Wednesday, June 30, 2010

20100630 1229 Malaysia Corporate News.

PKA wants IRB to withdraw letter on KDSB backtaxes
The Port Klang Authority (PKA) will ask the Inland Revenue Board (IRB) to withdraw the letter appointing it as the agent for collecting backtaxes due from Kuala Dimensi SB (KDSB). At the same time, a deputy minister reiterated the government’s “commitment” to honour all debt obligations on bonds issued by KDSB, the turnkey contributor of the controversial RM4.6bn Port Klang Free Zone (PKFZ) project. Deputy Transport Minister Datuk Abdul Rahim Bakri said defaulting on the debt obligations would jeopardize investor confidence in Malaysian bonds. (Financial Daily)

MPHB in property development
Multi-Purpose Holdings (MPHB) will be announcing its joint venture (JV) with a public-listed developer in the next several weeks to mark its entry into the property development sector. The group is starting from ground zero in property development as other than its two residential projects which it launched early this year in Penang, it does not derive any revenue from property development. The group has two office buildings, Menara Multi Purpose and Plaza Flamingo and two hotels under Flamingo brand as investment properties. (StarBiz)

P1 sees earlier turnaround with SK Telecom
WiMAX telecommunications company Packet One Networks (M) SB (P1), a subsidiary of Green Packet, expects to become profitable earlier following its strategic alliance with SK Telecom. Green Packet group managing director and chief executive officer C.C. Puan said the group’s initial break-even target was by the year-end but following the South Korean telco’s USD100m investment in P1, the group would be able to turn around earlier. SK Telecom’s investment will help them expand their network, advertise more and acquire customers. Puan said P1 was expecting to double its subscriber base this year from 140,000 subscribers last year. However, details of the group’s plan with SK Telecom to further their services would only be made known in a few months, he said. With the new investment, SK Telecom is now P1’s second biggest shareholder, with a 25.8% stake after Green Packet’s 57.1%. SK Telecom’s investment is the first by a foreign telco in a WiMAX operator in Malaysia. (StarBIz)

Wilmar, Elevance to build Indonesia biochemical plant
Singapore’s Wilmar International and US-based Elevance Renewable Sciences will build a refinery in Indonesia to produce biofuels and oleochemicals, the two firms said. The refinery, which is expected to be ready in 2011, will have an initial capacity of 180,000 tonnes a year, and can be expanded to produce 360,000 tonnes of biofuels and oleochemicals annually. The joint venture facility will be located within Wilmar’s upcoming manufacturing complex in Surabaya. (Financial Daily)

Naim to venture into China?
Naim Holdings has signed a memorandum of understanding with three other parties to explore the prospect of collaborating for the development of two community inter-linked smart cities. The MoU on Monday with the Miri City and two other parties in China – Guangzhou Panyu Economy and Trade Promotion Bureau of Guangzhou and Institute of Digital Guangzhou – for the development of Panyu-Miri Smart Cities (PMSC). (Financial Daily)

Kencana gets RM34m Petronas Carigali job
Kencana Petroleum has clinched a RM33.9m hook-up and commissioning job from national oil company Petroliam Nasional’s upstream unit Petronas Carigali SB. The job constituted a portion of the contract from Petronas Carigali for the provision of hook-up and commissioning service for the oil company’s facilities between 2007 and 2010. The work order is expected to contribute positively to earnings for the year ended 31 July 2011. (Financial Daily)

Petra Perdana’s placement fixed at RM1.32
Petra Perdana has fixed the price of its private placement of shares to Nam Cheong Dockyard SB at RM1.32, representing a 5% discount to the 5-day volume weighted average market price of the stock of RM1.39. Petra Perdana will raise total gross proceeds of RM39.28m from the placement. Petra Perdana has also proposed a renounceable rights issue that is slated to be concluded by year end. The rights issue is expected to raise RM60m. The corporate exercises are said to help the company raise funds to facilitate the financing of new vessels, repay borrowings and working capital. (Financial Daily) 

Haisan gets letter of demand for RM42.2m
Haisan Resources has received a letter of demand from Messrs Zul Rafique & Partners acting for CapOne and Malaysian Trustees (MTB) for a sum of RM42.2m. The sum included the principal sum (of RM40m), interest accrued and default interest from an unsecured fixed rate term loan facility, Haisan said in a filing with Bursa Malaysia yesterday. The company and its wholly-owned subsidiaries also received three letters of demand for the repayment of principal and interest in respect of the banking facilities granted by financial institutions, namely CIMB Bank, Public Bank and CapOne. Haisan said the reason for the default was because the company did not have sufficient funds to meet the principal and interest payment due. “The company has appointed a scheme adviser, UHY Diong Advisory (KL) SB, to formulate a conclusive debt restructuring proposal (DRP),” Haisan said. (StarBiz) 

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