20110321 1051 Malaysia Corporate Related News.

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Taib: Sarawak assembly to be dissolved on Monday
Sarawak Chief Minister Tan Sri Abdul Taib Mahmud announced that the state assembly would be dissolved on Monday (March 21), paving the way for state polls. The country’s longest serving chief minister, who has helmed the state since 1981, also said that he would contest the upcoming state elections but would step down as chief minister mid-term. Taib also said he had called on Yang Dipertua Negri Tun Abang Muhammad Salahuddin Abang Barieng on Thursday to get his consent to dissolve the state assembly. The Election Commission (EC) would decide the dates for nomination and polling, he said, ending months of speculation about the state election. (The Star)

Sarawak Hidro aims to seal PPA with SEB by July
Sarawak Hidro SB is confident of sealing the power purchase agreement (PPA) with state utility firm Sarawak Energy Bhd (SEB) by July this year. Sarawak Hidro managing director, Zulkifle Osman, said negotiations on the sale of power from Bakun Hydroelectric are ongoing. “We meet constantly. Hopefully by July this year we will seal the PPA before Bakun dam could commercially produce the first 300MW of electricity,’ he said when contacted in Kuching by the media. The Bakun Hydroelectric dam, located on Balui River in the upper Rejang River basin and 37km upstream from Belaga, is the world’s second tallest concrete rock-filled dam. (Malaysian Reserve)

Notion eyes RM60m earnings in Nikon ‘contingency plan’
Notion Vtec Bhd, whose major customer includes Nikon Corp which has been severely affected by the 11 March earthquake and tsunami in Japan, wills see an additional sales contribution of up to RM60m as it supplies parts to Nikon’s Thailand outfit as pat of a contingency plan. Notion, a Malaysian precision parts manufacturer, said in an exchange filing last Friday that it is preparing to expand its production for camera body mounts with immediate effect as Nikon Thailand’s Japan-based in-house parts supplier had been shut until further notice The finished parts would e trucked to Nikon’s plant in Ayuthaya, Thailand, for assembly, it said. (Malaysian Reserve)

Scientex enters solar energy via JV with Japan firm
Industrial packaging manufacturer Scientex Bhd is moving into the solar energy sector via a 50:50 joint venture with Mitsui Chemicals Tohcello Inc (MCTI). The new joint venture company will manufacture and distribute encapsulating sheets for solar cells. The company's facility will be located at the Bukit Rambai Industrial Estate in Malacca. The first phase of production, targeted to begin in August 2012, will be 10,000 tonnes a year. MCTI currently has a 20% share of the world market, producing some 40,000 tonnes a year. It is targeting to achieve 30% market share by 2013, once the Malacca plant is set up. MCTI will provide the technical expertise and raw materials for EVA for the encapsulating sheets, while Scientex will provide the site for the manufacturing plant, labour, marketing and customer synergies. The encapsulating sheets will cater to the South-East Asian markets, particularly Malaysia and Singapore. It will also be exported to Europe. (StarBiz)

Hubline upbeat on PNG shipping venture
Hubline Bhd expects its shipping business in Papua New Guinea (PNG) to grow significantly through a tie-up with PNG Gulf Provincial government and two Hong Kong-based investment firms. An agreement to set up a joint-venture (JV) company between Hubline, Gulf Oil and Gas Corp Ltd (GOGCL), Energy Pro Ltd (EPL) and East Ocean Asia Pacific Investment Ltd (EOAPIL) is scheduled to be signed in three months, according to Hubline chief executive officer Dennis Ling. The memorandum of understanding (MoU) to set up the JV company was sealed in Kuala Lumpur last Thursday. The signatories were Ling, PNG Gulf Province Governor Havila Kavo and GOGCL chief executive Mark Baiai. PNG High Commissioner to Malaysia Veali Vagi witnessed the event. (StarBiz)

New Perodua models soon
Perusahaan Otomobil Kedua Sdn Bhd's (Perodua)’s new compact model which will feature the latest, more stylish and sporty design, is expected to be launched in July or September this year. Perodua managing director Datuk Aminar Rashid Salleh said the model to be introduced was also expected to exceed the popularity of the current range of MyVi, Alza and ViVa models. He declined however, to reveal further details of the new model, or if it was a compact sedan with a 1.5-litre engine capacity when asked. “It is an affordable compact car, suitable for all sections of the community, especially the young,” he said. (Bernama)