Additional RM4bn in subsidies if petrol price not adjusted
The government may have to fork an additional RM4bn on subsidies if no adjustments are made to petrol prices, Prime Minister Datuk Seri Najib Tun Razak said. That would be an addition to the RM10bn in subsidies allocated for this year. "Whether there is a need to adjust petrol prices, it will depend on inflation," he added. (Bernama)
Foreign interest still at 30% for commercial banks
There is no change to the Banking and Financial Institutions Act 1989 ruling that keeps the foreign shareholding in commercial banks at 30%, said Prime Minister Datuk Seri Najib Razak. However, he added that applications by foreign strategic shareholders to raise their stakes in local commercial banks would be evaluated on a caseby- case basis. (Financial Daily)
Tata keen to work with Proton on Nano car
Indian carmaker, Tata Motors, which manufactured the world's cheapest car, Nano, has expressed interest to enter the Malaysian market by working along with Proton. "Mr (Ratan) Tata is keen to work with Proton again. About seven or eight years ago there were some joint discussions to manufacture cars but nothing came out of it. Now our automotive policy is more liberal and there are new opportunities," Deputy Prime Minister Tan Sri Muhyiddin Yassin said. (Bernama)
Pos divestment by 12 April
The divestment by Khazanah Nasional of its 32.2% stake in Pos Malaysia will be completed by 12 April, the date of Invest Malaysia 2011, parties familiar with the process said. According to other sources, bidders are being given the opportunity to meet with the management of Pos and to seek all necessary information from them. Following this process, bidders will be allowed to make adjustments to their bid by 15 March. (StarBiz)
No request from foreign lenders for EONCap stake talks
Bank Negara Malaysia has not received any application from any foreign banks to start negotiations with EON Capital to take a stake in it, according to its governor Tan Sri Zeti Akhtar Aziz. More than a week ago, a business weekly quoted sources as saying that China Construction Bank may seek Malaysian central bank approval to begin negotiations with EON Capital. (BT)
OSK Investment Bank enters MoU with Japan's Okasan Securities
OSK Investment Bank has entered into a MoU with Okasan Securities, the sixth largest integrated securities company in Japan, to cooperate in cross-border trading, advisory and fund raising opportunities between Asean and Japan. Its CEO, U Chen Hock, said the MoU would pave the way for both parties to foster cooperation and development in relation to capital markets particularly in Malaysia, Indonesia, Singapore and Japan. (Bernama)
Proton: Tata keen to work with Proton on Nano car. Indian carmaker, Tata Motors, which manufactures the world's cheapest car, Nano, has expressed interest to enter the Malaysian market by working with Proton Holdings Bhd. (Source: The Edge Financial Daily)
Sime Darby: Emery plans RM480m sukuk issue. Emery Oleochemicals Group, an equal joint venture between Thai-based PTT Chemical International Pte Ltd and Sime Darby Plantation Sdn Bhd, plans to issue RM480m Islamic bonds to fund its global expansion projects. A big portion of the RM480m will fund three projects in Malaysia to produce bio-lubricants and green polymer additives. (Source: Business Times)
Golden Land: In Cambodia for landbank expansion. Oil palm plantation firm Golden Land Bhd said its units had entered into agency agreements in Cambodia for Golden Land to expand its land-banks for palm oil cultivation by nearly 11,000ha. (Source: The Star)
Gaming: No plans to ban sale of lottery tickets in S'gor. Selangor has no plans to follow Kelantan by imposing a ban on the sale of lottery tickets. Menteri Besar Tan Sri Khalid Ibrahim said there would be no change to the current policies and practices governing the sale of lottery tickets in the state. (Source: The Star)
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