Sunway REIT: Targets RM7b asset value. Sunway REIT Management Sdn Bhd, the manager for Sunway REIT, is looking to make some sizeable and meaningful asset acquisitions in the medium term and plans to expand its asset value to RM7b in the next five to seven years. One of the acquisitions will involve a shopping mall from a third party vendor. (Source: The Star)
CB Industrial: Unit to build mill in Ivory Coast. CB Industrial Product Holdings Bhd's unit Modipalm Engineering Sdn Bhd has secured a contract from Dekel Oil CI SA, worth RM40.3m, to build a mill in Ivory Coast. Modipalm would design, supply and install mechanical and electrical works for 60 tonnes per hour palm oil mill. (Source: Bursa Malaysia)
HSL: Wins contract RM16m.Hock Seng Lee Bhd (HSL) has secured a RM16.2m contract from the Sarawak Industrial Development Ministry for a project in Samarahan Industrial Estate. The project would involve site clearing, earthworks and infrastructure. (Source: The Star)
O&G: Technip-Daewoo group wins Petronas contract. Petroliam Nasional Bhd (Petronas) and its unit, MISC Bhd, have awarded a foreign consortium consisting of French-based Technip SA and South Korean Daewoo Shipbuilding & Marine Engineering Co Ltd, a key engineering contract for a floating liquefied natural gas (FLNG) unit in Malaysia. The contract involves front-end engineering and design (FEED) for a FLNG unit with annual capacity of one million tonnes and is scheduled to be completed by the second half of this year. (Source: The Star)
Plantation: Malaysian refiners eye Indonesian palm oil. Malaysian refiners have been forced to import extra Indonesian crude palm oil (CPO) after floods in a key growing area submerged estates and cut off roads, delaying at least 70,000 tonnes of refined exports to major buyers like China and India. Heavy rain during the weekend covered many estates in Malaysia's No. 2 oil palm growing region of southern Johor, disrupting the supply chain from the estates to the refineries. To meet the shortfall in supply, refiners in Malaysia's key export port of Pasir Gudang in Johor were eyeing Indonesian palm oil stored in floating barges in the Malacca Strait. (Source: Business Times)
Telecommunication: International submarine cable system. Telekom Malaysia (TM) and Japans NTT Communications (NTT Com) signed the agreement for the development of a new USD140m international submarine cable system to enhance Internet communications in the region. The cable system, called Cahaya Malaysia will have six fiber pairs and they would be built at a cost of USD412m. TM will own two fiber pairs, while NTT Com will own the remaining four. (Source: Bernama)
MMC-Gamuda get letter of award for Klang Valley MRT
Gamuda said its joint venture with MMC Corp was appointed project delivery partner by the Government for the implementation of the Klang Valley mass rail project in Malaysia. The MMC Corporation-Gamuda joint venture has received a letter of award from Syarikat Prasarana Negara Bhd (SPNB) to carry out the Klang Valley mass rapid transit (MRT) project. MMC said the scope, terms and conditions of the appointment will be subject to the finalised and executed project agreement between the government and SPNB. The appointment was also subject to the execution of a comprehensive and definitive agreement between the JV partners and SPNB. (BTimes & Financial Daily)
AZRB, Jasa Bakti JV awarded RM125m public housing project
Ahmad Zaki Resources Bhd and Jasa Bakti SB have been awarded a RM125m contract to undertake a public housing project in Kuala Terengganu. AZRB said it had received a letter of acceptance from the Housing and Local Government Ministry to build 1,002 flats under the public housing program (PPR-for rental) in Changang Tiga, Kuala Terengganu. (Financial Daily)
Penang LRT back on track?
The Land and Public Transport Authority is likely to spearhead Penang's proposed light rapid transit system, say sources. The federal government may revive a project to build a light rapid transit (LRT) system for Penang, as part of efforts to reduce traffic congestion nationwide. Business Times has learnt that the scheme is likely to be an expansion of the Government's efforts to improve public transport via projects such as Kuala Lumpur's first mass rapid transit system (MRT) and the proposed light rail service in the Iskandar Development Region in Johor. However, there is no known time-frame attached to this project. (Business Times)
Maybank's BII returns to the black
PT Bank Internasional Indonesia Tbk (BII) recorded a significant turnaround when it reported a net profit of IDR461bn (RM157m) for 2010 compared with a net loss of IDR41bn rupiah (RM13.9 m) posted in 2009. The turnaround was due to greater growth across the core businesses and continuous improvements in all business operations, said Maybank. Maybank is the majority shareholder with a 97.52% equity stake in BII. (Business Times)
SapCrest, Kencana and Petrofac in JV to develop Berantai
Sapura Crest Petroleum (SapCrest), Kencana Petroleum and Petrofac Energy Developments, a unit of Londonlisted Petrofac, has entered into a joint venture (JV) to develop and operate the Berantai field located 150km offshore Terengganu. The contract would be for nine years commencing Jan 31, 2011 with first gas from the project expected by the end of Dec 2011. Separate filings by SapCrest and Kencana to the stock exchange showed that both would have a 25% stake in the joint operating agreement with Petrofac owning the remainder stake. The total development cost including for the subsequent phase, to be incurred collectively by the operating parties, was estimated at this juncture at approximately USD800m, excluding the provision of the FPSO. (StarBiz)
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