Hock Seng Lee wins RM99m road job
Hock Seng Lee has won a contract worth RM98.7m from AF Construction SB to build the Gedong-Simunjan Road in Samarahan, Sarawak. The scope of works includes earthworks, road, drainage, bridges and other related works. The project is expected to be completed by March 2013 and contribute positively to the company’s earnings up to financial year 2013. (BT)
Genting’s UK casino price up on lower net debt
Genting Malaysia’s acquisition price of a casino business in the UK from Genting Singapore plc would be increased to £351.5m from £340m. The revised acquisition cost was due to the lower net debt position of £74.4m as at 20 June compared with the net debt amount of £85.9m as at 31 May. In accordance with the terms of the sales and purchase agreement, the purchase consideration will be revised by the net debt difference from £340.0m to £351.5m to reflect the reduction in net debt. Genting Malaysia had on 20 Sept obtained approval from the British Gambling Commission for the proposed acquisition. (Starbiz)
HELP in talks with Singapore group
HELP International Corp announced that it is in talks with a Singapore-based education provider to offer joint programmes there. The education service provider said the venture could involve an investment by HELP in the Singapore entity. The company also said it is considering various fund raising options for its business expansion, without stating if that included a secondary listing in the island republic. (MalaysianReserve)
MISC unit MHB expected to be listed at RM3.80 a share
MISC is expected to list subsidiary Malaysian Marine and Heavy Engineering (MHB) on the main market of Bursa Malaysia by the end of next month at an indicative price of RM3.80 per share. MISC shareholders, had approved the proposed initial public offering (IPO), which includes an increase in authorised share capital, a share split, a dividend and bonus issue, an offer for sale and a public issue as part of the listing exercise. According to the MISC circular to its shareholders, the IPO is expected to raise up to RM2.1bn, with MHB's market capitalisation being RM6.08bn upon listing. From the total gross proceeds, about RM995m - which is from the public issue - will directly go to MHB's coffers. MISC, meanwhile, expects to receive up to RM1.16bn from the strategic investor allocation and proposed share sale to institutional investors. Last month, MISC - the shipping arm of Petroliam Nasional (Petronas) - had agreed to sell up to 9.9% of the enlarged issued and paid-up capital of MHB to French oil and gas engineering group Technip under the IPO. MISC intends to utilise more than four-fifths of the proceeds for capital expenditure to buy new petroleum tankers, while the remaining for working capital and other expenses. (BT)
Berjaya Food releases IPO prospectus exposure
Tan Sri Vincent Tan’s plan to list Berjaya Food (B-Food) took another step forward when its prospectus exposure was published on the Securities Commission website yesterday. According to the prospectus exposure, the vendor is offering 35.84m shares of 50 sen each, or 25.35% stake in B-Food, via its initial public offering (IPO) exercise. The tranche consisted of 3.53m shares to be offered to the Malaysian public, 3.53m shares to the bumiputra public, 9.73m shares for private placement to selected investors, and 14.13m to bumiputra investors approved by the Ministry of International Trade and Industry. (FinancialDaily)
CIMB seeks 6-month extension for Thai listing
CIMB Group Holdings is seeking a six-month time extension to complete its proposed dual listing on the Stock Exchange of Thailand. Malaysia’s second largest lender said it has sent its request to the Securities Commission without giving reason for the extension request. (MalaysianReserve)
AirAsia: May fan price war in Japan skies. AirAsia, the first international budget carrier to fly to Tokyo's Haneda airport, plans to kick off service with USD58 (USD1 = RM3.10) flights between Tokyo and Kuala Lumpur and said it could expand to three more Japanese airports. In a move that could pour fuel on increasing price competition over Japan's skies, the 5,000 yen (100 yen = RM3.62, RM181) flights are on offer from December until July next year, after which prices will start at 10,000 yen (RM362), with premium lie-flat seats costing 48,000 yen (RM1737.6). (Source: Business Times)
Airlines: Sharp rebound by global airlines seen. The International Air Transport Association (IATA) has almost tripled its global airline profit forecast for 2010, but warns that this could be the last time it does it. "2010 is as good as it gets. We look to be at the peak of the cycle, and 2011 looks to be a tougher year, for the simple reason of the big economic picture." "Governments are running out of cash for pump priming. Unemployment remains high and business confidence is weakening. And we expect the 3.2% gross domestic product growth of 2010 to drop to 2.6% in 2011," IATA director-general and CEO Giovanni Bisignani said. (Source: Business Times)
Autos: Syed Hafiz is Naza Kia's new COO. Naza Kia Sdn Bhd, the local distributor of Kia Motor vehicles, has appointed Datuk Syed Abdul Hafiz Syed Abu Bakar, former MD of Perusahaan Otomobil Kedua Sdn Bhd (Perodua), as its new COO. Syed Hafiz will assume the position on October 1 2010, replacing Datuk Syed Hisham Syed Wazir who left Naza Kia at the end of last month to join UMW Holdings Bhd as its president and CEO. (Source: Business Times)
Plantation: Premium Renewable to build RM124m plant. Premium Renewable Energy (Malaysia) Sdn Bhd will spend USD40m (RM124m) to build a rapid thermal process (RTP) bio-oil plant near Lahad Datu, Sabah in 2011. Dubbed as first of its kind in Malaysia, the plant will use oil palm biomass as feedstock in partnership with one of the country's largest plantation companies. (Source: Business Times)
Proton: Lotus to unveil 4 new models next week. Lotus Group International Ltd, a wholly owned subsidiary of Proton Holdings Bhd, will unveil 4 new sports car models at the 2010 Paris Motor Show next week, 2 of which are relaunched models called Lotus Elite and the Esprit, said industry sources. (Source: The Edge Financial Daily)
Regulatory: AOB accepted into International Forum of Independent Audit Regulators. The Audit Oversight Board (AOB) has been admitted as a member of the International Forum of Independent Audit Regulators (IFIAR), making Malaysia only the second country from Asean to be admitted. Securities Commision said AOB's entry is important to promote investor confidence in Malaysia's capital market. (Source: The Star)
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