HeiTech Padu: Secures RM282m RTD project. Heitech Padu Bhd has secured a RM282m contract from the government to undertake an integrated solutions project for the Road Transport Department. The company said on Tuesday, July 27 the project will take 24 months to develop and will have a warranty period of 24 months after completion. (Source: Business Times)
IJM: The Light to contain world-class appeal. A performing arts centre to rival Australia's Sydney Opera House, waterfront retail promenade and an international standard marina are among the attractions property developer IJM Land Bhd will unveil when it launches the second phase of its flagship waterfront "The Light" development in Penang at the end of the year. The proposed iconic arts centre, known as "The Pearl" is expected to boast a seating capacity of 2,000 and is set to be sprawled over 0.8ha. (Source: Business Times)
IPO: Complaint derails Focus Point listing. Malaysia's largest professional eyecare chain, Focus Point Holdings Bhd, had to delay its listing at the eleventh hour after an anonymous complaint about its business. The board of directors believes that the allegations are adequately refuted and that the allegations were made with malicious intent to derail the company's listing plans and damage the group's business operations. (Source: Business Times)
Maybank Investment: Plans to enter Singapore, Indonesia. Maybank Investment Bank Bhd planned to expand its operations to Singapore and Indonesia by June next year, said Maybank CEO Tengku Datuk Zafrul Tengku Abdul Aziz. Maybank Investment hoped to offer services such as corporate finance, Islamic advisory, structured and treasury products in these markets. (Source: The Star)
O&G: Steady crude oil prices spur deepwater projects. Petronas Carigali Sdn Bhd's head of deepwater development Rosli Hamzah said that Transocean Ltd's drillship Deepwater Expedition would arrive in Malaysian waters in September, while the 2nd ship Frontier Phoenix was scheduled to be in by November. Rosli said that Malaysia needed 3 drillships between 2010 and 2015 as deepwater areas will make up for as much as 40% of the country?s oil output in 10 years. (Source: The Star)
PetDag: Expand retail segment, plans RM500m capex. Petronas Dagangan Bhd (PetDag), the domestic marketing arm of Petronas is planning to invest about RM500m in capex for FY ending March 31, 2011 towards expanding its retail segment. The retail and commercial segments contribute around 46% to 47% each to the group's revenue, with 5% coming from the liquefied petroleum gas (LPG). (Source: The Edge Financial Daily)
Kong to PKA: Pay up
Transport Minister Datuk Seri Kong Cho Ha yesterday directed the Port Klang Authority’s (PKA) board to release payment due to the bondholders of the Port Klang Free Zone (PKFZ) project setting aside the port authority’s earlier decision to hold back payment. “ We will pay according to what’s been decided much earlier, according to the schedule that’s been set,” he said after was asked to comment on report that PKA’s board has decided to withhold the final payment of RM222.58m to Free Zone Capital (FZCB) one of the four SPVs established by PKFZ turnkey contractor, Kuala Dimensi SB, for the project . (Financial Daily)
EON Cap to hold EGM on HLB takeover
The board of EON Capital, owner of Malaysia’s seventh largest bank, will ask shareholders to vote on Hong Leong Bank’s RM5.06bn (US$1.6bn) takeover offer on 19 Aug, according to a statement sent to Bursa Malaysia yesterday. The move defies EON Cap’s biggest investor which has threatened to seek RM1.11bn in damages if the deal goes through at the current price. Shareholders are divided over whether to accept an all-cash offer of RM7.30 a share from billionaire Tan Sri Quek Leng Chan’s Hong Leong Bank (HLB). (StarBiz)
M3nergy offer receives over 85% acceptance
Despite differing views on the takeover offer of M3nergy, an overwhelming majority, or over 85% of its shareholders, have accepted Adamus Avenue Sdn Bhd’s offer price of RM1.85 per share. A source close to the deal told Bernama that the offer price must have been deemed to be attractive, fair and reasonable, to compel these shareholders to make the acceptances. And it will be more than a week to go before the 3 Aug deadline for acceptances, he said. The source said this in response to a recent filing by M3nergy to Bursa Malaysia, which said that its board had viewed the offer to be unfair, unreasonable and uncompelling. (StarBiz)
BP head quits over Gulf disaster
BP's vilified chief executive Tony Hayward resigned yesterday as the energy giant announced that the devastating Gulf of Mexico oil disaster will cost USD32.2bn and caused a record quarterly loss. Hayward, whose PR gaffes handling the oil spill made him a target of US fury, will be succeeded by American executive Bob Dudley, who is currently in charge of Gulf clean-up operations. BP said it had made a record USD16.9bn loss in the second quarter and that it will sell USD30bn of assets over the next 18 months as it seeks to streamline operations and return to profitability. (BT)
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