Wednesday, December 5, 2012

20121205 0951 Malaysia Corporate Related News.

TM signs pacts to transform, develop Nusajaya
Telekom Malaysia (TM) has signed two agreements with several companies to transform and develop Nusajaya into a smart and connected city. The first agreement with UEM Land and Iskandar Investment is to provide information and communications services. (StarBiz)

Sunway buys land in Iskandar
Sunway has acquired two parcels of freehold land totaling 779 acres in Iskandar Malaysia for RM412.7m through a joint venture (JV) with Iskandar Asset, a wholly-owned subsidiary of Iskandar Investment. In a statement, Sunway said the new acquisition would increase its total landbank by 29% to 3,580 acres, while the proposed development would boost its total gross development value to RM43bn. (StarBiz)

Shapadu emerges as Jetson’s new shareholder
The Shapadu Group has emerged as an 8.6% shareholder of construction company Kumpulan Jetson after buying placement shares. Shapadu Capital had 6.5m Kumpulan Jetson shares after buying 4.5m placement shares on 27 Nov this year, a Bursa Malaysia filing dated 4 Dec showed. Privately-held Shapadu was looking to beef up its property and infrastructure divisions with its investment in Kumpulan Jetson. (Financial Daily)

RM28bn worth of tie-ups
The 8th World Islamic Economic Forum (WIEF), which was officiated by Prime Minister Datuk Seri Najib Razak yesterday, witnessed the exchange of documents for six partnerships with an estimated value of RM28bn. The collaborations are in nano-technology, property development, information communication technology services as well as a proposed exhibition centre, innovation centre and a motorsport city. (BT)

Two new faces on MAHB board
Malaysia Airports Holdings yesterday announced the appointments of Datuk Syed Faisal Albar and Tunku Datuk Mahmood Fawzy Tunku Muhiyiddin as its non-executive directors. The airport operator also announced the resignation of non-executive director Jamilah Hashim. (BT)

Progress-Petronas LNG facility enters design phase
Progress Energy Resources, whose USD5.2bn (RM15.9bn) takeover by Malaysia’s Petroliam Nasional (Petronas) is being reviewed by the Canadian government, said its LNG export facility on the country’s Pacific coast is moving into the design phase. The venture, Pacific Northwest LNG, in which Petronas is a partner, has the capacity to export about 3.8m tonnes of natural gas a year per plant, Progress said. (BT)

Islamic finance to grow significantly in 10-15 years
Islamic finance is set to offer significant opportunities for growth and diversification in the next 10 to 15 years, said Singapore Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam. Shanmugaratnam added he is optimistic about its prospects because Islamic financial institutions have mainly escaped significant damage in the global financial crisis. (Malaysian Reserve)

Konsortium Transnasional defaults on credit facilities
Konsortium Transnasional (KTB) has defaulted on two Bai Bithaman Ajil facilities granted by Bank Kerjasama Rakyat Malaysia due to lack of cashflow as a result of operational losses suffered over the past three years. The transportation company’s total outstanding in defaults amounted to RM22.5m according to its exchange filing yesterday. (Malaysian Reserve)

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