MRCB: To develop project with estimated GDV of RM300m. Malaysian Resources Corp Bhd (MRCB) is set to develop a luxurious high rise project with an estimated gross development value of RM300m in Jalan Kia Peng, Kuala Lumpur. The planned project will be alongside established, luxurious service residences, within the general neighbourhood of the Kuala Lumpur City Centre. (Source: The Star)
Genting Bhd: Finds gas in Indonesia. Genting Bhd's 95%-owned oil and gas unit Genting Oil & Gas Ltd is understood to have found gas from exploration at the Kasturi Block in Indonesia's Papua province. Genting's gas find has a current flow rate of 100m standard cubic feet of gas per day but further exploration was still needed to verify gas reserves in the block. (Source: The Edge Financial Daily)
Sunway: SunCon gets RM37m contract. Sunway Holdings Bhd's wholly owned subsidiary, Sunway Construction Sdn Bhd (SunCon) has secured a RM37m contract from the Ministry of Transport for upgrading works at the Sultan Abdul Aziz Shah Airport in Ipoh. The project is expected to commence in March. (Source: Bursa Malaysia)
Masterskill: CEO may raise his stake in company. Masterskill Education Group Bhd group CEO Datuk Seri Edmund Santhara who owns some 90.6m shares, or 22.1% stake in the company had announced his intention to deal in his securities in Masterskill. (Source: Bursa Malaysia)
Finance: Sector to grow by at least 10% this year. The finance sector, which has grown by over 10% since 2000, is expected to expand by at least 10% this year. Foreign funds which are flowing into the securities market are expected to drive the sector. (Source: The Edge Financial Daily)
New plan to resolve water impasse
The Government will come up with a new proposal this month to solve once and for all the water industry impasse in Selangor and the Federal Territories of Kuala Lumpur and Putrajaya. Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui said the ministry will intervene in Selangor's takeover plan of four water concession companies so that consumers will not continue to be burdened by water issues and the companies get a good deal. The four concession companies are Syarikat Bekalan Air Selangor SB (Syabas), Puncak Niaga SB, Syarikat Pengeluaran Air Sungai Selangor SB (Splash) and Konsortium Abass SB. The proposal is part of the government's effort via the National Water Services Commission to restructure and regulate the country's fragmented water industry, which was previously under the control of each state government. (BT)
NPE toll at PJ Selatan 2 cut to RM1
The toll at the Petaling Jaya Selatan 2 (PJS2) toll plaza along the New Pantai Expressway (NPE) near Kampung Medan here will be reduced from RM1.60 to RM1, effective today. This was announced by Prime Minister Datuk Seri Najib Tun Razak on Thursday. He said this was a Chinese New Year gift to the residents in the area. This is the third cut in toll rates announced by the Prime Minister since he tabled the Budget 2011 proposals last year. Meanwhile, Bernama quoted Najib as saying that the Government had promised to do the best for the people and this was one of the examples in line with the 1Malaysia concept. (The Star)
Favelle wins RM123m contract
Favelle Favco (FBB) has secured contracts to supply eight cranes worth RM123.20m. The company told Bursa Malaysia yesterday that the cranes would be delivered to eight buyers between early this year and early 2012. FBB said the contract is expected to contribute positively to its earnings and net assets for the financial year ending 31 Dec 2011 and beyond. (StarBiz)
Higher logs royalty in Sarawak
The Sarawak government has raised the single flat royalty rate on logs by 30% to RM65 per cu m from 1 Jan 2011. The single flat rate, which was introduced three years ago, was RM50 per cu m in 2008 and 2009. Last year's rate was supposed to be RM55 per cu m but it was lowered by RM5 per cu m following an appeal by the Sarawak Timber Association on grounds of poor market situation. With the latest increase of RM15 per cu m, this will generate an additional RM150m (based on 10 million cu m of logs harvested in 2010) in revenue for the Sarawak government's coffers this year. (StarBiz)
SunCon gets RM37m contract
Sunway Holdings’ wholly owned subsidiary, Sunway Construction SB (SunCon), yesterday secured a RM37.36m contract from the Ministry of Transport for upgrading works at Sultan Abdul Aziz Shah Airport in Ipoh. Sunway said the proposed project was expected to commence in March this year with a construction period of 72 weeks. (Financial Daily)
Hock Sin Leong (HSL) faces delisting
Hock Sin Leong Group is facing a possible de-listing after failing to submit its regularization plan to the Securities Commission or Bursa Malaysia Securities for approval within the stipulated timeframe. The electrical and electronics retail player said in a filing with the exchange that trading in its securities would be suspended from 25 Feb and its securities delisted on 1 March unless it submitted an appeal to Bursa Securities by 24 Feb. (StarBiz)
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