20110322 0940 Malaysia Corporate Related News.

KLCI chart reading :
correction range bound little downside biased with MACD indicator +ve crossed up.

Action plan on Johor Corp’s debts
Top officials at Johor Corp are planning to meet soon to decide on the best plan of action on how to deal with its debt issues. “Among the plans are to get an independent view on pending deals, its assets and liabilities and to help it decide on the best way forward,” a banking source explained. (StarBiz)

AMMB: ANZ may raise stake in AMMB. Australia and New Zealand Banking Group Ltd (ANZ) may raise its equity interests to controlling stake in four of the Asian banks it has stakes in, including Malaysia's AMMB Holdings Bhd as the group sees important investment opportunities for it to make the next leap in Asia Pacific. (Source: The Edge Financial Daily)

Sime: Zubir's lawsuits against directors, not Sime Darby. Sime Darby does not expect the two lawsuits, which are filed by Emirates International Energy Services and Sime Darby's group former CEO Datuk Seri Ahmad Zubir against the former and current directors, to have any significant impact on the group. (Source: The Edge Financial Daily)

Benalec: Secures RM37m contract. Benalec Holdings Bhds unit has accepted a letter of award from COMTRAC Sdn Bhd to undertake the proposed earthworks, river protection works and its associated works at Klang worth RM37m. The scope of works includes earthworks, reclamation works, ground treatment and protection works. (Source: Bursa Malaysia)

Kulim: Malay chamber prepared to buy over Kulim. The Malay Chamber of Commerce Malaysia (DPMM) says it is prepared to buy over Kulim (M) Bhd to keep the company's Bumiputera ownership. (Source: Business Times)

Autos: February vehicle sales flat. Total vehicle sales were flat last month, slipping a marginal 0.66% to 40,387 units from 40,654 units in the previous corresponding period. It is attributable to seasonal trends and a shorter working month. (Source: The Star)

Tech: Mclean gets nod to list on ACE market. Singapore-based Mclean Technologies Bhd, a precision cleaning and plastic injection moulding service provider, has received the nod to float its shares on the ACE market this year. (Source: The Sun)       


Azman: No plans to sell AMMB stake
AMMB Holdings' chairman and major shareholder Tan Sri Azman Hashim has denied rumors that he plans to sell his stake in the country's fifth largest banking group. Rumors had been rife that Azman, 71, who holds a 16.7% stake through his vehicle AmCorp Group, was looking to sell and that Australia and New Zealand Banking Group (ANZ) might be an interested buyer. ANZ is already a strategic shareholder in AMMB with a 23.8% stake. (BT)

Total vehicle sales down 0.7% to 40,387 units in February
Total vehicle sales in February declined by 0.7% to 40,387 units from the 40,654 units recorded in the same month last year, and was 26.0% lower than the previous month. The MAA said the short working month in February and a seasonal trend caused sales growth to slow. YTD, sales rose by 4.3% to 95,168 units compared with 91,276 units in the same period last year. (Bernama)

Salcon clinches 30-year concession for treatment plant
Salcon’s wholly owned subsidiary Salcon Changzhou (HK) Ltd has clinched a 30-year concession right for RMB60m from Changzhou City Tian Ning District Diao Zhuang Street Office of Jiangsu province in China to acquire, upgrade, operate and maintain a wastewater treatment plant on a transfer-operate-transfer basis in Changzhou. (Financial Daily)

Iris aborts JV to build biomass power plant
Iris Corp and WRP Asia Pacific have mutually terminated the JV agreement to develop, construct, operate and own a new biomass power plant, which had an estimated cost of RM135m, on a designated site owned or to be owned by WRP. The termination stemmed from reasons that WRP and the JV company were unable to conclude the leasing of the land to the JV company and the non-finalisation of the power purchase agreement between the JV company and WRP. (Financial Daily)