Tahan: Nod for transfer of insurance business. Bank Negara Malaysia (BNM) has approved the scheme to transfer the general insurance business of Tahan Insurance Malaysia Bhd to Overseas Assurance Corp (Malaysia) Bhd. The transfer, a result of an open tender exercise, is due to be completed in the 4th quarter of this year. (Source: Business Times)
IOI: Still undecided on SMART supply. IOI Corp Bhd stopped buying palm oil from PT SMART three to four weeks ago, and is still undecided on whether to resume purchases after an environmental audit last week gave a mixed score card to the Indonesian planter, traders said yesterday. According to the audit results, the Indonesian palm oil giant had not destroyed primary forest, but had planted on greenhouse gas-rich peatland. (Source: Business Times)
MAS: To receive A380 in April 2012. Malaysia Airlines (MAS) has confirmed that it will take delivery of six A380-800 superjumbos from Airbus SAS. "We have concluded talks with Airbus and the first plane will be delivered in April 2012," MAS MD and CEO Tengku Datuk Azmil Zahruddin told reporters yesterday. (Source: Business Times)
PNB: Primed for KL property buys. Permodalan National Bhd's (PNB) asset management unit is in talks to buy commercial buildings in the heart of Kuala Lumpur as it seeks to provide assets for its property trust. PNB Commercial Sdn Bhd, which has RM1b of assets, plans to buy properties in the Golden Triangle area, improve their performance and sell them to PNB's real estate investment trust (REIT), Amanah Harta Tanah PNB. (Source: Business Times)
Samart, Axiata in Thai 3G talks
Thai telecoms group Samart Corp Pcl said on yesterday it had entered into talks with Malaysia's Axiata Group on plans to take part in Thailand's upcoming auction of third-generation (3G) mobile licences. Malaysia's No. 2 telecoms firm, Axiata, is the latest foreign company showing interest in the 3G auction scheduled for 22 to 28 Sept, a crucial step in reforming the USD4.7bn (USD1 = RM3.18) sector that could pave for foreign players to grab a bigger slice of the industry and change the way companies pay fees to the government. Leading Asian telecoms firms such as China Mobile Ltd and South Korea's SK Telekom Co Ltd have also expressed interest in the sector if the 3G plan goes ahead. (BT)
Puncak Niaga, India’s P&C in pipeline deal
Puncak Niaga Holdings has formed a 70:30 joint venture with Indian firm P & C Construction (P) Ltd to bid for a pipeline conveyance system project in Mangalore, India. This is part of its business expansion plans in India, Puncak said in a filing to Bursa Malaysia yesterday. The Mangalore Special Economic Zone Ltd will call for international tender of the project. (BT)
Order to restrain MTD Manila toll rate rise
MTD Capital’s wholly-owned MTD Manila Expressways Inc has received a temporary restraining order dated 13 Aug from the Supreme Court in Manila, the Philippines. The order restrains the toll rate increases at South Luzon Expressway effective immediately and will continue until further orders from the court. (BT)
BCorp and Kim Eng confirm talks
In an announcement to Bursa Malaysia yesterday, Berjaya Corp (BCorp) confirmed it is currently in talks with Singapore-based Kim Eng Holdings Ltd for the latter to take up a strategic investment in its stock broking arm, Inter-Pacific Securities SB (Inter-Pac). The diversified group said a detailed announcement would be made once the terms of the proposal have been agreed on. Kim Eng made a similar announcement yesterday evening, adding that a strategic investment in Inter-Pac may or may not proceed. (Financial Daily)
Ta Ann to partner Sarawak government in oil palm ventures
Ta Ann Holdings (TAH) has entered into two joint-venture agreements with the Sarawak state government to develop parcels of land with a gross total of 11,000 hectares for oil palm plantations in Sibu, Sarawak. In an announcement to Bursa Malaysia yesterday, TAH said its wholly owned unit, Ta Ann Plantations SB (TAP) on 13 Aug had entered into the agreements with Pelita Holdings SB (PHSB) to set up JV companies that will partner the native landowners for the oil palm projects. (Financial Daily)
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