June 14 (Bloomberg) -- Genting Malaysia Bhd., the casino owner that parlayed a single hilltop site near Kuala Lumpur into gambling resorts in Singapore, the Philippines and the U.K., is now looking for investments in the U.S. “Genting Malaysia is aggressively searching for opportunities to invest in the U.S. casino gaming market,” Justin Leong, head of strategic investments and corporate affairs at group parent Genting Bhd., said in an interview in New York. “Our strategy is building a U.S. presence.”
RM3.2bn Petronas jobs up for grabs
Dayang Enterprise Holdings and Petra Energy Bhd are seen as the frontrunners for Petroliam Nasional Bhd (Petronas) ongoing tender for the maintenance of its offshore platform across Malaysia. It is learnt that Petronas has solicited bids for the maintenance of its local offshore platforms on a five-year term. The contract value for the Sabah and Sarawak portion is estimated at RM800m. (Financial Daily)
Tobacco firms yet to receive ‘black and white’ from ministry
Tobacco companies have yet to receive the official notification from the health ministry pertaining to the ban on the sale of small cigarette packs from June 1 despite the minister saying last Thursday that the directive had been sent out. The Health Minister had also said enforcement had not started as there had been some confusion over the status of the ban but said that it would be “soon” though no timeframe was given. The tobacco players will be given some time to clear the stocks already in the market. (Financial Daily)
Boustead in RM534m takeover of Pharmaniaga
Boustead Holdings Bhd has proposed to buy 86.81% of the issued and paid-up share capital of drug maker Pharmaniaga, owned by UEM Group for RM534m cash. The proposed deal would be funded via internally generated funds, namely the RM363mil from the recent sale of its insurance unit BH Insurance (M) and bank borrowings, the company said. Boustead deputy chairman/group managing director Tan Sri Lodin Wok Kamaruddin said the acquisition, which works out to RM5.75 per share, was expected to pave the way for Boustead, largely involved in property and plantation now, to move into the pharmaceutical business in the Asean region “in a serious manner”. At RM5.75 per share, the offer represents a 13% premium over Pharmaniaga’s last traded price of RM5.10. (StarBiz)
RM3bn boost for Naza TTDI's Platinum Park Naza
TTDI Sdn Bhd's Platinum Park project in Kuala Lumpur will see a new wave of development as the property developer launches lifestyle properties worth about RM3bn next year and in 2013. The 3.68-hectare Platinum Park is a high-end integrated residential and commercial development in the Kuala Lumpur City Centre (KLCC) area, worth RM4bn. Group managing director SM Faliq SM Nasimuddin said Naza TTDI will introduce its first residential property - a luxury serviced apartment, by early next year. It will next launch a high-end condominium towards the end of 2011 or by early 2012. He said there will be more than 200 units of serviced apartments, with sizes ranging from 500 sq ft to 1,100 sq ft offered to retail investors. The condominium tower will have more than 100 units, ranging from 2,000 sq ft to 3,500 sq ft. (BT)
Wah Seong eyes jobs in Europe, Golden Triangle
Wah Seong Corp Bhd plans to establish an oil and gas pipe-coating plant in Europe or in the Golden Triangle (Brazil, Mexico, and North Africa) region in the next one to two years. Group deputy managing director Giancarlo Maccagno said after the company AGM that the project would support the group’s interests in these areas. “We are in the process of bidding for a couple of projects in Europe and the Golden Triangle,” he said. Over the next five years, the oil and gas industry planned to spend about USD170bn for deepsea exploration and production, of which 75% would be for the Golden Triangle, said Maccagno. (StarBiz)
Two Penang HDD parts makers re-investing this year
Two Penang-based hard-disk drive (HDD) component makers, Eng Teknologi Holdings Bhd and Dufu Technology Corp Bhd, are re-investing this year. Their move comes as Seagate and Western Digital, the two major producers of HDD products, are allocating USD750m each for capital expenditure (capex) this year. The amount represents an increase of 15.4% and 36.4% respectively for the two companies. According to a recent broker report, both Seagate and Western Digital are increasing capex to support demand, “as inventory levels at their original equipment and distribution customers remained at nearly all-time lows across all geographic regions and product offerings.” The global demand for HDD products is also expected to hit over 671m units this year compared with over 557m in 2009. Eng Teknologi is allocating about RM100m to expand its operations in Malaysia, Thailand, and China this year and next. Dufu Technology Corp Bhd, on the other hand, is pumping RM12m to increase production of HDD components, such as clamps and spacers, at its plant in Bayan Lepas Industrial Estate. (StarBiz)
Kimlun to focus on Iskandar, S’pore construction projects
Listing bound-Kimlun Corp Bhd is looking to build on its order book of RM600m by tendering for construction projects in Iskandar Malaysia and Singapore. The Johor-Bahru based company is aiming to secure some contracts from the special development zone after Iskandar Investment Bhd said it will be offering contracts worth RM1bn for retail outlets, hotels and office space by the end of this year. (Malaysian Reserve)
