EON Capital is in no hurry to find a merger partner or be taken over, according to chief executive officer Michael Lor. His comments came after EON's board rejected a RM4.9bn takeover offer from larger local rival Hong Leong Bank as too low. Some EON minority shareholders have since requested a meeting on February 22 to appoint new directors they expect will be more supportive of Hong Leong's overtures.
- Mulpha International last month submitted a request to the central bank to start competing talks to buy an EON stake. There has since been no official word as to whether the central bank has approved that request. EON hasn't started discussions with Mulpha and won't rule out any other takeover talks, Lor said. (Bloomberg)
Palm oil advanced an eight day to extend its longest rally in more than a year after Malaysia said January output slumped to a nine-month low to help trim stockpiles. Malaysia’s stockpiles dropped 11% mom to 2m tonnes. April-delivery palm oil futures advanced as much as 1.1% to RM2,590/MT on the Malaysian Derivatives Exchange. (Bloomberg, Malaysian Reserve)
The income from the export of palm oil products last year reached RM49.6bn following an increase in the production of the commodity. Deputy Minister of Plantation Industries and Commodities Datuk Hamzah Zainudin said the increase in production also contributed to the total export of palm oil products of 15.87m tonnes. (Bernama)
The federal government will talk to Sarawak on whether Bakun will have enough power to share with the peninsula in future as planned, PM Datuk Seri Najib Razak said. "We'll have to discuss. There are two requirements that have to be taken into account - one is the power requirement for the peninsula in the future and the other is the requirement for SCORE (Sarawak Corridor of Renewable Energy), especially for the heavy industries,” he added. (BT)
Electricity export to Peninsular Malaysia via the proposed submarine cable project from Bakun will be timed with the completion of the Murum dam by 2013, Deputy CM Tan Sri Dr George Chan said. "There is some timing as Peninsular Malaysia will not need power straight away. There will be enough supply (by then) to be transmitted from Bakun," Dr Chan added. (Bernama)
Leader Universal Holdings may build a second power plant in Cambodia after it completes the country's first coal-fired plant in 2012. Leader is eyeing a 700MW facility, MD and CEO Datuk Sean H'ng Chun Hsiang said.
- "Our plan hinges on demand for power and we are currently in talks for this with our JV partner," he said. Meanwhile, H'ng said the coal-fired electric power plant project in Sihanouk Ville is estimated to cost US$170m (RM581m). (BT)
- "The National Automotive Policy is very clear, there is no exception. Malaysia is already making big concessions to allow foreign brands to be assembled here," International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir said. (BT)
Halim Alias, the former CIO of Tabung Haji, is believed to have resigned willingly although it cannot be immediately ascertained as to the reason for his abrupt departure.
- His 24-hour resignation has been linked to the voting at last week's Petra Perdana EGM which saw the removal of four directors. Halim, it is believed, had voted for the directors' removal despite the instructions from the top management. The investment committee headed by Halim had submitted a report to vote for the removal of the directors.
- Minister in PM's Department Major Gen (B) Datuk Seri Jamal Khir Baharom was "very aware" of the situation and had entrusted Halim to make sure that "Tabung Haji's interests were protected". (Star)
Green Packet is optimistic it will be profitable next year, driven by new broadband businesses in Malaysia and Singapore, and its growing customer base.It also expects to make more money from its software and WiMAX devices, including the supply of WiMAX modems, group managing director Puan Chan Cheong said.
- Green Packet also plans to raise some RM150m from a share placement to fund the rollout of its WiMAX network and services in Singapore later this year. "We may raise more but it will depend on the market situation then," Puan said. (BT)
- According to news portal Merdeka Review, Media Prima group advisor (Chinese language content) Goh Hin San has admitted that the company aspires to be a comprehensive media group and it would be ideal for it to own a Chinese newspaper. He, however, declined to confirm the speculations about a take-over of an existing paper. (Malaysianmirror)
- For the year under review, LTAT registered an audited total income of RM554.8m compared with 2008's income of RM596.5m. At group level, LTAT chalked up a pre-tax profit of RM1.2bn in 2009 compared with RM1.4bn last year.
- LTAT's total assets, year-on-year, increased 4.2% to RM7.5bn as at Dec-09 while members' contribution account rose 8.6% to RM6.3bn. (Bernama)
- One block will be developed by a consortium that includes Spain's Repsol, Petronas and three Indian companies - Oil and Natural Gas Corp (ONGC), Oil India Ltd and Indian Petroleum Corp. PDV will have a 60% stake in the venture, while Repsol, Petronas and ONGC will each have 11% and the other two Indian firms will split the remaining 7%. (AP, AFP)
Malaysia Airports Holdings (MAHB) is bidding for another two airport management jobs in Asia, with hopes of securing them by the end of the year. MAHB currently manages and operates three airports overseas, two in India and one in Turkey. MAHB has interests in all three foreign airports that it operates now. The airport operator's managing director Tan Sri Bashir Ahmad said the two jobs are purely management jobs, without any equity interest. (BT)
K&N Kenanga’s group MD Datuk Ramli Ismail will retire on March 31, 2010, after having served the company for 30 years. Ramli will continue as a non-executive director and lend his experience to support the executive management committee. (Bernama)
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