Palm oil stockpiles in Malaysia declined 7.5% in March compared with the previous month as exports jumped. Inventory of the edible oil fell to 1.65m metric tonnes (mt) from 1.79m tonnes in February, the Malaysian Palm Oil Board said. Output climbed 20% to 1.39m tonnes from a revised 1.16m tonnes in February and exports gained 7.7% to 1.39m from 1.29m tonnes. (Bloomberg, Malaysian Reserve)
EON Capital has withdrawn a proposal to pay a tax-exempt dividend of 10 sen per share for its FY09, to avoid a reduction in an offer price by
Hong Leong Bank (HLB). This follows the revised offer from HLBB to acquire EON Capital’s entire asset and liabilities, which was conditional upon EONCap not paying dividends or returning capital to shareholders until the completion of the transfer of assets. Otherwise, these payments will be deducted from the offer price. However, EONCap has said that in the event the deal with HLBB falls through, it may reconsider the proposed dividend. (BT)
Malaysia could see a minimum RM70bn
renewable energy (RE) business revenue by 2020 with the implementation of a national RE policy, Malaysia Building Integrated Photovoltaic's (MBIPV) national project team chief technical adviser, Ahmad Hadri Haris said. This in turn could generate tax income of some RM1.75bn, he added. The Act is currently being drafted by the Energy Ministry with technical support from the MBIPV. The Act is expected to be tabled later this year and feed-in tariffs could be implemented by next year. (BT)
MMC Corp’s power arm, Malakoff, was moving through a phase and was actively looking for business opportunities to venture into green technology involving
renewable energy, said MD and CEO Ahmad Jauhari Yahya. (Starbiz)
Credit Guarantee Corp Malaysia sealed a joint-venture agreement with Dun & Bradstreet Malaysia (D&B) and Association of Banks in Malaysia (ABM) as shareholders of
SME Credit Bureau. Under the deal, CGC as the major shareholder with 55% stake will provide its expertise and experience in the financing of small and medium-sized enterprises (SME) in Malaysia. It will also guide the development and management of the bureau's business.
- D&B, with a 25% stake will assist the development and operations with technical know-how given its knowledge and expertise in commercial credit bureau operations worldwide. While ABM, which signed the deal through its unit ABM Investments and holds a 20% stake, will provide support by helping the bureau to promote a strong and beneficial relationship with member banks.
- The bureau which was established in 2008, has 38 financial institutions and over 27,000 SMEs registered as members. It provides a wide range of business information reports and services to assist banks and businesses make critical credit search and decisions in a timely and consistent manner. (BT)
Packet One (P1), a unit of
Green Packet, may raise about US$100m (RM319m) by selling a fifth of the company to a strategic investor. It is believed that there are a few interested parties interested in investing in P1, including foreign telcos like South Korea's SK Telecom.
- "So far, a few parties have approached P1. Talks are still in the early stages. Nothing is finalised yet. It may take months before anything concrete happens," sources said.
- "Being the market leader in the WiMAX space is certainly a plus point. Moreover, broadband penetration is still relatively low, indicating good growth potential," said the source.
- Green Packet group MD Puan Chan Cheong, when contacted, said it was the company's policy not to respond to speculation or rumours. (BT)
Ahmad Zaki Resources said it will bid for contracts to build four office towers in Putrajaya worth some RM700m to grow its income. It will also bid for other building and infrastructure projects called by Putrajaya Holdings, AZRB executive director Datuk Wan Zulkifli Wan Muda said. "The unbilled portion of our existing order book is RM1.4bn and this is expected to grow. We are hopeful of doing better in the current financial year," he said. (BT)
Putrajaya Holdings will call for tenders for projects worth over RM1bn this year as it is bullish on the
property market in Putrajaya. CEO Datuk Azlan Abdul Karim said the tenders are to build four office towers worth RM700m, residential properties and office blocks. Companies like
Ahmad Zaki Resources (AZRB), IJM Corp, Sunway Holdings, UEM Group and Ireka Corp are set to bid. (BT)
Tan Chong Motor executive director Datuk Ang Bon Beng said the brand awareness was lacking in the Indochina market, and it was the company's mission to raise that awareness. Ang said it would start that mission in Cambodia. "After that, we would move to Laos and moving forward, we will accelerate our presence in other potential markets," he said. Tan Chong expects to start operations in both countries in the second quarter of this year, with a total financial commitment of US$5m (RM16.05m) for the first five years in each market. The initial sals volume is 200 units per year for each country. (Financial Daily)
Honda Malaysia registered sales of 4,041 cars in March, the highest monthly record in the company's history with the City model, posting the biggest sales of 1,752 units. MD and CEO chief executive officer Toru Takahashi said just three months into the year, the company had already achieved 25% of its annual target sales of 40,000 units. (Bernama, BT)
Quill Automobile expects a 15% to 20% increase in
BMW sales volume within the next six months. Director Roland Ooi said economic conditions and consumer sentiment were good. "This year, we've seen a good three months. Going forward, things look positive. Last year, people were cautious. " He said new BMW launches this year would help generate interest and boost sales in Malaysia. (Starbiz)
Carlsberg Brewery Malaysia is optimistic of a good showing this year as it rides on a recovering economy and integrates its Singaporean sister firm into the fold. "We hope to see a recovery in the malt liquor beverage market and the domestic consumption of beer and stout products," chairman Datuk Lim Say Chong said. (BT)
The
Sunway Group's hospitality arm, Sunway International Hotels & Resorts, plans to manage 5,000 rooms under the Sunway and Allson brands by end-2014, as it moves into the Middle East and further into Indochina. The group now manages a room-inventory of 3,500. "The direction of the company is to go more into management of hotels," CEO Hanley Chew said. This year, it may start managing two hotels in Saudi Arabia. (BT)
Talam Corp will settle debts of RM150.62m to Menteri Besar Selangor Inc (MBI) by selling several pieces of land in Selangor measuring 535.6ha. The RM150.62m is the balance owed from a total of RM391.99m. Apart from the amount due, another RM164.5m will be for MBI to secure release of encumbrances from Talam’s financiers for the land. (BT)
Johor has received two new investments totalling more than RM2.5bn for the upcoming
oil & gas hub in the Teluk Ramunia and Pengerang areas this year.
- Johor State Investment Centre GM Mohamed Basir Mohamed Sali said RM2bn would be for a shipyard project from an Asia-Pacific-based company. The remaining RM500m would be for a fabrication yard project covering over 200ha from a local company.
- Apart from the new investments, two investors from Qatar and Iran planned to invest RM16bn and RM30bn to set up their facilities in the hub before 2013. (Star)
Petra Perdana has secured loans amounting to US$52.5m (RM168.58m) for three vessels to be delivered within 2010. "The outlook for our vessels has improved over the last few months, with a number of new charters secured with durations up to three years," managing director Shamsul Saad said. "We are confident that with the expected increase in vessel utilisation and the inking of vessel financing to be completed soon for the outstanding new vessels, the company is now moving out of its worst period," he said. (Malaysian Reserve)
Frozen food manufacturer
Kawan Food is optimistic that China will make up as much as 70% of its sales over the next two years. "Sales increased 17% last year despite the economic slowdown. This is because our food was inexpensive which went well with the credit crunch," CEO Jon Fang said. The company hopes to sustain its performance this year as it plans to venture into new markets, put more effort in building its brands and continuously introduce new innovative products. (BT)
