Samy Vellu to step down as MIC president in January
MIC’s longest serving president, Datuk Seri S. Samy Vellu, said he is stepping down in January to make way for his deputy Senator Datuk G. Palanivel. “I’m officially announcing my decision to step down and pass the leadership to my deputy in January next year,” he told reporters after chairing the party’s Central Working Committee here yesterday. The specific date would be announced later, he said, adding that the CWC was informed earlier. Palanivel would become acting president, in line with the party’s constitution, Samy Vellu said. “There will not be a presidential election. The election is only due if I step down one or two months before the end of my term as president,” he said. Samy Vellu, 74, came to the party's helm in 1979 after Tan Sri V. Manickavasagam died and has held the position for 11 consecutive terms. He was the Works Minister of Malaysia and the longest serving minister in the Cabinet until he lost his parliamentary seat in the 2008 general elections. (The Star)
Ahmad Zaki wins university project
The Government has awarded a contract to build the International Islamic Universiti Malaysia Teaching Hospital in Kuantan, Pahang, to Ahmad Zaki Resources. The company said project details including its value and concession period will be disclosed once the concession agreement is finalized. (BT)
Equator’s major owners sell down shares
Two directors and a major shareholder of Ace Market-listed Equator Life Science sold large blocks of shares and ceased to be substantial shareholders of the company. At the same time, its managing director also sold a bulk of his interest in the biotechnology company. The reason for the sale by the directors and major shareholder was not stated. It worth noting that the disposals were not forced selling by financial institutions. The massive share disposal implies the emergence of new major shareholders and possible change of strategic direction in the loss making biotechnology firm. (Financial Daily)
Shahril named Prasarana group MD
Syarikat Prasarana Negara Bhd announced yesterday the appointment of Shahril Mokhtar, 38, as its group managing director effective today. He succeeds Datuk Idrose Mohamed, who finished his two-year contract yesterday. Prasarana said in a statement that Shahril will serve a two-year term. This confirmed an earlier Business Times report. When contacted, Shahril said his immediate task was to continue improving the service levels of public transport systems under the group and ensure projects were completed on time. (BT)
RHB Capital acquires stake in RHB Insurance for RM44.5m
RHB Capital has entered into a share sale agreement with Nissay Dowa General Insurance Co Ltd to acquire 15.2% of the issued and paid-up share capital of RHB Insurance for RM44.5m cash. In a filing with Bursa Malaysia, RHB said it entailed the acquisition of 15.2m ordinary shares of RM1 each in RHB Insurance. Upon completion of the exercise, RHB Capital’s stake in RHB Insurance will increase from the current 79.5% to 94.7%. It said RHB Capital would use its internal funds to finance the proposed acquisition and no liabilities, including contingent liabilities and guarantees, to be assumed by RHB Capital pursuant to the acquisition. (Starbiz)
KHSB unit to sell 17 plots in Pulau Indah for RM57.1m
Kumpulan Hartanah Selangor (KHSB) said its unit, Central Spectrum (M) SB, yesterday agreed to sell 17 plots of industrial land measuring 27.2ha in Pulau Indah, Selangor, to Batam Heights SB for RM57.1m. Proceeds will be used for working capital. The sale is also expected to accelerate the development of Selangor Halal Hub.(BT)
PBA raises water tariff by 27% for trade consumers
State-owned public listed Perbadanan Bekalan Air Pulau Pinang (PBAPP) announced an 27% increase in water tariff for trade consumers who account for 60% of its revenue. The increase comes on the heels of the announcement made by PBAPP chairman, Chief Minister Lim Guan Eng last week of a water conservation surcharge to be imposed on domestic users above 35000 litres per month. The last water tariff review for trade and domestic users was on 1 Jan 2001. (Financial Daily)
Khazanah no longer substantial shareholder in DRB-Hicom
Khazanah Nasional disposed of 1.13m shares in DRB-Hicom Bhd on 23 Sept, and ceased to be the substantial shareholder of latter. A filing with Bursa Malaysia yesterday showed that Khazanah’s shareholdings in DRBHicom had fallen to 4.97% after the exercise. (Starbiz)
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