Sime Darby sells stake in PTTE
Sime Darby Bhd has signed a share sale and purchase agreement with PT Roro Chasis Sejahtera (PTRCS) and PT T Energy (PTTE) for the disposal of its entire 70% equity interest in PTTE. The deal was sealed via its subsidiary, Sime Darby Industrial SB, and upon completion of the disposal, PTTE will cease to be Sime Darby's subsidiary. Its entire stake comprising 700 shares of USD100 each will be sold for RM250,000 and the settlement of an inter-company balance of RM3.15m by PTRCS on behalf of PTTE. PTTE is principally a main distributor of commodities and imports machinery and equipment for pressured natural gas stations. (StarBiz)
Vincent Tan offers 65 sen for remaining BRetail shares
Berjaya Group main shareholder, tycoon Tan Sri Vincent Tan, is offering 65 sen cash each for all Berjaya Retail Berhad (BRetail) shares and irredeemable convertible preference shares (ICPS) held by minorities including persons acting in concert in an exercise meant to delist the company. The offer price is a 30% premium to its listing price of 50 sen that investors paid when the counter was listed last August and a 52.9% premium to its last closing price of 42.5 sen.(Malaysian Reserve)
P.I.E. invests RM50m in expansion drive
P.I.E. Industrial Bhd is investing about RM50m this year to expand its production capabilities in line with the growing demand for high-end medical, telecommunication, and computer markets. P.I.E. managing director Alvin Mui told the media that the group, a business unit under Foxconn, had recently obtained the ISO 13485 certification, enabling it to manufacture more complex electronic parts used in surgical equipment. P.I.E. would also use the investment to start a new converter business division to provide milling, die cut, and silk-screening manufacturing services for the trendy consumer electronics, telecommunication, and computer markets, Mui said. The new initiatives would start in the second half of this year, Mui added. (StarBiz)
Cost of LRT extension won’t exceed RM7bn
The cost of extending the Kelana Jaya and Ampang light rail transit (LRT) lines is not expected to exceed the allocated RM7bn and the two lines are scheduled to be opened to the public by mid-2014. “We are confident that the RM7bn will not be exceeded,” Syarikat Prasarana Bhd (Prasarana) group director of project development division Zulkifli Mohd Yusoff said, adding that the new lines would be ready for testing and commissioning by early 2014 and open for public use by the middle of 2014. Zulkifli, who was speaking at a media briefing last Friday said currently, RM2bn of the RM7bn needed for the project had already been raised via Islamic bonds and the remaining RM5bn would also be raised via bonds next year and beyond. Physical work on the lines would likely commence by the end of this month, pending the approval of work permits.(StarBiz)
Kulim: JCorp to sell Kulim? Tan Sri Muhammad Ali Hashim, former president and CEO of JCorp, claims that JCorp is planning to sell its subsidiary Kulim (M) Bhd. (Source: The Star)
Cypark: RE project to reach full capacity by 2013. Cypark Resources Bhds RM94.3m pilot Renewable Energy (RE) Park project in Pajam, Nilai may be running in full capacity of 10MW by 2013 although implementation is dependent on other factors. (Source: The Edge Financial Daily)
Berjaya Retail: To be privatised, Tan offers 65 sen per share. Tan Sri Vincent Tan Chee Yioun has proposed to privatise Berjaya Retail Bhd (BRetail) through Premier Merchandise Sdn Bhd. Tan is making a general offer for all BRetail shares and irredeemable convertible preference shares (ICPS) he does not own for 65 sen in cash per share. (Source: The Star)
LBS: Targets foreign buyers for D'Island. Property developer LBS Bina Group Bhd expects to attract a sizeable number of foreign buyers to its lucrative high-end project in Puchong, Selangor. The group wants to attract Chinese and Indian buyers particularly to its RM2.9b jewel project called the D'Island Residence, which is slated for April launch. (Source: Business Times)
FDI: Silicon firms to invest in Score. The Sarawak Corridor of Renewable Energy (Score) can expect major foreign direct investments (FDIs) in five silicon-related industries if agreements on the Bakun power tariffs could be reached soon. Multinational companies from the United States and Japan were in advanced negotiations with Mida, Sarawak government and Bintulu Development Authority (BDA) on setting up plants in Samalaju Industrial Park, Bintulu Division within Score. (Source: The Star)
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