Petronas drums up 60% profit on higher oil prices
National oil company Petroliam Nasional (Petronas), expects to record better performance for its FYE 31 March 2011, although it expects a dip in a the 2H earnings. The company recorded a stellar 59.7% growth in net profit to RM12.3bn for its first quarter ended 30 June 2010, on track of recovering oil prices. Its revenue for the quarter ended 30 June 2010, increased by 26.3% to RM58.6bn due to enhanced operational efficiencies and cost optimization initiatives, its executive vice president of finance, Datuk George Ratilal said. (Malaysian Reserve)
MMC confirms UEM bid, awaiting government decision
MMC Corp yesterday said that it had submitted a preliminary proposal to the federal government to acquire UEM Group but had yet to receive “any indication” from the government on its proposal. “MMC will lead a consortium for the proposed acquisition and to date, we have not approached the EPF and/or PNB to be our partners,” MMC said in a reply to a query by Bursa Malaysia. It was reported that MMC had plans to lead the consortium with a 40% stake while EPF and PNB would hold 30% each. MMC is understood to have submitted its proposal to the Ministry of Finance in August. (Financial Daily)
Kencana scores two new contracts
Kencana Petroleum announced yesterday it bagged two new contracts worth a total of RM30.7m. The company said that its wholly owned unit Kencana HL SB has secured a RM21.6m contract from Newfield Peninsula Malaysia Inc for the provision of procurement and construction of jackets foe wellhead platform and central processing platform for the PM329 East Piatu Development Project, off peninsular Malaysia. Meanwhile , its other 100% owned subsidiary Kencana Torsco SB secured a RM9.1m contract from Lynas Malaysia SB. Meanwhile, Kencana denied that it or any of its subsidiaries have any intention to take over Labuan Shipyard & Engineering SB and neither has there been any talk between the two parties or any relevant authorities on any takeover of Labuan Shipyard by Kencana. (Financial Daily)
UMW drills down RM771m rigs contract extension
UMW Holdings has secured a contract extension worth USD250m (RM771.25m) to provide drilling rigs to Petronas Carigali SB. The five-year contract extension will start once UMW completes its present contract at the end of 2010, which involves drilling operations on 20 firm wells with its semi-submersible drilling rig dubbed Naga 1. The additional wells will be stipulated by Petronas Carigali during the contract duration, UMW said a filing to Bursa Malaysia yesterday. (Malaysian Reserve)
Primus files fresh suit against EON Cap
Primus (M) SB, which is embroiled in a court fight over the sale of EON Capital (EON Cap) to Hong Leong Bank (HLG), yesterday initiated fresh a legal action to declare the recent EON Cap EGM is a null and void. EON Cap said Primus was seeking an order restraining the company, its servants, agents or whomsoever, from implementing or giving effect to any such resolution passed at the 27 Sept EGM. During the EGM, EON Cap shareholders approved the sale of EON Cap assets and liabilities to HLB for RM5.06bn or RM7.30 per share. (StarBiz)
Kump Jetson execs redesignated
Kumpulan Jetson chairman and executive director SM Nasarudin SM Nasimuddin and vice chairman SM Faliq SM Nasimuddin have been redesignated as the company’s non-executive directors. Kumpulan Jetson said it had received resignation letters from both SM Nasarudin and SM Faliq yesterday, but it did not reveal the reasons for the resignation. It was speculated that both Nasaruddin and younger brother Faliq would exit the company soon by selling their 33% stake. (BT)
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