UEM Land may buy Sunrise for RM1.4bn
UEM Land plans to take over rival Sunrise in a deal valued at some RM1.4bn to expand and develop the expertise to build and market luxury properties. Sources said the all-share offer values Sunrise at RM2.80 a share. This is 11% higher than its last closing price of RM2.52 on Tuesday. Three major shareholders, including Datuk Tong Kooi Ong, who hold more than 40% of Sunrise, have agreed to the deal, which is structured as a voluntary general offer. (BT)
Buyers to fork out more downpayment for 3rd residential unit
Home buyers will have to fork out more downpayment for their third residential property. In a move to curb excessive speculation in the property market, BNM announced the imposition of a maximum loan-to-value ratio of 70% for the third housing financing facility taken by a borrower with immediate effect. (Financial Daily)
Mah Sing buys land worth RM167m
Mah Sing is buying two pieces of land in Ampang and Cyberjaya for a combined RM167m and plans to build properties with a total GDV of RM1.2bn. The 1.9ha freehold land along Jalan Ampang is being bought for RM114.9m, or about RM560.63 per sq ft. The development is about 1.3km from the group's recently launched serviced residence project, M Suites. (BT)
Glenealy Plantations plans RM110m spending as CPO prices inch up
Glenealy Plantations plans to invest about RM110m in 2011 to seed new trees and build a mill as CPO prices trend upwards. Output may increase between 5% and 10% in the financial year ending 30 June, 2011 as more trees reaches higher yielding age, its MD Yaw Chee Ming said. (The Malaysian Reserve)
MMC unit seeks RM113m from GE units
MMC Corp unit Prai Power SB is seeking RM113m in claims from GE Energy Parts Inc, GE Power Systems (M) SB and General Electric International Inc for breach of duty for its 350MW combined cycle gas turbine power plant in Prai, Penang. (The Malaysian Reserve)
Domestic Firefly flights from KLIA by early 2011
Firefly will begin flying jets on several domestic routes from KLIA as early as January next year, sources said. It will take over some of the B737-400 aircraft from parent MAS to ply the domestic routes. Management is slated to make an announcement on its expansion plans on Monday. (StarBiz)
Tanjung Offshore unit gets job in Egypt
Tanjung Offshore subsidiary Citech Energy Recovery Systems UK Ltd has received a purchase order from Egyptian Maintenance Co for the supply of 4 units of waste heat recovery for the Egypt Liquefied Natural Gas retrofit project. The package was valued at USD3.3m. (StarBiz)
Kulim proposes share split, bonus and free warrants issuance
Kulim has proposed a 1-for-1 bonus issue coupled with issuance of free warrants on a 1-for-8 basis after the proposed share split of dividing one share into two. It also proposed to increase its authorised share capital from RM200m of 400m shares to RM500m to 2bn subdivided shares. (Bursa)
QL proposes private placement, share split, and free warrants issuance
QL Resources has proposed to undertake a private placement of up to 20.8m shares. It also put forward a share split exercise involving the subdivision of every one 50 sen QL share into two shares of 25 sen each, together with an issue of 41.6m free warrants on the basis of 1-for-20. (Bursa)
Futures trading: Brokers get direct access to US customers. Nine Malaysian futures brokers received recognition by the National Futures Association to solicit and accept orders and customer funds directly from US customers as permitted by the United States Commodity Futures Trading Commission. The nine futures brokers were: AmFutures Sdn Bhd, CIMB Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd, Okachi Malaysia Sdn Bhd, Oriental Pacific Futures Sdn Bhd, OSK Investment Bank Bhd and TA Futures Sdn Bhd. (Source: The Star)
Crude Oil: RON 97 price up 5 sen. The price of RON 97 is up 5 sen to RM2.15 per litre from Tuesday and reflects the price of petrol in the global market. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said petroleum companies monitored the price of petrol for the first 28 days of the month and then would decide on whether to increase or reduce the price of RON97 for the following month. Meanwhile, government will not increase the price of RON95 at least until end of the year. More than 95% of private cars run on RON95. (Source: Business Times)
Skilled workers: Najid to make announcements on policy regarding skilled workers. Prime Minister Datuk Seri Najib Tun Razak will be making an announcement on the policy to attract skilled workforce, including foreign workers, to work in the country. He indicated that there is going to be a huge change in the government's policy. Malaysia will make it easier for the foreign skilled workers to get working visas and even permanent resident status. (Source: Bernama)
China Ouhua: Makes sparkling debut on Bursa. The first wine producer to be listed on Bursa Malaysia, China Ouhua Winery Holdings Ltd made a sparkling debut yesterday, closing 5.5 sen or 9.2% higher than the issue price of 60 sen. The company, the fifth from China to be listed on Bursa, opened at 66 sen, with 2.8m shares traded. It was the second most active counter yesterday with 50.7m shares traded. (Source: The Star)
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