TNB's capital expenditure may rise to RM6.5b. Tenaga Nasional Bhd's (TNB) capital expenditure (capex) for fiscal years ending Aug 31, 2011 and 2012 will remain between RM4.2b and RM4.5b but could rise to RM6.5b in 2013 as additional funds will be needed to complete its three new power plants. The plants include the Manjung coal-fired plant and two hydro plants in Hulu Terengganu and Ulu Jelai in Pahang. (Source: The Star)
AmBank: AmIslamic Bank to expand into two Asian countries. AmIslamic Bank Bhd plans to set up operations in two Asian countries next year as part of its overseas business expansion plan. The bank aims to increase its customer base by an additional 200,000. (Source: Bernama)
Proton: Two more concept cars to hit production line. Another two of Proton Holdings Bhd's five "Pahlawan" concept and customised cars could turn into production models and enter the market next year. They are the Tuah (to replace the existing Persona) and the Lekiu crossover (a mini SUV). Currently, two of the Pahlawan series are already existing production models namely Kasturi (facelifted Saga) and Jebat (Inspira). (Source: Business Times)
Renewable Energy: Tariff system mooted. A special tariff system to speed up the generation of renewable energy will be implemented under the Renewable Energy Bill 2010. Also, a feed-in tariff system that supplies line connection points for the distribution of renewable energy would be established. (Source: The Star)
Autos: Plan on electric vehicles to go to Cabinet. A completed study on the rollout plan for the Electric Vehicle Infrastructure Roadmap will be sent to the Cabinet for approval by end of January. This is to make Malaysia an attractive destination for electric vehicle makers. (Source: The Star)
IJM Land, MRCB extend validity of MoU
IJM Land and Malaysian Resources Corp (MRCB) yesterday agreed to extend the validity of the memorandum of understanding for their proposed merger to 29 Dec this year. They were still in the midst of finalizing the terms and conditions of a definitive merger agreement, IJM and MRCB said in their announcements to Bursa Malaysia yesterday. (BT)
Singapore's DBS buys RBS' China ops
DBS Group, Southeast Asia's biggest lender, agreed yesterday to take over Royal Bank of Scotland's retail and commercial businesses in three major Chinese cities, as it accelerates expansion in the world's second-biggest economy. The agreement ends more than a year of speculation over who will acquire RBS' China assets, with rivals including HSBC Holdings plc, Standard Chartered and Australia and New Zealand Banking Group having all been identified by media as potential buyers. But the arrangement between RBS and DBS does not involve any cash investment, transfer of outlets or business licences. (BT)
CCM Biopharma in pact with South Korean biological firm
CCM Biopharma SB, a wholly owned subsidiary of CCM Pharmaceuticals SB, has entered into a collaboration with South Korea’s TS Corporation to manufacture biological products for the domestic and Asean market. One of the products identified is Erythroprotein (EPO), a hormone produced by kidneys which regulates red blood cell production and is also a prescription drug used to treat anaemia. Under the deal, CCM Biopharma would undertake commercialization activities of biological products including EPO. (Financial Daily)
RHB, Sumitomo sign MoU
RHB Capital’s wholly owned subsidiary, RHB Bank, has entered into a memorandum of understanding (MoU) with Sumitomo Mitsui Banking Corp (SMBC), in line with its objective of becoming a major player in the banking industry. “RHB sees this MoU as one of the many proactive steps it is taking in enhancing its local and global strategic economic network,” it said in a statement yesterday. “The alliance will assist RHB, together with its respective subsidiaries and related companies, in strengthening its position in the Japanese business segment and also in establishing a stronger foothold in the international arena as part of the RHB banking group’s strategy for business expansion with ever deepening economic ties between Japan and Malaysia.”(StarBiz)
DRB-HICOM signs MoU with Russian truck manufacturer
DRB-HICOM has signed a memorandum of understanding (MoU) with the Kamaz Group, the largest automobile corporation of the Russian Federation, to look into the possibility of manufacturing and assembling selected Kamaz heavy duty trucks for the Malaysian and Asean markets. “This MoU will pave the way for the feasibility and a detailed costing study as well as the models of Kamaz truck suitable for this region,” said DRB-HICOM group managing director Datuk Seri Khamil Jamil in a statement yesterday. (StarBiz)
DiGi, Celcom Axiata may ink tie-up next month
DiGi.Com chief executive officer Henrik Clausen believes the company will be able to ink a definitive agreement on network collaboration with Celcom Axiata Bhd next month and this tie -up will help both companies save over RM150mil each yearly. “We have made good progress and I have a pretty good feeling this will happen in January,'' he told StarBiz in an interview. Both Celcom and DiGi had in June entered into a memorandum of understanding (MoU) to collaborate in various areas to save cost. The MoU is to focus on sharing in three areas: operations and maintenance; transmission and site sharing; and radio access network. They were scheduled to ink a definitive agreement by year-end but announced a three-month extension last week to hammer out the details. (StarBiz)
Bursa to delist LCL
Interior fit-out specialist LCL Corp risks being delisted this month if it fails to submit an appeal to the stock exchange by 22 Dec. In a statement to the exchange LCL said Bursa Malaysia has written to the company informing of the suspension of trading in LCL shares on 23 Dec before a delisting on 27 Dec. Bursa Malaysia will reconsider LCL’s delisting if the company appealed to the regulator by 22 Dec. LCL’s fortunes grew in tandem with Dubai’s real estate boom in recent years. However, its financials deteriorated on the back of debt crisis in the emirates, leading to defaults on its loans. LCL has debt obligations of close to RM400m, according to its latest financials. (Financial Daily)
MAS: Firefly airline plans four new hubs. Firefly plans to set up at least four new hubs for its jet operations within the next two years. This excludes KL International Airport (KLIA) where it would begin its jet services from Jan 15 next year. The four new hubs will be established at Kota Kinabalu (KK), Kuching, Senai and Penang. (Source: The Star)
Starhill REIT: YTL disposes properties to Starhill REIT. YTL Corp Bhd, via its units, will dispose nine of its hospitality-related properties to Starhill Real Estate Investment Trust (Starhill REIT) for RM1b. The properties disposed are Cameron Highlands Resort, Hilton Niseko, Vistana Penang, Vistana Kuala Lumpur, Vistana Kuantan, The Residences at The Ritz-Carlton, Kuala lumpur, The Ritz Carlton Hotel, Kuala Lumpur, Pangkor Laut Resort and Tanjong Jara Resort. Starhill would lease the properties to the respective vendors/leases for 15 years, with an option to renew for a further term of 15 years. The lease payments for the properties are fixed and include a 5% step-up rate every five years. (Source: Bernama)
Autos: BMW unveils another locally assembled model. BMW Malaysia Sdn Bhd has added the contemporary sport-centric BMW X1 to its stable of locally assembled cars. The model would be assembled in Kulim, along with BMW 3 Series and BMW 5 Series that are currently assembled there. (Source: The Star)
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