I.Star Ideas Factory Sdn Bhd, a wholly-owned subsidiary of Star Publications (Malaysia) Berhad is buying CNM Events Marketing Sdn Bhd for RM45m. CNM Events Marketing Sdn Bhd owns the home and lifestyle exhibition „Perfect Living‟. The vendor CNM Events and warrantor Dato‟ Adriana Law Song Ting jointly and severally provide a guaranteed total profit before tax of not less than RM30m for three years from the completion date of the agreement. The purchase will be funded partially by borrowings and internally generated funds. The rationale for the acquisition is to expand the company‟s existing business in the event and exhibition space. (BMSB)
Tenaga Nasional Bhd (Tenaga) has received assurance from the government that any hike in future gas prices will be offset, or neutralized, in order to avoid past losses, where Tenaga was made to shoulder the effects of a gas shortage. The company said that it has an assurance by the government that whatever happens to the gas prices, Tenaga will remain neutral and it will be a pass-through. However, the company said that it has not been determined whether the pass-through will come in the form of a tariff hike or a fuel cost compensation mechanism. Tenaga also said that it hopes to receive compensation for the entire amount of additional fuel cost instead of only two thirds. An incentive based regulation will be in operation from 2015-2017 with trials in 2014 Tenaga said. The company‟s performance will be benchmarked against key performance indicators (KPIs). If the company performs according to or above the KPIs, it will receive a return based on its weighted average cost of capital. If the company‟s doesn‟t meet the KPIs, the company may have to absorb losses. (Malaysian Reserve, Sun Biz)
Petronas has signed an agreement with Italy-based Versalis SpA to jointly own, develop, construct and operate elastomer plants within its proposed RM60bn refinery and petrochemical integrated development (RAPID) complex in Pengerang, Johor. The JV will produce and market synthetic rubber. It is the fourth such arrangement secured by Petronas for RAPID and the engineering activities will commence immediately. Prior to this, Petronas inked similar agreements with BASF of Germany, Itochu of Japan and PTT Global Chemical of Thailand for various high value-added downstream chemicals. Petronas is currently pursuing the selection of other potential partners and licensors for various facilities to be developed within RAPID. (Bernama)
Syarikat Prasarana Negara Bhd said the government is not obliged to award the systems contract for the Ampang light rail transit (LRT) extension line project to the lowest bidder. Prasarana media manager Azhar Ghazali said the totality of the offer will be considered, which among others, include the life cycle cost that will bring about reducing operating expenditures over equipment lifespan. "Leaked information found in the media recently did not give a full picture. Dated selective excerpts have been superseded by new information resulting from the clarifications. "They did not do justice either by labelling certain activities as interference, when, what, were and are being done, are due diligence processes by the government," Azhar said. Tenders for the systems contract for the Ampang line extension closed on 16 June 16 2011. Eight groups had made the bids, with prices ranging from RM950m-RM1.45bon.They are George Kent-China Railway Construction-Tewet GmbH; Posco-Sojitz-Daewoo International-Thales; Invensys-Balfour Beatty Rail-Ingress; Colas-CMC Engineering-Thales; Samsung-LG-Thales; SNC Lavalin-WW Engineering-Bombardier; Siemens-Scomi Engineering and Ansaldo-Emrail-Leighton. (BT)
The main contractors of the Asian petroleum hub, ZAQ construction, faces a stumbling block in its bid to wind up project owner Asia Petroleum Hub (APH) as two parties are now seeing to throw out the winding-up petition. CIMB Bank and its appointed receiver and manager PricewaterhouseCoopers (PwC) will soon file their applications to strike out the winding-up petition by ZAQ. In January, ZAQ filed the winding-up petition after winning a judgment-in-default against APH last December for RM419.73m in services rendered. ZAQ itself is facing legal action alongside APH in a claim by ZAQ‟s main subcontractor Muhibbah Engineering which is suing for about RM381m owed. (Financial Daily)
Top Glove plans to spend RM3bn in the next 15 years to expand its rubber glove production capacity and acquire more rubber plantation land. This will see the company‟s annual glove output triple, and global market share double by then. Top Glove chairman Tan Sri Lim Wee Chai said the RM3bn investment will finance the construction of another 30 factories across Malaysia, Thailand and Indonesia, and raise the annual capacity to 120bn pieces of gloves. (Financial Daily)
The continuing spat between the federal and the Selangor state governments over the alleged water crisis affecting the state has a taken a new turn with a special Cabinet committee set up. However, it was reported that the Selangor state government had sent a formal letter to the federal government on its planned takeover of Syabas. The protracted water feud between the state government and Syabas percolated to a heightened level since Monday when the state declared its intention to takeover Syabas. (Malaysian Reserve)
Volkswagen AG reportedly renewed its interest to take on a stake in Proton Holdings. Manager Magazin, a German monthly magazine said Volkswagen might consider fully acquiring Proton in the long-term. Any stake sale in Proton would need to approval from the International Trade and Industry Ministry and National Economic Council. (Star Biz)
Perodua has emerged the top selling car maker with 92,923 units sold in the first half of this year vis-a-vis 79,467 cars sold in the same period last year. Proton is in second spot with fewer cars sold at 72,837 units for the period under review against 85,223 units in the first six months last year, says the Malaysian Automotive Association (MAA). Overall, the total automotive industry volume increased to 301,224 in the January-June period this year from 297,203 in the same period 2011. President Datuk Aishah Ahmad said Perodua, the second national car maker, has done very well, achieving the biggest 35% market share for the first half of this year, while Proton's market share was 27.4%. Foreign car manufacturer, Toyota, came in third with 51,567 units sold, against last year's 41,688, while Nissan and Honda sold 16,533 units and 10,165 units, respectively, in the same period compared with 17,306 and 19,246 units last year. (Bernama)
The Malaysia Automotive Association (MAA) is positive that car sales in 2H2012 will be better than the first half, despite some earlier drawbacks. Total industry volume of new vehicles in the first six months of 2012 was 301,224 units, a marginal increase of 1.4% from last year. The MAA forecasts 2012 TIV to be 615,000 units for the year. (Financial Daily)
Honda Malaysia is investing RM1bn over the next three years to build a new production line and improve its infrastructure and dealers network. Of the RM1bn, about RM350m will be spent on building a second production line at its plant here to double capacity to 100,000 units a year. The investment will also allow Honda Malaysia to manufacture hybrid vehicles, making it the first non-national automotive manufacturer to produce hybrid vehicles in the country. "This could potentially turn Malaysia into a regional hub for production of hybrid vehicles," Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said. (BT)
Japan‟s Honda Motor said it is recalling more than 320,000 vehicles worldwide because of a door lock defect. The automaker said its recall was for the 2012 CR-V sports utility vehicle and 2013 Acura ILX sedan. The vast majority of the recall is for the CR-V model, sold mainly in Japan, North America, China and South America. (AFP, BT)
Honda Malaysia will produce locally assembled hybrid vehicles at its Pegoh plant in Alor Gajah. Hiroshi Kobayashi, president and CEO of Asian Honda Motor Co, said the plant will start local production of the Jazz hybrid model by the year-end. "When the first hybrid rolls out of the plant later this year, Honda will become the first non-national automotive manufacturer in Malaysia to locally produce hybrid vehicles," he said. (Financial Daily)
Naza Kia (M) Sdn Bhd sold 7,000 cars in the first half of the year, an increase of 11% over the 6,230 units in the same period last year, said its CEO Datuk Hafiz Syed Abu Bakar yesterday. "We expect to maintain the growth in the second half of the year," he said. Hafiz also said the B-segment 1.4-litre Rio, would be launched in November with a price tag of between RM70,000 and RM80,000. (BT)
Axiata Group announced yesterday that it and its wholly-owned subsidiary Axiata SPV2 Bhd had received approval from the Securities Commission to establish a US$1.5bn (RM4.73bn) sukuk programme. In addition, the two parties had on July 17 entered into a relevant transaction documents in relation to the sukuk programme. Standard and Poor‟s Rating Services have assigned a BBB- rating to the sukuk programme. Moody‟s Investors Service on the other had published a Baa2 rating for Axiata. The sukuk issued will be listed on Bursa Malaysia and the Singapore Exchange. The sukuk programme has been established in order to optimise Axiata‟s balance sheet and improve its capital efficiency. The net proceeds from the issuance will be used for the group‟s general corporate purposes. (StarBiz)
Telekom Malaysia has clarified that the figure of 399,000 UniFi subscribers as reported yesterday actually refers to the total number of UniFi subscribers nationwide currently, and not just for Johor. (BT)
Apex Equity Holdings Bhd expects to record a gain of RM14.9m from the disposal of 17m shares in Finbar Group Limited, which is listed on the Australian Stock Exchange.It said on Thursday that its Australian stockbroker, Investorfirst Securities Ltd, had disposed 17 million Finbar shares of A$1 each for A$17m (RM54.8m). Finbar, which is a property investment and development company in Perth, Australia, builds apartments, town houses, residential and specialised commercial buildings in the Perth metropolitan area.(Starbiz)
Ho Hup Construction Co Bhd has secured RM87m deal to build an integrated army complex in Johor Baru. The company said the contract was awarded by Johor Corp. Construction is targeted to be completed in Jan-2015. (BT)
Zecon Bhd’s unit, Zecon Land Sdn Bhd (ZLSB), has signed a sale and purchase (S&P) agreement with Lembaga Tabung Haji (LTH) to sell a retail mall for RM155.8m. Zecon said it will build an integrated mixed development known as the Vista Tunku Project on the project land. The project is expected to be completed within 24 months. (BT)
Jalur Lebar Nasional Sdn Bhd (Jalenas) is set to invest RM7bn in capital expenditure over the next 5 years to build and operate high-speed broadband infrastructure to penetrate 2.5m premises nationwide. Executive Director Heikal M. Ali said the company executed the five-year national plan late last year, and the capital expenditure was started during the same period. He said the company is now aggressively rolling out its services to over 30,000 premises in Kuantan targeted to be completed by 2013. "The RM7bn is from a combination of bankers and own funding," he told reporters after the signing of a RM850m technology partnership agreement with Metroverse Sdn Bhd. (Bernama)
The Stevedore Employers’ Association (SEA) welcomes the move to privatise Penang Port, hoping it can bring back the glory days of the port. SEA president Datuk Mohd Sobree Abdullah stressed that the privatisation should not be politicised, but the issue was all about the performance of the port and the future of its workers. (The Star)
Boilermech acquires RM20m land with office building
Boilermech Holdings will pay RM20.3m to SSK Logistics SB to acquire an industrial land with a three-storey building in Damansara, Selangor. It said the purchase will be funded via internal funds and bank borrowings. The purchase will help the company to expand its production capacity to meet growing demand for its boilers locally and abroad. (Malaysian Reserve)
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