BNM signs MoU with France
Bank Negara Malaysia (BNM) and Banque de France have signed a memorandum of understanding (MoU) to promote greater cooperation in the area of financial services between the two central banks. The MoU aims to foster long-term strategic developments in conventional and Islamic finance between Malaysia and Finance. The three key areas include enhancing mutual cooperation on capacity building and human capital development in the financial services industry. It also aims to facilitate and promote development of an effective and conducive financial market infrastructure and also enhances cross-border financial activities, which include promoting consistent application of cross-border Islamic financial transactions. (FInancialDaily)
New trade Act in force next year
Malaysia will implement the Strategic Trade Act (STA) 2010 on 11 July next year to boost foreign investors' confidence and help prevent terrorist activities in the country. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the Act, which was gazetted in June this year, will provide control over export, transhipment, transit and brokering of strategic items. These include arms and related materials as well as activities that will, or may, facilitate the design, development and production of weapons of mass destruction. "Starting this month, all exporters and brokers dealing with strategic items need to register with the ministry through an online system. We expect about 5,000 companies to be involved, and about 30% of the country's total exports will be involved, in the Act's implementation," Mustapa told reporters. (BT)
Petronas Chemicals IPO to raise US$4b
Petronas Chemicals Group (Petronas Chemicals) is looking to raise as much as US$4bn (RM12bn) in a Malaysian initial public offering (IPO), exceeding earlier estimates of over US$2bn (RM6bn) as it hopes to tap strong global investor demand for Asian stocks. The IPO for Petronas Chemicals, owned by oil giant Petroliam Nasional (Petronas), could become the largest share offering in the country, exceeding Maxis' US$3.3bn (RM10bn) listing last year. It follows Singapore wealth fund GIC's logistic unit's US$3bn (RM9bn) IPO and may overlap with American International Group's planned listing of its Asian life insurance business AIA in a deal worth over US$15bn (RM47bn). Petronas Chemicals, which manufactures olefins and polyolefins, fertilisers, industrial and specialty chemicals, will have started "pre-marketing" its IPO yesterday with formal investor roadshows slated to begin on 27 October. The deal is expected to be priced on 12 November, according to an e-mail sent to investors by one of the advisers. (BT)
Maybulk teams up with Commonwealth Shipping
Billionaire Robert Kuok Hock Nien’s Malayssian Bulk Carriers (Maybulk) has teamed up with Mexico-based Commonwealth Shipping Company Inc to penetrate the market in the US and the Gulf of Mexico. Towards this end, Maybulk’s wholly owned unit, Lightwell Shipping Inc and Commonwealth Shipping formed an equally controlled, joint venture company Progress Shipping Pte Ltd in Singapore to undertake the business. The joint venture intends to acquire bulkcarrier(s) for trades within the US Gulf and Mexico region. (FinancialDaily)
HELP to set up fourth campus at Iskandar
HELP International Corp has signed a memorandum of understanding (MoU) with Seri Alam Properties SB, the developer of Bandar Seri Alam and a wholly-owned subsidiary of United Malayan Land (UMLand). Under the terms of the MoU, Seri Alam will develop and lease to HELP an educational centre to be used as its Johor campus. The campus site is next to the proposed Business Incubator Research and Development Park and will be developed into four phases. (MalaysianReserve)
Star announces special dividend
Star Publications (M) announced yesterday a special dividend comprising 47.9 sen per RM1 ordinary share, less tax and 4.7 sen per RM1 ordinary share, tax exempt for the year ending 31 Dec, 2010. The entitlement date is Nov 10. This brings the total gross dividends for the current financial year ending 31 Dec to 63.1 sen per share. For the financial year ended 31 Dec, 2009, total dividend payout amounted to 21 sen per share. (Starbiz)
Khazanah said to sell RM1.7bn CIMB shares
Khazanah Nasional, Malaysia’s sovereign wealth fund, sold RM1.17bn worth of shares in CIMB Group Holdings, two people familiar with the sale said. Khazanah’s shares were sold at a 2% discount to Monday’s closing price of RM8.15. (MalaysianReserve)
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