5 more foreign commercial banks
In a media statement yesterday, Bank Negara Malaysia (BNM) announced that it would issue commercial banking licences to five wholly owned subsidiaries of the banking institutions - one each from France, the UAE, Indonesia and two from Japan, The banks are BNP Paribas of France, Mizuho Corporate Bank of Japan, National Bank of Abu Dhabi, UAE, PT Bank Mandiri (Persero) of Indonesia and Sumitomo Mitsui Banking Corporation of Japan. (Financial Daily)
Ekuinas to buy 20% of Tanjung for RM1.30 per share
Ekuiti Nasional (Ekuinas), the government-linked private equity fund manager, is entering Tanjung Offshore as a strategic investor with an impending acquisition of a 20% in the O&G provider for a total of RM73.45m cash, or RM1.30 per share. Via a private placement, Ekuinas’ wholly owned subsidiary, E-Cap (Internal) One SB, is proposing to subscribe for 26m new Tanjung shares representing about 10% of Tanjung’s paid-up capital at RM1.30 per share. Concurrent with the proposed placement, E-Cap yesterday signed a conditional sale and purchase agreement with a group of Tanjung shareholders for the proposed acquisition of a total of 30.5m existing shares in Tanjung held by the shareholders, also at RM1.30 per share. (Financial Daily)
Tengku Ibrahim to resign from Petra Energy, say sources
More board changes are in store at Petra Energy (PEB). Tengku Ibrahim Petra Tengku Indra Petra, the executive chairman, and Robert Lee Mee Jiong, an executive director, are relinquishing their positions on the board of the company, sources say. This comes on the back of the resignations of Suhaimi Badrul Jamil, a non-independent non-executive director yesterday and Gerawat Gala, an independent non-executive, on Tuesday. Another independent non-executive director, Siew Boon Yeong had resigned at end-May. (Financial Daily)
AP Land-HELP JV to start China campus in October
Asia Pacific Land (AP Land) and HELP International Corp , which have set up a joint-venture (JV) company to look into potential education opportunities, expect to begin operating a new campus in Changshu, China, by October. The 20,000-sq-ft campus is part of the first phase of AP Land’s commercial project that was being developed there, said joint managing director Low Gee Teong. Low said the campus would focus on vocational training, especially within the automotive sector, and English for specific purposes. AP Land executive director Woon Siew Choo said the campus would be able to leverage on the fact that Japanese automaker Toyota would be setting up a factory just next to the development. HELP president and co-founder Datuk Dr Paul Chan said the campus was targeting about 500 students within its first year of operations and was looking to offer “more courses”. Low said phase one of the projects was expected to be completed by August this year and the second phase within two years. Both phases would have a gross development value of 500m renminbi. (StarBiz)
Alliance Bank Malaysia appoints Group CEO
Alliance Bank Malaysia said it appointed Sng Seow Wah as its new group chief executive officer and the company received today the approval of the appointment from the Bank Negara Malaysia. Sng, who has more than 24 years of experience as a banker, was the head of human resources, special projects and corporate communications at Fullerton Financial Holdings (International) Pte before his appointment to Alliance, the Malaysian bank said in a statement to the Kuala Lumpur exchange. Sng was also a former executive vice president at OCBC Bank in Singapore, and has worked with Citibank Singapore, Westpac Banking Corp. and Banque Nationale De Paris, Alliance said. (Bloomberg)
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