20100823 1025 Malaysia Corporate News.

MAS to receive 35 Boeing 737-800 by Oct 2011
Malaysia Airlines (MAS) will be operationally more efficient to handle faster turnaround when it takes delivery of 35 new generation Boeing 737-800 within one year. The first three aircraft would be delivered this year, with the first one arriving in October and the rest in stages until October next year. The fuel efficient 737-800 with the capacity of 150 seats is bigger than B737-400 and is set to replace MAS’ ageing fleet and expand its operations. (Malaysian Reserve)

Syed Yusof buys into Vasseti, which is launching its broadband service today
Businessman Tan Sri Syed Yusof Syed Nasir has bought a 30% stake in Vasseti Bhd, which is expected to launch its 1Gbps (gigabit per second) fixed line broadband service offering for residential users in select areas today. With a paid-up capital of RM15m, Vasseti has business interests in telecommunications and information technology, plantations, construction, tourism, real estate and human resource outsourcing services. Its other shareholders are Ranjeet Singh Sidhu and Datuk M. Harisharan Pal Singh. Vasseti’s journey into telecoms began early this year when it undertook a corporate exercise to buy 80% equity stake in V Telecoms Bhd, which has a paid-up capital of RM502m. V Telecoms holds network facilities provider and NSP network services provider licences. Yusof said V Telecoms had thus far invested RM500mil to build a fibre optic network that spanned the length of Peninsular Malaysia (StarBiz)

Technip plans to buy 8-10pc stake in MHB
In an announcement on Bursa, it was mentioned that MISC Bhd has signed a binding term sheet with Technip Societe Anonyme (Technip) in relation to the strategic investment by technip of between 128m ordinary shares of RM0.50 each in MHB and up to a maximum of 158.4m MHB shares, representing between 8 to 9.9 per cent of the enlarged issued and paid-up share capital of MHB upon the Proposed Listing. Technip would also pay a 2 per cent premium over the institutional price. As part of the deal, it cannot sell the stake in the first three years of the IPO’s completion, without agreement from MISC. (Bursa Malaysia, BT)

HSL wins RM47m road project
Hock Seng Lee Bhd (HSL) has secured a RM47.1m road project in Sarawak Corridor of Renewable Energy (SCORE) from Sarawak Timber Industry Development Corp (STIDC). This brings to a total of RM262m worth of contracts the company has been awarded this year. The proposed road will link Serdeng junction with Bandar Baru Tanjung Manis and connect the halal park and Kampung Rajang in Mukah Division. The project will traverse low-lying coastal terrain and involve the construction of two reinforced concrete bridges and several culverts over minor waterways. HSL managing director Datuk Paul Yu Chee Hoe said the project contract was 24 months and HSL was expected to possess the site next week. (StarBiz)

 IJM Plantations plans RM200m capex this year
IJM Plantations Bhd plans to spend RM200m on capital expenditure (capex) for the current financial year ending 31 March, 2011, with the bulk for the expansion of its landbank in Indonesia. Chief executive officer Joseph Tek Choon Yeo said this year. it would focus on expanding its estate size in Indonesia and improving its existing infrastructure in Sabah. “We are allocating about RM160m for the expansion of planting activity in Indonesia and RM40mil for our Sandakan and Sugut operations, which we intend to improve the housing and facilities there,” he said after the company’s AGM yesterday. (StarBiz)

Hopetech eyes listing in 2011
Hopetech SB, a company that provides revenue collection systems for highway tolls, is eyeing to list on the local stock exchange some time next year as it seeks new funds for expansion plans. Hopetech managing director Hairul Ridza Hayata said it is currently in talks with investment bankers, and expects to submit an application to the authorities within two months. "The plan is to initially list in the ACE Market, and we hope that within one to two years, we will transfer our listing status to the main market," said Hairul in a Business Times interview in Kuala Lumpur recently. For the first half ended 30 June, the company posted revenue of RM58m and a net profit of about RM13m, more than what the company did for the entire 2009. Currently, about half of the company's sales come from businesses in Malaysia, while the other half from overseas, such as Indonesia, the Philippines, Thailand as well as India. Part of the company's growth strategy moving forward is to have a bigger role in the Indian market. (BT)