Alam Maritim: Bidding for RM400m jobs. Alam Maritim Resources Bhd is bidding for RM400m worth of jobs this year to ride on the recovering sector which was subdued last year due to the global economic crisis. The offshore marine transportation service provider will submit bids in Indonesia, Brunei and Sabah as part of the group's long-term growth plan. (Source: Business Times)
Gaming: Genting said to be keen on Pan Malaysian Pools. The Genting group is making a bid for Pan Malaysian Pools Sdn Bhd (PMP), the number forecast operator (NFO) owned by Tanjong plc. Its bid is in the higher end among bids that have been submitted. The other bids are believed to be between RM1.8b to RM2.5b. (Source: The Edge Financial Daily)
Infrastructure: No rates hike on two highways. The Prime Minister announced that the toll rates for the Kuala Lumpur-Karak Expressway and East Coast Expressway Phase One would not be increased for the next five years. The decision was made following a review of transportation costs, including restructuring of the toll charges and to ease the people's burden. Furthermore, no compensation would be paid to the concessionaires of the two highways. (Source: The Star)
Infrastructure: All eyes and ears on second MRT line. The second mass rapid transit (MRT) line, which circles the Kuala Lumpur city centre (KLCC) orbital and known as the "circle line", is already in the final planning stage. The details are expected to be announced in March. The circle line is expected to cover the hotspots surrounding the KLCC, Jalan Bukit Bintang, the new Kuala Lumpur International Financial District in Dataran Perdana, KL Ecocity, Pusat Bandar Damansara and Sentul, among others. (Source: The Star)
Regulations: Changes in takeover rules. The Securities Commission (SC) and Bursa Malaysia raised the minimum shareholder approval threshold for takeovers via asset and liabilities route to 75% from the previous simple majority minimum. Other significant changes include the need for companies undergoing privatisation to obtain independent advice to ascertain if the offer is fair and reasonable and to ensure high net-worth investors are well informed of any structured products being offered to them. (Source: The Star)
BN retains Tenang seat with bigger majority
Barisan Nasional (BN) retained the Tenang State Assembly when its candidate, Mohd Azahar Ibrahim, defeated PAS candidate Normala Sudirman with a bigger majority. Nohd Azahar garnered 6,699 votes while Normala had 2.992, giving the BN a majority of 3,707 votes. In the last general election, the BN candidate, the late Datuk Sulaiman Taha beat Md Saim Siran, from PAAS, with a majority of 2,492 votes. (Financial Daily)
MTD Capital gets RM3.5bn offer for toll operations
MTD Capital Bhd has received a RM3.53bn offer for its infrastructure units, MTD Prime SB and Metramac Corp SB. This was prior to an announcement by the Prime Minister Datuk Seri Mohd Najib Razak about the restructuring of toll operations of concessions operated by both companies. In a filing to Bursa Malaysia last Friday, the company said it had received a letter containing the offer from Datuk Nik Hussain Abdul Rahman and Datuk Azmil Khalili Khalid (joint offerors) to conduct the acquisition through a special purpose vehicle. (Malaysian Reserve)
Sapuracrest inks RM149m charter agreement
Sapuracrest Petroleum Bhd, an oil and has service provider, has signed a charter agreement valued at RM149.5m to lease its drilling rig to Seadrill UK Ltd, Seadrill will lease the so-called T-10 drilling rig owned by Crest Tender Rigs Pte Ltd, a 51% indirect subsidiary of Sapuracrest, for two years at USD61,000 (RM186,294) per day beginning the fourth-quarter of last year, according to a filing to Bursa Malaysia last Friday. The T-10 would be used by Seadrill UK to perform works under the contract with Chevron Thailand Exploration and Production Ltd for offshore drilling activities in Thailand.(Malaysian Reserve)
Semen Gresik keen to buy Malaysian cement company
PT Semen Gresik, Indonesia's largest cement producer is mulling to acquire a Malaysian cement company this year to boost its production capacity. Semen Gresik president director Dwi Soetjipto said the company will expand its business overseas this year, by initially focusing on acquiring a Malaysia-based cement company. "Semen Gresik is prepared to realise its acquisition plan towards cement companies located in Malaysia. This acquisition will enable the company to improve its production with an additional of 1.5m tonnes of cement," he said in a statement posted on Semen Gresik's website. He declined to explain in more specific details concerning the target company as well as the value of the acquisition. But speculation is that Semen Gresik is eyeing to buy Cement Industries of Malaysia Bhd (CIMA), a unit of UEM Group. According to Jakarta Post's online news portal, Semen Gresik is looking to buy CIMA, which has an 18% share of the Malaysian cement market. (BT)
Melati unit, PKNS in RM1.6bn project
Melati Ehsan Holdings Bhd’s wholly-owned subsidiary, Bayu Melati SB, has entered a joint venture agreement with PKNS Holdings SB to undertake a mixed commercial development with gross sales value of RM1.62bn. The projected gross costs value of the development is about RM1.07bn but Bayu Melati may propose improvements to the building and layout plans, design and building works on the 75,473sq m freehold commercial land in Kelana Jaya, currently with a sport complex known as “Kompleks Sukan PKNS”. In a filing with Bursa Malaysia last Frifay, Melati Ehsan said the proposed project entailed two blocks of service apartments, one block of Soho offices, one sports complex, two blocks of office tower, one shopping mall, one hotel, one performing arts centre and car park lots. (StarBiz)
Bintai Kinden bags RM86m Singapore job
Bintai-Kinden Corp Bhd has won a RM85.82m contract to build and maintain the ventilation, electrical and fire protection system for a mixed development project in Singapore. Works are expected to be completed by January 2013, according to a filing to Bursa Malaysia last Friday. (Malaysian Reserve)
Latexx to make announcement
Latexx Partners Bhd, which requested for a trading suspension last Friday, is expected to make a material announcement today. Speculation about a possible privatisation of Latexx had been rife following a news report. In a stock exchange filing, Latexx said it had received a proposal which was material in nature and that the company would make an announcement on 31 Jan. The Edge FinancialDaily reported on Thursday, 28 Jan that there was talk of privatisation of Latexx amid the continuous rise in latex price and the weakening US dollar which have hit the once-favoured rubber gloves industry. According to Bloomberg data, BT Capital Sdn Bhd is the major shareholder of Latexx with 49.57 million shares or a 22.55% stake, followed by Latexx's executive chairman and CEO Low Bok Tek 15.47 million shares (7.04%) and Lembaga Tabung Haji with 11.68 million shares (5.32%). (Various press reports)
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