UMW's drilling rig contract faces delay
UMW Holdings said its USD183.12m (RM571.33m) contract to provide its Naga 2 jack-up drilling rig has been delayed by a month as the parties are finalising the documents. It expects the contract to be done before the end of September 2010 from the end of August before, UMW said in a statement to Bursa Malaysia. The rig is meant for the Pangkah WHP-B Development Drilling Programme in the Ujung Pangkah Field located in the Pangkah PSC - Offshore, East Java, Indonesia. (BT)
Hearing date for EONCap petition set
The hearing of the petition filed by EON Capital’s (EONCap) single largest stakeholder, Primus (Malaysia) SB, has been set on 20 Sept to 23 Sept and 27 Sept and 28 Sept this year. Primus had filed a lawsuit against EONCap’s directors on 21 June in an attempt to stop the lender from being taken over by bigger rival Hong Leong Bank. Primus claims that Hong Leong’s takeover offer is unlawful in the way it is structured, and that EONCap’s directors had not acted in the best interest of the bank. Yesterday, the company had erroneously announced that the trial petition would be held in September on the 20th till the 23rd and the 28th and 29th. (BT)
Tenaga signs renewable energy pact
Tenaga Nasional has signed three agreements with three parties for the supply of electricity generated by renewable energy for 21 years. The agreements, under its Small Renewable Energy Power (SREP) Program, are expected to cost TNB RM37.7m annually. The agreements are between TNB and Garisan Etika (M) SB for 10 megawatt (MW), TNB and Maju Intan Biomass Energy SB for 10MW and TNB and Felda Palm Industries SB for 0.5MW. The SREP Program was launched by the government in May 2001 to promote the usage of renewable energy in power generation, and to reduce emission of greenhouse gases. To date, the total capacity under the renewable energy power purchase agreement is 108.15MW. (BT)
Petronas to list Petronas Chemicals
Petroliam Nasional (Petronas) is looking to list its petrochemical arm Petronas Chemicals Group on Bursa Malaysia’s Main Market, with the national oil corporation remaining as Petronas Chemicals’ controlling shareholder following the initial public offering (IPO). Petronas Chemicals, which is the umbrella company for Petronas’ 22 petrochemical-related companies, has an authorized share size of 15bn shares and an authorized share capital of RM1.5bn. The final retail price will be determined after the institutional price is fixed on the price determination date and will equal the lower of the retail price and a percentage of the institutional price. Meanwhile, Business Times reported that Petronas Chemicals Group (PCGB), one of the largest petrochemicals producer in Southeast Asia, plans to grow by expanding its production capacity and carrying out selective acquisitions in the mid-to-long term. (BT, FInancialDaily)
Berjaya may buy CMP shares
Berjaya Assets may take up an equity stake in Central Malaysia Properties SB (CMP), the developer of a RM4bn integrated waterfront development project in Johor Bahru. Berjaya Assets said, CMP had invited it to take up a stake in the company. Chairman of Berjaya Group, Tan Sri Vincent Tan Chee Yioun owns a 60% stake in CMP, while the remaining 40% is held by CMP managing director, Datuk Chan Tien Ghee. The response was in relation to a news report, which came out over the weekend, on plans for Berjaya Assets to take over the project. (BT)
SEAL to lease Penang premises to AEON
Seal Incorporated’s (SEAL) subsidiary, Seal Lifestyle Development SB, has agreed to lease out the shopping centre building together with car parks in Bayan City, Bayan Baru in Penang to AEON Co (M). Seal lifestyle would rebuild the property according to the design and specifications of AEON, for a total development cost of RM146m. Upon obtaining the certificate of completion and compliance, Seal Lifestyle would lease the property to AEON to operate a shopping centre there. The lease would be for an initial term of 10 years with an option of three renewal terms of five years each. (FInancialDaily)
Zelan sells 22% stake in IJM to focus on projects
Engineering and construction group Zelan unanimously obtained shareholder approval for the disposal of 30m ordinary shares held in IJM Corp, which was tabled at the company extraordinary general meeting (EGM) held yesterday. The price of the disposal that represents 22% of the issued and paid-up capital of IJM Corp will be determined at a later date at open market prices or through business transaction by the company. At yesterday’s close of RM5.13 for IJM Corp shares, the disposal would be valued at about RM153.9m. (Malaysian Reserve)
Petra Energy objects UPOIC’s application Petra Energy said that in its arbitration proceedings by United Palm Oil Industry Public Co Ltd (UPOIC), the latter had sought to amend their Points of Claim and to increase their claim for damages and penalty from USD11.26m to USD21.58m. Petra Energy had objected to UPOIC’s application to the Tribunal. On 3 Sept, the arbitration tribunal informed that it was allowing UPOIC’s application to amend their Request for Arbitration subject to certain terms. Petra Energy said the date for the arbitration hearing was fixed from 6-9 Dec. (StarBiz)
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