AmFIRST REIT: AmFirst REIT buys land from FBSM. AmFirst Real Estate Investment Trust, is buying a plot of land with a five-storey office building in Cyberjaya from FBSM Holdings Bhd, an information technology service and systems provider for RM51.5m cash. (Source: Business Times)
Consumer: Navis bidding for Carrefour Malaysia, Singapore assets? A consortium led by a Malaysia-based private equity firm has joined a slate of bidders including French retailer Casino and Britain's Tesco, in bidding for some of Carrefour's Southeast Asian assets, sources said. Malaysia's Navis Capital Partners has bid for Carrefour assets in Singapore and Malaysia, sources familiar with the deal said. However, Navis declined to comment on the deal. (Source: Business Times)
DRB-Hicom: Raising volume in Pekan. DRB-Hicom Bhd, which inked a joint-venture agreement with a UK company on Wednesday to make sports cars in Malaysia, is moving towards adding more volume to its automotive complex in Pekan, Pahang. Furthermore, the move towards sealing an agreement with Volkswagen (VW) for the production of VW cars in Pekan has begun and the newly launched sub-compact model, Suzuki Alto, has seen orders grow where the waiting-list now is about 2 months. (Source: The Star)
MAS: MAE wins Air Mauritius maintenance deal. MAS Aerospace Engineering Sdn Bhd (MAE), a unit of Malaysia Airlines, has won a one-year deal to provide maintenance for eight aircraft of Air Mauritius. "This marks a breakthrough for us in the African aviation market, especially in capturing businesses from southern Africa," said MAS Senior GM, Engineering and Maintenance, Mohd Roslan Ismail. (Source: Business Times)
Property: IFRIC 15 implementation deferred. Malaysian Accounting Standards Board (MASB) has announced the deferment of IFRIC 15 implementation from July 1, 2010 to Jan 1, 2012. The much-debated accounting practice would have required developers to recognise revenue only on completion of projects (Source: The Malaysian Reserve)
Shin Yang: 30m shares traded off-market. Shin Yang Shipping Corp Bhd, had 30m shares traded off-market yesterday in a deal valued at RM33.2m. The block represents 2.5% of Shin Yang. The transaction occurred just days after Shin Yang secured a RM63.7m contract to provide an offshore accommodation workboat for DESB Marine Services Sdn Bhd. On the same day, Shin Yang also announced that the company and its associate units had won a 30-month freight contract worth 201.7 m Dirhams (RM73m) to deliver rock materials for Stevin Rock LLC in the United Arab Emirates. (Source: Business Times)
US stocks rise to extend biggest S&P 500 advance since July
US stocks rose, with the Standard & Poor’s 500 Index building on its biggest rally in almost two months, after retail sales improved, initial jobless claims fell and pending home sales unexpectedly increased. The S&P 500 increased 0.9% to 1,090.10 at 4 p.m. in New York, the biggest two-day gain since early July. The Dow Jones Industrial Average climbed 50.63 points, or 0.5%, to 10,320.10. Stocks rebounded yesterday from the biggest August plunge in nine years, with the S&P 500 surging 3%, as faster- than-estimated growth in manufacturing tempered concern that the global economy will slow as governments withdraw stimulus measures. The S&P 500 remains 10% below this year’s high in April amid concern that a slowdown in the economic recovery is harming the profitability of its companies. (Bloomberg)
SapuraCrest wins deals worth USD134m
SapuraCrest Petroleum was awarded two contracts totaling USD134m through two of its units. One award was from Carigali Hess Operating Company SB and Carigali PTTEPI Operating Company SB for the deployment to and utilization by these companies of the drilling rig known as the “T-6”. Another unit was awarded a bareboat charter from Seadrill UK Ltd for the bareboat charter of the T-10 to Seadrill UK. (BT)
SunCity to buy stakes in Sunway Lagoon for RM128.6m
Sunway City (SunCity) has signed share sale and purchase agreements with Datuk Lim Say Chong and Oh Kim Sun respectively for the proposed acquisition of their stakes in Sunway Lagoon SB. In a statement to Bursa Malaysia, SunCity said the proposed acquisition represents a total of 45% equity interest in Sunway Lagoon and cost RM128.6m. Sunway Lagoon is an established world-class theme park and recreation destination. It holds 49.2ha in Bandar Sunway and 46ha in Sydney, Australia. "By owning 96% of Sunway Lagoon and with the same management effort, SunCity will have greater share of the future earnings of the Sunway Lagoon group," it said. The company said the proposed acquisition would be funded via internal funds. (Bernama)
PPB to invest USD50m on 2 flour mills abroad
Diversified PPB Group, controlled by tycoon Robert Kuok, plans to open two flour mills with a combined investment of USD50m (RM157m) to expand its flour, grain trading and animal feed milling division. Managing director Tan Gee Sooi said the mills will be in Indonesia and Vietnam to take advantage of the countries' burgeoning population with the capacity to process 1,000 tonnes and 500 tonnes of flour per day, respectively "We are now talking to the state authorities, undertaking a feasibility study and scouting for the right location. "We expect to open the Indonesian mill by next year and the Vietnamese mill by next year or 2012," Tan said at the company's half-year results briefing in Kuala Lumpur yesterday. (BT)
PKNS to own 30% of AmanahRaya REIT after injection of properties, shares
Selangor state investment arm Perbadanan Kemajuan Negeri Selangor (PKNS) is to emerge as the second largest shareholder of AmanahRaya REIT (ARREIT) with a 29.9% stake. This is through injecting three of its properties in Klang Valley into ARREIT in exchange for new shares and cash, and the acquisition of some existing shares from ARREIT’s current major shareholder Kumpulan Wang Bersama (KWB), a fund managed by Amanah Raya (ARB). (Financial Daily)
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