Boustead to raise RM1bn
Boustead Holdings plans to raise up to RM1bn from borrowings to fund its purchase of Pharmaniaga, buy more land in the Klang Valley, and refinance existing debt. The group, controlled by Lembaga Tabung Angkatan Tentera, is selling seven-year medium-term notes that carry an indicative long-term rating of AAA, the highest for credit quality, from Malaysian Rating Corp. Boustead hopes to seal the land deal by the end of this year. Although Lodin did not reveal the location of the land, speculation is that it may be on the verge of buying a piece of prime land on Jalan Cochrane, Kuala Lumpur. The group is bullish on the property market. (BT)
Proton to price first hybrid below RM100,000
Proton Holdings is looking to offer its first hybrid car at a competitive price of below RM100,000, adviser Tun Dr Mahathir Mohamad said yesterday. The national carmaker is said to be developing hybrid as well as electric engines with British company Frazer-Nash Research, South Korea's LG and Proton subsidiary Lotus. Dr Mahathir said the development of hybrid cars, expected to be commercially launched next year, was part of Proton's initiative to move into green technology. (Bernama)
Mulpha rises on news Down Under
Mulpha International’s associate company FKP Property Group is touted as a possible takeover target once again. And this time, the acquiree could be Stockland, a substantial holder of FKP. Down Under, speculation is rife that Stockland, a leading Australian property developer, may seek to acquire FKP after the former sold out of rival GPT Group recently. The divestment would enable Stockland to have capital to scout for acquisition opportunities that fit well its existing business. (Financial Daily)
Uzma subsidiary bags another O&G contract
Uzma’s subsidiary has secured a RM15m contract from an oil and gas company for addition and extension of the Low Pressure System. The contract would include the supply of equipment, manpower and consultancy. The contract extension is for two existing LPS units and to supply an additional new LPS unit. The period for the LPS units under the contract was increased from three to five months, effective from November 2010 to March 2011. (Financial Daily)
Tenaga agrees to purchase electricity from KUB-Berjaya
Tenaga Nasional has agreed to purchase electricity from KUB-Berjaya Energy for a period of 21 years at an estimated cost of RM1.84m annually. Both parties yesterday signed a renewable energy power purchase agreement whereby TNB would purchase the electricity generated by a small renewable energy power project developed by KUB-Berjaya Energy, under the very small renewable energy power programme. The programme was launched by the Government in May 2001 to promote the utilisation of renewable energy in power generation and to reduce emission of greenhouse gases. (Bernama)
PCG may invest US$1bn in facility
Petronas Chemicals Group (PCG) may invest up to US$1bn in a greenfield ammonia and urea production facility in Sabah to enhance its profile as a key ammonia and urea producer in South-East Asia, said its top executive. PCG chairman Datuk Wan Zulkiflee Wan Ariffin said the project was currently at a pre-feasibility study phase and PCG would make a final investment decision in financial year 2012. (StarBiz)
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