EPF, Khazanah to take over PLUS?
The Employees Provident Fund (EPF) and Khazanah Nasional will undertake to buy all the assets and liabilities of PLUS Expressways for some RM23bn, or RM4.60 per share, said sources. Khazanah already owns a 16.7% stake in PLUS. UEM Group, which is also owned by Khazanah, holds another 38.5%, making a total of 55.24% or 2.76bn shares. EPF has a 12.27% stake, or 613.47m shares, in PLUS. Together, EPF and Khazanah own a 67.5% stake in the toll road operator. Source said a special purpose vehicle (SPV) would be formed to acquire all the assets and liabilities of PLUS for about RM23bn, leaving the country’s largest highway operator a cash rich shell. (Financial Daily)
MBM acquires Lion Group’s auto business
MBM Resources is acquiring a 70.1% stake in Kinabalu Motor Assembly SB and the entire interest in Lion Motor SB from Tan Sri William Cheng’s Lion Group. In an announcement to Bursa Malaysia yesterday, MBM said it was forking out some RM16m as total consideration (including the assumptions of debts) for the two companies. MBM said the acquisitions, to be funded by internally generated funds, would allow it to “expand its automotive business”. The other shareholders of Kinabalu Motor are the Sabah state government and its associates, which collectively control a 29.06% stake. (Financial Daily)
K-One bags RM60m US deal K-One Technology has bagged a RM60m contract by US-based Diversey Inc to manufacture Diversey’s nonchemicals category equipment for industrial cleaning application for three years. In a filing to Bursa Malaysia yesterday, K-One said it will manufacture Diversey’s products including floor care machines, dosing and dispensing equipment. Wisconsin-based Diversey is a global conglomerate with sales turnover of about USD3bn (RM9.24bn) a year. (BT)
Tengku Ibrahim trims stake in Petra Perdana
Tengku Ibrahim Petra has trimmed his stake in Petra Perdana. He sold some 6.47m shares since early this month, reducing his stake to just below 8%, or 26.16m shares, in the oil and gas company. As at end-April this year, Tengku Ibrahim had 12.94% or 38.51m shares in Petra Perdana. It is unclear if Tengku Ibrahim plans to go on selling and eventually exit the company. (Financial Daily)
Proton aims to sell 1,600 Inspira per month
Proton Holdings is targeting to sell 1,600 units of its new mid-sized four door sedan, Inspira, every month. The car, which is essentially a rebadged Mitsubishi Lancer GT, will be launched on 10 Nov. Group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir said the vehicle, which was already available for booking, would be positioned as a high C-segment/low D-Segment vehicle and would be tentatively priced from RM79,888 to RM95,000. He added that the development of the vehicle was in collaboration with Mitsubishi Motor Corp (MMC) of Japan. Selling price of the Mitsubishi Lancer GT starts from RM120,980. Vehicles within the C-segment include makes such as the Honda Civic or Toyota Altis while the D-segment comprises models such as Honda Accord and Toyota Camry. (Starbiz)
Court grants petition to wind up Kenmark
The High Court has granted the winding-up petition of Kenmark Industrial Co (M) by Export-Import Bank of Malaysia (EXIM Bank) under the provisions of the Companies Act 1965. In a note to Bursa Malaysia yesterday, Kenmark also said the High Court had granted the appointment of Messrs Deloitte Corporate Solutions SB as its liquidators. EXIM Bank had, on 8 June 2010, served a notice on Kenmark claiming RM16.31m owing to the bank pursuant to a line of revolving pre-shipment and post-shipment supplier credit facility of RM15mil granted to the company. On 18 Aug, EXIM Bank, through an ex-parte application through summons in chambers, received the court order for the appointment of the provisional liquidators of the company, pending the full and final disposal of the winding-up petition or until further order. (StarBiz)
TM: UniFi for 19 projects in Johor. Telekom Malaysia Bhd (TM) will sign service agreements with 19 property developers in Johor to provide high-speed broadband (HSBB UniFi) services in their projects next year. TM Johor GM said all 19 projects were located within Iskandar Malaysia in Greenfield areas where it would be easier to lay the HSBB infrastructure instead of brownfield areas or places that were already developed. Presently, 2,000 premises within Iskandar have access to HSBB UniFi and the figure is expected to increase to 120,000 by 2013. (Source: The Star)
TNB: Conducts feasibility study on ash. Tenaga Nasional Bhd is undertaking a feasibility study on finding a commercial and sustainable solution for recycling ash into industrial eco-minerals for its new coal-fired plant in Manjung, Perak. President and CEO said TNB had roped in RockTron (Asia) Sdn Bhd, an eco-technology company that pioneered the recycling of fresh and stockpiled fly ash, to jointly conduct the feasibility study. TNB plans to sell all the generated ash produced by the new plant to RockTron. RockTron will then recycle the fly ash into valuable eco-minerals. (Source: The Star)
E&E: Gets first entry point project. The electrical and electronics (E&E) lab sector under the Economic Transformation Programme (ETP) has received its first entry point project with the signing of two memoranda that promise new projects to bring high value-added investments into the semiconductor industry. A memorandum of agreement was signed between LFoundry GmbH from Germany with QT Hightech Malaysia Sdn Bhd while a memorandum of understanding was signed between LFoundry Malaysia Sdn Bhd with Mitsubishi UFJ. The partnerships have the potential of generating RM1.9b in investment over the next five years and creating 6,500 new jobs by 2020. (Source: The Star)
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