For Genting Bhd, the disposal could bring about a one-off gain on disposal amounting to some RM188m, which works out to about 23% of our FY09 reported earnings estimate.
The government has not given approval to Sime Darby for commercial extraction of underground water in Batang Padang, Perak, because studies are ongoing on the long term adverse impact of the project, the Dewan Rakyat was told. Deputy Natural Resources and Environment Minister Tan Sri Joseph Kurup said the government had only allowed Sime Darby to undertake exploratory work to determine the potential for commercial extraction of underground water in the area.
- He said the government was scrutinising the various proposals made by the company to ensure that it adhered to 23 conditions so that the project did not adversely affect the land structure. "Sime Darby has to submit details on the technical study, including the impact on the environment there, as well as on the environmental control measures before any approval can be given," he added. (Bernama)
The proposed disposal of Ramunia Holdings’s fabrication yard to Sime Darby Engineering for RM530m represents a premium of 22% to the market valuation of the assets, Ramunia said. The company said in a statement that the valuation report done by Irhamy & Co Chartered Surveyors had priced the fabrication yard assets at RM434.7m.The premium price reflected the open market value of the assets as a specialised property that was rarely sold in the market and the fact that the yard was built on reclaimed land, Ramunia said. (Starbiz)
Vegetable oil purchases by India, the world’s biggest consumer after China, will reach a record this year as an import tax waiver pares costs and stokes demand in Asia’s third largest economy. Imports may rise 4.6% to 9m metric tons in the year started Nov. 1, compared with 8.6 m tons last year, Govindlal G. Patel, director of Dipak Enterprise, said in.
- That’s more than the 8.4m tons he forecast in September. Higher cooking oil prices “may start to pinch consumers in a while, but imports will still be higher because of a smaller local crop,” said Patel added. With inflation looking up and palm oil prices moving up, the government will not bring back duties,” Patel said. “That will encourage imports.” (Bloomberg)
- Sectoral regulator TRAI is all set to give its recommendations on the overall spectrum management this month besides reviewing the licensing conditions, and spectrum enhancement fee forms a part of its proposal. According to a senior DoT official, this one-time fee will be based on the market valuation of spectrum and will be in addition to the spectrum usage charges. The official added that the proposed fee will be applicable only on additional spectrum allocation and not for start-up spectrum. (Economic Times of India)
The much-awaited Indian 3G spectrum auction will be delayed beyond the scheduled date of Jan 14 due to uncertainty over the available spectrum and the number of slots to be put up for bidding. The government was to invite bids today from operators to participate in the auction. But the DoT said the Notice Inviting Applications (NIA) are being fine tuned and will be issued shortly.
- "Good auction practices require that only spectrum that is available should be auctioned. As there would be a maximum 20 Mhz available from Defence by September 2010, 5 Mhz of this should be retained for BSNL/MTNL and 15 Mhz (3 blocks of 5Mhz each) could be auctioned in this fiscal year with proviso that the bidding would be for three blocks of spectrum pan-India," said the note. (Economic Times of India)
PT Bank Mandiri, Indonesia’s largest financial services company by assets, said it plans to apply for a full banking licence in Malaysia to tap demand from Indonesian workers living outside the country. “We want to apply immediately for a full-fledged licence,” said Thomas Arifin, Bank Mandiri’s director of treasury and international business. The bank, which started a remittance service in Kuala Lumpur in Sep, is pursuing a licence that includes money changing, lending and collections, he said.
- The Jakarta-based lender aims to capitalise on the US$2bn (RM6.8bn) a year sent home by Indonesians working on plantations and factories in Malaysia. (BT)
EON Bank aims to achieve 10% to 15% growth for its credit card receivables next year from the expected RM1.4bn receivables this year. Group chief executive officer Michael Lor said the target growth was lower than the 18% goal this year as the bank expected the market conditions to have some impact on its credit card business. “There have been significantly fewer credit card applications. However, we will still be able to maintain double-digit growth next year with our strong proposition,” he added. (Starbiz)
The ongoing financial crisis may have led to pricing issues that eventually forced MAA Holdings to sell its general insurance unit on a standalone basis to AmG Insurance. MAA Assurance’s CEO and group MD Muhamad Umar Swift said the crisis has created uncertainties in many corporate deals and mergers, especially in pricing of takeovers in recent months. "In view that both parties were unable to agree to a suitable structure, the decision was taken to proceed with the sale of the general insurance business on a standalone basis and revisit the takaful unit at a later stage," he said. (BT)
AirAsia is setting its sights on the US market. Air Asia group CEO Datuk Tony Fernandes said he was working towards establishing a regular service to the East Coast. "We are very keen to enter the US market, which has good business potential," he said. Fernandes hopes to start flights to an East Coast airport, either New York or New Jersey, next year.
- Ever since MAS stopped its service to the East Coast, Malaysia has lost an important connectivity with that part of the world. "There are many foreign national carriers which, despite losses, maintain operations to this part of the world, which is an important international service point.
- Fernandes also discussed plans for the acquisition of new planes. "Over the next 24 months, we will be having 32 aircraft of the A320 type, most of which will be used for India and China.We have 120 routes, which will be increased. "AirAsia X will have six aircraft of the A330 type, mainly for Sydney, Jeddah, Seoul, and cities in India," he said.
- He added that the airline also plans to start services to San Francisco, Los Angeles and Hawaii. However, matters will have to be sorted out first at the government-togovernment level. (Bernama)
Proton must scale greater heights by becoming more export competitive in the region and internationally, said Deputy Prime Minister Tan Sri Muhyiddin Yassin. "As of today, I am dissatisfied with Proton's export performance," he said. "By right, Proton should be capable of competing not only in the local market but internationally, in terms of exports," he added. The Deputy Prime Minister said it would be wise for Proton to seek a strategic partner. "They should know better," he said when asked whether the government would identify a strategic partner for the national car manufacturer. (Bernama)
US investment bank Goldman Sachs has been granted a licence by the Securities Commission (SC) to establish fund management and corporate finance advisory operations in Malaysia. SC Chairman Tan Sri Zarinah Anwar described Goldman Sachs' decision as significant in supporting efforts to transform the capital market in Malaysia into a major capital market centre. It also "demonstrates the group's confidence in the growth opportunities available in the Malaysian capital market", she said.
- "The outlook for Malaysia's capital market and its asset management industry is positive and, through our local presence, we look forward to playing a larger role in their development," said Goldman Sachs' co-president for Southeast Asia, Tim Leissner. SC said the application by Goldman Sachs was pursuant to the liberalisation measures announced by Prime Minister Datuk Seri Najib Razak in June and when tabling the 2010 Budget in October.(BT)
Ta Ann Holdings has become the first public-listed company in Sarawak to support responsible forestry by joining the Global Forest and Trade Network-Malaysia (GFTNMalaysia). It signed a memorandum of understanding (MOU) with World Wildlife Fund (WWF) Malaysia, putting its commitment to implement sustainable forest management and to pursue forest certification in phases.
- Sarawak Second Minister of Planning and Resource Management Datuk Amar Awang Tengah Ali Hasan said Sarawak had been practising sustainable forest management and its efforts have received the support of the International Tropical Timber Organisations.
- He, however, admitted that Sarawak was not able to please foreign environmental groups, which had their own agendas. "These groups also accused us of destroying the orang utan habitat for oil palm plantations. "The accusation is not correct because we have declared three areas as protected areas where orang utans are found," he said.
LCL Corp has entered into a management buy-out agreement with Secret Sofa S/B who is desirous of taking over the entire business operations and management of LCL Cushion S/B. LCL is selling 80% stake in LCL Cushion to Secret Sofa for RM1.1m cash (BMSB)
Tesco plans to open six more stores in Malaysia by Feb-FY11, bringing total number of stores in the country to 38. New openings include stores in Kepong and Old Klang Road in Kuala Lumpur, Bukit Indah in Johor, Cheng in Malacca and in Kulim, Kedah. We will have 5 new stores this year, of which four are already opened while another in Rawang will open in Jan-10, says Tesco Stores (Malaysia) CEO Chris Bush.
- When Tesco first came to Malaysia in 2001, it had announced that it would invest a total of RM1.5bn to open 15 stores. In late 2006, including the acquisition of eight Makro Cash and Carry stores and its refurbishment, Tesco said that it would further invest RM2bn over the next 3-5 years. Tesco in Malaysia is 30% owned by Sime Darby. (BT)
- Mohamad said Agrobank also expects to chalk up a net profit of RM245m this year compared with RM145m last year. “As of Oct, the amount of loans disbursed by Agrobank for various agriculture-based products was RM5.7bn compared with RM4.7bn for the whole 2008,” he said. (BT)
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