More initial public offerings (IPOs) are coming down the pipe for the rest of the year although their size won't match those of Felda Global Venture Holdings Bhd and IHH Healthcare Bhd, Bursa Malaysia Bhd CEO Datuk Tajuddin Atan said. "There are a few in store, but not as large as Felda and IHH. Some of them have gotten their approval already, but the issue is timing. Some may want to be listed this year and some next year," he said. "So far, I am quite happy with where we are at this point in time. I would say we are the most productive (stock exchange) in 1H2012," he said. Pay-TV operator Astro All Asia Networks Plc is expected to be relisted sometime in the fourth quarter, while Karex Industries Sdn Bhd, the world's biggest condom maker, is considering an IPO. Year to date, Bursa Malaysia has seen 10 new listings, including that of SapuraKencana Petroleum Bhd, Felda Global Ventures, Gas Malaysia Bhd, OCK Group Bhd and IHH. (Sun)
Former head of Proton Holdings Bhd Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir may surface in a top management role in recently-listed Felda Global Ventures Holdings Bhd (FGVH), industry sources told StarBiz. Sources said Syed Zainal may be brought into FGVH to play a supportive role to group president and chief executive officer Datuk Sabri Ahmad. Sabri was appointed to FGVH's helm in July 2010 for a contractual period of two years. Sources also said that Sabri's contract was recently renewed. When contacted by StarBiz, Syed Zainal declined to comment, but did say: “Nothing has been firmed up yet.” (Starbiz)
AirAsia group carried 8.285m passengers in 2Q, which was a 13% increase from a year ago. The capacity increased by 13% to 10.46m seats. Load factor was 79% compared with 80% while the number of aircraft increased to 100 planes from 93 planes a year ago. The number of passengers carried increased by 10% to 4.90m. The load factor was 80% compared with 81% a year ago. As for Thai AirAsia, it posted a load factor of 79%, up 1% point, while it carried a 20% yoy increase on passengers of 1.9m for the quarter. Indonesia AirAsia recorded a load factor of 78%, up 2% point yoy due to capacity expansion and strong passenger demand. Passengers carried increased by 15% whereas capacity increased by 12% yoy. (Star Biz)
Malaysia Airlines (MAS) is eyeing an additional US$100m interlining passengers’ revenue a year through the induction of the carrier into the oneworld alliance early next year. MAS senior vice-president (international affairs) Germal Singh Khera said the full-fledged premium carrier currently registers RM750m annual interlining passenger revenue. “We are currently at the last lap of our project to synchronise our system to accommodate the oneworld alliance members to give our customers a better and holistic network coverage," he said. Germal said MAS expects to conclude all work and officially join the alliance in the first quarter of next year. (Bernama)
Checks by the Selangor Water Monitoring Committee showed that treated water reserve level in the state is at 11% and not 2 % as claimed by the Syarikat Bekalan Air Selangor Sdn Bhd (Syabas). Mentri Besar Tan Sri Abdul Khalid Ibrahim said the committee in it first report to the state executive councillor meeting revealed that Syabas has been operating below its capacity. “The output capacity for all 34 water treatment plants is 4,807m litres per day (MLD) compared to Syabas distribution capacity of 4,371 MLD. This means there is a buffer of 436 MLD and this proves that Syabas has been operating undercapacity,” said Khalid. Khalid also said that the Mitigation 1 Project, which is currently ongoing and scheduled to be completed in March next year, will increase the treated water level output to 5,319 MLD, a difference of 768 from Syabas’ distribution capacity. “The 2 % reserve that Syabas previously reported is untrue and misleading as the reserve capacity at present is 11 % and will rise to 18 % after the Mitigation 1 Project completed in 2013," he added. (Sun)
Malaysia's palm oil exports fell 14% between July 1 and 25 compared with the same period in June, according to independent surveyor Intertek. It said a total of 1.03m tonnes of the commodity were tracked compared with 1.2m tonnes in the same period last month. (StarBiz)
Datuk Sreesanthan Eliathamby, a director of Sime Darby Bhd, has taken a leave of absence from the board of the company and its subsidiaries. Sime Darby said that the board of directors had met on Tuesday to discuss the charges brought by the Securities Commission against Sreesanthan for insider trading of securities. It added that Sreesanthan had indicated his intention to retire by rotation at the forthcoming AGM. (StarBiz)
T. Ananda Krishnan’s Astro group said Lippo Group, its former Indonesian partner in a failed television venture, is avoiding paying US$300m in arbitration awards and is too late to challenge it. Lippo didn’t challenge the awards within a stipulated time frame of three months and can’t attack their validity of the awards, said David Joseph, a lawyer for eight Astro units. Justice Belinda Ang reserved her judgment after the three-day hearing. Lawyers for three units within James Riady’s Lippo Group, which has media, financial services and property businesses in Asia, have said they didn’t consent to the confidential arbitration. The time limit to oppose the awards doesn’t apply to this case, Lippo’s lawyer Toby Landau said. Krishnan’s Astro All Asia Networks Plc has said it ended the venture after its Lippo partners failed to pay RM805m in bills. (Bloomberg)
The former group managing director of AmBank Group Bhd, Cheah Tek Kuang, was appointed chairman of Berjaya Sports Toto Bhd with effect from Wednesday. He was also appointed as an independent and non-executive director and also the chairman of the audit committee. Cheah joined the AmBank group in 1978 and retired as the group MD on Apr-2012. He still remains as non-executive director of AmBank (M) Bhd, AmInvestment Bank Bhd and AmIslamic Bank Bhd.(Starbiz)
SPK-Sentosa Corporation Bhd is venturing into the oilfield services and equipment via a joint venture with the Netherland's Superior Energy Services B.V. (SES). SPK said on Wednesday it had signed a shareholders agreement with SES and Superior Energy Services (KL) Sdn. Bhd to provide the oilfield services and equipment. "The proposed JV will enable SPK to provide specialised oilfield services and equipment, focused on serving the drilling and production-related needs of oil and gas companies, as well as plug and abandonment and decommissioning services required at the end of a well's life," it said. (Starbiz)
The major shareholder of sports shoes maker, Maxwell International Holdings Bhd, may sell some of her stake or issue new shares in the company to bring in investors. Founder and executive chairman Li Kwai Chun, together with her son, currently controls 58% of Maxwell. “She is looking to expand the company to diversify its earnings. If Li sells her stake, it will be in small blocks to maintain ownership of the company,” Maxwell CFO Tan Swee Song said. (BT)
TAS Offshore’s full-year profit jumps 192%
TAS Offshore’s net profit for its fourth quarter ended 31 May jumped 177% to RM7.12m or 4.02 sen per share, from RM2.57m a year ago. However, revenue fell 6.4% to RM33.4m from RM39.8m. In a filing to Bursa Malaysia, the shipbuilding outfit attributed the better earnings to the sale of one of its unit harbour tugs during the quarter and a foreign exchange gain of RM2.2m due to the strengthening greenback. (Financial Daily)
Iris signs deal to buy Oil Field
Iris Corp has signed a sale and purchase of shares agreement to acquire Oil Field Services Ltd, formalising a heads of agreement inked two weeks ago. On 9 July, Iris Corp said it planned to acquire 2.6m shares, or a 51% stake, in United Arab Emirates-based Oil Field Services through its wholly-owned subsidiary IRIS Eco Power SB for RM11.2m. (StarBiz)
MAS revisits JV plan with Qantas
Malaysian Airline System (MAS) may revisit a joint-venture (JV) plan with Australia’s Qantas as part of its strategy to boost interlining revenue by over 40%, as it becomes an official member of OneWorld Alliance in 2013. MAS senior vice-president of international affairs Germal Singh said at a briefing yesterday that the national carrier is particularly interested in teaming up with Qantas and its JV partner British Airways (BA) to tap the “Kangaroo route” which refers to the routes Qantas flies between Australia and the UK, via the Eastern hemisphere. More than 20 airlines operate the route. (Financial Daily)
Fajarbaru MD sells 2.1% stake
Fajarbaru Builder Group managing director and CEO Datuk Low Keng Kok has sold a 2.1% stake of the construction firm to chairman and executive director Datuk Kuan Peng Ching @ Kuan Peng Soon. Stock market filings showed Low disposed of 4.1m shares in a married deal yesterday, whittling his stake to 4.9% from 7%, which means he is no longer a substantial shareholder. Kuan's direct and indirect interests, meanwhile, increased to 6.04%, making him a new substantial shareholder. (StarBiz)
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