Axis REIT: Eyes RM200m commercial assets. Axis REIT Managers Bhd (ARMB) plans to buy a cluster of commercial assets worth more than RM200m in Petaling Jaya and Shah Alam to expand its portfolio. CEO Stewart LaBrooy said it will place out about 20% of its current fund size to raise up to RM160m for the acquisitions. Its latest deal is to buy Tesco hypermarket in Johor, Axis Technology Centre in Petaling Jaya and Axis PDI Centre in Klang worth RM200m. (Source: Business Times)
Daya Materials: Signs JV with Singapore parties to tap O&G sector. Daya Materials Bhd is teaming up with 2 Singapore-registered companies to venture into the provision of services and equipment for companies involved in exploration in the oil and gas (O&G) industry. Its unit, OCI Energy Sdn Bhd, yesterday signed a JV agreement with Sheffield Offshore Services Pte Ltd and Ascent Offshore (Singapore) Pte Ltd. The estimated initial capital contribution by OCI for the project was RM51,000 for a 51% stake while the remaining 49% would be held by Ascent. (Source: The Edge Financial Daily)
IJM: Eyes another RM2b in its order book. IJM Corporation Bhd which already has an order book of RM3.6b is looking to add another RM2b worth of jobs into its stable in the current financial year ending March 31, 2011. (Source: The Edge Financial Daily)
MMC and Zelan: To jointly bid for 10MP infrastructure projects. MMC Corporation Bhd has entered into a JV agreement with Zelan Bhd to bid for infrastructure projects under the 10th Malaysia Plan (10MP). The JV is named MMC Zelan Sdn Bhd, with MMC having a 60% stake and Zelan the remaining 40%. (Source: The Edge Financial Daily)
Technology: Seagate unveils world's first 3 terabyte external drive. Seagate announced Tuesday the world's 1st 3 terabyte (TB) external desktop drive. With 3TB of capacity, people can store up to 120 HD movies, 1,500 video games, thousands of photos or countless hours of digital music. (Source: The Edge Financial Daily)
Yinson: Going big into marine haulage. Logistic operator Yinson Holdings Bhd is going big into marine haulage business by investing RM70m to buy a platform supply vessel (PSV) this month through its subsidiary Yinson Marine Service Sdn Bhd (YMS). The Singapore-made PSV will be leased to PetroVietnam Technical Services Corp, a subsidiary of state-owned Vietnam Oil and Gas Group. (Source: Business Times)
MMC: Harbour construction tender at Jazan City aborted
MMC Corporation said yesterday the tender for the harbor construction at Jazan Economic City (JEC) in Saudi Arabia has been aborted due to impending change to the Jazan Oil Refinery’s location as requested by Saudi Aramco. “The port location will likewise be changed accordingly. Details are being studied to finalize the changes,” it said. In a filing with Bursa Malaysia Securities yesterday, MMC said the discussions leading to a decision for the power plant to be developed by Saudi Electricity Company and the desalination plant by Saline Water Conversion Corporation of Saudi Arabia were ongoing. (Financial Daily)
Cocoaland finds ‘sweet’ partner in F&N
In yet another move that signals more mergers & acquisitions in the food industry, Fraser and Neave Holdings (F&N) will take up a 23.08% stake in Cocoaland Holdings, sources say. Cocoaland is Southeast Asia’s largest producer of fruit gummies and one of Malaysia’s leading manufacturers of snacks and chocolate products. The company produces Koko Jelly, Rotong, Mum’s Bake and Lot 100 gummies, as well as Ribena pastilles for GlaxoSmithKline and Sugus gummies for the Wrigley company. (Financial Daily)
UDA in talks with Pudu JV partners
UDA Holdings is talking to a few joint-venture partners to develop the former Pudu jail site and the 22-acre land next to it, but UDA will remain the sole master developer. The project is estimated to cost about RM5bn. UDA chairman Datuk Nur Jazlan Mohamed said: “We will try to keep it at RM5bn.” (StarBiz)
Axiata to pay maiden dividend in fiscal 2011
Axiata Group, which owns Malaysia’s second-largest telecommunication company, plans to pay its maiden dividend in 2011 even as growth may slow down in the second-half this year. For a start, Axiata announced a policy to return at least 30% of its net profit as dividends to shareholders with the payout ratio to be increased progressively over time, said Axiata president and group CEO Datuk Seri Jamaludin Ibrahim at a press conference in Kuala Lumpur. (Malaysian Reserve)
Project rollout too slow, say builders
"In the last four quarters, the total value of new construction projects awarded has declined," newly-elected MBAM president Kwan Foh Kwai said. Bank Negara Malaysia's statistics indicate that the construction sector registered 8.7% growth in the first quarter of this year, but it slowed to 4.1% in the second. "If we're not vigilant, the construction sector's growth will continue to slow down, stagnate or, worse, shrink like in 2004, 2005 and 2006," he said. (BT)
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