KLCI chart reading : side way range bound little upside biased.
KL bourse's upward trend may continue
The Malaysian stock market is expected to continue its upward climb this week albeit at a slow pace, with investors focused on small- to mid-sized stocks. (BT)
eBworx to ride on banks' regional expansion
eBworx Bhd (0030), a software developer, aims to double its net profit this year as it rides on the expansion of banks in the region. The company, which helps banks carry out online banking services and manage loan applications, made a net profit of RM4.77 million for the year to December 31 2010, more than double what it made a year earlier(BT)
Bumper harvest for Sarawak Oil Palms
Sarawak Oil Palms Bhd (SOPB) is poised to see at least 10% growth in its fresh fruit bunch harvest to 700,000 tonnes by the end of the year, as more young trees mature. Last year, about 17% of the planted area was of prime fruit bearing ages. As more young trees mature, SOPB expects very good harvest prospects. (BT)
Goldman Sachs hired to sell ADCB stake in RHBCap?
Abu Dhabi Commercial Bank (ADCB) has hired Goldman Sachs to sell its 25% stake in Malaysian bank RHB Capital valued at USD1.4bn (RM4.2bn), two sources with direct knowledge of the matter said on Saturday. The 30% foreign ownership limit in Malaysian banks has proved to be a stumbling block for foreign banks planning to expand in Malaysia through acquisitions. But in a recent interview, Malaysian Prime Minister Datuk Seri Najib Razak signalled that he was ready to ease bank ownership rules and would consider allowing Australia & New Zealand Banking Group Ltd to double its stake in AMMB Holdings to 49%. (BT)
MPC joins bid for Pos Malaysia
Malaysia Pacific Corp (MPC) and Amanah Raya are believed to have submitted a joint bid for the 32.2% equity stake in Pos Malaysia held by Khazanah Nasional, sources said. According to sources, the joint bid by MPC is one of the three that Khazanah is considering and is seemed to be the outstanding one on the table in terms of enhancing shareholder value of Pos Malaysia, although the price offer is the lower than Syed Mokthar’s bid. (StarBiz)
Firefly banking on Iskandar Malaysia to develop southern hub
FlyFirefly SB, a unit of Malaysia Airline System Bhd (MAS), will develop the Sultan Ismail International Airport as its southern hub in tandem with developments taking place at Iskandar Malaysia, the southern economic development corridor in Johor. The airline's routes out of Johor will connect its Eastern hub in Kota Kinabalu, Sabah, and also Indonesia and neighbouring countries in the region in the second-half of the year. (StarBiz)
AMMB-RHBCap: Merger may be back on the table. A proposal to merge AMMB Holdings Bhd and RHB Capital Bhd, which first surfaced in 2007, is back on the table. (Source: The Edge Financial Weekly)
MISC: Eyeing IHC Merwede. International shipping publications are speculating that national carrier MISC Bhd could be a potential investor in Hollands IHC Merwede Holding BV. (Source: The Edge Financial Weekly)
Pos Malaysia: Declares 17.5 sen dividend, MPC joins bid. Pos Malaysia Bhd has recommended a first & final and special dividend totalling 17.5 sen per ordinary share less 25% tax in respect of the financial year ended Dec 31, 2010. Separately, Malaysian Pacific Corp Bhd and Amanah Raya Bhd are believed to have submitted a joint bid for the 32.2% equity stake in Pos Malaysia Bhd held by Khazanah Nasional Bhd. (Source: Bursa Malaysia, The Edge Financial Daily)
Mamee: To upgrade facilities. Mamee-Double Decker (M) Bhd, which aims to achieve an annual revenue of RM1b in five years, will spend 90% of its RM100m capital expenditure (capex) this year to upgrade its facilities and machinery in one of its Malacca plants. (Source: The Star)
SC: Zarinahs term extended. The Securities Commission (SC) said the tenure of its chairman Tan Sri Zarinah Anwar has been extended for one year with effect from April 1. (Source: The Star)
Iskandar: 2012 to be tipping point for Iskandar. The first phase of catalyst projects in the ambitious Iskandar Malaysia will begin operations next year, signaling the beginning of a strong and sustainable metropolis of international standing. (Source: The Star)
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