projects fabricated simultaneously at its MHB West Yard in Pasir Gudang, Johor – the other being the Gumusut-Kakap floating production system, MHB managing director and CEO Dominique de Soras said in a statement. (Financial Daily)
Maxis signs strategic partnerships to deliver IPTV service
Maxis yesterday signed new strategic partnerships with 14 content providers to deliver the Internet protocol television (IPTV) service in Malaysia. The content partnerships will enable Maxis, an integrated communications service provider, to deliver on-demand movies and series, including high definition and 3D content as well as seven free-to-air channels to its customers anytime and anywhere. (Financial Daily)
Boustead buys LTAT's 97% stake in Johan Ceramics
Boustead Holdings is acquiring a 97.1% stake in Johan Ceramics from Lembaga Tabung Angkatan Tentera (LTAT) for RM28.9m cash or 35 sen per share. Boustead said on Wenesday it would launch a take-over offer for the remaining shares it does not own, since it would hold more than 50% equity interest in Johan Ceramics. "The proposed acquisition of Johan Ceramics is part of Boustead Holdings' strategic intent to expand the range of building materials products within its building materials division," it said. (StarBiz)
Work on MRT viaduct to begin in August
Construction on the RM500m My Rapid Transit (MRT) Viaduct 7 (V7) work package for the Sungai Buloh-Kajang (SBK) line is slated to begin on 7 Aug 2012. The V7 package was awarded to MTD Construction SB in May this year, and involves the construction of the MRT viaduct guideway and other associated works over 3.8km from Bandar Tun Hussein Onn to Taman Mesra, Cheras, according to Mass Rapid Transit Corp SB (MRT Corp) in a media release yesterday. (Malaysian Reserve)
Faber to expand IFM services in Malaysia, overseas
Faber Group is looking to expand its integrated facilities management (IFM) hospital support services in Malaysia and also overseas. It said on Wednesday it would focus on specialised IFM services while it also waited for the government's decision about the hospital support services concession agreement. Faber said it had taken all necessary steps and actions to ensure the success of the concession agreement which recently expired. (StarBiz)
IJM to appeal NPE decision
IJM says the Public Partnership Unit in the Prime Minister’s Department has decided not to proceed with New Pantai Expressway SB (NPE)’s proposed New Pantai Elevated highway extension project. IJM told Bursa Malaysia that NPE intends to appeal for a reconsideration of the proposal. (BT)
Meydan LLC, Arabtec-WCT JV's client for the completed RM4.6bn Nad Al-Sheba Racecourse project in Dubai, has escalated the 2008 breach of contract issue, currently under arbitration, to a civil suit. Arabtec-WCT JV is claiming 2.8bn dirham (RM2.5bn) against Meydan LLC while Meydan is counter claiming 3.5bn dirham (RM3bn) from Arabtec-WCT JV. (BMSB)
SapuraKencana clarified the accounting consolidation method for the group‟s FY1/13 earnings. As the merger of SapuraCrest and Kencana was completed on 15 May 12, SapuraCrest will be consolidated into group earnings for 12 months from 1 Feb 12 as the company is deemed the acquirer. However, Kencana will be consolidated into group earnings for only 8 ½ months from 15 May 12 as the company is deemed an acquiree. The company also announced that it will not be announcing 1Q13 results as the merger was finalised in 2Q13. (BMSB)
Perisai Petroleum, which recently acquired a jack-up drilling rig for US$208m, wants to look at the take-up rate and funding requirements for the first jack-up before opting for a second one. MD Zainol Izzet Mohamed Ishak said the company has the option to build a second jack-up, which will cost US$210m, and will exercise that option by February next year. "We expect the rig to be delivered by June 2014 and to contribute handsomely when we put it to work," Izzet told reporters after the company's AGM. He added that the rig is one of the world's advanced rigs which can operate in 400ft of water. Izzet added that the company is expecting a big growth in business this year, driven by contributions from Garuda's MOPU and Intan's eight vessels. On the drilling business, he said that the company's primary market is Malaysia, but it aims to be a regional player. (Bernama)
The Securities Commission (SC) is believed to be in the process of clamping down on speculative trading of penny stocks. A circular from the SC to a brokerage house indicated that the clampdown was a high priority to the regulator. "The SC has found some unhealthy trading practices in the trading of penny stocks, which are low-priced shares of small companies," the regulator said. (BT)
The Court of Appeal imposed a 12-month jail term and fine of RM1.3m on former director of Fountain View Development Datuk Chin Chan Leong for market manipulation involving the company's shares. In a statement, the Securities Commission said in deciding to impose a 12-month jail term, the Court of Appeal took into account the fact that the offence committed was pre-planned and well thought out. Chin was found trading with 20 CDS accounts, which he beneficially owned through companies that he controlled. (Financial Daily)
Felda Global Ventures Holdings Bhd's listing represents a culmination of the government's strategic reform initiatives to raise the people's income and enhance Malaysia's global competitiveness. Its President and Chief Executive Officer Datuk Sabri Ahmad said settlers would gain from higher income through more efficient utilisation of their land which would lead to higher returns. They will also chalk up premiums from their shares upon listing and annual dividend payouts besides the RM15,000 given to settlers from the initial public offering (IPO) proceeds, he added. (Bernama)
There will be much riding on the debut of FELDA Global Ventures Holdings (FGVH) on Bursa Malaysia today — the world‟s second largest IPO this year — and it could either bolster or puncture the pride of the government and especially that of the prime minister‟s whose father masterminded the land grant scheme over 50 years ago to uplift the country‟s rural population. An FGVH flop, like the much maligned Facebook IPO did last month, could spark rumblings of discontent among settlers and investors alike and present an opportunity for the federal opposition to capitalise on any disappointment among the strategic 112,000-strong Federal Land Development Authority (FELDA) settler vote bank. If the shares rise and stay above the IPO price of RM4.45 however, it could help bring about a crucial feel-good factor for the Najib administration among settlers and investors as well as burnish Kuala Lumpur‟s emerging reputation as the region‟s IPO hub. (Malaysian Insider)
Boustead Holdings is acquiring a 97.14% stake in Johan Ceramics from Lembaga Tabung Angkatan Tentera (LTAT) for RM28.9m cash or 35 sen each. Boustead said on Wednesday it would launch a take-over offer for the remaining shares not owned, since it would hold more than 50% equity interest in Johan Ceramics. "The proposed acquisition of Johan Ceramics is part of Boustead Holdings' strategic intent to expand the range of building materials products within its building materials division," it said. (Starbiz)
Pacific Carrier Ltd., part of Malaysian tycoon Robert Kuok's empire, will take a 60% to 70% stake in its joint venture with Drydocks World's Southeast Asia business, a source close to the deal said. Drydocks, which is restructuring US$2.2bn in debt and sought insolvency protection in April, said earlier it had inked the deal with Kuok Group's Pacific Carrier Ltd. for its operations based in Singapore and Indonesia. (Reuters)
Sir Richard Branson‟s Virgin Atlantic Airways is expected to divest its 10% take in AirAsia X to local existing shareholders for more than RM66m. This comes as AirAsia X prepares for listing at the end of this year. Several individuals, including Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will collectively hold 60% of AirAsia X. The remaining 40% will be held by AirAsia Bhd, Japan‟s Orix Group and Bahrain-based Manara Consortium. Virgin‟s entry price into AirAsia X in 2007 was never disclosed. But investors got an inkling of AirAsia X‟s valuation a year later when Japan‟s Orix Group and Manara Consortium took a 10% stake each in AirAsia X for a total sum of RM250m. The deal effectively valued AirAsia X at RM1.25bn. After the 2008 share sale and the rights issue in 2010, Virgin‟s equity interest was diluted to 10%. Aero Ventures‟ stake went up to 52% while Manara‟s and Orix‟s were up to 11% each. AirAsia maintained its 16% stake. AirAsia X registered a maiden profit of RM87m for FY09. However it swung into the red last year. (Financial Daily)
Former Malaysia Airlines deputy CEO Mohammed Rashdan Yusof has disposed a total of 901,900 shares or 0.027% in the company at an average price of RM1.16. This disposal were done on June 13 and 14. (Star Biz)
Tan Chong Motor (TCMH) managing director (MD) Tan Eng Soon has resigned from his post effective June 30. Tan said he would like to step down as group MD and director of TCMH upon expiry of his employment contract. Tan was appointed group MD on Feb 1, 1989. Meanwhile, executive deputy chairman Datuk Tan Heng Chew will assume the role and responsibilities of group MD and be re-designated executive deputy chairman and group MD effective July 1. (Starbiz)
US car maker Ford said it is to close its vehicle assembly plant in the Philippines by the end of the year, with the loss of 360 jobs, as part of an ongoing restructuring across Asia. The decision will leave the country without a motor vehicle exporter, Ford Group Philippines president Randy Krieger said. (AFP, BT)
TSH Resources Bhd says its RM90 offer price for each share in unlisted Pontian United Plantations Bhd (PUPB) is conditional on obtaining 50% plus one share to enable TSH to merge and integrate both companies. The price earnings ratio (P/E) of the offer price based on PUPB's three-year average net profit of RM55.6m is at 14.6x, higher than the average 7.7x P/E fetched by similar sized listed companies with a large base in Sabah. "About half of PUPB's plantations are above 15 years and there will be lots of work on replanting, which will benefit from our Biotech Centre's Wakuba high yield clones (ramets)," said group managing director Datuk Tan Aik Sim. (BT)
Celcom is optimistic that the newly-launched Celcom First Voice Plan will help the group expand its subscribers base. CEO Datuk Seri Shazalli Ramly said Celcom currently has about 11m subscribers. Celcom First Voice offers customers a new experience under Celcom Territory, with new branded features creatively designed to meet their needs. Under the plan, customers can enjoy one simple flat rate from as low as 10 sen across voice, video, SMS and MMS to all networks, anytime and anywhere, making it easier to keep track of usage patterns. On top of that, customers will also automatically be upgraded to a lower rate the moment their Real Rate hits the next price tier. This means the more they use, the more they save with a lower rate. The new plan also provides customers the flexibility of selecting their mode of payment - through usual postpaid billing or prepaid methods. It also offers customers the convenience of paying their postpaid bills using reload cards. (BT)
Kurnia Asia has not deliberated how it will utilise the RM1.55bm cash proceeds from the disposal of its domestic insurance business, including whether it will declare any special dividend. "After the disposal, Kurnia will become a cash company without any core business. We have 12 months to regularise the operation of Kurnia by the market regulator in accordance to the bursa Malaysia listing requirement," said its CIO Pankaj Kumar. He would not discount the possibility of Kurnia venturing into a different economic segment or industry after the divestment. "Insurance will still be the core activity, through our operation in Indonesia and Thailand. We will look at a new core activity to regularise the group's position as required by Bursa," said Pankaj. (Financial Daily)
Guan Chong Bhd (GCB) has received the Monetary Authority of Singapore's approval to publish its prospectus for public comment. GCB is proposing a dual listing on the Singapore Stock Exchange (SGX). It is already listed on the Main Market of Bursa Malaysia Securities Bhd. Its prospectus is expected to be available on the Monetary Authority's Offers and Prospectuses Electronic Repository and Access (Opera) site for a period of a week. GCB CEO Brandon Tay said the RM1.3bn revenue company is venturing into Singapore as a means to raise its profile among institutional investors as well as to enhance its stock liquidity. "While we do not plan to expand our capabilities aggressively, GCB is open to options whether through mergers and acquisitions or organically. Our proposed dual listing on the SGX is one such way of increasing our options," GCB said in its annual report. Tay said proceeds from the initial public offering (IPO) will be used for its expansion into downstream manufacturing activities in industrial chocolate production as well as the expansion of its Batam facility. Part of it will also go to lowering its gearing which is now at 1.6%. GCB will invest some RM90m to install a second line in its Batam factory to raise production capacity to 120,000 tonnes per year. The company has also invested RM42m for a plant in PTP to increase its industrial chocolate output. The new plant will be operational by the first quarter of 2013 with a total production capacity of 10,400 tonnes a year. (BT)
Digistar Corp Bhd, which transfers its listing status to the Main board of Bursa Malaysia today from the ACE market, has obtained a licence to install central monitoring systems nationwide for specific public and private sectors. The new business, which is expected to kick-off by the end of this year, will be an important stream of revenue for the company, which currently generates the bulk of its earnings from providing telecommunications, broadcasting engineering and Internet protocol television (IPTV) services to various sectors including health and education. Digistar was expected to make an announcement on the matter soon, sources said. Currently, there was a handful of companies which provide such security services locally but Digistar's services would supposedly go beyond the traditional security systems provided by such firms, sources said. (Starbiz)
Malton Bhd has entered into a share sale agreement (SSA) with Southcon Builders Sdn Bhd for the disposal of its entire interest in Austin Heights Sdn Bhd for RM34m cash. The SSA has been completed following the receipt of the balance disposal consideration of RM30.6mil by the company. (Starbiz)
Tradewinds Corporation: Crowne Plaza to make way for Tradewinds Centre project
Tradewinds Corporation (TCB) is scheduled to demolish two of its buildings next year to make way for the Tradewinds Centre project. The Tradewinds Centre, which will have four towers and is estimated to have a GDV of more than RM5bn, will be built at the locations of the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail. The project will sit on a 2.8ha land and consist of office units, serviced apartments and a retail component. According to sources, Crowne Plaza, which is managed by international hotel group Inter Continental Hotels Group (IHG), is expected to close its doors in March next year. It is unclear if IHG will be compensated should its management contract be terminated ahead of its tenure. (Business Times)
Deleum: MD says finalising M&A deals
Deleum expects to be busy with corporate exercises over the next two quarters, especially in regards to its merger and acquisition (M&A) plan. Group MD Nan Yusri Nan Rahimy however, refused to divulge the names of the M&A targets, except that the targeted entities were those that can add value to Deleum’s expansion plans. Nan Yusri had said last month that Deleum would put to good use its strong net cash position for, among other things, M&A exercises. The intention was to have units that could complement its core businesses, including power and machinery; oilfield services; and maintenance, repair and overhaul. (StarBiz)
Integrax: Big plans for Lumut port
Integrax hopes to resume talks with Brazilian iron ore giant Vale International SA even though their agreement lapsed two years ago. Newly-appointed executive director Azman Shah Mohd Yusof said that they are hoping to reopen negotiations with Vale through the state government. According to chairman Tan Sri Tajol Rosli Ghazali, Integrax intends to help Perak drive Lumut as its new economic capital after the Kinta Valley. Azman explained that the board had hammered out its strategic plan and presented it to the state government about a month ago. (StarBiz)
Faber Group: To expand IFM services in Malaysia, overseas
Faber Group is looking to expand its integrated facilities management (IFM) hospital support services in Malaysia and also overseas. It said on Wednesday it would focus on specialised IFM services while it also waited for the government's decision about the hospital support services concession agreement. Faber said it had taken all necessary steps and actions to ensure the success of the concession agreement which recently expired. As for its property development division, it said the group would unveil a high-end condominium project along Persiaran Gurney, Kuala Lumpur, and the targeted launch date was in the fourth quarter of this year. (StarBiz)
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