Dunham-Bush plans share sale
Dunham-Bush (Malaysia) will sell 30% of its shares in either the Hong Kong or Singapore stock market in 2012 to raise as much as US$200m (RM646m) for expansion purposes. The company, which makes heating, refrigeration and air-conditioning systems, aims to triple its revenue in three to four years from US$155m (RM501m) last year. Dunham-Bush is targeting US$180m (RM581m) in revenue this year and US$300m (RM969m) in 2012, its chief executive officer, Jeffrey Scott Albright, said. (BT)
HELP proposes a bonus issue
Education player HELP International Corp has proposed a three-for-five bonus issue as part of a corporate exercise to better reflect its scale of operations and enhance liquidity. The proposal will see the issuance of up to 53.27m shares of 50 sen each, increasing HELP’s share base by some 60% from its present base of 88.8m shares. The bonus issue will see its net asset per share reduced to 66 sen from RM1.09 as at end-October 2009. HELP has also proposed to increase its authorized share capital to RM250m from RM50m. (Financial Daily)
Tanjung Offshore group gets RM8m purchase orders
Tanjung Offshore has received a purchase order worth RM8m from Punj Lloyd Oil and Gas (Malaysia) SB and Farab International FZE, respectively, for the provision of air compressor packages. Tanjung Offshore through its subsidiaries are in the midst of satisfying the scope of work for the purchase order that involves engineering, assembly, testing and delivery of the air compressor packages. (Financial Daily)
MAS in RM2.2bn deal with Pratt & Whitney
Malaysia Airlines is buying 34 engines for RM2.2bn from Pratt & Whitney for its 17 new Airbus aircraft. The 15 passenger and two freight aircraft will be powered by PW4170 Advantage70 engines, MAS said in a statement yesterday. The national carrier has ordered up to 25 A330-300 and four A330-200F worth US$4.5bn (RM14.5bn) at list price, which includes the cost of the engines. The aircraft, to be delivered between 2011 and 2015, will serve the growing markets of South Asia, China, North Asia, Australia and Middle East. MAS have also ordered up to 55 B737-800s and six A380s. The latest version of the A330-300 will offer MAS greater levels of economic efficiency, with lower fuel burn and maintenance costs, the airline said. (BT)
Faber not for sale
Faber Group is not for sale and UEM Group has yet to strike a deal to hive off its stake in Time Engineering, said UEM Group group managing director/chief executive officer Datuk Izzaddin Idris. He was responding to a query at a media luncheon yesterday on a report quoting sources as saying UEM Group had received at least four bids or offers to purchase its stake in Time Engineering for 20 sen to 40 sen a share. (StarBiz)
Axiata sells stake in Multinet
Axiata Group has disposed of its entire 89% stake in Multinet Pakistan (Pte) Ltd to its second largest shareholder, Adnan Asdar Ali, for US$15m (RM48.8m). The company said in a statement yesterday that the divestment to Adnan, who owns (the remaining) 11% of Multinet, was part of its strategy to focus on mobile communications. (StarBiz)
Sarawak team probing alleged dumping of plywood in S. Korea
Sarawak Timber Industry Development Corp (STIDC) officers are now in South Korea to gather more information in the probe into accusations that nine Malaysian plywood exporters, including eight from Sarawak, were dumping their products in South Korea. In its petition to the Korean Trade Commission, the association had accused Malaysian plywood suppliers of selling their products at about 88% below the local market value. (StarBiz)
Malaysia: Food companies pledge not to pass on prices
Malaysian food and drinks companies gave assurances that they won’t pass on higher sugar and fuel costs to consumers after the government cut subsidies last week, said Ismail Sabri, Minister for Domestic Trade, Cooperatives and Consumerism. Representatives of manufacturers, restaurateurs and coffee-shop owners met with him to discuss potential risks to inflation. (Bloomberg)
Ho Hup: Up 37% on new regularization plan. Shares of financially distressed Ho Hup Construction Company bhd surged 37.1% or 19.5 sen to 72 sen yesterday following an announcement that it planned to acquire 2 companies to help regularize its financial position. Ho Hup which has been classified as a PN17 affected issuer due to its deficit in shareholders' funds, announced last week that it had entered into a memorandum of understanding (MoU) to acquire 100% equity in 2 companies, namely Fivestar Development (Puchong) Sdn and Kolektra Recreation Sdn Bhd. (Source: The Edge)
IOI: La Nina to have impact on palm oil output. IOI Corp, Malaysia No.2 planter, expects the brewing La Nina weather event to have a major impact on palm oil production in Southeast Asia as heavier rainfall may hamper harvesting. IOI chairman Tan Sri Lee Shin Cheng said La Nina will coincide with seasonally higher production months and if this happens, palm oil prices will surge. (Source: Business Times)
IPO: SIG Gases to raise RM28.5m from IPO. SIG Gases Bhd, a manufacturer, refiller and distributor of industrial gases expects to raise about RM28.5m from its IPO for expansion of its refilling facilities in Malacca and Kuantan. The firm is en route for a listing on Bursa Malaysia?s main market in the 3rd quarter. (Source: Business Times)
Maybulk: A landmark case in the making? Yesterday marked the start of a court battle between 3 individuals and Malaysian Bulk Carriers over the company's rejection of their share applications made with pink forms. The 2 parties slug it out in court on the importance of a pink form in the distribution of shares for an initial public offering (IPO). The company rejected their share applications that were made with pink forms. (Source: Business Times)
RHB Cap: Extension of conditional sale and purchase agreement for PT Bank Mestika Dharma. The period to satisfy or waive the conditions precedent of the CSPA has been extended from 16 July 2010 to 19 April 2011. (Source: Bursa Malaysia)
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