20101125 0942 Malaysia Corporate News.

Dow up 1.4% to 11,187.28 points
U.S. stocks rallied in thin pre-holiday trade Wednesday, reclaiming ground lost in the previous session after data cast an optimistic light on jobs and consumers as holiday-shopping season begins. Economic reports showed jobless claims last week sliding to 2008 lows and consumer confidence and spending rising. The Dow finished up 150.91 points, or 1.4%, at 11,187.28, with all but three of its 30 components trading higher. The gain more than made up for a 142-point slide in the previous session. (MarketWatch.com)

Taib has polls date inspiration, but stays tight-lipped
Chief Minister Tan Sri Abdul Taib Mahmud has given the clearest hint yet that state elections would be called soon, saying he had an inspiration on the date. He said it was crucial for the state to prepare for the polls but declined to elaborate. (The Star)

Sunway, SunCity in RM4.5bn merger
 Tycoon Tan Sri Jeffrey Cheah plans to merge the construction and property firms he controls, Sunway Holdings and Sunway City (SunCity), in a deal worth RM4.5bn to compete more effectively at home and in the region. The two firms' assets and liabilities will be acquired by a new company, Sunway SB, which will be listed in their place on Bursa Malaysia. The deal, including the listing, is expected to be completed by the middle of next year. (BT)

Pahang-Selangor raw water project on track
Pahang Menteri Besar Datuk Seri Adnan Yaakob said the project to channel raw water from the state to Selangor has been going on smoothly and was expected to be completed in May 2014. He added that until the end of last month, 17% of the project had been carried out. 2 tenders are expected to be awarded by the end of the year. (Financial Daily)

Petra Perdana RM800m debt facility rating downgraded
Petra Perdana’s RM800m Dual Currency Revolving Facility rated by MARC saw its credit rating downgraded to A- from A+. The downgrade affects RM175m of outstanding secured serial bonds and RM25m of medium-term notes issued under the facility. (Malaysian Reserve)

Bina Puri in RM16m Jalan Pasar office block development
Bina Puri yesterday signed an agreement with the Selangor and Federal Territory Chha Yong Fay Choon Kuan Association to invest in the construction of 2 shop office blocks in Jalan Pasar, Kuala Lumpur. The development of 24 units of 4-storey shop offices and 1 unit of 3-storey office on a 2-acre site would cost RM16m. (Malaysian Reserve)