20100723 1123 Malaysia Corporate News.

US stocks rise as UPS, AT&T, Qualcomm lift profit forecasts
US stocks rose, with the Standard & Poor’s 500 Index gaining the most in two weeks, after companies from United Parcel Service Inc. to AT&T Inc. and Qualcomm Inc. increased profit forecasts. UPS jumped 5.2% as growing overseas demand and cost- cutting improved the earnings outlook at the world’s largest packagedelivery company. AT&T rose 2.4% as quarterly profit beat analysts’ estimates on demand for Apple Inc.’s iPhone. Qualcomm, the biggest maker of chips that run mobile phones, jumped the most since November 2008 as it predicted higher selling prices for devices based on its technology. The S&P 500 rose 2.3% to 1,093.67 as of 4 p.m. in New York. The Dow Jones Industrial Average climbed 201.77 points, or 2%, to 10,322.30. Both gauges gained the most since 7 July. (Bloomberg)

UEM expresses interest in MRT job
UEM group is prepared to bid for the multi-billion mass rapid transit (MRT) project if the job was tendered out. “If it is open for tender, then we will submit a bid”, UEM Group managing director Datuk Izzaddin Indris told reporters in media briefing yesterday. A Gamuda-MMC joint venture, which was proposed the MRT job to the government and has done major tunneling works in Malaysia and Taiwan, is touted as the leading candidate for the MRT job. (Financial Daily)

NSTP to be delisted
Trading of The New Straits Times Press (Malaysia) (NSTP) shares will be suspended as at 9am on 30 July. The company told Bursa Malaysia yesterday that it will be delisted from the main market now that holding company Media Prima has secured more than 90% of its listed shares. (BT)

EONCap to call shareholders meeting 19 Aug
EON Capital (EONCap) is planning for shareholders to meet on 19 Aug 19 to decide on a RM5.06bn takeover offer from Hong Leong Bank, a source close to the matter said. A circular on the resolutions for the meeting is expected to be sent out to shareholders next Wednesday. Hong Leong had recently stipulated that EONCap should hold that meeting by 20 Aug. If shareholders vote in favour of the deal - and analysts largely expect they will - EONCap's board will have to wait for a High Court judgement on whether the deal is legal before being able to accept it. This is because EONCap's biggest single shareholder Primus Pacific Partners, unhappy with the takeover price, had in June taken the matter to court, claiming the offer was unlawful in its structure. (BT)

MSC plans to sell stake in Australian gold producer
Malaysia Smelting Corporation (MSC) on Thursday entered into a share purchase and call option deed with Bendigo Mining Ltd relating to the sale of 45m ordinary shares in BCD Resources NL and the grant of a call option over a further 39m shares. The disposal and call option is pursuant to the revised growth strategy for MSC whereby the group seeks to reposition itself to focus on its original core business of tin and accordingly, seeks now to divest the non-tin asset. In a statement, MSC said it currently owns 90m BCD Resources shares, representing 21.3% of BCD Resources' issued share capital. The disposal of and call option for BCD Resources shares is in respect of 84m shares representing 19.92% of BCD Resources' issued capital. (Bernama)

Nagamas in China deal
Nagamas International signed a memorandum of understanding yesterday with Yongzhou City people’s government to undertake an international multi-trade project in China. It told Bursa Malaysia that the project involves planning and investing in land in the surrounding area of Lingling Airport in Yongzhou and Chaisze town as well as earmarking a 50 sq km area for the aviation logistics project. (BT)

Properties: 1MK sale marks return of foreign interest in Mont'Kiara. 1Mont'Kiara (1MK) which is 50:50 owned by Singapore-based CapitaLand and London-listed Aseana Properties Ltd is believed to have been sold for RM333m to a real estate fund management company affiliated with Hong Kong?s Cheung Kong Group. (Source: The Edge Financial Daily)

QSR: To invest RM10m to open 11 new outlets. QSR Brands Bhd, which operates the Pizza Hut chain of restaurants in Malaysia and Singapore, plans to invest close to RM10m this year to open 11 new outlets. Director for integrated poultry and food manufacturing, Azizah Abdul Rahman, said the company plans to have 20 new Pizza Hut outlets by the year-end. (Source: Business Times)

SEB: Weighs options on Bakun. Sarawak Energy Bhd (SEB) is looking at whether to buy or lease the 2,400MW Bakun Dam in its long-term bid to develop the hydropower and industrial sectors in the state. SEB hopes to reach an agreement with Sarawak Hidro Sdn Bhd, the owner of the dam, and the Finance Ministry, which in turn owns Sarawak Hidro, in one or two months' time on the preferred option. (Source: The Star)