20101026 1019 Malaysia Corporate News.

Perwaja invests RM200m, mulls iron ore mining
Steel manufacturer Perwaja Holdings Bhd plans to build a pelletisation plant in Kemaman, Terengganu, and is considering mining operations that would help to cut its dependence in imported iron ore. The plant may help Perwaja to save at least 15% from its production cost once it commences operation by end-2012, according to executive chairman Tan Sri Abu Sahid Mohamed in Kuala Lumpur. Perwaja appointed Sinosteel as the key engineering firm to design and build the plant, which will have an annual capacity of 1.2m tonnes in the first phase while the second phase will see an additional 1.2m tonnes. (Malaysian Reserve)

Two more companies offer 4G broadband
Two companies have started offering the 4G wireless broadband service on a trial basis, with eventual speed hitting 100Mbps (mega bytes per second) by the first quarter of next year. "There are already several companies offering an almost 100Mbps Internet connectivity service. Such speed should be looked upon as an extra reach," Information, Communication and Culture Minister Datuk Seri Rais Yatim said. He declined to name the two companies but said that they are among nine companies that are offering the new 4G long-term evolution (LTE) technology. (BT)

Glomac acquires Suria Stonor condo units
Glomac Bhd is buying 18 units of apartment in Suria Stonor Condominium for RM38.41m as an investment. It views the property as one with a potential for a quick turnaround, Glomac said. The purchase is at a discount of 35% to the last transacted price of RM1,000 per sq ft for comparable properties at Suria Stonor. (BT)

SP Setia to launch four residential projects worth RM546m
SP Setia Bhd plans to launch four new residential projects with an estimated gross sales value RM546m on the island beginning this December and next year. SP Setia property (North) general manager S. Rajoo told StarBiz that the projects comprised the RM175m Setia Greens, RM60.5m Brook Residences, RM170m Setia V Residences, and the RM139m Pearl Villas in the Setia Pearl Island scheme. Setia Greens, comprising 149 three-storey terraces and 18 semi-detached houses with dual frontage in Sungai Ara, would be launched in December. “The selling price starts from RM918,000 onwards for terraced units with built-up areas ranging from 2,400sq ft and 3,200sq ft. “The selling price for the semi-detached units, with built-up areas of around 3,300sq ft, is around RM1.6m onwards,” he said. Subsequently the group would launch Brook Residences in February 2011 and the Pearl Villas in April, and Setia V Residences in the second half of next year, Rajoo said. (StarBiz)

SGX to buy Aussie bourse for US$8.3bn
Singapore Exchange (SGX) has agreed to a USD8.3bn (USD1 = RM3.10) takeover of Australia's ASX Ltd to create Asia's fourth-largest stock exchange, aiming to cut costs and fight growing competition. However, the first major consolidation of Asia-Pacific exchanges faces regulatory hurdles, including getting Australia's parliament to lift a 15% ownership cap on the ASX and approval from the country's Foreign Investment Review Board (FIRB). Under a deal still being negotiated into the early hours of yesterday morning, SGX offered a combination of AUD22.00 (AUD1 = RM3.07) in cash plus 3.473 of its own shares per ASX share, valuing the Australian operator at AUD8.4bn or AUD48.00 a share - a 37% premium to their last trade on Friday. The companies said they hope to close the deal in the second quarter of next year. (BT)

AirAsia: AirAsia X to gain from ministry programme. The Ministry of Transport's (MOT) plan to develop a transparent and liberalised air rights allocation framework could finally see AirAsia X getting the much sought after rights to fly to Seoul and Sydney. Under the Economic Transformation Programme road-map, MOT has been tasked to facilitate the formulation of an air rights allocation framework to further develop the tourism and airline industries. The framework will enable local airlines to plan and launch additional flights to priority cities in a more efficient manner after additional air rights have been negotiated. (Source: Business Times)

Public Bank: Cambodian unit sets up securities business. Public Bank Bhd unit Cambodian Public Bank plc (CampuBank) has established a wholly-owned subsidiary, CampuBank Securities plc, in Cambodia. CampuBank Securities had obtained a securities company license from the Securities and Exchange Commission of Cambodia, which would enable it to carry out securities underwriting business, securities dealing business, securities brokerage business and investment advisory business in Cambodia. The issued and paid up capital of CampuBank Securities was equivalent to about RM31.1m. (Source: The Star)

SP Setia: To launch four residential projects. SP Setia Bhd plans to launch 4 new residential projects with an estimated gross sales value of RM546m in Penang beginning this December and next year. The projects comprised the RM175m Setia Greens, RM60.5m Brook Residences, RM170m Setia V Residences, and RM139m Pearl Villas in the Setia Pearl Island scheme. SP Setia property's (North) GM S.Rajoo said Penang would continue to play an important revenue generating role in the group?s property development business. (Source: The Star)