RM4.20 per share for MEASAT
In an unusual twist of events, shares of two companies controlled by Malaysian billionaire T Ananda Krishnan - regional satellite network operator MEASAT and conglomerate Tanjong plc - were suspended from trading on Bursa Malaysia Securities yesterday, fuelling rumours of major corporate exercises. The reclusive tycoon holds a 59.56% stake in MEASAT and 30.92% in Tanjong Plc. Ending long time speculation, MEASAT Global Network Systems SB announced yesterday evening a privatization offer for MEASAT Global at RM4.20 cash per share. The offer is conditional upon acceptance from 90% of the nominal value of the shares (excluding those already held by MEASAT Global) and relevant approvals.(Financial Daily)
Khazanah to raise SGD2.65bn for Parkway takeover
Fresh from winning the battle for Singapore’s healthcare group, Parkway Holdings Ltd, state-owned investment arm Khazanah Nasional is looking to raise around SGD2.65bn (RM6.19bn) in bonds and bank loans to help finance its SGD3.5bn takeover of the largest private hospital operator in Asia. Around SGD800m in sukuk will be arranged by OCBC Banking Corp, DBS Group Holdings and CIMB Group Holdings. The sukuk road show is scheduled to be undertaken in Singapore on Monday, with book building to start on Tuesday. (Financial Daily)
George Kent secures RM130m water job
George Kent has secured another water infrastructure project with the award of a RM129.8m contract to construct and complete a 160m milliliters per day water treatmentplant in Kuantan, Pahang. The contract was awarded by the East Coast Economic Region Development Council in an open tender, the company said. The project was scheduled for completion by 12 Aug 2013, which would be 157 weeks from the site possession date of 10 Aug 2010. (Malaysian Reserve)
WCT proposes to issue RM600m bonds with warrants
WCT has proposed an issuance of RM600m nominal value serial fixed rate bonds of up to five years with up to 181m detachable warrants on a “bought deal” basis to primary subscribers. WCT also proposed an offer for sale of the provisional rights to the allotment of up to 181m WCT warrants by primary subscribers at an offer price to be determined to shareholders and entitled senior management of the WCT group of companies. The company said the proceeds from the proposed bonds with warrants would enable it to refinance its existing borrowings, resulting in interest savings for the company. “The proposed exercises will allow the company to lock in financing at a lower effective funding cost, thereby allowing the WCT group to better plan its cash flow requirements,” it said. It said upon exercise of the WCT warrants, the company would obtain additional proceeds to redeem the bonds, finance the working capital requirements of the group in the future and repay borrowings, in addition to strengthening WCT’s capital base. (StarBiz)
PepsiCo renews Permanis’ bottling rights
PepsiCo has extended the rights of C.I. Holdings’s (CIH) wholly-owned subsidiary Permanis to manufacture and sell its beverage brands in Malaysia for 10 years. PepsiCo and C.I. Holdings said in a joint statement that the two parties had signed an exclusive bottling agreement to renew the franchise bottling rights of Permanis. PepsiCo general manager for its South-East Asia business unit, Manu Anand, said the renewal and extension of the agreement showed PepsiCo’s confidence in Permanis as a long-term strategic growth partner for its Malaysian beverage business. (StarBiz)
CIH: Secures 10-year extension to PepsiCo bottling deal. CI Holdings Bhd's (CIH) subsidiary Permanis Sdn Bhd has secured a 10-year extension (until June 30, 2020) of its franchise bottling rights with PepsiCo for the manufacture and sale of the latter?s beverage brands in Malaysia. (Source: The Edge Financial Daily)
GAB: Profits from World Cup. The month-long World Cup was a profitable time for the drinks industry which saw an increase of between 30% and 40% sales for pubs and clubs. GAB invested RM10m to promote its activities during the World Cup and it paid off handsomely. (Source: The Sun)
Markets: SC revokes SJ Asset Management licence. The Securities Commission (SC) has revoked SJ Asset Management Sdn Bhd's (SJAM) licence effective immediately, after investigations found the company had broken rules. SJAM failed to safeguard clients' assets and engaged in deceitful and improper business practices, the SC said. The company was also found to have given the SC false and misleading information. (Source: Business Times)
MAS: Eyes 5% annual revenue growth from charter services. Malaysian Airline System Bhd (MAS) expects a 5% annual growth in the revenue from charter services due to high demand and the availability of resources. The charter services are especially for places that are difficult to get to and which other airlines refuse to service. (Source: The Edge Financial Daily)
MRCB: To raise RM400m for KL Sentral Park. MRCB Sentral Properties Sdn Bhd, a unit of Malaysian Resources Corp Bhd (MRCB), will raise RM400m of debt to finance the development of its latest project called KL Sentral Park. The commercial paper/medium term notes (CP/MTN) programme is arranged by Affin Investment Bank Bhd. The financing, which is being guaranteed by Danajamin Nasional Bhd, is for a period of 7 years. (Source: Business Times)
Steel: Acerinox plans additional EUD251m investment here. Acerinox SA, the world's biggest stainless steel maker, is investing an extra EUD251m (RM1b) for the second phase of its stainless steel production plant in Malaysia. Acerinox?s investment in Tanjung Langsat near Pasir Gudang is the single largest foreign investment in Johor so far, with a commitment to pump in as much as USD1.5b (RM4.8b) into the Johor economy. (Source: Business Times)
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