Wednesday, November 28, 2012

20121128 1051 Malaysia Corporate Related News.

Shell Malaysia signs new exploration contract with Petronas
Shell Malaysia has signed a new production sharing contract (PSC) with Petronas to explore for oil and gas offshore Sarawak. Shell said under the SK319 PSC, it would undertake an initial three-year exploration programme covering 2,727 sq km within block SK319 in Central Luconia in offshore Sarawak. Sarawak Shell is the operator while the partner is Petronas Carigali with a 50:50 participating equity split, it said. The new PSC forms part of Shell's low-cost exploration and the development focus would enable it to carry out a multi-well exploration campaign to further explore and de-risk the mature carbonate pinnacle play in Central Luconia. (StarBiz)

Brahim's wins tender for premium food court and fast food outlet at KLIA2
Brahim's Holding's subsidiary has won a bid to operate a premium food court and a fast food outlet at the Kuala Lumpur International Airport 2 (KLIA2) from Malaysia Airports Holding (MAHB), raising its total airport food and beverage floor space by 141.6%. The in-flight catering firm said on Tuesday its 51%-owned subsidiary Dewina Host SB was offered the tenancy at KLIA2. The contract was offered by MAHB's unit Malaysia Airports (Sepang) SB after a tender exercise. No figures were provided on the value of the contract, but the company said it was expected to contribute positively to earnings from FY2013. (StarBiz)

MAS flies back into the black
Malaysia Airline System (MAS), the country's national carrier, says it plans to undertake a RM3.1bn cash call, plus a RM8bn capital reduction exercise to help clean the company's balance sheet and wipe off its accumulated losses. The corporate exercise was announced on the same day MAS said it managed to return to the black after suffering six consecutive quarters of losses. The national carrier will reduce both the par value of each existing ordinary share and share premium accounts. It involves a reduction of 90 sen for each existing ordinary MAS share of RM1 each. (BT)

TNB to build RM2.47bn power plant in Prai
Tenaga Nasional (TNB) has accepted the Letter of Award issued by the Energy Commission on the Development of 1,000MW-1,400MW Combined Cycle Gas Turbine Power Plant at Prai, Pulau Pinang. The estimated cost of the project is RM2.47bn and the construction period is 32 months. TNB told Bursa Malaysia that it will fund the total project cost using a combination of senior Islamic project bonds and equity which will potentially increase its gearing ratio by 1.7% to 40.5%. (BT)

Dutch Lady declares handsome interim dividend
Dutch Lady Milk Industries has declared a total interim dividend of RM1.30 for its financial year ended 31 Dec 2012. Its shares fell 2.33% or RM1.02 to end at RM42.68 yesterday. Dutch Lady announced a single-tier standard dividend of 50 sen per share while a single-tier special dividend of 80 sen per share for its 2012 financial year. Meanwhile, Dutch Lady announced that it entered into a distribution agreement with FrieslandCampina AMEA Pte Ltd for the sale, marketing and distribution of Frisco, a premium brand of infant and toddler milk product. (Malaysian Reserve)

Green Ocean to supply refined cooking oil to Sime Darby
Green Ocean has entered into an agreement to supply refined bleached and deodorized palm oil to Sime Darby. Green Ocean said the contract period to supply the premium cooking oil under NoveLin brand is two years plus one year, effective yesterday. Meanwhile, Green Ocean also sees the emergence of a new substantial shareholder, Ng Chiew Eng, who bought into the company early this month. Ng start accumulating Green Ocean shares on the open market. He currently holds 17.3%, making him the single largest shareholder after Heshbon Co Ltd which owns 14.1%. . (Malaysian Reserve)

KLCCP proposes stapled REIT
To unlock the value of its property assets without losing control over the ownership and franchise, KLCC Property Holdings (KLCCP) has proposed a stapled real estate investment trust (REIT). Three prime properties - Petronas Twin Tower, Menara ExxonMobil and Menara 3 Petronas - would be injected into a REIT for RM8.8bn and in return, shareholders will get stapled securities. The REIT together with KLCCP would then be listed as a single entity called KLPPC Stapled Group. KLCCP would first acquire the remaining 49.5% stake in Midciti Resources SB which will see Petroliam Nasional (Petronas)' interest in KLCCP increase to 75.5% from 52.6% (Financial Daily)

Malaysian Bulk Carriers Bhd : Profit soars in Q3
Malaysian Bulk Carriers Bhd net profit for the third quarter ended Sept 30 jumped to RM17.1mil from RM371,000 previously. Revenue was lower at RM64.4mil compared to RM85.18mil in the previous corresponding quarter. Despite recording a higher quarterly profit, its net profit for nine-month period ended Sept 30 was weaker at RM48.9mil compared to RM74.9mil previously. - StarBiz

AirAsia Bhd : AirAsia X records 40.7% passenger growth in Q3
AirAsia X has recorded strong growth in the third quarter of 2012, carrying 0.64 million passengers, representing a growth of 40.7% over the same quarter in 2011. In terms of passenger traffic, the long haul subsidiary of AirAsia – with 12 destinations globally – achieved 3.9 billion available-seat-kms (ASKs) and 3.2 billion revenuepassenger-kms (RPKs) for the third quarter, resulting in a load factor of 83%. Meanwhile, for the first nine months of 2012, AirAsia X carried 1.91 million passengers, reflecting an increase of 1.7% from the same period of 2011. Although RPKs and ASKs had contracted by 2.8% and 5.3% respectively in comparison with 2011, it recorded a higher load factor of 84%, an increase of 4.5 ppt over the same period of 2011. AirAsia X CEO Azran Osman-Rani said in the statement that AirAsia X would continue to focus on increasing capacity in its core markets including Australia, China, Taiwan, South Korea and Japan. - StarBiz

Dialog: Shareholder's agreement with Integrated Petroleum Services Sdn Bhd. Dialog Group Bhd's wholly owned subsidiary, Dialog (Labuan) Ltd (DLL) has entered into a shareholders' agreement with Integrated Petroleum Services Sdn Bhd (IPS) to establish a company known as Dialog IPS Marine (Labuan) Ltd (DIPSM). DLL will hold 60% equity stake in DIPSM and the balance 40% equity stake will be held by IPS. DIPSM will own the marine vessels for the distribution of base oil. (Source: Bursa Malaysia)

BToto: Business trust valued at MYR5.7-6.3b. The valuation of Berjaya Sports Toto Bhd (BToto) business trust, which will be listed on the main board of the Singapore Exchange, has been set at between MYR5.7-6.3b, according to independent valuer Deloitte Corporate Advisory Services Sdn Bhd. (Source: The Sun)

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