Stocks drop after sharp fall in July home sales
Stocks are closing lower after another disappointing report on housing renewed worries about the economy. The Dow Jones industrial average lost 134 points on Tuesday following news that sales of previously occupied homes fell last month to their lowest level in 15 years. The Dow dipped below 10,000 pts for the first time in seven weeks. The yield on the two-year Treasury note reached another record low. According to preliminary calculations, the Dow fell 134, or 1.3%, to 10,040. The Standard & Poor's 500 index fell 15, or 1.5%, to 1,052, while the Nasdaq fell 36, or 1.7%, to 2,124. Three stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.2bn shares. (Associated Press)
QL Resources allocates RM400m capex
Agro-based food manufacturer QL Resources has set aside RM400m in capital expenditure (capex) over the next two years, mainly to upgrade existing plants and machinery, and to develop new plants in Vietnam and Indonesia. Managing director Chia Song Kun said the investment would be used to further beef up its core businesses, namely integrated livestock farming, marine product manufacturing and palm oil activities. (Malaysian Reserve)
TNB to build coal-fired power plant in Manjung
Tenaga Nasional (TNB) has been given the go ahead by the Malaysian government to expand its generation capacity at Manjung, Perak, by another 1,00MW. The national power generator and transmission company announced that the coal-fired project will be undertaken on a build, own and operate basis with commissioning of the facility set for March 2015. TNB currently owns and operates a coal-fired 2100MW (3x700MW) facility on a man-made island at Manjung via its wholly-owned unit, Tenaga Janamanjung SB. (Malaysian Reserve)
IJM Land to launch properties worth RM1bn
IJM Land expects to launch new properties with a total gross development value (GDV) of RM1bn to RM1.2bn in the financial year ending 31 March (FY11), said chief executive officer and managing director Dauk Soam Heng Choon. “With the outlook of the property market looking more positive this year, we expect to launch a list of new properties during this financial year. Since April, we have already launched properties with a GDV of RM500m.” (StarBiz)
YTL’s Wessex may drop out of Klang River project
YTL Corp’s Wessex Water Ltd may no longer participate in the multi-billion ringgit project to rehabilitate and develop the polluted Klang River, sources said. Britain-based Wessex is a water treatment and sewerage specialist, which together with property developer I-Bhd, had been part of consortium bidding for the Selangor government project. It is understood that Wessex, together with another consortium and a company, had been chosen to work on different aspects of the project. The other consortium is TSS-Mako Engineering SB while the company is GJA Engineering & Construction SB. (StarBiz)
Firefly buys another 3 ATR72-500s
Malaysian Airline System subsidiary FlyFirefly SB (Firefly) will increase its present turboprop fleet with the purchase of three additional ATR72-500s, two which will be delivered in December 2010 and the third in January 2011. In a statement yesterday, Firefly said the latest purchase would increase its total turboprop fleet to 10. The new aircraft will enter into service one month from delivery date. (Financial Daily)
GenM minorities okay UK casinos buy from sister company
Genting Malaysia’s (GenM) minority shareholders yesterday approved the company’s proposed acquisition of the UK casino businesses from its sister company, Genting Singapore Plc. GenM’s major shareholder Genting and the parent group’s chairman and chief executive Tan Sri Lim Kok Thay (holding 0.28% of Genting Malaysia) did not vote at the EGM yesterday, being deemed interested parties in the transaction. (Financial Daily)
Bond: IDB to list USD3.5b sukuk bonds in KL and London. The Islamic Development Bank (IDB) will dual list USD3.5b of its sukuk bonds in Kuala Lumpur and London by the year-end. Of this amount, USD1.1b has already been issued to investors. (Source: The Star)
CIMB: Biggest stock in M'sia at RM58b. CIMB Group Holdings Bhd consolidated its position as the biggest stock on Bursa Malaysia for a second day, ahead of close rival Malayan Banking Bhd (Maybank), amid some mild selling pressure yesterday. (Source: The Star)
JCorp: Muhammad Ali: I made the decision to quit JCorp. The speculation on the immediate resignation of former president and CEO of Johor Corp (JCorp) ended on Tuesday, Aug 24 when Tan Sri Muhammad Ali Hashim revealed he was the one that made the decision. He said the decision was made due to the current environment that is not conducive for him to stay on. (Source: The Edge Financial Daily)
K-Star: Looks to raise funds. K-Star Sports Ltd, one of the China-based companies listed on Bursa Malaysia, is looking at a few options to raise funds for future expansion plans. It is looking at options such as rights issue, share placement and even a dual listing in Taiwan. (Source: The Star)
MAS: Firefly to double ATR fleet to fuel expansion. Turboprop operator Firefly is looking to double its fleet of ATR 72-500 aircraft from 7 to 14 by 2012. Firefly managing director Datuk Eddy Leong yesterday announced that the airline will be taking delivery of 3 more planes between December this year and January 2011. (Source: Business Times)
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