Primus files lawsuit against EONCap directors
Hong Kong-based Primus Pacific Partners yesterday filed a lawsuit against the directors of EON Capital (EONCap) in an attempt to stop the lender from being taken over by bigger rival Hong Leong Bank. Primus, which is EONCap's single largest shareholder with a 20.2% stake, claims that Hong Leong's RM5.06bn takeover offer is unlawful in the way it is structured and that EONCap's directors, who plan to let shareholders decide on the offer, have not acted in the best interest of the company. (BT)
Delay may prompt MAS to cancel A380 orders
The Malaysian carrier would not rule out opting to cancel its A380 orders, says its managing director and chief executive officer. National carrier Malaysia Airlines (MAS) may consider cancelling its order for six Airbus A380- 800 superjumbos, following the repeated delay in delivery by aircraft maker Airbus SAS. (BT)
Kencana to buy shares in Singapore firms
Kencana Petroleum, through its wholly-owned subsidiary Kencana Petroleum Ventures SB (KPV), is acquiring equity in Mermaid Kencana Rig 1 Pte Ltd (MKR1), Kencana Mermaid Drilling SB (KMD) and Mermaid Kencana Rigs (Labuan) Pte Ltd (MKR Labuan) from Mermaid Drilling (Singapore) Pte Ltd, together with intercompany loans and debts, for US$66.6m (RM213.12m). The equity acquisition – 75% in MKR1, 40% in KMD and 45% in MKR Labuan - amount to US$43.65m. KPV will also pay Mermaid Drilling Singapore US$22.95m (RM73.44m) to settle intercompany loans and debts in the three companies. Kencana said the acquisitions, which will make the company the only Malaysian group with a wholly owned offshore drilling subsidiary, are in line with its plans to expand its recurring income and secure businesses with higher margins. The exercise is expected to be completed in the first quarter of the group's financial year ending July 31 2011. (BT)
Nestle to keep factories in Malaysia, Philippines
The Malaysian and Philippine units of Nestle, the world’s biggest food group, said the company will not leave those countries for Indonesia, following a report which suggested it would, Reuters said. Indonesian daily Kontan earlier reported Nestle planned to move factories in Malaysia and the Philippines to Indonesia to be closer to raw material sources, and cited Nestle’s Indonesia spokesman Brata T. Hardjosubroto as saying details of the relocation would be announced in November. In separate statements, Nestle (Malaysia) and Nestle Philippines Inc said they had no plans to move any of their factories in the two countries to Indonesia. “In fact, Nestle continues to invest heavily in its manufacturing facilities in the Philippines to upgrade machinery and expand capacities to meet local and foreign demand for its products,” Nestle Philippines said. Nestlé (Malaysia) clarified that there are no plans to relocate its production facilities in Malaysia and the Philippines. (BT)
Wilmar to invest RM6.46bn in Indonesia
Wilmar International Ltd, the world’s largest palm oil trader, plans to invest USD2bn (RM6.37bn) in Indonesia. Wilmar may invest in various industries, including agriculture in Merauke, a town on Papua Island, Wirjawan was cited as saying yesterday. The company may build a sugar plantation, possibly in Merauke, without confirming the USD2bn figure. Wilmar may follow other palm-oil producers by expanding into Papua, the eastern-most island in South-East Asia’s biggest economy. (Malaysianreserve)
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