KLCI chart reading :
upside biased with potential pullback.
upside biased with potential pullback.
Renewable Energy bill gets nod
The Dewan Rakyat passed the bill on the Renewable Energy Act 2010. The bill is aimed at developing renewable energy in a more aggressive manner in the country. Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui said under the bill, the government proposed to implement the feed-in tariff system which is deemed suitable for the country. (Malaysian Reserve)
Star in fund-raising mode again
Having seen its cash pile diminish significantly, Star Publications is proposing to raise up to RM750m from the capital market to boost its war chest. The amount makes the proposed exercise Star’s largest fund-raising effort to date. The proposed fund-raising exercise could increase Star’s gross gearing ratio to 0.82x, from 0.23x currently. The fund raising will come in the form of commercial papers and medium-term notes for investments, capital expenditure and working capital requirements. (FinancialDaily)
Iris in RM800m JV property project with Senegal firm
Iris Corp is marking its entry into property development with a project carrying an estimated GDV of RM800m in Senegal. Iris’ wholly-owned subsidiary, Iris Land SB, will work with Caisse des Depots et Consignations (CDC) of Senegal. Under the joint agreement, both companies are to establish a joint venture company to develop and construct mixed residential and commercial units in Dakar, Senegal. Iris Land will provide 49% of the paid-up share capital while CDC will provide the remaining 51%. (Malaysian Reserve)
OSK Investment Bank acquires stockbroker in RM100m deal
OSK Investment Bank has agreed to buy a controlling 48.85% stake in Thai stockbroker BFIT Securities from Bangkok First Investment in a deal worth an estimated RM100m. (FinancialDaily)
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