Thursday, November 8, 2012

20121108 1105 Malaysia Corporate Related News.

Nadzmi ups stake in Tiger Synergy to 8.91pc
Former Proton Holdings chairman Datuk Seri Mohd Nadzmi Mohd Salleh has raised his stake in Tiger Synergy to 8.9% via Hayat Maya SB. This confirms Business Times report yesterday which stated that Hayat Maya, in which Nadzmi has substantial interest, is expected to build up its stake in Tiger Synergy to 10% before seeking a board representation in the company. In a filing with Bursa Malaysia yesterday, it showed that Nadzmi had raised his stake by acquiring 11.2m shares in Tiger Synergy in the open market at 39.9 sen apiece. The stock closed unchanged yesterday at 40 sen a share. (BT)

UEM in JV to bid for Turkish jobs
UEM Group is bidding for the privatisation of two bridges across the Bosphorus Strait in Istanbul and various highway projects in Turkey. For this purpose, the company has agreed to form a joint venture with Turkish partners, Gozde Girisim and KOC Holding. Under the arrangement, Gozde would have a 20% stake in the joint venture, while KOC and UEM Group would each hold a 40% stake. According to a statement, the toll road asset portfolio, which includes eight motorways and two bridges over the Bosphorus, with service areas and other facilities are to be privatised in a single package via transfer-of-operating-rights for 25 years. (BT)

KWAP ups Gamuda stake
Kumpulan Wang Persaraan (KWAP) has raised its shareholding in infrastructure-based Gamuda to 7.9% or 164.1m shares. A filing on Wednesday showed the KWAP acquired 3.6m shares on 1 Nov from the open market. Another filing showed that Gamuda executive director Datuk Ng Kee Leen disposed of three million shares at RM3.70 apiece on the same day. Ng's direct shareholding was reduced to 1.11% or 23.0m shares after the recent disposal. Gamuda's shares had attracted strong interest after its managing director Datuk Lin Yun Ling increased his stake in the company. (StarBiz)

PJBumi gets govt nod to sell 15.7% Alam Flora stake
PJBumi has received the government's approval for its proposed disposal of 12m shares in Alam Flora SB for RM20.4m cash consideration. It said on Wednesday it had obtained the approval through the Public Private Partnership Unit of the Prime Minister's Department to sell the stake to Hicom Holdings. To recap, on 29 May, PJBumi had entered into a conditional share sale agreement with Hicom to sell the 12m shares or 15.8% stake in a move to divest its non-core operations to generate fresh cashflows. PJBumi said it had taken into consideration the one-off loss of about RM15.8m to be incurred upon completion of the proposed disposal. (StarBiz)

Gas Malaysia 3Q profit up to RM42m
Natural gas distributor Gas Malaysia (GMB) registered a 37.8% increase in net profit to RM42m for the third-quarter (3Q) ended 30 Sept 2012, compared to RM30.5m recorded the same period a year ago. Revenue for the quarter under review registered a smaller gain of 5%, or RM25.3m, from RM517.1m to RM542.4m. According to GMB, the gains were contributed mainly by the increase in volume of gas sold and the upward revision in natural gas tariff effective 1 June 2011. For the cumulative period, the group saw a 29.2% decline in net profit due to margin compression resulting from the revision in gas tariff. (Malaysian Reserve)

SP Setia aborting new ESOS
Property developer SP Setia will seek shareholders' approval at a meeting on 23 Nov to place out up to 15% of its share base, but is no longer pursuing its proposed employees share option scheme (ESOS). "The company will not be tabling the resolutions on the proposed ESOS, as the company is evaluating alternative incentive schemes before deciding on the eventual scheme to be implemented", said SP Setia. SP Setia's proposed share placement exercise is to raise cash following its participation in the multi-billion Battersea power station development. (Financial Daily)

Sime in JV to build education hub in Johor
Sime Darby has entered into a joint venture (JV) with Tunas Selatan Pagoh SB (TSP) to undertake the Pagoh Education Hub Project worth RM992,3m under the Private Finance Initiative. Sime said its indirect wholly owned unit Sime Darby Johor Development SB (SJD) has formed a 60:40 JV with TSP to undertake the project that will be based on a "build-lease-maintain-transfer" concept. The construction of the hub is expected to take place over the next three years for a total cost of RM992.6m, including the procurement of teaching equipment. Upon completion, it will be leased out to the Ministry of Education and several universities for 20 years. (Financial Daily)

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