Khazanah starts restricted tender for Pos Malaysia
Khazanah has entered into the second stage of the divestment process of its 32.2% stake in Pos Malaysia, starting with the restricted tender process for bidders. It said bidding would be on a level playing field whereby the emphasis would be on bidders who would be able to introduce sound strategies and business plans sustainable to bring the postal entity to the next level of growth. (Financial Daily)
Johor Corp selling land to repay part of debt
Johor Corp will sell a parcel of land it owns in Johor that is worth more than RM2bn as part payment for the RM3.6bn debt due July 2012, according to president and CEO Kamaruzzaman Abu Kassim. The land is located within parts of Johor Baru that were earmarked for development under the RM1.8bn Johor Baru city centre transformation plan. Kamaruzzaman’s statement indicated a change in JCorp’s strategy as the original plan was to refinance the RM3.6bn debt rather than selling assets to repay the obligation. (StarBiz)
Ramunia eyeing RM300m worth of contracts
Ramunia Holdings is eyeing contracts worth RM300m this year as part of its strategy to get back on track after settling all its debts last year. The company’s two new fabrication yards in Port Dickson and Sandakan can handle businesses to the tune of RM300m. Ramunia’s current orderbook is negligible at less than RM10m. The company is eyeing to get its fair share of Petronas’ expected 150,000 tonnes steel works contract awards. (Malaysian Reserve)
Emkay to spend RM235m for Cyberjaya project expansion
Emkay Group plans to spend RM235m in the next four years to expand its development projects in Cyberjaya as most of its existing landbank has been developed. Emkay, the private vehicle of Tan Sri Mustapha Kamal Abu Bakar, will acquire some 145 acres of land in Cyberjaya for future projects that would include mixed developments, light industry and commercial developments, and residential properties. The investments will be funded through internally generated funds and bank borrowings. (Malaysian Reserve)
Bionas eyes GBP500m London listing
Bionas Group is looking at raising up to GBP500m from the proposed listing of its subsidiary Bionas Fuel (UK) Ltd on London’s Alternative Investment Market by mid 2011. The Malaysia-based company plants jatropha fruits and produces jatropha additives to make biodiesel. The IPO proceeds will mainly be used to expand its jatropha plantings in Africa. The fruit is not edible, unlike conventional vegetable oils used for biodiesel, and thus does not face the food versus fuel dilemma. Barclays will be handling the IPO. (Business Times)
Berjaya Food eyes RM18.3m in proceeds from IPO
Berjaya Food en-route for listing on the Main Market of Bursa Malaysia next month, expects to raise RM18.3m from its IPO. The operator of Kenny Rogers Roasters restaurants in Malaysia said the proceeds would accrue entirely to the offeror, Berjaya Group.The company listing is scheduled for 8 March with a market capitalization of about RM72.1m. (Bernama)
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