20100706 1141 Malaysia Corporate News.

Carrefour launches US$1bn sale of South-East Asian units
Carrefour has launched the sale of its units in Malaysia, Singapore and Thailand, sources with direct knowledge of the matter said yesterday, in a deal that could raise around US$1bn (RM3.22bn) for the French retailer. Carrefour, the world's second-biggest retailer, has exited Japan and Korea over the years to focus on bigger and fast-growing markets such as India. The French group, like many other retailers in Europe and the United States, has been struggling due to challenging economic conditions. (Reuters)

Faber wins Abu Dhabi job
Faber Group’s subsidiary, Faber LLC, has been conditionally awarded a contract in Abu Dhabi worth RM20.38m. The contract from Abu Dhabi Health Services Co was related to the initial repair, maintenance and operation works for all mechanical systems and equipment, and various electrical installations and fittings at Sheikh Khalifa Medical City and affiliated buildings in Abu Dhabi Island. The project completion is three years, (StarBiz)

Mah Sing, Mahajaya seal RM100m JV in Kinrara
Mah Sing Group and Mahajaya will jointly develop a residential project on a 13.2-acre (5.34ha) parcel of prime residential land in Kinrara, Selangor. Under the terms of their joint venture agreement, Mahajaya’s subsidiary and the landowner Medan Damai SB will grant Mah Sing’s subsidiary, Grand Prestige Development SB, exclusive rights to develop the land and sell the residential units in return for an entitlement sum of RM35.4m to be paid progressively over a 12-month period. (FinancialDaily)

Timber industry affected by high freight rates
The timber industry is adversely affected by the unstable and high sea freight rates from Port Klang to Europe, says Timber Exporters’ Association of Malaysia vice-president Low Ching Cheong. He said the freight rate to major European ports was currently about US$2,800 per 40-footer container and was expected to increase after the summer holidays due to peak season surcharge. “The average freight rate to main European ports was about US$1,800 per 40-footer container in 2008. It went down to US$600 in June 2009 due to the economic crisis but went up to US$3,200 in March before falling to the current level,” he told StarBiz. (StarBiz)

Naim bags RM40m jetty contract
Naim Holding’s subsidiary, award-winning developer and contractor Naim Cendera Engineering Sdn Bhd has been awarded by Assar Senari Holdings SB a RM40m contract to build an oil and gas jetty in Tanjung Manis, Sarawak. The project is part of the Central Oil Distribution Terminal (CODT) which will distribute oil from Petroliam Nasional and Shell to the central region of Sarawak. (BT)

CapitaMalls Asia acquires Gurney Plaza extension
CapitaMalls Malaysia announced yesterday that Gurney Plaza SB has exercised a put option requiring CapitaRetail Gunrey SB a wholly owned subsidiary of CapitaMalls Asia Ltd to purchase Gurney Plaza’s nine storey extension block for RM215m by 15 April, 2011. (FinancialDaily)