MOF nod for Hong Leong's EONCap bid
The Ministry of Finance (MOF) has approved a potential takeover of EON Capital (EONCap) by bigger rival Hong Leong Bank in a RM5.06bn deal. EONCap, in a filing to the stock exchange late yesterday, said it received the go-ahead through Bank Negara Malaysia. EONCap's shareholders are to meet on 19 Aug to decide on the deal despite opposition from its biggest shareholder, Primus Pacific Partners. Primus, which thinks Hong Leong's implied offer price of RM7.30 a share for the smaller bank's assets and liabilities is too low, has taken the matter to court, claiming the offer is illegal in structure and unfair to smaller shareholders. The case goes to trial on 20-23 Sept and 27-28 Sept. (BT)
Tanjung CSI wins RM5m Petronas job
Tanjung Offshore’s unit Tanjung CSI SB has been awarded an RM5m contract by Petronas Carigali SB to revamp the distribution control system at the latter’s crude oil terminal and onshore slug catcher in Terengganu. The works are expected to be completed by May 2011. (BT)
Alam Maritim in deal with oil major
Alam Maritim Resources’ unit Alam Maritim (M) SB has mobilised one of its anchor handling tug supply vessels for a long-term charter contract with an established oil major for RM30.32m. The contract is for two years with an extension option of one year. Meanwhile, Alam Maritim Resources has signed a joint venture agreement with Pacific Crest Pte Ltd (PCPL) for a joint venture business and jointly own an accommodation work barge. Both companies will invest in the equity of a duly incorporated ship owning company under Labuan Offshore Companies Act 1990 known as Alam Radiance (L) Inc. ((BT, MalaysianReserve)
OSK Cambodian ops gets approval
OSK Holdings announced that the Securities and Exchange Commission of Cambodia has granted an approvalin- principle to OSK Indochina Securities Ltd (OSKISL), an indirect subsidiary of OSKH, to act as a securities underwriter in Cambodia. OSKISL is a wholly-owned subsidiary of OSK Indochina Bank Ltd, which is in turn, wholly owned by OSK Investment Bank (OSKIB), OSKIB is wholly-owned by OSKH. As a securities underwriter, OSKISL is permitted to advise on public offerings, to carry on underwriting, securities dealing, securities brokerage and investment advisory activities in Cambodia. (Starbiz)
Major shareholders bid for Kretam at RM1.43 a share
Kretam Holdings’ major shareholders are making a takeover bid for the Sabah based plantation company at RM1.43 per share, a 2.1% premium over yesterday’s closing price, after one of its substantial shareholder’s holdings exceeded the 33% mandatory general offer threshold. The takeover offer values Kretam at RM349m. The offerors are buying 49.89%, or 121.98m shares worth about RM175m, that they do no hold. (MalaysianReserve)
Axiata: UK's Cable&Wireless Worldwide secures Axiata contract. London-listed Cable&Wireless Worldwide has won a new deal from Axiata Group Bhd (Axiata) to support its growing Internet protocol (IP) capacity needs in Asia Pacific. Under a two-year agreement, C&W Worldwide will build and manage a new IP-based network in Singapore for four of Axiata?s operating companies. (Source: The Edge Financial Daily)
Construction: CIDB sees RM82b construction projects this year. The Construction Industry Development Board (CIDB) expects RM82.3b and RM70b worth of construction and infrastructure projects to be implemented in 2010 and 2011 respectively. (Source: The Star)
Iskandar: RM62b committed for Iskandar Malaysia. Iskandar Malaysia has attracted investments totaling RM62.3b up to June, surpassing the 2010 target of RM47b. Of these investments, RM24.9b are from the manufacturing sector, RM18.4b from properties, RM12.8b from utilities, tourism and others, while RM6.3b from the Government. (Source: The Star)
Khazanah: Issues SGD1.5b Islamic debt paper. Government investment arm Khazanah Nasional Bhd has issued the largest and longest-term sukuk, or Islamic bond, in Singapore of SGD1.5b (RM3.5b). The sukuk, with tenures of five and 10 years, was the largest Singapore dollar-based sukuk by a foreign issuer in the island-state and the first Singapore dollar sukuk issuance out of the Malaysia International Islamic Financial Centre (MIFC) initiative. (Source: Business Times)
MPHB to maintain 51% stake in Magnum. Multi-Purpose Holdings BHD (MPHB) intends to maintain its 51% stake in Magnum Corporation Sdn Bhd even if Magnum is relisted. MPHB said it will attempt to ensure that the 1st priority will be given to MPHB shareholders to participate in any potential offer for sale of CVC's portion. (Source: The Star)
Property: City Developments in talks to sell KL land. Singapore's property tycoon Kwek Leng Beng is in talks to sell a parcel of land in Jalan Bukit Bintang, Kuala Lumpur, which could possibly fetch a record price for a land deal in this country's history. It is understood that the selling price for the land, owned by Kwek's City Developments Ltd (CDL), is being negotiated for more than RM3,000 per sq ft. Contenders for the land are believed to be the owner of Pavilion Kuala Lumpur and the YTL group, both of which have sizeable assets along Jalan Bukit Bintang. (Source: Business Times)
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