Enough water till 2012
The RM9bn Pahang-Selangor raw water transfer project has hit another snag with the Selangor government disputing the Federal Government’s claim that there would be a state-wide water shortage by 2014 if the project is not operational by then. Earlier, the Federal Government had warned of potential water rationing in Selangor and the Federal Territory by 2014 unless the Selangor government worked with the federal authorities in constructing the water treatment plant. However, Selangor Mentri Besar Tan Sri Khalid Ibrahim refuted the Federal Government’s warning and claimed that there was enough water for all consumers in the state and Kuala Lumpur till 2019. (Starbiz)
Puncak Niaga unit in pact for China water project
Puncak Niaga Holding’s 80% subsidiary, Sino Water Pte Ltd based in Singapore, has entered into a tripartite agreement with Lushan County Government, Henan Province in China and Environmental Holding Pte Ltd (EHPL) for the novation of the Lushan County Water Supply Project from EHPL to Sino Water. Under the tripartite agreement, EHPL agreed to transfer 83% equity of Luwei (Pingdingshan) Water Co Ltd (Luwei) and its associated rights and obligations to Sino Water. Puncak Niaga said Lushan County Government confirmed and agreed to the transfer of the equity of Luwei and obligations from EHL to Sino Water, and agreed to continue to fulfil its obligations as provided in the Lushan County Water Concession Agreement dated 29 Dec 2004 between Lushan County Government and EHPL and all supplemental agreements executed thereafter. (MalaysianReserve)
Khazanah places out TM shares for RM581m
The Government's investment arm Khazanah Nasional has placed out 5% of Telekom Malaysia (TM)'s stock in a deal valued at RM581.3m. The deal, executed yesterday, is believed to be the second largest share placement exercise in Malaysia so far this year. Maybank Investment Bank and Nomura Singapore were the joint placement agents for Khazanah. Some 178.9m of TM shares were placed out to local and foreign institutional investors at a fixed price of RM3.25 each, sources said. The price represented a 2.7% discount to TM's closing price of RM3.34 in the stock market yesterday. (BT)
MISC to buy 4 new ships for US$340m
MISC, the world's largest operator of LNG (liquefied natural gas) vessels, will buy four new very large crude carriers (VLCCs) for some US$430m (US$1 = RM3.22) MISC told Bursa Malaysia that its unit, AET Inc Ltd, had signed a contract with Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd yesterday for four new 320,000 dwt VLCCs. The tankers, which are part of AET's expansion plans for its VLCCs fleet, will be delivered between December 2012 and October 2013. (BT)
Apple Profit, sales jump after IPad, IPhone 4 debut
Apple Inc. posted a 78% surge in third-quarter profit as customers flocked to the new iPad tablet computer and latest version of the iPhone, helping the company benefit from a rebound in consumer spending. Net income rose to USD3.25bn, or USD3.51 a share, from USD1.83bn, or USD2.01, a year earlier. Analysts surveyed by Bloomberg had forecast per- share profit of USD3.11. Sales also topped analysts’ average estimate, fueling a gain in Apple shares in extended trading. In the period ended 26 June, sales gained 61% to a record USD15.7bn, topping analysts’ USD14.7bn estimate. Gross margin will be 35% in the current quarter, a decline from 39.1% last period. Apple, which posted second-quarter gross margin of 41.7%, said in April that the figure would narrow because of “very aggressive” pricing for the iPad. Apple’s forecasts typically fall below analysts’ estimates. Over the past 16 quarters, its projections have been 3% lower than analysts’ sales estimates and 12% below earnings-per-share predictions, according to Gene Munster, an analyst at Piper Jaffray Cos. in Minneapolis. (Bloomberg)
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