Kossan Rubber Industries Bhd will prioritise upstream expansion into rubber plantations to manage the risk of fluctuating latex prices. Kossan said it is looking for 10k ha of greenfield land to plant rubber either in Indonesia or Myanmar. This follows in the footsteps of Top Glove Corp Bhd which in Jul 2012 acquired 30k ha of greenfield rubber plantation land in Indonesia. (Financial Daily)
The Plantation Industries and Commodities Ministry has stressed that the temporary increase in duty-free crude palm oil (CPO) export quota is in the best interest of all stakeholders. They include from upstream (growers, millers and smallholders) to the downstream (refiners, processors, traders and exporters). Plantation Industries and Commodities Minister Tan Sri Bernard Dompok reiterated that the increase is an interim measure to manage stocks and ensure remunerative prices for the producers."The government is mindful that palm oil has many stakeholders. This move is the best way for everybody," said Dompok.Palm Oil Refiners Association of Malaysia said the increase in CPO quota does not address their concern on the competitiveness of the downstream sector, contributed by the Indonesian export tax structure On another note, Dompok said nothing has materialised between Malaysia and Indonesia on talks to work out a common policy on export tariffs of the edible oil. (BT)
India is considering imposing a tax on sugar exports and dropping a 10% import duty to help curb overseas sales and keep a lid on domestic prices as a drought threatens farm output, government sources said. The government also plans to release an extra 500,000 tonnes of sugar in August to beef up supplies in the local market. India is the world's top sugar consumer and biggest producer behind Brazil. (Reuters)
Wilmar International Ltd is building two large wheat flour mills in Indonesia, a company executive said, as the firm looks to tap into rising demand for noodles, bread and convenience foods in Asia's top wheat importer. Wilmar's Indonesian unit, PT Wilmar Nabati Indonesia, is building two wheat flour projects in Gresik in east Java with a joint capacity of 1m tonnes per year, said Hendri Saksti, the subsidiary's head of operations."Indonesia's installed capacity is already quite high at 7.7m tonnes. I think Wilmar's move to set up new mills is to do with expectations of growth in consumption," said one Sydney-based industry analyst. (Reuters)
Pelaburan Hartanah Bhd (PHB) has shelved all proposals from several companies to develop a prime 8ha site on Jalan Bangsar in Kuala Lumpur, its chief said. It has received proposals from companies like Mah Sing Group Bhd, Malaysian Resources Corp Bhd (MRCB), SP Setia Bhd, UEM Land Holdings Bhd and Land & General Bhd.BT reported recently that MRCB had emerged as the front-runner to secure the land development job, which is estimated to generate more than RM5bn in gross development value. However, PHB’s MD Datuk Kamalul Arifin Othman said it is not in discussion with any parties currently. “We are just waiting for approval from the City Hall for the masterplan that we submitted to them early this year. “Once the masterplan has been approved, we will decide on what to do next,” Kamalul told BT via a telephone interview recently. PHB may award the contract to develop the land to one party or parcel it out to several property developers. It may also take a stake in the project through a joint venture, Kamalul said.(BT)
Asia is AirAsia’s next frontier but it first needs a bigger foothold in all the Asean markets to give it the size it needs to take on bigger players and positions itself in India and China. And while AirAsia group CEO Tan Sri Tony Fernandes said that growing organically was preferable, “if the opportunity arises for mergers and acquisitions, then we will do it.” AirAsia has also not given up hope to enter the Vietnam market. (Star Biz)
Packet One Networks is focusing on its new high-speed broadband (HSBB) solutions designed specially for the business market to drive growth in an economically-challenging year. It will launch "Fibre for Business" next week, a HSBB product that supports digital image and audio transmission, at very low cost for business users. "This solution saves between 30% and 50% compared with similar packages in the market," said P1 CEO Michael Lai. (Starbiz)
UMW Holdings expects full-year profit to increase as auto sales climb and its oil and gas business rebounds from two years of losses. The company’s oil and gas business would be profitable this year as its drilling rigs and the trading of oilfield products and services contributed to revenue. (Star Biz)
Malaysia's Padini Holdings Bhd and Singapore's FJ Benjamin Group have inked a 10-year-deal for the latter to distribute Vincci women's shoes and accessories in Indonesia. Padini managing director Yong Pang Chaun said the first store under the master franchise agreement will be opened in Jakarta by year-end. The rest of the 25 stores will be gradually up by the time the agreement reaches its fifth year. "This is a very good business partnership as we are known for developing good products while FJ Benjamin is noted for their good marketing strategy," he said. (BT)
Eng Teknologi Holdings Bhd’s subsidiaries in Thailand have, in relation to the floods in Ayutthaya last year, received RM17m claims from insurance companies. The RM17m is partial payment towards their claim for inventory, property, plant and machineries damage, said Eng Teknologi. (BT)
Subur Tiasa Holdings Bhd has entered into a joint venture (JV) with Sarawak's Ministry of Land Development to work on some 12,037 ha of land in Kabah, Sarawak. The JV will boost Subur Tiasa's plantation division which currently has 13,000ha, which 6,000ha planted. Subur Tiasa said the JV land will be developed into an oil palm estate completed with facilities and ancillaries such as palm oil mills. Subur Tiasa will hold 60% of equity in the JV. (Financial Daily)
Shareholders of financially-troubled Mithril Bhd has paved the way for a reverse takeover (RTO) by a white knight, Persona Metro Sdn Bhd (PMSB), a construction outfit. At a court-convened meeting that was followed by an EGM that took almost two hours yesterday, shareholders voted in favour of Mithril's restructuring scheme, which would see its listing status transferred to a new company, Persona Metro Holdings Bhd (PMHB).
Mithril chairman Tunku Yahaya Yahya Tunku Abdullah said upon the completion of the restructuring exercise, the company would be de-listed, expected to be by Oct. (BT)
F&N gets higher offer for 7.3% stake in Asia Pacific Breweries
The battle for Asia Pacific Breweries (APB) took a new twist with an unsolicited bid at SGD55 per share from Kindest Place Groups Ltd for F&N’s direct 18.75m shares, a 7.3% stake. KPG is owned by Chotiphat Bijananda, the son-in-law of Thai billionaire Charoen Sirivadhanabhakdi. The new offer is 10% above the SGD50 per share offer from Heineken NV for F&N’s 40% stake in APB. (Malaysian Reserve)
June passenger traffic up 2.7%, says MAHB
Malaysia Airports Holdings’ (MAHB) passenger volume grew by 2.7% in June 2012 compared with the same month last year. MAHB said international passenger movements at KLIA rose by 4% to 2.34m and at the domestic level, grew by 1.3% to 1.04m. (Financial Daily)
Hartalega earnings down 3% on derivative losses
Hartalega Holdings’ net profit for its 1Q ended June fell 3% from a year ago. The synthetic rubber or nitrile glove manufacturer registered higher operating expenses and recognized higher losses from its derivative instruments. (Financial Daily) Please see accompanying report.
Gas M’sia posts lower profit
Gas Malaysia’s pre-tax profit for the second quarter ended June fell to RM54.12m from RM81.99m recorded in the same quarter of last year. However, revenue rose to RM524.31m from RM487.18m previously. The increase in natural gas and liquefied petroleum gas revenue was mainly due to a 2% higher volume of gas sold and an upward revision in natural gas tariff. (StarBiz)
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