Yesterday, Genting Singapore’s Resorts World Sentosa announced ticket prices for Universal Studios Singapore and revealed hotel room rates, starting from S$400/room/night. (RWS Press Release)
YTL Power's YTL Communications, which will deliver 4G network services by 2010, has inked a15-year wholesale ethernet service and master tenancy agreement for infrastructure sharing with Telekom Malaysia. Through this agreement, YTL Com will tap into the more 200 TM telco towers across the country to facilitate the roll out of its network. (Bernama) This tie-up is positive for YTL Power as it should speed up its WiMAX rollout efforts. We had earlier cited the bureaucratic nature of site acquisitions as a potential risk for its nationwide rollout target by end-2010.
Total vehicle sales in October 2009 rose by 22.87% to 46,092 units as compared with the same month last year but the year-to-date market registered a 5.07% contraction. Of the total October sales, 41,520 units were passenger vehicles and the remaining 4,572 commercial vehicles, the Malaysian Automotive Association (MAA) highlighted. The MAA said sales volume for this month is expected to recover further amid a continuous favourable market and consumer sentiment, as well as year-end sales campaigns. (Bernama)
The huge 22.9% yoy increase in total vehicle sales in October was due to the festive season timing mismatch, i.e. Hari Raya and Deepavali fell on October last year resulting in a shorter working month. Annualised YTD volume now stands at 532,453 units, c.3% ahead of our projection of 515,250 units.
Jobstreet has announced that it has signed a letter of acceptance with the Singaporean government for the supply of a web-based online recruitment service at a total contract amount of S$0.13m (RM0.3m) over a period of two years. The Singaporean government has an option to extend by one year or part thereof up to a maximum of three years. (BMSB)
This news is not a surprise as we had previously highlighted it in our recent update report. The revenue contribution is negligible but the win is expected to elevate the brand and credibility of Jobstreet in the Singaporean market.
Moody's affirmed Telekom Malaysia's A3 local currency issuer rating and A3 senior unsecured foreign currency rating, both with a stable outlook. It said the affirmation followed TM's announcement that it plans to launch a tender offer of up to US$150m to buy back some of its outstanding 2010 and 2014 US dollar bonds. Moody's said the size of the tender offer is small in the context of Telekom Malaysia's outstanding debt, therefore the improvement on leverage metrics is immaterial in the context of the rating. (Bernama)
Axiata has entered into a 2-year MOU with Huawei for a strategic partnership, towards exploring cooperation opportunities and in search of optimal and mutual beneficial solutions in areas of innovation, procurement and financing. (FinancialDaily)
Employees Provident Fund (EPF) has appointed Shahril Ridza Ridzuan as its new deputy CEO in charge of investment, effective Dec-1. Shahril, 39, will succeed Johari Muid, who is now in charge of the pension fund's strategic planning unit. Shahril also serves as a non-executive director on the boards of Media Prima, The New Straits Times Press (Malaysia) Bhd and Pengurusan Danaharta Nasional. (BT)
New airlines flying into three main airports in Malaysia from Jan-10 will receive an incentive payment of RM10 for each inbound international passenger in their first year of operations, Malaysia Airports said. The airports are Kuala Lumpur International Airport, LCCT and Subang Airport.
- “A higher incentive payment of RM25 per inbound passenger will be given to all new airlines flying international services to all the other airports in Malaysia,” MAHB managing director Tan Sri Bashir Ahmad said. New airlines flying into Malaysia will also enjoy a waiver in landing fees for three years for each new service operated. New airlines also get to enjoy free office rental for six months.
- Existing airlines will also be entitled to incentive payment under the new programme. “Using 2008 as a base, MAHB’s tier-based incentive will award RM10 per pax for the first 10% growth, RM12.50 per pax for the next 8% and RM15 for all additional pax above 18%,” Bashir said. However, airlines can also opt to use 2009 as base year and benefit for only two years. Existing airlines will continue to enjoy 50% discount on all landings at all airports in the country from April 2009 to March 2011, as announced under the government's economic stimulus plan.
- The airline recovery programme will be funded by its commercial revenue, which has been rising. The plan will cost it as much as RM30m. (BT, Star)
- Australian miners, including BHP Billiton and Fortescue Metals Group, paid daily rates as high as $106,000 to secure scarce capesize tonnage yesterday. Capesize rates from Brazil to China also rose, hitting $109,000. Panamax rates have also surged, with average time charter rates at $34,890 per day and the Baltic Dry Index closing at 4,339 points, up 157.
- This is the first time the rate on the Australia to China route has returned to pre-crash levels, as steady Chinese demand for iron ore is bolstered by European coal cargoes and a shortage of immediately available ships in the Pacific trading region.
- “The strength and rapidity of the freight market’s rise has taken shipowners and charterers by surprise,” said Andrew Dawson, a broker with Freight Investor Services.Many were expecting a strong fourth quarter but not a doubling of rate levels in a matter of weeks. “In some ways the cargo story is no different to last week, China is driving the demand and we are seeing more coal and ore cargoes as well as grain in the northern Pacific, but what is happening is similar to a year ago. Day rates, which had been going up by hundreds of dollars a day, are now going up by thousands.” (Lloyd's List)
- The four-star 476-room Swissotel is the fourth property purchase by TAE in the past 12 months. From Dec-08 to Sep, TAE paid almost RM515m to buy properties in Canada, Australia and Malaysia.
- Tiah said TAE will spend S$5m (RM12.1m) over the next five years to upgrade Swissotel, without disruptions to its hotel operations or bottom line. She added that the hotel will also be transferred to its property arm TA Global Bhd, which is en route to a listing on the Main Market of Bursa Malaysia on November 23. (BT)
Dayang Enterprise has been granted up to RM150m in credit facilities from Ambank. The term loan is to part finance the RM132m acquisition of a 40% stake in Syarikat Borcos Shipping Sdn Bhd from AWH Equity Holdings Sdn Bhd. (Star) has been granted up to RM150m in credit facilities from Ambank. The term loan is to part finance the RM132m acquisition of a 40% stake in Syarikat Borcos Shipping Sdn Bhd from AWH Equity Holdings Sdn Bhd. (Star)
CCM Duopharma Biotech has signed a strategic partnership with Inno Bio Ventures Sdn Bhd (IBV) to jointly develop biosimilar products and explore future business opportunities, especially in the manufacturing and commercialisation of erythropoietin (EPO) biosimilars. IBV is an investment holding company wholly owned by the Minister of Finance Incorporated with a close affiliation with the Ministry of Science, Technology and Innovation. (Financial Daily)
TRC Synergy's subsidiary TRC Land (Cambodia) Ltd is acquiring a 20% stake in a Cambodian construction and property development company Delta Garden Ltd, for US$1.95m. TRC said it had signed a sale shares contract with the vendor Liv Sopheaktra, for the transaction.
- It said Delta was currently constructing 123 residential units and a club house in Phnom Penh. TRC said it considered the investment strategic as there was a healthy demand for quality homes in Phnom Penh and Delta had a substantial landbank. (Financial Daily)
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