Sime Darby: To challenge suit by Abu Dhabi firm. Sime Darby Engineering Sdn Bhd (SDE), a wholly-owned subsidiary of Sime Darby has confirmed that Emirates International Energy Services (EMAS) has indeed filed the suit against the company and vowed to challenge the suit. EMAS has written a letter to SDE claiming compensation in the amount of USD20m for not accepting several projects EMAS had identified for SDE. However, SDE stressed that it was under no obligation to accept EMAS's recommendations and had no time bound requirements to decline EMAS's recommendations. (Source: Bursa Malaysia)
QL Resources: Boilermech gets nod to float on Ace Market. Boilermech Holdings Bhd (BHB), an indirect associate company of QL Resources, has obtained approval to list on the Ace Market of Bursa Securities. (Source: Bursa Malaysia)
Supermax: Counts on new income stream. Glove maker Supermax Corp Bhd is banking on a new income stream derived from global sales and marketing network to mitigate any effects of higher production cost. The company would aggressively globalise its operations via its network of about 700 distributors worldwide. The new income stream is expected to contribute 5% of its 2011 net profit. (Source: The Star)
Metro Kajang to buy plantation land in Kalimantan
Metro Kajang Holdings is in negotiations to acquire 20,000ha of plantation land in East Kalimantan. It signed a MoU with a local land owner last week, with salient terms such as pricing still being discusses, said executive chairman Datuk Alex Chen. This acquisition could double the size of its plantation land bank which measures about 16,000ha at present. (Financial Daily)
Coal-powered plant plan in Sabah is off
The proposed coal-fired power plant project in Lahad Datu has been scrapped after more than three years of controversy. Chief Minister Datuk Musa Aman said a consensus had been reached that coal would not be used as a source of energy for Sabah and added that Prime Minister Datuk Seri Najib Tun Razak had asked TNB and Petronas to come up with alternatives to replace the proposed 300MW coal-fired plant in Lahad Datu. (The Star)
Tambun Indah to acquire 3 companies, increase GDV to RM1.4bn
Tambun Indah Land is acquiring three property developers, which in turn will raise the group's total GDV to RM1.4bn to keep the group busy until 2016. The proposed acquisitions would increase its GDV by RM245m from more than RM940m currently. Besides, it would also increase its land bank by 6.4ha to 95.2ha. The acquisition, costing about RM11.6m, is part of Tambun Indah's strategy to strengthen its footprint on Penang Island. (Bernama)
Azizul pares down stake in Ramunia
Ramunia Holdings’ major shareholder Datuk Azizul Rahman Abdul Samad has pared down his stake significantly recently, raising speculations that he may exit the group soon. His indirect shareholding in Ramunia fell to 73.3m shares, representing 11.1% stake, from 14.3% or 94.7m shares as at 30 Dec, 2010. (Financial Daily)
Green Packet defers EBITDA breakeven target to end-2011
Green Packet has deferred its target of breaking even at EBITDA level to the end of this year as opposed to the first quarter of 2011, said its CEO Puan Chan Cheong. The deferment was due to the more competitive environment and lower price point in the nomadic broadband segment that its subsidiary Packet One Networks (M) SB planned to grow going forward. (Financial Daily)
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