Petronas in deal to speed up Canadian shale gas venture
Petronas unit Petronas Carigali Canada will acquire Progress Energy Resources Corp for CAD5.5bn to facilitate Petronas’ foray into unconventional gas development to diversify its gas sources. The proposed acquisition builds on the previous arrangement between the two parties to develop a portion of Progress’ shale assets as well as on the intention to pursue the development of an integrated LNG export facility in western Canada. (Malaysian Reserve)
KLCCP management to explore REIT
KLCC Property (KLCCP) had instructed management to explore the idea of repackaging its assets under a REIT structure. KLCCP has over RM13.3bn of real estate in Kuala Lumpur and will be the largest REIT in Malaysia should the idea pan out. KLCCP owns the Petronas Twin Towers and Suria KLCC mall, which have a total value of RM10.1bn. Taking into account KLCCP’s 50.5% and 60% stakes in the respective properties, KLCCP has a stake of RM5.5bn. KLCCP’s main shareholder Petronas, with a 52.3% stake, is poised to reap a significant cash payout from the restructuring. (Financial Daily)
Crest Builder gets LOI for a RM1.3bn project
Crest Builder’s 51% subsidiary received a letter of intent from the Malaysian Rubber Board (MRB) for a proposed mixed development on a plot of land located at the intersection of Jalan Ampang and Jalan Jelatek. The land measures 19,247m2 and has an estimated GDV of RM1.33bn. The development will comprise 3 28-storey apartments and SOHO Towers, a 33-storey corporate tower and a 6-storey boutique retail mall. The development is expected to commence works in 2013 and completed in 2018. MRB will receive RM299.9m in a mixture of cash and property. (Malaysian Reserve)
MRT Corp awards 2 more contracts
MRT Corp awarded two more viaduct tenders. MRT Corp award Gadang Engineering SB the Package V2, worth RM863.4m, which is for viaduct and associated works from the proposed Kota Damansara station to the proposed Dataran Sunway station. Package V3 for the viaduct and associated works from Dataran Sunway to Section 17 in Petaling Jaya was secured by Mudajaya, valued at RM816.2m. (Financial Daily)
Government to probe steel wire rods import
The government will initiate a preliminary investigation into the import of steel wire rods from Taiwan, China, Indonesia, South Korea and Turkey. The government has determined that “there was sufficient evidence of dumping, injury and a causal link,” according to the Ministry of International Trade and Industry (MITI). A domestic producer petitioned that steel wire rods originating from the said countries were being brought into Malaysia at a price much lower than that in their domestic markets. (Financial Daily)
Felda Global Ventures Holdings Bhd (FGVH), is looking to penetrate a number of markets in the African continent. "We will implement the Felda model -- a successful social engineering scheme -- in the continent within one to three years," its Group President Datuk Sabri Ahmad said after FGVH's listing ceremony. It would participate in nucleus estate development and place more emphasis on processing as well as provide advisory service on planting materials. "Our Felda model is successful in Malaysia and we have 50 years experience. We want to share our experience with African countries like Cameroon," he said. Sabri said FGVH's immediate focus is to focus on how to selectively get into the downstream business including speciality fats and oleochemical. (Bernama)
Felda Global Ventures Holdings Bhd (FGV) is still negotiating terms for its strategic partnership with Louis Dreyfus. "We can't just have one partner in this business. We will announce any strategic alliances accordingly," said group chairman Tan Sri Isa Samad. (Financial Daily)
The euphoric debut of Felda Global Ventures Holdings Bhd (FGV) on Bursa Malaysia was marred by claims of some investors not having their allotment deposited into their Central Depository System (CDS) accounts. The affected investors were entirely those who applied for shares as eligible bumiputera investors from the Ministry of International Trade and Industry (Miti). Brokers say that due to the overwhelming response from investors for FGV shares, brokers, banks and Miti may have been unable to credit the CDS accounts in time. (Financial Daily)
Felda Global Ventures Holdings Bhd (FGV) should be able to hit its internal targets and maintain profitability as long as crude palm oil prices (CPO) remain at a minimum of RM3,000 per tonne, said its president Datuk Sabri Ahmad. Its chairman Tan Sri Isa Samad added that 30% of trees are immature and young trees would provide buffer against fluctuating CPO prices. (Malaysian Reserve).
Muhibbah Engineering said it was surprised by CIMB Bank's move to withdraw from backing a restructuring scheme of Asia Petroleum Hub Sdn Bhd (APH). "We think the main reason could be the issue of the land lease which has affected the value of the asset" said MD, Mac Ngan Boon. The initial restructuring scheme would have paved the way for CIMB Bank and Muhibbah to swap their debt for equity in APH while a new shareholder would be brought in to inject fresh capital to complete the oil terminal project. "There was a lot of interest from potential invetors but the whole thing has been hampered. This job was promoted by the government as a national project in 2005" Mac said. It is learnt that APH's shareholders and other creditors, who were expecting a speedy conclusion, are upset that the restructuring exercise could be called off and payment delayed. "Some of the creditors are mulling legal action against the bank and the government if this matter is not properly resolved," said a financial executive close to the project. Mac also maintained that Muhibbah's ongoing woes with the APH would not push the group into PN17 status as it has the financial muscle to absorb the provisions for the claim if necessary. (Financial Daily)
Telekom Malaysia today signed a service agreement with IJM Land for the provision of high speed broadband (HSBB) infrastructure in Saujana Duta at S2 Heights, Seremban 2. With the collaboration, IJM land will be the first property developer in Negeri Sembilan to offer residents of its new residential development, Saujana Duta @ S2 Heights, TM's Unifi infrastructure and services. (Bernama)
Celcom has signed a pact with Konsortium Transnasional Bhd and Sinar Aki Sdn Bhd for a project that allows passengers on Transnasional express buses to access various wireless broadband services. The project, dubbed "57 coach-mate", will see Sinar Aki installing Celcom's WiFi service on-board 50 Transnasional express buses via 3G SIM Bonding. This service will be available via 850 units of mobile tablets for rental on selected routes. (BT)
Time DotCom hopes to set up its first overseas data centre by year-end to tap into the growing demand of such centres. The location has yet been finalised but it is believed that Singapore, Thailand and Indonesia are on the top of its list. "We are currently looking at sites and talking to partners. Our aim is to replicate our data centre business across the region," Time dotCom CEO Afzal Abdul Rahim said after its extraordinary general meeting yesterday. BT)
Multi-Code Electronics Industries (M) Bhd has received letters of acceptance from Perusahaan Otomobil Nasional Sdn Bhd (Proton) to supply parts for a new car model under a five-year contract. The supply of these parts is expected to commence in the first quarter of the financial year ending July 31, 2014. Multi-Code expected the project to generate RM90.6m in revenue for the company over the five-year period. (Sun)
LBS Bina Group Bhd plans to launch its maiden property project in Zhuhai, China, by the middle of next year. MD Datuk Lim Hock San said the first phase of the 79ha project might comprise a resort-type high-end landed one. "We are definitely going to launch the project in China next year. Depending on the market, it could be in 2Q-3Q13," he said after LBS' AGM here yesterday. LBS had submitted its plans to the authorities for approval and should receive a reply in October, Lim added. (BT)
LBS Bina Group Bhd (LBS) is paying a first dividend and final dividend of 2.5 sen per share for the financial year ended Dec 31, 2011. This was the first time the group announced a dividend payout since 2005. "As long as the company makes money, we will continue to reward our shareholders with dividends," its managing director Datuk Lim Hock San said. (StarBiz)
The Parkson Retail Group is investing US$15m (RMRM48m) to open 5 new stores in Indonesia next year, said MD, Datuk Alfred Cheng. Cheng said the company was bullish on the Indonesian market as the political stability has provided a fantastic foundation for the growth of the private sector. In September 2013, Parkson will open its first store in Indonesia, which will be at The St Moritz within the Puri CBD in West Jakarta. Cheng said Parkson's retail chain in Indonesia contributed less than 3% of its total sales last year, while its stores in China contributed around 70% of the company's revenue. He said Parkson would open a store in Cambodia in the second quarter of next year. Executive director, Toh Peng Koon, said the 5 new stores due to open next year would comprise 1 or 2 Parkson stores and 3 Centro outlets. Toh said the company would only focus on the expansion of the Parkson chain in Jakarta, Surabaya and Medan in its early years, while for Centro, the company planned to penetrate four cities in Indonesia, in Sumatra, Kalimantan and Sulawesi. Centro currently has 8 stores in Greater Jakarta, Yogyakarta, Bali and Surabaya, in East Java. "We will open one Centro outlet in Surakarta, Central Java, this year and in Pekanbaru, Riau, by early next year," said Toh. (Bernama)
TH Heavy Engineering Bhd, formerly known as Ramunia Holdings Bhd, has set aside a total of RM62m capital expenditure this year. Its MD and CEO Nor Badli Mohd Alias said it would be spent on upgrading its yard in Pulau Indah, Selangor, to make it more appealing for international jobs. "We are planning to bid for RM1.5bn jobs soon. We expect to secure at least 15 to 20% of it," Nor Badli told reporters after its re-branding exercise at Lembaga Tabung Haji's (LTH) headquarters yesterday. He said LTH has now emerged as the company's largest single shareholder with a total investment of RM300m since 2008. The fund holds 32% of the company. "Our order book currently stands at RM220m and we are planning to increase this through new tenders that we have submitted. (BT)
The speculated winner of the Ampang Light Rail Transit (LRT) system works, the George Kent consortium, was one of three bidders which failed both the technical and commercial evaluation for the RM960m contract, say sources. The Malaysian Insider understands that only five of the eight bidders passed the technical and commercial evaluation stage but project owner Syarikat Prasarana Negara Bhd (SPNB) finally recommended one of the two South Korean consortiums in the running — PDA Consortium — as the other consortiums were said to not have complied with all conditions. “George Kent was never in the running as it failed both the technical and commercial evaluation, so it’s a surprise that it is speculated to be the winner and PKR is making a fuss about it,” a source said. (Malaysian Insider)
MBf Holdings: To sell card business in 2 months
MBf Holdings is undergoing a tender process to dispose of its cards business, an exercise it expects to complete within the next 2 months. MBf group CEO and executive director Tan Sri Dr Ninian Mogan Lourdenadin said the company has some good offers and was in the process of considering them. (Financial Daily)
Mah Sing Group: Looking at JV, buying land in Sungai Buloh tract
Mah Sing Group is keen on taking part in the development of the Rubber Research Institute (RRI) land measuring 2,200 acres (880ha) in Sungai Buloh, Selangor. Mah Sing group MD and CEO Tan Sri Leong Hoy Kum said the company is interested to participate in the tender as it is one of the last pieces of large prime residential and commercial land in Selangor. (Financial Daily)
SILK Holdings: Gets RM23.7m contract from Talisman
SILK Holdings has secured a RM23.7m extension contract from Talisman Malaysia Ltd to provide an anchor handling tug supply vessel. The contract, secured via its subsidiary, Jasa Merin (Malaysia) Sdn Bhd, commenced back in June 19, 2011, and had a primary period of one year with extension options of 1+1 year. The extension is for the period commencing June 19, 2012, until June 18, 2013. (Business Times)
Can-One, Kian Joo Can Factory: Directors say companies have good work relationship
Can-One’s directors believe they will have good working relationship with the existing board of Kian Joo Can Factory as both parties have a common objective to grow these companies' operations. Can-One executive director Ooi Teik Huat said both firms can cross sell each other's products to their respective customers and together become a one-stop packaging solutions provider. (Financial Daily)
Perdana Petroleum: Subsidiary gets Murphy contract worth RM86m
Perdana Petroleum’s subsidiary has secured a contract worth RM86m from Murphy Sabah/ Sarawak Oil Co Ltd (Murphy) to supply one anchor handling tug supply vessel. The company said on Thursday that the contract secured by Perdana Nautika Sdn Bhd was to support Murphy’s 2012/2014 Shallow Water Drilling Programme. It said the contract was for a period of two years with an extension option of an additional year, effective from 27 June 2012.(Financial Daily)
Sumatec Resources: Shipping assets acquired by Halim Saad
Tan Sri Halim Saad is buying Sumatec Resources’ flagship shipping assets under a deal that will wipe out the oil and gas company's big debts. Sumatec signed with once-influential businessman Halim on Thursday to sell Semua International Sdn Bhd (Semua Group) and its subsidiaries. Semua Group owns a fleet of 10 oil product tankers with capacities ranging from 6,000 to 13,000 tonnes. Semua Group, which was bought by Sumatec in 2005, has been the latter's crown jewel. However, over-gearing as well as declining profits and cash flows have affected Sumatec's performance. Sumatec is now saddled with a mounting debt of RM530m, which nearly all of it is attributed to the money owed to Semua Group. (Business Times)
Steel: Government probes imports of steel wire rods
The Malaysian government is launching a preliminary investigation into the imports of steel wire rods from Taiwan, China, Indonesia, South Korea and Turkey. The Ministry of International Trade and Industry said on Thursday the probe was initiated after receiving a petition from a domestic producer that anti-dumping duty should be imposed on imports of steel wire rods. It said the government has determined that there was sufficient evidence of dumping, injury and causal link. MITI said under the Countervailing and Anti-Dumping Duties Act 1993 and its related regulations, a preliminary determination would be made within 120 days from the date of initiation. It said that if the final determination is affirmative, the government may impose an anti-dumping duty at the rate that would rectify the situation. (StarBiz)
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