20100816 1157 Malaysia Corporate News.

BCorp to sell Inter-Pac to Kim Eng?
Tan Sri Vincent Tan, who has been actively unlocking asset values in his flagship Berjaya Corp Bhd (BCorp), is believed to be in advanced negotiations to divest part of the group’s equity stake in Inter-Pacific Securities Bhd (Inter-Pac) to Singapore-based Kim Eng holdings Ltd, sources said. An industry source said an agreement has been reached for BCorp to sell a 70% stake in Inter-Pac to Kim Eng after the latter completed the necessary due diligence. It is learnt that the deal would be in the form of cash plus a share swap, with a premium to be paid for the stock broking licence. However, details of the pricing are not known and it is believed that the parties have yet to sign on the dotted line. (Financial Daily)

Higher supply of power for peninsula
The Energy, Green Technology and Water Ministry is planning for the plant-up of an additional 2,000 MW of power, which is 400 MW higher than the amount originally sought from the Bakun dam. The Energy Commission hopes to identify the power company that will plant up an additional 1,000 MW of electricity by the end of January next year. The commission is still in the consultative process, evaluating the proposals submitted by three bidders for existing sites – Tenaga Nasional Bhd (Janamanjung), Malakoff Bhd (Tanjung Bin) and Jimah Power Sdn Bhd (Jimah). The winner of the bid has to ensure that the plant will be operational by the first quarter of 2015. The second plant can be a greenfield project which probably would take longer to plan, as it involves site investigations and compliance with environmental requirements. (Financial Daily)

DRB-Hicom’s Pekan plant to roll out 3 new VW models
Three new Volkswagen models are expected to roll out of the DRB-Hicom plant in Pekan, Pahang, thus strengthening the district’s position as a regional automotive hub. Prime Minister Datuk Seri Mohd Najib Razak said the assembly of CKD vehicle components of the renowned German brand would see the vehicles roll out of the plant by the end of first quarter of next year. He said the JV was agreed upon after his meeting with Volkswagen top officials during his overseas holiday recently. (Malaysian Reserve)

Boustead DCNS wins RM1.3bn submarine job
Boustead Heavy Industries Corp Bhd, the shipbuilding unit of conglomerate Boustead Holdings Bhd, has won a RM1.3bn contract to provide services for two Royal Malaysian Navy submarines. The six-year contract ending in November 2015, would see Boustead and its French partner, DCNS SA, provide the so-called “in service support” and spare parts as well as building the related facilities to maintain the Prime Minister Class Scorpene submarines, according to a statement from Boustead Heavy. The contract was given to Boustead Heavy’s subsidiary, Boustead DCNS Naval Corp SB, a joint venture with French defence firm, DCNS. (Malaysian Reserve)

Petra Energy wins Petronas contract
Petra Energy Bhd, through its wholly owned unit Petra Resources SB, has been awarded three work orders worth RM26.4m by Petronas Carigali SB. In a statement, Petra Energy said the orders were for the provision of hook-up and commissioning work of Petroliam Nasional Bhd’s (Petronas) offshore facilities in Sabah and Sarawak waters. It said they were for the Betty Revisit 4 Project, ERB West Development Project and SKO Pipeline Rejuvenation Project. The job had commenced on 8 April, 1 July and 22 July, respectively for varying term periods. (StarBiz)