Autos: Naza aims to locally assemble Chevrolets. Automotive group Naza, which is in talks with US giant General Motors (GM) to produce Chevrolet cars in Malaysia, aims to sell between 35,000 and 45,000 units by 2015. Naza is already engaged in early talks with GM on plans to assemble or even set up a manufacturing plant in Malaysia, group joint executive chairman and CEO Datuk SM Faisal SM Nasimuddin said. (Source: Business Times)
External reserves: Increased slightly in August. External reserves increased slightly in the second half of August 10 to RM311.3b (USD95.2b) as at 30 August 10 from RM310.8b (USD95.1b) on 13 August 10. The latest reserve amount is equivalent to 7.8 months of retained imports and 4.3 times short-term external debt. (Source: Bank Negara)
MAS: Ex-chairman Tajudin counterclaims RM500m from MAS. Former Malaysia Airlines (MAS) chairman Tan Sri Tajudin Ramli has served a statement of defence and counterclaim on MAS, seeking among others, damages of RM500m for defamation. According to MAS, Tajudin had alleged that he had been defamed by the actions of MAS, among others, in making a report against him to the Malaysian Anti-Corruption Commission (MACC). (Source: The Star)
Property: KLCC plans new RM2b properties. Cesar Pelli, the architect of the Petronas Twin Towers, will once again be casting his magic on the 100-acre KLCC site in a new development that is estimated to cost about RM2b. In this development on Lot 185 and Lot 167/K, he will be designing 2 additional towers of between 50 and 70 storeys next to Twin Towers. The two blocks, an office tower and a hotel will sit on a 4 storey podium retail block that will be integrated with the present 4 storey retail mall, Suria KLCC. This development would be undertaken by KLCC (Holdings) Sdn Bhd in a 50:50 joint venture with the Qatari Investment Authority. (Source: The Star)
UEM Group: Wins legal battle against former business partner Genisys. The UEM Group has won the legal battle against its former business partner Genisys Integrated Engineers Pte Ltd (GIE) after the Federal Court ruled in favour of the group yesterday. The Federal Court had reinstated the High Court's decision, which allowed UEM Group to wind-up the JV company, and instructed GIE to bear the legal costs dating back some 10 years ago. (Source: The Star)
Westports: On course for RM900m turnover. Westports Malaysia expects to chalk up revenue of close to RM900mil this year, driven by brisk business activities due to an improved global economic scenario. Westports expects to achieve a total container throughput of 5.4m TEUs (twenty-foot equivalent units) this year, which is about 30% higher than 2009. For the first six months of this year, he said the port had achieved over 2.6mTEUs. Westports is also embarking on a massive land reclamation project at its port premises, to build an additional two-km berth.The company is also looking at immediately building another 300m berth and a corresponding yard. (Source: The Star)
TM disposes of entire 15.4% Measat stake for RM252m
Telkom Malaysia (TM) yesterday announced it had accepted Measat Global Network Systems SB’s (MGNS) offer to acquire TM’s 60.02m shares in Measat Global for a total of RM252.1m. TM, the second largest share holder in Measat, held a 15.39% stake in Measat. Measat’s largest shareholder is MGNS, which is owned by tycoon T Ananda Krishnan, with a 59.56% stake. With acceptance from TM, MGNS would be holding about 75% of Measat and clears any doubts on the privatization of the satellite services provider. (Financial Daily)
Court orders Primus to release documents to respondents in RM1.12bn suit
The High Court here yesterday ordered Primus (M) SB to release certain documents sought by respondents in its RM1.12bn suit against the board members and certain shareholders of EON Capital (EONCap). Judicial Commissioner Varghese George Varughese, who sits at the new commercial courts here, made the order in chambers yesterday. According to a counsel in the case, Primus is required to provide the documents by 17 Sept, ahead of the hearing which is scheduled from 20 to 28 Sept. (Financial Daily)
Miti approves Kulim’s disposal of entire 91% stake in NatOleo
The Ministry of International Trade and Industry (MITI) approved Kulim (Malaysia) Bhd’s proposal to dispose of its entire 91.38% stake in Natural Oleo-chemicals SB to PGEO Group SB, a subsidiary of Singapore listed Wilmar International Ltd, for RM450m. In a Bursa filing yesterday, Kulim said Miti had also approved the abolishment of equity conditions imposed on NatOleo’s manufacturing licence. However, the application from NatOleo subsidiaries for a waiver of equity conditions pursuant to the proposed disposal is still pending Miti approval. (Financial Daily)
Court rules in favour of UEM in case against Genisys
UEM Group has won its appeal to set aside a court decision in ordering the government-linked company to buy out all 49% of shares of its joint venture company (JVC), with its Singapore partner involving RM81m. Justice Datuk Seri Md Raus Shariff, leading a three-man Federal Court panel, ruled that the Court of Appeal was in error when it ordered the buyout of the shares held by Genisys Integrated Engineers Pte Ltd (GIE) in order to avoid a deadlock. (Malaysian Reserve)
KLCC plans new RM2bn properties
Cesar Pelli, the architect of the Petronas Twin Towers, will once again be casting his magic on the 100-acre Kuala Lumpur City Centre (KLCC) site in a new development that is estimated to cost about RM2bn. Pelli is also involved in the design and architecture of retail and office block Lot C, to be completed next October. The 60- storey Lot C will be seamlessly integrated into the retail block of Suria KLCC, next to Mandarin Oriental. Hotel. (StarBiz)
K-Star proposes share split
K-STAR Sports Ltd has proposed to undertake a share split involving the sub-division of one existing share into three. In a statement to Bursa Malaysia in Kuala Lumpur yesterday, K-Star said following the exercise, its enlarged share capital will increase to 266.400m subdivided shares from 88.800m shares at present. It said there would not be a suspension in the trading of the shares on the exchange for the purpose of implementing the proposed share split. K-Star said the exercise is expected to enhance the liquidity and the marketability of the shares on the Main Market of Bursa Securities and would indirectly encourage a wider spread of public shareholders. (BT)
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