20100715 1053 Malaysia Corporate News.

Jetson boardroom tussle brewing?
Kumpulan Jetson's shares tumbled yesterday amid fears of a boardroom tussle, as the company temporarily halted trading of its shares to announce the surprise retraction of a director's earlier resignation. The counter tumbled 22 sen, or 16.5%, after it announced the hour-long trading halt from 9am. According to sources, a feud is understood to be brewing between the sons of the late Tan Sri SM Nasimuddin SM Amin (of Naza Group fame), namely Jetson’s chairman and executive director Sheikh Mohd Nasarudin and his brother, executive director Sheikh Mohamad Faliq Sheikh Mohamad Nasimuddin Kamal in one camp, and another faction led by Datuk Teh Kian Ann, Jetson’S Managing Director. In an announcement yesterday, Jetson said an independent director, Mohd Abdul Aziz, had retracted his resignation announced to Bursa Malaysia Securities about a week ago on 7 July. (Financial Daily)

UMW Toyota to locally assemble Camry by mid-2012
UMW Toyota Motor SB, a joint venture of UMW Holdings, Japan Toyota Motor Corp and Toyota Tsusho Corp, is targeting to locally assemble Camry models by mid-2012 as part of its RM170m assembly plant upgrading program. It was conducting technical studies on its assembly plant capacity and was in talks with local suppliers to see how local content could be used in its production. The new Camry assembly plant is part of UMW Toyota’s total investment of RM370m to improve production line and build a new centralized stockyard. (Financial Daily)

Gamuda, MMC eye tunnel works
Gamuda and MMC Corp plan to bid for the RM14bn tunnelling works if their joint-venture mass rapid transit (MRT) system proposal is accepted by the Government, said Gamuda group managing director Datuk Lin Yun Ling. “The tunnelling or underground works cover about 30% of the whole project involving 26 stations, mostly located in the city centre out of the total of 90-plus new stations in the MRT prosposal,” he said, adding that the proposed project could be divided into three major phases where the development would be stretched over 10 years. The RM36bn joint MRT proposal by Gamuda and MMC is now under feasibility studies by two government-appointed independent consultants that will be concluded in three months. Lin said both Gamuda and MMC were also interested in overseeing the whole project. (StarBiz)

Keck Seng to get mandate over Parkway stake
Plantation and property firm Keck Seng’s board has decided to obtain a shareholders’ mandate in respect of the company’s stake in Singapore-listed healthcare provider Parkway Holdings Ltd. Keck Seng has 35.58m shares representing a 3.13% stake in Parkway, a company in which Khazanah Nasional and Fortis Healthcare Ltd, are battling for control over. Fortis is controlled by billionaire brothers Malvinder and Shivinder Singh. They are Parkway’s single largest shareholder with a 25.3% stake while Khazanah has a 23.8% stake. (StarBiz)

SC rejects WWE’s restructuring plan
WWE Holdings has failed to get its proposed restructuring scheme approved by the Securities Commission (SC) due to non-compliance with the Equity Guidelines. “The board will consider options available to WWE, including an appeal to the SC and will make an announcement on this matter in due course,” it said yesterday. Under paragraph 7.03(a) of the SC Equity Guidelines, the assets to be acquired must comply with the profit requirements while 7.05(b) states the assets to be injected must have a healthy financial position. (Financial Daily)