Jobstreet has announced that Seek has lifted its stake in the company from 10% to 21.3%, paying about RM70.9m or about RM2 per share. Seek is the market leader in employment websites in Australia and New Zealand. Jobstreet's CEO Mark Chang has stated, "We are looking forward to closely working with SEEK management to grow our business. We are confident that SEEK can add significant value, particularly across strategy, marketing and product development." (Press Release)
We are positive over the slightly more than doubling of Seek's stake in Jobstreet as it was done on a friendly partner basis, it validates Jobstreet's branding and execution, provides a firmer commitment by Seek in working together and fostering closer ties, provides valuable management insight and input and enhances any potential partner arrangement between the two entities.
The outlook for biodiesel this year is choppy given the high prices of its feedstock crude palm oil (CPO) and waning interest, Frost & Sullivan Asian director Chris de Lavigne said. De Lavigne said that in the current world situation, interest in petroleum-based ethanol was down 70% from its highest point in 2008; and in vegetable oil-based biodiesel, down nearly 80% since it was highly realised in 2005. Interest in biodiesel peaked in 2007 and dropped 70% by the end of last year. Its outlook was choppy, de Lavigne said. De Lavigne said that history would repeat itself as palm oil prices were expected to rise, especially in the next two years, which would result in the commodity being too expensive to be used as biodiesel. (BT)
Two palm oil industry gurus have issued forecasts that are generally less bullish on crude palm oil (CPO) prices this year, predicting them to hover between RM2,400 and RM2,900 a tonne.
- "Current palm oil prices are already reflecting the fundamentals. I think prices may be close to their highs if there are no additional bullish factors like further yield damage from the prolonged dry weather. I don't expect prices to surpass RM3,000 per tonne, though," Oil World editor Thomas Mielke said.
- LMC International chairman Dr James Fry also believes that palm oil prices are "already somewhat too high". "High crude oil prices have encouraged exploration - lifting supply and slowing demand. Palm oil is expected to hover around RM2,600 per tonne, settling to RM2,400 per tonne towards the latter part of the year," he said.
- Mielke and Fry's forecasts are in contrast to their counterpart, Godrej Group director Dorab Mistry, who gave bullish comments that palm oil prices could scale new heights in the range of RM2,800 to RM3,200 a tonne after July on the prevailing El Nino conditions, Malaysian government's ongoing replanting scheme and tree stress. (BT)
Indonesia, the world's largest palm oil producer, will only export a maximum 50% of its total crude palm oil (CPO) production by 2015 as the country's oil palm plantation areas are diminished. PT Bakrie Sumatera Plantations president Ambono Janurianto said Indonesia, which previously had ceiling growth of 300,000 ha per year for oil palm plantation, had scaled down to 200,000 ha per year since 2009. "Also by 2020, the maximum CPO export will be further reduced to 30% of total production. Indonesia's low capacity utilisation of downstream processing will not sustain current CPO exports. The refining capacity is only at 60% now as the margin is still low. As we are the main palm oil producer, these developments must be part of future planning," he said. (Starbiz)
The Rubber Industry Smallholder Development Authority (Risda) plans to develop some 990,000ha in Sarawak for rubber and oil palm cultivation. This is in line with the authority's move to expand its activities, particularly to Sabah and Sarawak, having given the nod by their state governments to enter the states since last year. (BT)
Telekom Malaysia is set to launch its High Speed Broadband retail service on March 24. At the launch, TM will also be unveiling the new branding for its highspeed broadband service as well as announce its tiered packages and pricing. (BT)
Property developers have opposed the government's proposed move to make the provision of broadband facilities compulsory for all new commercial and residential areas, saying it would lead to increased costs. Real Estate and Housing Developers' Association of Malaysia (Rehda) president Datuk Ng Seing Liong said making it mandatory for developers to install the broadband facilities will involve a "huge amount of capital as they will have to come out with an agreement with the Internet service providers (ISPs). "Rehda is of the view that compulsory provision of the facility is punitive to developers. While the ISPs will reap profits via the subscription, developers will have to fork out extra cost to provide the facility," he said. (BT)
Perodua will be spending nearly RM4bn to buy local parts this year. "Our purchase of local parts this year is expected to reach RM3.8bn. In the past two years, we bought some RM3bn per year of local parts and components," its MD Aminar Rashid Salleh said. The bigger budget was triggered by the higher localisation of its models and projected sales of 176,000 units this year, up from 166,700 last year. (BT)
While there is still no decision on whether or not to extend the incentives for fully-imported hybrid cars, other ways to incentivise their promoters can be explored, Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said. Fully-imported hybrid cars are exempted from import duty and enjoy a 50% discount on excise duty. The exemptions, introduced under the 2009 Budget, will end on December 31 this year. (BT)
MTD Capital is not selling its 80% stake in Philippines South Luzon Expressway Corp (SLTC), said its president and CEO Datuk Azmil Khalili Khalid. SLTC is a venture with state-led Philippine National Construction Corp (PNCC), which has a 30-year toll concession agreement over the South Luzon Expressway. "We are now at the tail end of the construction phase and we will complete it by the end of the first half 2010. MTD Group is putting its undivided attention to complete the South Luzon Expressway," Azmil said. (BT)
Ho Hup Construction said a major shareholder of the company has filed an injunction to stop an extraordinary general meeting (EGM) scheduled for March 17. It said the application for the injunction will be heard on March 15. (BT)
TRC Synergy's wholly-owned subsidiary Trans Resources Corp has been awarded the tender of a RM45.98m project in Port Klang. The tender would see TRC developing a project called "RTG Block and Associated Works" at Container Terminal One for Northport in Port Klang. (Financial Daily)
BCB is buying two plots of vacant Kuala Lumpur land of about 2.04ha in total from vendors Warta Development and Yap Khay Cheong & Sons Realty for RM50.96m in total, with the price inclusive of a RM2.11m land conversion premium to be paid to the Lands and Mines Office. Some 70% of the total consideration and conversion premium will be financed via bank borrowings while the 30% balance is from internally generated funds. (Malaysian Reserve)
Hong Kong's Sun Bear Solar will invest RM5.2bn in Malaysia to produce solar glass for the photovoltaic industry. Malaysia's first solar glass manufacturing plant in Kota Kinabalu, Sabah, is expected to be operational in the first quarter of 2012. The new solar glass plant will have the potential to create spin-off benefits to the economy, through the introduction of new and advanced solar technologies and the creation of potential downstream industries such as lighting, green building, home applications and solar heating. The plant is expected to create about 1,200 job opportunities in the country. (BT)
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