Sime Darby: Emery Oleochemicals to invest RM416m. Prime Minister Datuk Seri Najib Razak announced a RM416.2m investment led by the Emery Oleochemicals Group in three sub-projects to produce bio-lubricants and green polymer additive as well as surfactants for home and personal wellness products. Emery Oleochemicals Group is a 50:50 JV between Sime Darby Plantation and PTT Chemicals of Thailand. (Source: The Edge Financial Daily)
Bursa: Aims to double derivatives trade volume. Bursa Malaysia Derivatives Bhd aims to double its daily trading average to 50,000 contracts over the next three years in line with growing investor interest. The collaboration with US-based CME Group to expand trading of commodity futures, increase the volume of existing products and introduce new products, would drive the market's growth. (Source: Business Times)
REDtone: Upbeat about venture into health care. General Electric Malaysia will collaborate with local partners that include REDtone International Bhd, to develop diagnostic services nexus (DSN), a teleradiology hub that involves RM30m of investment. (Source: The Star)
Infrastructure: McKinsey appointed consultant for MRT. McKinsey & Co has been hired as consultants to carry out the value management study (VMS) on the mass rapid transit (MRT) project. The VMS is an important element in SPAD's plan to ensure that the MRT is carried out in the most cost-efficient way. (Source: The Star)
Plantation: Call to speed up approval of foreign workers for harvest season. The Federal and Sabah state governments have been urged to quickly approve new applications of foreign workers to harvest fresh fruit bunches in the months ahead. This is to enable the industry to achieve the 17.6m tonnes crude palm oil output target this year. The industry will need to hire up to 50,000, or 20%, more foreign workers to harvest fresh fruit bunches from the trees as more oil palms reach their prime fruit-bearing age profile. (Source: Business Times)
Property: Easy first home. Young working adults earnings less than RM3,000 a month can now obtain up to 100% financing to buy their first home under the My First Home Scheme. The scheme will unable young adults to buy houses costing between RM100,000 and RM220,000 with a repayment period of up to 30 years. The scheme sees the participation of 25 conventional and Islamic financial institutions. (Source: The Star)
Najib unveils RM2bn projects to boost income, create jobs
Malaysia has unveiled investments worth more than RM2bn across nine private projects spanning the energy, agriculture and electronics to healthcare sectors to boost income and create jobs. Among others, the Government announced a RM600m development of seaport and resort in Perak; construction of chemical plants, facilities for advanced lightning and a renewable energy park; a RM1m integrated oil and gas hub; as well as public private partnership to cultivate fragrant rice. In addition, US giant General Electric is partnering Malaysian telecommunication provider Redtone International to invest in a teleradiology hub while QAV Technologies SB will develop a light emitting diode certification centre. FaberGroup has been roped in to spearhead the development of an energy-saving system. (MalaysianReserve)
Bursa mulls new trading platform
Tokyo Stock Exchange (TSE) is one of the parties interested to bid for Bursa Malaysia Securities’ equity trading platform. Bursa Malaysia has issued a request for information to various parties to evaluate trading systems but has yet to call for bids. The fact finding exercise has attracted the interest of various parties, including the TSE,, which plans to propose its Arrowhead trading system to Bursa Malaysia. (Malaysian Reserve)
Bonus issue by Mudajaya
Mudajaya Group has proposed a one-for-three bonus issue involving up to 37.08m new shares. It had also proposed an employees’ share option scheme of up to 10% of its share capital for eligible employees. (Starbiz)
Cypark may spend RM190m on green energy parks
Environmental engineering group Cypark Resources may spend about RM190m to build renewable energy parks at its 17 landfills in Peninsular Malaysia to produce a combined 20 megawatts (MW) of electricity. Group chief executive officer Daud Ahmad said the company is spending RM94.3m on a commercial pilot project at a 10.4ha rehabilitated landfill in Pajam in Nilai, Negri Sembilan. The park involves the integration of three resources available at the landfill - solar, landfill gas (biogas) and waste (biocell) - which is capable of generating up to 10MW of power by 2013. "The energy will be fed to to the National Grid. Under the Renewable Energy Act and Feed-in-Tariff, Tenaga Nasional Bhd will buy the energy," he told reporters after the Fourth Economic Transformation Programme (ETP) Update in Kuala Lumpur yesterday. Cypark expects returns from the Pajam project by year-end. The Pajam landfill is one of the 17 sites the Government has asked the company to close down. (BT)
Dongwha keen on HeveaBoard’s assets
Donghwa Malaysia Holdings SB plans to buy HeveaBoard Bhd’s particleboard manufacturing plant assets for no less than RM245m. HeveaBoard has received a letter of intent from Dongwha. The acquisition would include two particleboard manufacturing plants, industrial land, plants and machinery. (BT)
BFood fares well on debut listing
The share price of Berjaya Food (BFood), which operates the Kenny Rogers Roasters (KRR) chain, fared well on its maiden trading day. The stock opened on a slight premium of 2.5 sen over its offer price of 51 sen and climbed steadily to a day’s high of 64.5 sen. It closed at 63.5 sen, 12.5 sen or nearly 25% higher, against its offer price. Some 35.865m shares were traded, making it the second most active counter on Bursa. BFood is among the best performing IPOs on debut day. (FInancialDaily)
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