Genting Singapore’s Resorts World Sentosa (RWS) has received its casino licence from the Casino Regulatory Authority of Singapore (CRA). Chairman, Mr Lim Kok Thay, said that RWS was 'happy to have received the casino licence'. RWS spokesman Robin Goh also declined to give a date for the opening of its casino and the Universal Studios theme park - two key elements of the IR. Mr Goh also did not say if both would open at the same time, or if the theme park would come onstream first. (Straits Times) Although not entirely a surprise, this latest news is positive and further supports our earlier view that a pre-Chinese New Year debut for the casino is possible. Our last visit to the property suggests that both the casino and Universal Studios are already completed and ready to receive visitors once the licences are awarded. Based on our last checks, it would take about 2-3 days for the casino to convert from its present trial mode to live mode.
Tenants and staff at
Genting Singapore’s Resorts World Sentosa (RWS) said that they have been gearing up for the big opening at the end of this week. One tenant said yesterday they had been told by the management that the theme park is targeted to open on either Feb 12 or 13, and the casino would open on Feb 13. (Straits Times)
Berjaya Corp’s 80%-owned Berjaya Lottery Vietnam is close to receiving a gaming licence in the country – probably the first such permit to be given out there, sources say.
Berjaya Sports Toto holds the remaining 20% stake. It is not clear if the licence is for lottery or for a number forecast operator (NFO) offering 4D and lotto games. The lottery in Vietnam is now under state governance, with the earnings channelled into public amenities. (The Edge Weekly)
This news is not entirely a surprise. To recap, B-Corp first submitted an application to the Vietnamese government for a licence to operate a nationwide lottery system in May-08. In Dec-09, B-Corp transferred a 20% stake in Berjaya Lottery Vietnam to B-Toto, suggesting that the award of the lottery licence could be close. We are neutral on this news as B-Toto is only expected to take on a consultancy role in this venture. With its 20% stake, we do not expect huge capex requirements from B-Toto.
The Employees Provident Fund dividend for 2009 is expected to be higher compared with the 4.5% paid out in 2008 (5.8% for 2007). EPF chairman Tan Sri Samsudin Osman said this was due to the local share market's stable position and good investment returns. "A meeting on dividend rates will be held this month, while an announcement on it will be made in March," he said, here today.
- In Dec, EPF announced that it obtained RM5.5bn in profits in the third quarter last year, which was an increase of RM696.32m (14.51%) compared to RM4.8bn in the previous quarter. EPF chief executive officer Tan Sri Azlan Zainol said EPF funds had now increased to RM361.09bn compared with RM353.93bn in the second quarter last year. (Bernama, NST)
Palm oil millers can help generate
electricity and reduce power producers' dependence on
natural gas, which can then be used by other sectors. Malaysian Industrial Development Authority director-general Datuk Jalilah Baba said the government would be looking to importing gas to meet impending shortage in the country. Heavy users of natural gas include oleochemical producers and steel millers. "We've appointed an international consultant to carry out a feasibility study on palm oil millers trapping greenhouse gas from palm oil mill effluent (POME) and converting it into energy," MPOB chairman Datuk Sabri Ahmad said. "The consultant is expected to finalise the study in two months," he added. (BT)
Certified sustainable
palm oil shipments from exporters like Malaysia to Europe have surged in January, matching production levels, said the Roundtable of Sustainable Palm Oil (RSPO). The global organisation estimates that production will increase with "much oil from 2009 still readily available" to product manufacturers and retailers. (BT)
Genting Plantations said that Sanggau Holdings Pte Ltd, a wholly-owned subsidiary of its unit Mediglove Sdn Bhd, has signed a JV agreement with Palma Citra Investama Pte Ltd and PT Sawit Mandira to develop 17,500ha of agricultural land into oil palm plantation in Kalimantan Barat, Indonesia. Sanggau Holdings, which will have a 70% stake in the JV firm, would contribute up to RM3,500/ha but at no time exceed 70% of the total contribution of the JV company. (Starbiz)
The Association of Malay Importers and Traders of Motor Vehicles Malaysia (Pekema), Sarawak branch, has called on the federal government to review the policy to end the
Approved Permit (AP) system for vehicles in Dec 2015. Chairman Datuk Abang Khalid Abang Marzuki said the government should consider the situation of Bumiputera automotive entrepreneurs in Sabah and Sarawak, who are currently behind their counterparts in Peninsular Malaysia. (BT)
Johor expects to draw in RM46bn in investment in its
oil and gas (O&G) industry from two Middle Eastern companies over the next three years, says Menteri Besar Datuk Abdul Ghani Othman. The two companies in Qatar and Iran have shown interest in setting up crude oil refineries in the south-east coast of Johor by 2013.
- The Qatar company has committed investments totalling RM16bn, while the Iranian company is expected to invest RM30bn Abdul Ghani said the Malaysian Industrial Development Authority (Mida) and the National Economic Council have approved for the projects to be set up in Pengerang, Johor. The projects' approval will be finalised at state government-level. (BT)
Scomi Marine has proposed to sell its 29.07% stake in
CH Offshore to Falcon Energy Group Ltd for RM348.7m cash. The proceeds will be used to repay borrowings and/or as working capital. (Star)
PLUS Expressways recent proposed acquisition of a toll road concessionaire in India will not only enable the group to meet its KPI of 30% lane-km growth, but also cement its growth strategy in India. "...Malaysian Highways already have established networks and it is unlikely that more concessions will be given out here anytime soon.
- Therefore, we are looking beyond our shores. " MD Noorizah Abd Hamid said. The projects marks PLUS' second venture in India. Between Indonesia and India, India is a more viable option, given a strong and supportive government policy to spur infrastructure growth. (Edge Weekly)
Eastern and Oriental (E&O) sees its hospitality activities in Penang receiving a boost this year with the reopening of its four-star Lone Pine Hotel along Batu Ferringgi by 4Q. The company is also expecting E&O Hotel’s extension, known as the Annexe, to be completed in 2012.
- Meanwhile, ahead of its official launch, E&O's Quayside condominium project, a component of its Seri Tanjung Pinang waterfront development, has already received some 100 bookings from both foreigners and locals for the more than 300 units in the first block, ED Eric Chan said. (BT)
REIT players in Malaysia hope the Securities Commission (SC) will relax restrictions to allow them to raise funds in the equity capital market more quickly and efficiently, said Stewart LaBrooy, CEO of
Axis REIT. "At the moment, it is quite restrictive," he added, referring to the existing SC rules where REITs can place out new units of up to 20% of their unit base once every 12 months. Malaysian REITs need to be able to quickly build up their portfolios to US$500m (RM1.72bn) if they are to interest foreign funds at all, LaBrooy said. (BT)
Ousted
Petra Perdana chairman Tengku Datuk Ibrahim Petra's fate as the CEO now lies in the hands of its new board. He was aware that he "may be out soon". Executive director Shamsul Saad said the immediate priority of the new board was to restore operations and to "get things up to speed". All 11 requisitionists have returned to work. (Edge Daily)
Magna Prima will build twin tower blocks, valued at more than RM1.3bn, on 1.05ha prime land near the Petronas Twin Towers in Jalan Ampang, Kuala Lumpur, its CEO Yoong Nim Chee chief said.
- Magna Prima bought the land, currently occupied by the 44-year-old Lai Meng Primary School and Lai Meng Kindergarten, from the Lai Meng Girls School Association for RM148.2m in Mar-09. Previously, Magna Prima had wanted to build a 50-storey Grade A office building, a 38-storey serviced apartment tower and a two-level retail podium, with total estimated gross floor area of 1.2m sf, on the existing school site.
- Magna Prima is targeting to start construction in 2013, after approval by Ho Hup Construction Co Bhd's shareholders to sell to the company 2.2ha in Bukit Jalil, Kuala Lumpur, for RM10.7 million where the new Lai Meng school will be built.The school association has confirmed that it will move to a site in Bukit Jalil, and Magna Prima will help in the relocation of the school, Yoong said. However, Magna Prima's project in Jalan Ampang will only start when the new school is completed. (BT)
Mycron Steel has tied up with Japan's JFE Steel Corp to enable the former to boost its supply of
steel products to the automotive and electrical appliance industries. JFE will provide
hot-rolled coil and technical assistance so that Mycron can produce high-quality
cold-rolled steel sheets for those two industries. JFE has also acquired a 3% stake in Mycron. Mycron expects to elevate its annual capacity to 500,000 tonnes once a new cold reduction mill comes online around 2012, from 260,000 tonnes last year. (BT)
