KLCI chart reading : side way range bound
TNB to build gas-fired power plant in Sabah
Malaysia's national power producer Tenaga Nasional (TNB) plans to build a 300-megawatt gas-fired power plant in Sabah, chief executive Officer Datuk Seri Che Khalib Mohamad Noh said yesterday. The plan to build a gasbased plant comes after Malaysia's federal and Sabah state governments scrapped a plan to build a coal-fired power plant.Che Khalib said TNB has received in-principle approval to build the plant. "It will be a gas-fired plant to replace the coal-based one that was being planned. We are looking to do it either through piped gas of LNG." The company is currently assessing whether piping in the gas from another part of the state or importing it in its chilled form as liquefied natural gas was the best option economically, he added. (BT)
Leader ends pact for joint venture Leader Universal Holdings has terminated a pact with two parties to set up a joint venture in Saudi Arabia. Leader previously signed a deal with Al-Ghazalah Development Co and Suasana Daya SB to set up a company in Saudi Arabia to sell and supply cables and related accessories. The termination was due to a change of plan by the parties concerned. (BT)
SP Seta raises RM884m from share placement
SP Setia, the biggest housing developer in Malaysia by market share raised RM884.6m from a share placement with proceeds earmarked for funding current projects and future expansion. The issue price has been fixed at RM5.78 per share, representing a discount of about 5.25% to SP Setia’s five-day volume-weighted average market price of RM6.10. The exercise involves book-building and issuance of some 153m new shares, or about 14.99% of SP Setia’s issued and paid-up share capital as of 21 March. (MalaysianReserve)
Syabas invests RM15m on new pipe network to meet demand
Syarikat Bekalan Air Selangor SB (Syabas) has invested around RM115m for the alternative pipe network system to cope with rising demand for water supply. Chief executive Datuk Ruslan Hassan said the new network would connect the water distribution system to the Sungai Semenyih and Sungai Langat water treatment plants and the first, second and third phases of the Selangor water distribution plant. (MalaysianReserve)
Ramunia signs FPSO deal
Ramunia Holdings has signed an agreement with Drydocks World-Dubai LLC and NTM Refection II AS for a floating production, storage and offloading (FPSO) deep producer vessel, known as the MT Laurita. The arrangement would provide the company with an opportunity participate in the development of marginal oilfields and deepwater fields in Malaysia and the region. The arrangement also presents an immediate opportunity for Ramunia to participate in any direct negotiations, invitation to bids and requests for new proposals for FPSOs, by Malaysian and regional oil companies. It also planned to expand into the offshore floating business in the upstream oil and gas sector to take advantage of the significant spending on the domestic oil and gas sector. (Starbiz)
Genting Plantations: ACGT Aims to Reduce Oil Palm Breeding cycle by 50%. ACGT Sdn Bhd, a unit of Genting Plantations Bhd, aims to reduce oil palm long breeding cycle by 50% to six years from 12 years via its genomics-based marker-assisted selection technology. The breakthrough would accelerate development and commercial release of oil palm seeds without any genetic modification. (Source: Bernama.com)
MAHB: Penang airport upgrade going smoothly. The RM250m upgrade of the Penang International Airport is 15.7% complete, while the target date for the whole project to be completed remains June next year. (Source: Business Times)
Benalec: Beachfront land for sale. Benalec Holdings Bhd is shaping up to be a major landowner and developer, as it will receive some 177.3 acres of land in Melaka in exchange for reclamation works. (Source: The Edge Financial Daily)
Ta Ann, Jaya Tiasa: To increase plywood output. Ta Ann Holdings Bhd and Jaya Tiasa Holdings Bhd, will increase plywood production by 15% and 50% respectively after winning orders from Japan to help with the country's reconstruction following its earthquake and tsunami. (Source: Business Times)
Utilities: Syabas invests in new pipe network. Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) has invested around RM115m in the alternative pipe network system to cope with rising demand for water supply. The new network would connect the water distribution system to the Sungai Semenyih and Sungai Langat water treatment plants and the first, second and third phases of the Selangor water distribution plant. (Source: The Star)
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