Naza brothers exit Kumpulan Jetson
The Naza brothers Sheikh Mohd Nasarudin SM Nasimuddin and Sheikh Mohd Faliq SM Nasimuddin have resigned as directors of Kumpulan Jetson. The group told Bursa Malaysia yesterday that the resignations of Nasarudin, 27, and Faliq, 25, came into effect the same day. The brothers were deemed interested by virtue of their interest in Superior Pavillion, which owns 13.12 million Jetson shares. Jetson also announced yesterday that the brothers had disposed of 4.37 million Jetson shares, or 7.22% stake, for RM1.05 each on 8 Dec. They were believed to initially have big plans for the company but lost interest after disagreements with other shareholders, stemming from unsettled financial issues within Jetson. (StarBiz)
Johor Corp confident of clearing debt by 2012
Johor Corp Bhd’s newly-appointed CEO Kamaruzzaman Abu Kassim says he is confident that the group’s debts will be cleared by 2012 based on its strengths, particularly its existing assets such as landed properties and bonds. JCorp is confident of restructuring its RM3.6bn debt by the first quarter of 2012. Kamaruzzaman Abu Kassim said the company has appointed Maybank Investment Bank Bhd and CIMB Investment Bank Bhd as advisers in a debt-restructuring scheme which started four months ago. (Malaysian Reserve)
TSM Global plans RM30mcapex for expansion
TSM Global plans to allocate RM30m in FY12 to acquire machinery and expand its capacity after securing contracts to supply auto-parts for the localized Toyota Camry that is slated for production in 2012. (FinancialDaily)
Petronas denies report on RM8bn bid for UK firm
Petroliam Nasional Bhd (Petronas) said it has not put in a GBP1.71bn (RM8.49bn) cash bid to buy Heritage Oil Plc, an independent upstream exploration and production company listed on the London Stock Exchange (LSE). Petronas has never made a cash bid for Heritage Oil based in the United Kingdom, it said in a statement issued to StarBiz yesterday, following a foreign news report that Petronas would look into buying Heritage Oil. UK's Daily Mail reported on Thursday that Petronas would soon put in a cash bid of GBP1.71bn to buy Heritage Oil, which would give it exposure to relatively low-risk exploration fields in Iraqi Kurdistan and Malta in the near term. Any cash offer for Heritage would have to be agreed by chief executive Tony Buckingham, who sits on 29.7% of the (company's) equity, the report said. The Daily Mail said Buckingham had pocketed 84.5m in August after announcing a 1-a-share special dividend with the firm's 50% stake sale in a series of oil exploration assets in Uganda and would reap a further 51mil-plus should Petronas make a bid to buy Heritage Oil. (StarBiz)
Marine construction company Benalec set for early 2011 IPO
Benalec Holdings Bhd, the country’s second largest marine construction firm by market share, is set to list on the Main Market in the first quarter of next year. Having just received in the first week of December approval for the listing on the local bourse, the company expects to raise some RM100m from the IPO, said the group managing director Vincent Leaw Seng Hai. According to the MD, the proceeds raised are intended for the use of working capital. (Financial Daily)
PHB secures anchor tenants for Nu Sentral
Pelaburan Hartanah Bhd (PHB) has secured two anchor tenants, Golden Screen Cinema (GSC) and Parkson, for its seven-storey retail development called Nu Sentral in Kuala Lumpur Sentral. Nu Sentral is part of a bigger 2.4ha integrated commercial development called Lot G, being jointly developed by Malaysian Resources Corp Bhd and PHB. "Both Parkson and GSC take up about 25% of the 460,000 sq ft net lettable area in Nu Sentral," PHB managing director and chief executive officer Kamalul Arifin Othman told Business Times. The development will also have a 27-storey office building with a net lettable area of 450,000 sq ft. Lot G, with gross development value of RM1.4bn, is slotted for completion in 2012. It is set to be one of the developments PHB plans to inject into its recently-launched Amanah Hartanah Bumiputera unit trust scheme. (BT)
US firm to build RM1bn solar cell plant in Perak
US-based Twin Creeks Technologies Inc (TCTI) will invest about RM1bn to build a plant that will produce highpower solar cells and panels at Kanthan Industrial Area here. The plant will be run by Twin Creeks Malaysia SB, a joint venture between TCTI, Perak State Development Corp and a state government subsidiary, The Red Solar (M) SB. Phase one of the plant would begin with a production capacity of 100 MW in 2012, which would be raised to 500 MW in 2014, The Red Solar said in a statement yesterday. Twin Creeks Malaysia also plans to continue with the second phase construction of the plant in 2015 on a 15ha stretching to Perak Hi-Tech Park. (StarBiz)
Ramunia unit slapped with RM16m suit
Ramunia Holdings Bhd’s wholly owned unit, Ramunia Fabricators SB, has been slapped with a RM15.9m suit by Ulti Resources SB for unlawful possession of land, according to a filing to the exchange last Friday. The plaintiff is seeking the amount and claims that Ramunia Fabricator had unlawfully entered and took possession of the lands in Kota Tinggi, Johor, in July 2008. (Malaysian Reserve)
O&G: M'sia and Brunei ink billion-ringgit oil and gas exploration pact. Malaysia has sealed a 40-year joint oil and gas exploration deal with Brunei which is expected to generate billions in revenue for both countries. The deal involves two deep water blocks - CA1 and CA2 - located within the two countries' commercial arrangement area along the Brunei-Sarawak maritime border near the Limbang division. Petronas will also be looking into possible joint ventures with Brunei National Petroleum Company Sdn Bhd (Petroleum Brunei) to explore oil and gas in a third country and development of downstream industries. (Source: The Star)
CIMB: Unit eyes USD100m in sales from Dublin funds. CIMB-Principal Islamic Asset Management Sdn Bhd(CPIAM) is targeting about USD100m in sales for its Dublin domiciled syariah funds by the end of next year. CIMB intends to launch three funds under the UCITS III structure, all of which can be freely marketed across Europe. (Source: The Star)
Proton: To spend GBP480m on Lotus. Proton Holdings announced that the total forecast capital expenditure for Group Lotus plc's business turnaround plan is about GBP480m (RM2.37b) over a five-year period. The funds will obtained from internally generated funds and externally secured funding during the turnaround period. (Source: The Edge Financial Daily)
WCT: Eyes more jobs in Qatar. WCT sees opportunities in Qatar as more infrastructure projects are expected to be implemented in preparation for 2022's FIFA World Cup. Bloomberg has reported that Qatar would spend USD57b (RM178.4b) on infrastructure developments related to the World Cup over the next decade. (Source: The Edge Financial Daily)
KPJ: Enhances medical business with takeover. KPJ Healthcare Bhd has acquired the 28-year-old Sabah Medical Centre (SMC). SMC would be KPJ's second venture in Sabah after the company took over the Damai Medical Centre five years ago. (Source: The Star)
KYM: Secures jobs from Vale. KYM Holdings Bhd has been awarded a contract valued at RM0.6m by Vale International SA for the provision of consultancy services relating to Vale's land acquisition in Teluk Rubiah, Perak. (Source: The Star)
Conglo: JCorp is not selling assets to repay RM3.6b debt. Johor Corp (JCorp) will not be selling any of its assets to repay its RM3.6b bonds due on July 31, 2012. JCorp is planning to refinance the debt instead. CIMB Bank and Maybank Investment Bhd have been appointed as the financial advisor. (Source: The Star)
Gaming: Olympia said to be keen on Pan Malaysian Pools. Olympia Industries Bhd has expressed an interest to acquire Pan Malaysian Pools Sdn Bhd from Tanjong plc. However, no formal offer has been made yet. (Source: The Star)
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