Sapura Crest unit gets RM1.5bn worth of PSC jobs
SapuraCrest Petroleum Bhd’s wholly-owned subsidiary, TLO Offshore Sdn Bhd, has received confirmation that it has been awarded a joint-contract for the provision of works and services to 11 Petronas production sharing contractors (PSCs) for the transportation and installation of offshore oil and gas facilities and structures from 2010 to 2012. “The price for the confirmed scope of works in 2010 is approximately RM1.5bn. Sapuracrest said the works for the PSCs were for a duration of three years, from 2010 to 2012, with options for two further extensions of one year each. (Starbiz)
Mah Sing to sell office building for RM226m
Mah Sing Group Bhd has proposed the en bloc sale of 278,182 sq ft of a 20-storey grade A commercial building, including 301 car park bays in the east wing of the Icon@Tun Razak, to T.S. Law Realty Sdn Bhd for RM226.5m cash. In a filing with Bursa Malaysia last Thursday, Mah Sing said the Icon@Tun Razak was a freehold purpose-built office building by owned its subsidiary, Star Residence Sdn Bhd. “The group pursued the proposed en bloc sale to ensure that it will be able to maintain its earnings, net assets and cashflow. “And Star Residence offers to take up the tenancy of the Icon@Tun Razak for a period of three years commencing from the actual vacant possession date, which shall correspond with the date of the sales and purchase agreement. “Star Residence intends to lease the sale property for rental income in order to offset rental payable to the purchaser,” it said. With the proposed en bloc sale, the Icon @ Tun Razak is fully sold. (Starbiz)
Petra Perdana exec director seeking to stop sale of balance stake in Petra Energy
Petra Perdana Bhd has received an interim ex-parte order by the High Court of Malaya fixing an inter-parte hearing on 11 Jan, 2010 on the application of Shamsul Saad to stop the sale of the remaining 29.59% stake in its associate, Petra Energy Bhd. In a statement to Bursa Malaysia last Thursday, Petra Perdana said the order had named the company, Tengku Datuk Ibrahim Petra Tengku Indra Petra, his wife Datin Che Nariza Hashim, two other board directors Wong Fook Heng and Tiong Young Kong and TA Securities Holdings Bhd as defendants. The order is to restrain Petra Perdana, Tengku Ibrahim, Nariza, Wong, Tiong and any agents appointed by Petra Perdana as placement agent, from divesting the remaining shares in Petra Energy until an EGM or the final disposal of the suit is held, whichever is earlier. Petra Perdana is now awaiting further details of the suit and is seeking legal advice pending further announcements. (Starbiz)
EPF may back Hong Leong’s EON bid
The Employees Provident Fund (EPF) may back a deal to merge the country’s sixth and seventh biggest banking groups if it thinks the price offered is attractive. The pension fund holds 10.7% of EON Capital Bhd (EONCap), which is being eyed for a takeover by Hong Leong Bank Bhd. “If the price is right we will consider selling” said a source close to the EPF. (BT)
Ho Hup major shareholder opposes sale
Ho Hup Construction Bhd’s second largest shareholder Lo Chee & Sons Sdn Bhd (LCS) is opposing the board’s proposed sale of two tracts of land. LCS which holds 24.7% equity stake, put up a notice to Ho Hup’s shareholders in two major newspapers urging shareholders not to support the sale, contending that the disposal price is “significantly undervalued”. The notice was published last Friday before the EGM slated to be held on Thursday during which shareholders will cast their votes on the resolution. (Financial Daily)
Hock Heng plans overseas factory
Hock Heng Stone Industries Bhd, a maker of dimension stones that is slated for a listing next year, plans to set up a factory abroad as it seeks to expand business. Low, who started the family business, could not divulge details because the company has yet to release its prospectus. It targets to complete its IPO and list shares on the Main Market by the end of March 2010.(BT)
CB Industrial refutes allegations, demands apology
CB Industrial Product Holding Bhd (CBIP) said it is at risk of losing hundreds of millions of ringgit in future jobs, due to a published report by a Chinese daily that suggests it was involved in some form of corruption. In a hastily arranged press conference in Shah Alam, CBIP managing director Lim Chai Beng said, "The truth must be told soonest possible. We need to stop the damage (to the company). "CBIP, via its subsidiary Modipalm Engineering Sdn Bhd (MESB), has demanded a retraction of the defamatory and highly damaging allegation in the said article and a full-page apology to be published by tomorrow.’’ He refuted allegations in the news reports that insinuate that its Modipalm mills are of inferior quality. According to a translation sheet provided by CBIP, the daily quoted 1Malaysia Graduates Club secretary Ezaruddin Abd Rahman as alleging there was corruption involved in Felda awarding jobs to MESB to build 11mills worth a combined RM160m. (BT)
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