Tuesday, November 27, 2012

20121127 1053 Malaysia Corporate Related News.

Petronas makes two big gas discoveries in offshore Sarawak
Petroliam Nasional has made two major gas discoveries in offshore Sarawak with total gas-in-place of 4.4 trn standard cubic feet (tscf). Petronas said on Monday the Kuang North field in Block SK316 was drilled in October via two exploration wells, Kuang North-1 and Kuang North-2. The Kuang North-2 well, drilled to a total depth of 3,223 metres, penetrated 636 metres of gas column. "Preliminary assessments indicated that gas-in-place for the Kuang North field is about 2.3 (tscf) net hydrocarbon," it said. The second gas discovery was the Tukau Timur Deep-1, the first completed high pressure high temperature (HPHT) well in Sarawak. (StarBiz)

Malaysia’s only listed oil recycler Hiap Huat opens 62.5% higher at 32.5 sen
Used oil recycler Hiap Huat Holdings made a strong debut on the ACE Market of Bursa Malaysia on Monday, opening 62.5% higher at 32.5 sen. At 9am, it was up 12.5 sen to 32.5 sen amidst very active trade. The company raised about RM17m from the initial public offer (IPO). The IPO comprised of 85m new 10 sen shares. The shareholders had also offered for sale 50m existing shares. Hiap Huat Holdings' core activity is in collecting, recycling, re-refining and producing recycled products, and it is the only such listed company on the Malaysian stock exchange. (StarBiz)

Hard landing for Malaysia Airports
Malaysia Airports Holdings' (MAHB) shares slid a day after it emerged that the airport operator may join the fray in making an estimated RM5bn bid for the UK's Stansted Airport, a move some aviation analysts are not too keen on. The shares fell by 2.6%, or 14 sen, to RM5.34 in its fifth consecutive day of decline. The broader FBM KLCI index eased 0.4% in comparison, to 1,607.88. Stansted is the fourth busiest airport in the UK and a hub for a number of major European low-cost carriers like Ryanair, which dominates 70% of passenger traffic. MAHB has so far declined to comment on news reports of its supposed interest in Stansted. (BT)

Cuscapi announces corporate exercise
Cuscapi announced that it was transferring its listing status from the ACE Market to the Main Market of Bursa Malaysia. The company also announced a renounceable rights issue on the basis of one rights share for every two Cuscapi shares held. The company proposed the issuance of 146.7m warrants on the basis of one free warrant for every rights shares subscribed, and is undertaking a bonus issue on the basis of one bonus share for every two rights share subscribed. In facilitating its proposals, Cuscapi will also increase its paid-up capital to RM120m from RM60m currently. (Malaysian Reserve)

P&O gets nod for 49% sale to South African company
General insurer Pacific & Orient (P&O) has been given the nod from the Ministry of Finance and Bank Negara Malaysia to dispose of a 49% stake in the company to a South African financial services company, Sanlam Emerging Markets Proprietory Ltd. Talks between the two parties began in the middle of the year and this clearance will create a second mergers and acquisitions (M&A) play in the insurance sector after the merger between Kurnia Insurans and AmG Insurance. The company stated that the proposed divestment is subject to the execution of the sale and purchase agreement. (Malaysian Reserve)

Airasia denies buying Indian budget carrier
AirAsia has denied market rumour that it is buying the loss-making Indian budget carrier. Its group executive officer Tan Sri Tony Fernandes said "AirAsia rejects the speculation surrounding our possible expansion in India. These reports are completely incorrect. AirAsia has not submitted a bid for the Indian budget carrier and has no intention of doing so." Fernandes was responding to a Reuters report yesterday that AirAsia is in talks to acquire a stake of up to 49% in the Indian low cost carrier. Reuters quoted an Indian government source saying that Abu Dhabi's Etihad Airways is also in talks with Jet Airways. (Financial Daily)

CIMB: Provides USD140m financing to Akara Mining. CIMB Thai and CIMB Bank Malaysia have jointly signed an agreement to provide USD140m (MYR427m) financing to Akara Mining Ltd, a listed company on the Australian Securities Exchange, under Kingsgate Consolidated Ltd (KSL). The credit support to the Australian-based company that invests in Thailand, reflects CIMB's robust efforts across the Asia-Pacific region and highlights its image as a leading Asean bank. (Source: Business Times)

DRB-Hicom: Sale of Lotus an option for DRB-Hicom. DRB-Hicom Bhd is considering its options on Lotus, including disposing of its stake in the UK-based automotive engineering company. It has been speculated that Aston Martin and a company from China have indicated interest to buy over Lotus. (Source: The Edge Financial Daily)

Time Engineering: Lim leaves in a huff. Time Engineering Bhd's (TEB) CEO Steven Lim Kee Seng tendered his resignation abruptly yesterday due to difference of opinion with the board. (Source: The Edge Financial Daily)

iCapital: Tussle again? An off-market transaction of three million shares of iCapital.biz Bhd has raised suspicion of a possible second attempt by some shareholders to seek board representation on the listed closed-end fund. The shares were transacted on Nov 21 at an undisclosed price and represented 2% of iCapital.biz's shares. (Source: The Star)

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