Time dotcom to invest RM144m in APG
Time Dotcom (TdC) estimates its total investment in Asia-Pacific Gateway (APG) submarine cable system,, including the Malaysian cable landing station, at RM144m. TdC told Bursa Malaysia yesterday the investment will be made progressively throughout the construction of the APG. It said the construction of the APG will commence in the second half of the year, and is targeted for completion by 2014. (Financial Daily)
Wah Seong buys Petra Energy stake
Wah Seong Corp has entered into a conditional share sale agreement for the acquisition of 26.9% equity interest in Petra Energy for RM96.9m from Perdana Petroleum. The companies said in separate announcements that upon the execution of the agreement, 10% of the sale consideration shall be made as deposit, while the remaining 90% would be paid on the last day of the 10-business day period after all conditions have been satisfied. (StarBiz)
Tebrau Teguh receives offer from IWH
Tebrau Teguh has received an offer from Iskandar Waterfront Holdings (IWH) for the latter to acquire all the remaining shares of Tebrau Teguh that it does not already owned for 76 sen per share. IWH made the offer on 29 Jan to Tebrau Teguh’s substantial shareholder, Kumpulan Prasarana Rakyat Johor SB (KPRJ), to acquire 222m shares, or a 33.2% stake, in Tebrau Teguh for RM168.7m. (StarBiz)
BIMB awaits response from Indonesian bank
Bank Islam Malaysia Bhd (BIMB) is awaiting response from an Indonesian Islamic bank on its proposed offer to acquire 30% to 40% stake in the latter, said managing director Datuk Seri Zukri Samat. Zukri said the proposed acquisition was part of BIMB’s move to expand its overseas operations. “BIMB has identified one bank and has indicated its offer to them but so far, we have yet to receive any response to our proposal,” he said. (StarBiz)
SP Setia’s Vietnam job cancelled
SP Setia’s proposed 32ha property development project in Vietnam has been cancelled, the company told Bursa Malaysia in a filing yesterday. It said that the condition precedent (CP) set out in the cooperation agreement between Setia Saigon East Ltd and Saigon Hi-Tech Park Development Co were not met by yesterday, which was the expiry date of an already extended CP fulfillment period. (BT)
Tricubes regularisation plan rejected
Tricubes’ proposed regularisation plan was rejected by the Bursa Malaysia Securities. In an exchange filing yesterday, Tricubes said the trading in the securities of the company will be suspended from 11 July 2012. “The securities of the company will be delisted on 7 Aug 2012, unless an appeal against rejection of the regularisation plan and delisting is submitted to Bursa Securities on or before 2 Aug 2012,” noted Tricubes. (Malaysian Reserve)
MRT financing deal to be finalised in Q1
Danainfra Nasional, a wholly-owned subsidiary of Ministry of Finance Inc, expects to finalise the total financing required for the Sungai Buloh Kajang (SBK) Mass Rapid Transit (MRT) line by the first quarter of next year. “We expect the total cost of the project to be known once all the tender packages have been awarded, which will be by year-end, and envisage to finalise the financing by the end of the first quarter of next year,” said principal officer Fazlur Rahman Ebrahim after the signing of a RM8bn Islamic commercial papers/Islamic medium-term notes (ICP/IMTN) programme agreement by Danainfra. (StarBiz)
The price of Felda Global Ventures Holdings Bhd (FGV) shares is expected to surge in the market based on the demand for palm oil products, which is increasing every year, said Plantation Industries and Commodities Deputy Minister, Datuk Hamzah Zainuddin. "We hope that (Felda) settlers will not be quick to sell their shares because it will jump to a very profitable level," said Zainuddin. (Bernama)
Malaysia’s palm oil exports rose 9.7% in June compared with the previous month, estimated Societe Generale de Surveillance, an independent cargo surveyor. A total of 1,463,864 metric tons of palm oil were tracked, SGS said. Malaysia exported 1,333,869 tons of palm oil in May, according to the surveyor. (Bloomberg)
Telekom Malaysia Sarawak has inked a three-year service agreement with Majupun Sdn Bhd to provide high-speed broadband service to the Miri Marriot Resort and Spa. (Bernama)
Telekom Malaysia is optimistic its small-and-medium enterprise (SME) customer base would increase to 500,000 by year-end, from 494,000, at present. TM Executive Vice-President (SME) Azizi A Hadi said the customer base expansion would be driven by new products, as well as, its recently-concluded SME BizNet and SME BizFest 2012 road shows. "During the road shows, carried out between January and May, we successfully enerated RM58m worth of contracts, whereby 90% of the value was generated from existing customers. "Our SME customers have been growing their business over the years, they need new products and services to complement their matured operations," he told reporters. SME BizNet served as a platform for SMEs to engage with TM to learn more about its information and communication technology (ICT) offerings that suited their businesses, however, aimed to provide a synergistic ICT showcase for businesses that required a more professional solution. (Bernama)
The demand for cheap illegal cigarettes continues to yield good profits for retailers nationwide who blatantly disregard the risks of getting caught. It is estimated that there are over 100 illegal brands in the market – mainly smuggled from other Asian countries. Among the popular ones are Luffman, Ray and Tex. The fags are usually hidden under the counter and made available only when requested by brand. Not only are these cigarettes sold at an average of RM3.50 per pack, way below the mandated price of RM7 per pack for licensed brands, but upon closer inspection, packs bearing names such as John reveal false or non-existent addresses and manufacturer names. Retailers interviewed said they made between 30 sen and 50 sen profit on each illegal pack they sold. High taxes on cigarettes is the reason that has driven consumers to cheaper alternatives, said Small and Medium Industries Association of Malaysia president The Kee Sin. “Muslim Wholesalers and Retailers Association president Amanul-lah Mohd Maideen called on the Customs Department and government officials to have stricter enforcement to weed out illegal cigarette makers. According to the Health Ministry, there are over three million smokers in the country, of which 80% are adults. (Star)
Beer smuggling has a significant impact on local breweries and could eventually lead to them reviewing their business operations in Malaysia. Guinness Anchor Berhad managing director Charles Ireland said the beer industry directly and indirectly provided employment to over 50,000 people nationwide. He said the industry contributed close to RM1.5bn in tax revenue last year alone. “If beer smuggling continues to thrive in East Malaysia, the Government is not the only one that will suffer. Businesses like ours may need to review our operations here as it may not be sustainable,” he said. Ireland said based on industry estimates, over 30% of the total beer market volume in Malaysia is illegal. “The lower price tag of smuggled beer leads to consumers opting for it. “Many consumers fail to understand that when they opt to buy smuggled beer, they are supporting an illegal trade,” he said. He added that local companies could not compete with breweries in neighbouring countries that had larger beer production volumes and enjoyed greater economies of scale. “Besides that, these foreign brewed beers, when smuggled into Sabah and Sarawak, are sold at a price that we cannot compete with because we pay excise duties,” he said. Ireland suggested that apart from stepping up enforcement efforts, the Government should look into introducing stiffer penalties against smugglers and traders. (Star)
AirAsia X plans to launch its IPO by the end of this year or early 2013 to fund its expansion, said CEO Azran Osman-Rani. The low-cost carrier said it wasn’t looking at any acquisition target and planned to grow the company organically. The company aimed to add 14 new aircraft to its current fleet size of 11 aircraft by the end of 2014. The airline is eyeing expansion of its China network to cities that appeal to tourists. (Dow Jones Newswires)
Credit Suisse Group AG, Goldman Sachs Group Inc and JPMorgan Chase & Co were among banks picked to arrange the US$1.5bn (RM4.72bn) initial public offering (IPO) of Malaysia's Astro All Asia Networks plc, said two people with knowledge of the matter. Astro also hired CIMB Group Holdings Bhd and Malayan Banking Bhd for the IPO. The IPO may take place by year-end, they said. (Malaysian Reserve)
An intense heatwave is threatening havoc with this year's US grain harvest, burning up hopes of blockbuster yields and sending prices soaring. Even a small reduction in crops could send ripples through global food commodities markets, as the US is the world's top exporters of corn, soya beans and wheat, and stocks of the first two are relatively low. Top US farming states such as Illinois and Indiana had suffered temperatures above 38°C for several days already, with no let-up this week. "The forecast is going to remain pretty much the same over the next week, We're not looking at much of a break in the heat," said Matt Barnes, meteorologist at the National Weather Service. (Financial Times)
China Automobile Parts would see a public issue of 90m new shares or 15% of its enlarged share capital from an issued and paid-up capital of 600m shares worth US$60m (RM180m). The company, which is seeking a listing on the Main Market, has yet to determine the initial public offering (IPO) price and indicative timeline of the IPO. China Automobile is a specialist manufacturer of automobile chassis components used in vehicles for transporting goods. (Starbiz)
Allianz Malaysia says it is unfazed by increasing competition from existing or new foreign players in the insurance landscape as the penetration rate in the country is still small. "We are not afraid of competition. In fact, we are encouraged by it," Allianz CEO Jens Reisch said. Instead, he said, the insurer welcomes competition that would help develop the market, which has a penetration of only 41% currently. (BT)
Ho Hup Construction Co Bhd has finally called for a truce with Malton Bhd on a two-year dispute over a piece of land in Bukit Jalil.Ho Hup said the company and its 70% subsidiary, Bukit Jalil Development Sdn Bhd (BJD) have come to an amicable settlement with Pioneer Haven Sdn Bhd (PHSB), a subsidiary of Malton, on the development rights of its 60-acre (24 ha) land Bukit Jalil. The settlement was formalised in a supplemental agreement (SA) that contains two key variations to the joint development agreement (JDA) signed more than two years ago. The SA entails the joint development between both companies on 50 acres of the Bukit Jalil land, instead of the entire 60 acres. The remaining 10 acres will be development solely by BJD. BJD will be entitled to 18% instead of 17% of the estimated gross development value of the 50-acre land. (Financial Daily)
Kumpulan Jetson is developing a luxury residential development project in Penang called The Macalister, comprising 33 high-rise condominium units. Its subsidiary Jetson Development has entered into a heads of agreement with Fortress Effect for the joint development on three pieces of freehold land, measuring a total of 4,486.5sq m. Under the agreement, Jetson Development is entitled to 30% of the project’s gross development value and Fortress Effect the remaining 70%. (BT)
No comments:
Post a Comment