Window for TM to exit Measat
Telekom Malaysia (TM) stands to book a one-off profit of around RM100m if it chooses to part with its 15% stake in satellite service provider Measat Global, analysts said. This was based on estimates that TM had written down its investment in Measat to around RM2.50 per share since 2003. TM owns about 60m shares in Measat. Measat’s shareholders have announced plans to take the company private at a price of RM4.20 per share. If TM sells its Measat stake, it would gain a gross figure of RM252m. Compared with the written-down price of RM2.50 per share, or RM150m this gives a gain of over RM100m. (StarBiz)
No offer to buy out Epic stake: AZRB
Ahmad Zaki Resources (AZRB) has not been approached by state-controlled Terengganu Inc SB to buy out its 21.3% stake in Eastern Pacific Industrial Corp (Epic), a top company official said yesterday. Sources close to AZRB said that if and when there was an offer, it would let the shareholders vote on it at a special shareholders' meeting. "Epic is a strategic stake for us and has provided us good returns," one of the sources said. In its annual report, AZRB said that its investment in Epic had contributed generously to the group's earnings, with an RM8.9m profit. (BT)
Genting’s US racino may cost US$730m initially
Genting group’s US racino project could see an initial investment of about USD730m (RM2.3bn), consisting of a USD380m upfront licensing fee and an initial capital expenditure between USD300m and USD350m, according to RAM Ratings. The proposed gaming venture would have a limited impact on Genting’s credit profile, said the rating agency. Genting New York LLC (Genting NY), an indirect wholly owned subsidiary of Genting Malaysia (GenM), was unanimously recommended by the New York Lottery evaluation committee on 3 Aug for the rights to develop and operate a video lottery facility at the Aqueduct Racetrack in New York. (Financial Daily)
HLBB’s RM700m debt issuance oversubscribed
Hong Leong Bank’s (HLBB)RM700m Tier 2 subordinated debt (sub debt) issuance completed yesterday saw a final book that was more than 8 times oversubscribed with a total order exceeding RM5bn. The final pricing came in well within the lower end of the initial price guidance of 4.85%-5.05%, Hong Leong group managing director Yvonne Chia said. Proceeds from the exercise will be channeled for working capital purposes and will reinforce the bank’s capital adequacy following the redemption of the USD200m (RM636.3m) sub debt on 3 Aug, it said in a filing to Bursa Malaysia yesterday. (Malaysian Reserve)
Bandar Raya still in talks to sell Mieco stake
Mieco Chipboard informed Bursa Malaysia yesterday that its major shareholder, Bandar Raya Developments (BRDB), was still in preliminary and exploratory discussions with a Chinese party on selling its stake in Mieco to the latter. On 9 Aug, a news report stated that BDRB was in talks with a Chinese party to hive off its 56.76% stake in Mieco. BRDB informed Mieco that it had recently met a Chinese party to discuss a potential collaboration between Mieco and the Chinese party in production and marketing of chipboard and related products, including the possibility of the Chinese party participating in the equity of Mieco in the future. (StarBiz)
Khazanah sells more CIMB Niaga shares
Khazanah Nasional has given notice to CIMB Group Holdings (CIMB) its intention to sell another 615.998m Class B shares, or 2.57% of issued and paid-up shares in CIMB Niaga, for IDR50 each. In a filing with Bursa Malaysia yesterday, CIMB said it will in turn issue 268m shares of RM1 each to Khazanah as consideration for the stake in the Indonesian bank. The transfer of the block of Class B shares in CIMB Niaga will mean that a total of 4.71bn shares will be acquired by CIMB for IDR5.44trn (RM1.92bn). (Malaysian Reserve)
Bolton buys land in Gombak
Bolton’s subsidiary is buying a 9.2 hectare plot of land in Gombak, Selangor from LP Heights SB, for RM72m. Ketapang Realty SB. plans to seek approval for the layout amendment of the land to allow the development of gated and guarded community comprising of three-storey semi-detached houses and three-storey bungalow houses. Currently it has approval for 184 residential units, comprising of 36 units of semi-detached houses, 88 units of terrace houses and 60 units of town villas. The proposed development, with a gross development value of RM220m, is expected to generate RM45m in gross development profit for the subsidiary. The development costs will be financed through internal funds and bank borrowings. (BT)
AZRB: No offer to buy out EPIC stake. Ahmad Zaki Resources Bhd (AZRB) has not been approached by state-controlled Terengganu Inc Sdn Bhd to buy out its 21.3% stake in Eastern Pacific Industrial Corp Bhd (EPIC). "EPIC is a strategic stake for us and has provided us good returns," one of the sources said. (Source: Business Times)
Gaming: Tycoons Kuok, Yeoh won't join bid for casinos. Tycoons Tan Sri Robert Kuok and Tan Sri Francis Yeoh said they don't plan to join a bid for Philippine Amusement & Gaming Corp, contradicting San Miguel Corp president Ramon Ang who said they may make a joint offer. (Source: The Star)
Lafarge: Pick-up in cement demand seen in H2. Lafarge Malayan Cement Bhd is optimistic that local cement demand will grow slightly in the 2nd half of the year on expectations of more robust implementation of ongoing and new infrastructure projects, said president and CEO Bi Yong Chungunco. Some of the upcoming projects include Second Penang Bridge, the double track railway project and the low cost carrier terminal at the KL International Airport. (Source: The Star)
Proton: Sees 50% export jump. Proton Holdings Bhd expects its exports to increase 50% to over 30,000 cars from just over 20,000 in the year ended March 2010. This will be driven mainly by the Chinese market, where Proton currently has a pact with local company Jinhua Youngman Automobile Group Ltd (Jinhua). (Source: Business Times)
Southern Steel: SC rejects HwangDBS as independent adviser to SSB takeover. The Securities Commission has rejected HwangDBS Investment Bank Bhd?s appointment as the independent adviser in relation to the takeover offer by Signaland Sdn Bhd to acquire all the remaining shares in Southern Steel Bhd (SSB) for RM2.05 per share. (Source: The Edge Financial Daily)
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