Guan Chong bonus issue is on
Guan Chong Bhd, whose share price took a hit yesterday after it shelved plans for a secondary listing in Singapore, said it will proceed with a bonus issue that was proposed together with that listing exercise. The company, one of the region’s largest cocoa processors that supplies to chocolate makers such as Mars and Hershey’s, expects its issue of up to 159.9m shares to be listed on 12 Sept. (BT)
Guan Chong won’t proceed with listing in Singapore
Main Board-listed Guan Chong will not proceed with its secondary IPO on the Singapore Exchange “for the time being”. Managing director and CEO Brandon Tay said that after much consideration, the processing company wished to reassess its strategic directions with regard to capital requirements for expansion. It did not provide a reason for not proceeding with the IPO for now. (StarBizWeek)
Dialog shareholders’ pact with CAO lapses
Dialog Group announced its shareholders’ agreement with China Aviation Oil (S) Corp Ltd (CAO) has lapsed. The company said the parties involved had mutually agreed that the agreement would lapse on Monday, as not all the conditions precedent had been fulfilled within the required timeframe. (StarBizWeek)
1MDB said planning USD2bn power asset share offer
1Malaysia Development (1MDB) plans to raise as much as USD2bn (RM6.26bn) in an IPO of its power assets, said a person with knowledge of the matter. The IPO may take place in the first quarter of next year, said the person who asked not to be identified as the process is private. 1MDB has recently spent about USD3.5bn purchasing electricity generation plants. (BT)
Heineken may raise bid for brewer
Heineken NV is negotiating with Singapore’s F&N about raising its USD6bn (RM18.78bn) bid for full control of the maker of Tiger Beer and breweries in 14 countries as it fights against Thai billionaire Charoen Sirivadhanabhakdi for its future in Asia. A revised offer for Asia Pacific Breweries (APB) by Heineken could be up 10% higher than its earlier bid and may be conditional on F&N not accepting a partial Thai bid, sources with direct knowledge of the talks said. (BT) Please see accompanying report on the consumer sector.
KNM pins hope on UK job
Nearly two years after announcing its proposed RM2.2bn waste-to-energy project in the UK, KNM Group Bhd says it is close to securing financials for the job that is crucial to regain investor confidence in the process equipment manufacturer. The company, which has fallen off the radar of most investment houses after a wrongly timed expansion at the height of the financial crisis in 2008, said Exim Bank is the lead arranger for a syndicated loan for the project. If successfully implemented, it will provide KNM with recurring cash flow, giving some comfort for the company whose earnings are driven by contracts. (Financial Daily)
Penang manufacturers require more manpower
Penang’s total manpower needs for 33 manufacturing firms between now and 2013 stands at 3,766 employees. These firms, comprising both multinational and local corporations, were the respondents in a survey conducted by the industry-led Penang Skills Development Centre among its 100 manufacturer member companies. (BT)
TSH outlines benefits of acquiring Pontian United
TSH Resources Bhd says it is upbeat that its RM800m investment to acquire Pontian United Plantations Bhd will generate positive cash flow and create long-term synergistic value for both companies. Its chairman, Datuk Kelvin Tan, said the plan to buy the small-size planter will help both companies lower their overall production cost by a significant value. (BT)
Qatar buys 22% stake in Citic Capital
A unit of Qatar’s sovereign wealth fund has bought a 22% stake in Citic Capital Holdings, linking one of the Middle East’s most powerful investors with one of China’s top investment funds. While the sum Qatar is paying for the stake is likely in the tens of millions of dollars, the partnership could have a big global impact given the hundreds of billions of dollars in cash each fund has access to. (Financial Daily)
Astro Malaysia to take one-third of IPO proceeds
The re-listing of Astro Malaysia Holdings Bhd is expected to raise some USD1.75bn (RM5.47bn) from the sale of 29.2% of the company. However, only 31.2% of proceeds raised from the sale of up to 1.52bn new and existing shares as the comeback IPO will go to Astro Malaysia, according to an updated prospectus dated 17 Aug on the Securities Commission’s website. (Financial Daily)
Higher rental income lifts KrisAssets’ earnings
KrisAssets Holdings Bhd, in the midst of listing a real estate investment trust (REIT), sees a sharp jump on earnings for the second quarter (2Q) ended 30 June due to higher rental income and lower property maintenance costs. The shopping mall owner announced a 33.6% jump in pre-tax profit of RM57.3m for 2Q from RM42.9m, excluding the recognition of a RM55m revaluation surplus in the previous corresponding quarter (Financial Daily)
Allianz, OSK Trustees sign strategic partnership
Allianz Life Insurance Malaysia Bhd, which has signed a strategic partnership agreement with OSK Trustees Bhd, hopes to offer a holistic financial solution to existing customers. Allianz CEO Jens Reisch said it will recommend customers a life insurance product that suits their needs while OSK Trustees will offer estate planning services. (Financial Daily)
Dialog unit to work with CAO despite termination of storage terminal plan
Dialog Group Bhd’s 55%-owned Centralised Terminals SB and China Aviation Oil (Singapore) Corp Ltd (CAO) have agreed to continue to explore other suitable collaboration opportunities after the termination of its plan to build an oil storage terminal. The remaining 45% of Centralised Terminals is owned by MISC Bhd. (StarBiz)
Shrimp producer eyes ACE Market listing
Kembang Subur Holdings Bhd (KSHB), a company involved in shrimp production, is seeking a listing on the ACE Market of Bursa Malaysia with an offer of 39.2m of new shares in its initial public offering. The company said it would utilize RM4.9m or 48% of its raised proceeds as capital expenditure. (StarBiz)
Supermax Corp Bhd which will continue to focus on downstream activities is looking to strengthen its distribution network in Germany, the US, Canada, Brazil and the UK. The company also intends to sell more gloves under its own brand. The company said that it expects to achieve a 15-20% annual profit growth over the next five years. Supermax also said it has no intentions to move into the upstream activity of managing rubber plantations. (Sun Biz)
Temasek’s partnership with Malaysia’s privately held Langkah Bahagia is complicating the Singapore investment agency to divest its investment in Alliance Financial Group to DBS Bank. The transaction won’t comply with domestic banking rules that limit ownership by any single group in a financial institution to 20%. Langkah Bahagia and Temasek control a 29.06% stake in AFG through a JV called Verticle Theme. Bankers said Temasek’s plan to sell 49% interest in Verticle Theme to DBS won’t resolve shareholding issues at AFG. The plan is also being complicated by Langkah Bahagia’s desire to sell its indirect interest in AFG. (Financial Daily)
The Casino Regulatory Authority of Singapore (CRA) has imposed financial penalties totalling S$357,500 and $140,000 on Marina Bay Sand Pte Ltd and Resorts World at Sentosa Pte Ltd respectively for breaching social safeguard requirements during the period May 1, 2011 to Oct 31, 2011. In a statement, CRA said the casino operators were found to have not complied fully with social safeguard requirements, which are put in place to contain and control the potential harm of casino gambling to society. (Bernama)
After almost a decade of trying and failing to set up a Singapore- based budget carrier, AirAsia is planning to give it another go. Its new Singapore CEO Logan Velaitham has confirmed that Asia's largest budget airline group is preparing to apply for a Singapore Air Operator's Certificate (AOC). AirAsia has made a preliminary presentation to the Ministry of Transport to demonstrate AirAsia’s commitment and contribution to Singapore. Mr Logan is confident that AirAsia will finally land its much coveted Singapore AOC. Under existing rules, a Singapore AirAsia would need to be 51% held by Singaporean entities, with Malaysia’s AirAsia Bhd controlling the remaining 49% stake. The airline is evaluating various potential Singapore partners. Mr Logan conceded that his recent promotion to CEO of the Singapore operation was a precursor to the AOC application. (BT)
Shin Yang Shipping Corporation Bhd (Syscorp) has broadened its revenue base with the commencement of crude palm oil (CPO) transportation. Group financial controller Richard Ling said the maiden CPO shipment left to China about 10 days ago while another tanker is expected to start CPO transportation to India in one to two months. Ling said CPO transportation would start contributing to the group revenue from current financial year ending June 30, 2013. Both tankers were owned by Micaline Sdn Bhd, a 55:45 joint venture between Syscorp and Sarawak Oil Palms Bhd. (StarBiz)
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