20100812 1202 Malaysia Corporate News.

Naza brothers may be looking at Jetson exit
The Naza brothers are studying the options of an exit strategy as the brothers were not happy with recent developments. SM Nasarudin SM Nasimuddin, the elder of the siblings, told BT that he did not wish to make a comment at this point in time. Mohd Najib, an independent director of Kumpulan Jetson, had resigned and then retracted his resignation. It was reported also that the previous controlling stakeholder in Jetson wanted to regain control of the company as it was on the verge of getting a major project abroad. Yesterday, Jetson announced the appointment of Lee Chee Hoe as executive director. He is the chief executive officer of Jetson's construction arm, Jetson Construction SB. Last year, the Naza brothers, SM Nasarudin and SM Faliq SM Nasimuddin, bought 33.2% of Jetson for RM12.3m. (BT)

WCT aims to add 2 hotels to portfolio by 2014
WCT, a leading construction and property development company, plans to own and manage two hotels within the next four years. It will open its maiden hotel in Klang, Selangor, under the Première brand name on 10 Oct. The hotel is part of the RM145m BBT-One Tower and the Boulevard project developed by WCT. BBT Hotel SB director Eddie Tan said Première, the newest addition to the WCT portfolio, will be one of the main contributors to its hospitality division. BBT Hotel, known as Smart Seasons SB until September 2006, is a subsidiary of WCT. (BT)

Swee Joo in deeper financial trouble over low cash reserves, vessels charter
After embarking on its fleet expansion strategy for the FY ended 30 Sept 2009, Swee Joo is now in deeper financial trouble than expected as it is unable to lease out its newly-acquired ships due to soft market conditions, according to sources. The loss-making shipping services company took delivery of 10 new vessels in FY09, according to its latest annual report, which it said was to “give (its) fleet a wide variety of ships and flexibility to cater to the diverse needs and expectations of customers through the right mix of vessels for the right routes”. (Financial Daily)

Multi Vest proposes capital reduction
Multi Vest Resources (MVest, which is changing its name to Pinehill Pacific) has proposed to pare down its accumulated losses via the reduction of its entire share premium account and the cancellation of half of the par value of its share of RM1 per share to 50 sen each. As at 30 June 2009, its paid-up capital stood at RM149.8m comprising 149.8m shares, while its share premium account stood at RM200.61m. Its accumulated losses stood at RM321.6m and RM302.4m at the company and group levels respectively, as of the FY ended 30 June 2009. (Financial Daily)

Yee Lee wins Red Bull distributorship
Yee Lee Corporation has won the non-exclusive right to distribute Red Bull energy drinks within Malaysia and its respective borders. The company told Bursa Malaysia yesterday that its wholly owned subsidiary Yee Lee Trading Co SB, has inked a distribution agreement with Red Bull Asia FZE for the distributorship deal. The deal gives Yee Lee the non-exclusive right to distribute and market Red Bull Energy Drink and Red Bull Sugarfree. (Financial Daily)