Monday, October 18, 2010

20101018 0959 Malaysia Corporate News.

Khazanah, EPF offer RM23bn for PLUS
The much-anticipated plan to privatise PLUS Expressways Bhd was announced yesterday, with Khazanah Nasional Bhd and the Employees Provident Fund (EPF) offering a cash offer for the assets and liabilities of the highway concessionaire for RM23bil, which works out to RM4.60 per share of the latter. Using a co-investment vehicle in which Khazanah’s wholly-owned unit, UEM Group, will own 51% and the rest by EPF, the offer is subject to a successful restructuring of the concession agreement on acceptable terms. The proposed deal is said to be the largest merger and acquisition in Malaysia so far and is tied in with an announcement in Budget 2011 yesterday that the Government will not raise toll rates for PLUS-owned highways for the next five years with immediate effect. (StarBiz)

Selangor-SPAN to thrash out water issues
A meeting between the Selangor State Government and Suruhanjaya Pengurusan Air Negara (SPAN) is slated for today, to determine the critical issue of when taps in Selangor could run dry. The outcome of the meeting will have an impact on the implementation of a proposed RM9bn Pahang-Selangor Interstate Water Project, which the state has opposed on the ground that the water consolidation exercise in Selangor should be completed first. Previously Selangor state MB Tan Sri Abdul Khalid Ibrahim said that the state felt a water shortage could only occur in 2019. Hence there was no necessity to expedite. This is in contrast to the forecast of the federal government that has put 2014 as the date when taps could run dry and hence Selangor should facilitate the inter-sate water project. (Financial Daily)

Technip to acquire 8% stake in MMHE
Technip SA will take an 8% stake in Malaysia Marine and Heavy Engineering (MMHE) in connection with the listing and initial public offering of MMHE’s ordinary shares on Bursa Malaysia expected at month end. Technip SA will pay RM496.1m for the strategic stake in MMHE, according to a filing made to Bursa Malaysia by MMHE’s parent, MISC Bhd, last Friday. The company will buy 128m shares a RM3.876 each in MMHE’s IPO. The investment and collaboration extends Technip’s local content in Malaysia and reinforce its position in the fast growing Asia pacific region in line with Technip strategic goals. (Malaysian Reserve)

Turiya in RM2b healthcare project
Two companies, including a listed entity linked to businessman Tan Sri Dr Mohan Swami, will partner world renowned Johns Hopkins Medicine International and the Royal College of Surgeons in Ireland (RCSI) in the RM2bn healthcare project announced during the 2011 Budget last Friday. It was revealed that Malaysia's Academic Medical Centre Sdn Bhd (AMC) will be involved in the project. AMC is 80 per cent-owned by Chase Perdana Bhd and 20 per cent-owned by Turiya Bhd (previously known as Sitt Tatt Bhd). Prime Minister Datuk Seri Najib Razak, when tabling the 2011 Budget last Friday, announced the partnership as part of the government's effort to intensify the Public-Private Partnership (PPP) initiative. (BT)

MSC share issue proposal
Malaysia Smelting Corp Bhd (MSC) has proposed to issue between 12.5m and 25m new ordinary shares to be made available to retail investors in Singapore, and/or institutional and selected investors. In a statement to Bursa Malaysia, MSC said it would seek to secure a secondary listing of the entire issued and paid-up share capital of the Singapore Stock Exchange. “In expanding its operations and diversifying its investor base, subject to amongst others, the equity market conditions in Singapore, MSC is seeking to raise capital amounting to between RM50m and RM100m,” it said. (StarBiz)

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