Goldstar to pay legal cost of RM1.5m to Proton Automobiles
Goldstar Heavy Industries Co Ltd has been ordered and directed by the Arbitration Tribunal to pay SGD655,056.33 (RM1.52m) in legal and arbitration costs to Proton Automobiles (China) Ltd (PAC). The Tribunal has made the final award in respect of costs after considering all evidence and submissions of both PAC and Goldstar, according to a statement by Proton Holdings Bhd. (Malaysian Reserve)
Hovid: Default no impact on unit
Hovid Bhd has clarified that the default in some loans by 58.2%-owned subsidiary Carotech Bhd has no impact on the company. “The default in loans by Carotech happened solely at Carotech and it has no legal implication on Hovid as Hovid has not provided any guarantee for the loans of Carotech. Additionally, Hovid does not have any financial obligation to Carotech,’’ it said in statement to Bursa Malaysia yesterday. Hovid and its other subsidiaries, excluding the Carotech Group, are not in default of any of their respective loan obligations. (StarBiz)
Putrajaya Perdana gets RM321m job
Putrajaya Perdana Bhd was awarded a contract worth RM321.5m by The Intermark Sdn Bhd to complete a hotel and commercial redevelopment project in Kuala Lumpur. “The contract period for the project is 23 months, that is to commence on 14 July and to complete by 15 June, 2012,” the company told Bursa Malaysia yesterday. It said the project was expected to contribute positively to the earnings and net assets of the group for the financial years ending 31 Dec, 2010 to 2012. (StarBiz)
Iskandar gets RM4.6bn in new investments
Iskandar Malaysia (IM) has received RM4.62bn new investments in the first five months of the year in the manufacturing, services and information and communication technology (ICT) sectors. Iskandar Regional Development Authority (IRDA) chief executive officer Ismail Ibrahim said the investments were made by both locals and foreigners. He declined to divulge the identity of the investors and the countries, saying only that they would be made known to the press at the appropriate time. (StarBiz)
CDRC action adds to LCL’s setback
LCL Corp Bhd suffered another setback after the Corporate Debt Restructruing Committee (CDRC) “terminated LCL Corp’s admission” for failing to submit a revised regularisation plan for its review. In February, LCL had applied to CDRC for help to mediate negotiations between the company and its financial creditors on loans amounting RM400m. LCL had defaulted on the loans because the interior fit-out firm was unable to collect payments for work done from clients in Dubai. On 3 March, LCL said CDRC had agreed to assist the company, provided that it could come out with a regularisation plan within six months. “As the result of the withdrawal of Axis Global Capital Sdn Bhd as potential white knight for the proposed regularisation plan, CDRC has terminated LCL’s admission with effect from 1 July since LCL is unable to submit a revised plan for CDRC’s assessment,” LCL said yesterday. (StarBiz)
Automotive: Perodua to maintain at least RM140m capex for 2011. Perusahaan Otomobil Kedua Sdn Bhd (Perodua) may set aside RM140m for capital expenditure next year as the company expands its geographical reach, and positions itself for more vehicle orders. (Source: The Edge Financial Daily)
KFH: Buys 30% of S'pore's Pacific Healthcare. Kuwait Finance House (Malaysia) Bhd, through its third party private fund Al Faiz Fund 1 Ltd, has acquired a 30% stake in Singapore-listed Pacific Healthcare Holdings Ltd, one of the largest specialist medical groups in Singapore. Kuwait Finance House believes it can turn around Pacific Healthcare by year-end and by 2011. (Source: Business Times)
Ngiu Kee: a PN17 company. Ngiu Kee Corp (M) Bhd has been categorised as a Practice Note No 17 (PN17) company, according to Bursa Malaysia Securities. (Source: The Star)
Markets: Changes to takeover rules in few months. The proposed changes to takeover rules by the Securities Commission (SC) will be announced in a few months as they are being bundled together with other investor protection initiatives. (Source: The Star)
TM: Sets UniFi connection target for premises. Telekom Malaysia Bhd (TM) expects 6% to 8% of the 750,000 premises to be connected to UniFi by year-end, to become subscribers. The company added 18 new UniFi coverage areas yesterday from 4 initially. The target is to have a total of 48 sites, mainly in the Klang Valley by year-end. Signed in September 2008, the RM11.3b HSBB project is a Public-Private-Partnership agreement between TM and the Government. TM plans to spend RM2b for HSBB project this year. (Source: The Star)
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