JAKS subsidiary gets RM201m building job
JAKS Resources’ subsidiary has won a RM201m construction contract for a commercial development in Petaling Jaya, Selangor, from MNH Global Assets Management SB. The commercial development of Phase 1-5 Commercial Block of 15-storey and 4-storey basements by JAKS SB (JSB) is due to be completed by March 2012. MNH Global Assets is wholly owned by Island Circle Development (M) SB, a major shareholder of JAKS Island Circle SB, which in turn is majority owned by JSB. (BT)
SunCity acquires land in Johor for expansion
Sunway City’s wholly owned subsidiary Asli Budimas SB has entered into an agreement with Bukit Ledang Development SB to purchase approximately 64.6 acres of land for RM134.52m in tandem with its expansion plan in Johor. According to its announcement to Bursa Malaysia, the acquisition will provide SunCity an estimated GDV of RM932m when the land in Plentong, which is strategically located within the Iskandar Malaysia development region, is fully developed. The land price works out to RM47.78 per sq ft. (Financial Daily)
Sime to build pilot bio-ethanol plant
Sime Darby Plantation SB is partnering Japan's Mitsui Engineering and Shipbuilding Co Ltd to build and operate a bio-ethanol demonstration plant, which will convert empty oil palm fruit bunches into bio-ethanol. Sime Darby officials said the plant would cost about USD10m (RM30.9m). Bio-ethanol is used as fuel for cars and unlike biodiesel, which is a blend of palm oil and diesel, it is made from plantation waste. The bio-ethanol plant will use fruit bunches as the main raw material, which is abundant and available throughout the year, Sime said in a statement. The collaboration is being undertaken by Sime Darby Research SB, the research and development arm of Sime Darby Plantation. The joint-venture plant will be built next to Sime Darby Plantation's Tennamaram palm oil mill at Bestari Jaya in Selangor. (BT)
PNB mum on talk of potential mergers
Permodalan Nasional Bhd (PNB) was mum on speculation of mergers among its property companies or the relisting of its wholly-owned property group Island & Peninsular Group SB (I&P). "We will make the necessary announcements when the time comes," president and group chief executive Tan Sri Hamad Kama Piah Che Othman told reporters yesterday. There have been reports that major property groups like SP Setia and Sime Darby Property could be persuaded to merge. PNB is the single biggest shareholder in SP Setia and it also controls Sime Darby. As for the I&P group, it is the result of a merger with sister companies Petaling Garden and Pelangi. All three were once listed before being taken private by PNB in July 2007. The group now has a combined landbank of about 2,200ha in the Klang Valley and Johor, and has developed property projects over 35 townships such as Bukit Damansara, Bandar Kinrara, and Alam Damai (BT)
CIMB: CIMB Niaga's second sub debt over-subscribed. CIMB Group Holding Bhd's (CIMB Group) subsidiary PT Bank CIMB Niaga Tbk (CIMB Niaga) completed the issuance of IDR1.6t (RM552.3m) subordinated debt, which was oversubscribed by three times. The successful transaction was anchored by a good spread of order book with 55% orders from institutional investors, 25% corporate and 20% retail. Another important breakthrough is the increased cross-border interest that accounted for 16% of the total order book. (Source: The Edge Financial Daily)
Banking: Foreign banks join MEPS. Five major foreign banks in Malaysia have joined the Malaysian Electronic Payment System (MEPS) automated teller machine (ATM) network. The five banks are HSBC Bank Malaysia Bhd, OCBC Bank (M) Bhd, United Overseas Bank (M) Bhd, Standard Chartered Bank Malaysia Bhd and Citibank Bhd. The banks will launch the service individually over time as soon as their respective systems are fully operational. (Source: The Star)
Plantation: Mohd Isa new Felda chairman. Former Negeri Sembilan menteri besar Tan Sri Mohd Isa Abdul Samad has been appointed chairman of the Federal Land Development Authority (Felda) effective Jan 1 next year. Mohd succeeds Tan Sri Dr Mohd Yusof Noor who has been appointed as adviser to the minister in charge of Felda. (Source: The Edge Financial Daily)
Transportation: Locations of seven LRT stations approved. The Subang Jaya Municipal Council (MPSJ) has approved seven new locations for the light-rail transit (LRT) stations. The stations approved at the Kelana Jaya link consist of Station 5 at SS15, Station 6 at SS17, Station 8 at USJ 10, Station 9 at USJ 15, and Station 10 at USH 21. Station 3 and Station 4 at the Ampang link which will be built along the Bukit Jalil-Puchong highway were approved as well. (Source: New Straits Times)
DRB-Hicom to divest stakes in Uni.Asia?
DRB-Hicom is exploring the possibility of divesting its interests in insurers Uni.Asia Life Assurance and Uni.Asia General Insurance, say sources. There has been an interest in DRB’s insurance units but the potential buyer is still studying the numbers. It has not reached the decision stage yet. DRB’s major shareholder, Tan Sri Syed Mokhtar Al Bukhary, declined to comment. DRB has a 51% stake in Uni.Asia Life and 34.73% stake in Uni.Asia General. Its current equity partner in the two units is Singapore’s UOB. (Financial Daily)
QSR, KFC not for sale
Speculation about Johor Corp Bhd's (JCorp) plan to divest its stakes in QSR Brands Bhd and KFC Holdings (M) Bhd was put to rest yesterday after the state investment company reiterated it has no plans to sell those prized assets. “QSR and KFC are not for sale,” JCorp president and chief executive Kamaruzzaman Abu Kassim said in a statement, adding that it did not make sense for the company to sell its “core business”. (StarBiz)
EPF investment income at RM5.8bn
The Employees Provident Fund (EPF) raked in RM5.75bn in investment income for the third quarter ended 30 Sept, a 5.12% increase from RM5.47bn registered in the same quarter last year. In a statement yesterday, it said equities investment was the largest contributor with RM2.4bn, representing a 2.56% increase compared with RM2.34bn recorded in the previous corresponding period. (Bernama)
MAHB unveils headline KPIs for 2011
Malaysia Airports Holdings Bhd (MAHB) has highlighted achieving earnings before interest, tax, depreciation and amortisation of RM773.4m; a return on equity of 10.73% and a top 5 worldwide ranking for KL International Airport as its headline key performance indicators (KPIs) in 2011. MAHB told Bursa Malaysia yesterday that the headline KPIs were set based on its strategic plans and long-term targets that were developed under its fiveyear (2010-2014) business direction planning initiative. MAHB said it believed that 2010 would end with a double-digit passenger and cargo growth compared with 8.2% achieved for passengers in 2009. The sustained 2010 growth, it added, was expected to lay the foundation for further growth in 2011. (StarBiz)
F&N to redevelop PJ Land
Fraser & Neave Holdings (F&N) will redevelop the land in Petaling Jaya that has been housing its dairy manufacturing plant since 1959 to feature commercial and residential properties with gross development value of at least RM1bn. The project is expected to kick start another major property venture for the group, which would see its development in Pudu coming to an end. F&N said the existing manufacturing plant in Section 13 would be relocated to Pulau Indah commencing end-2011. (FinancialDaily)
MESB shareholders advised to reject takeover offer
The independent adviser has recommended that shareholders and directors of MESB reject the takeover offer by the company’s executive director Teoh Hwa Peng, who had recently offered 33 sen apiece for shares he did not already own in the engineering outfit. TA Securities, the appointed independent adviser, said Teoh’s cash offer was “not fair and not reasonable” given that the proposal did not include a premium on the offer price. (FinancialDaily)
No comments:
Post a Comment