KLCI chart reading :
downside biased with potential pull back correction.
HLB completes acquisition of EON Cap
Hong Leong Bank (HLB) has completed the acquisition of EON Capital Bhd (EON Cap), creating the fourthlargest banking group in the country with assets totalling about RM140bn and a staff strength of 12,000. “After 15 months of hard work, the reunion is finally a reality,” HLB group managing director and chief executive Yvonne Chia said. Speaking at a hastily-arranged press conference, Chia said HLB had made the full payment of RM5.06bn for all the assets and liabilities of EON Cap. “An integration committee will be formed by both banks to address the integration process,” Chia said, but declined to reveal the costs involved. The enlarged entity will have an expanded network of about 300 branches and 1,200 self-service terminals. Staff of the EON banking group would be absorbed into the enlarged entity, Chia said. (StarBiz)
Naza, GE tie-up signals Volt entry
Naza group of companies is poised to bring in General Motors Corp’s (GM) electric vehicle (EV) Chevrolet Volt into the country, following its latest tie-up with North American multinational conglomerate General Electric Co (GE). With the signing ceremony of a memorandum of understanding (MoU) between Naza and GE, wellinformed industry sources said it was only natural to expect the importation of Volt into Malaysia, knowing full well of the existing overlapping bilateral cooperation between Naza and GM, and GE and GM, and now, Naza and GE.(Malaysian Reserve)
SunCity to launch RM1bn Ipoh project
Sunway City (SunCity) will launch a mixed use commercial project worth over RM1bn at Sunway City Ipoh (SunCity Ipoh) in Perak, as one of the catalysts to recoup its investments in the township which started in 1995. Managing director for property development Ho Hon Sang said the project, earmarked as a shopping village, will comprise a mall, retail, SOHO (small office/home office) and apartments. "This project will revolutionise the shopping experience in Perak. We are banking on it," Ho told Business Times in an interview at Bandar Sunway, Selangor, recently. Ho said new projects will include the development of 1,000 units of hillside bungalows, semidetached homes and apartments, 16 units of lakeside bungalows worth over RM2.5 million each and a convention centre. The properties are worth over RM300m and will give good margins to SunCity when launched over the next few years, he said. (BT)
Chase Perdana eyes RM1.5bn via bonds
Chase Perdana SB expects to raise RM1.5bn through a bond sale by as early as next month to part finance the development of its RM2.3bn campus and hospital project in Serdang, Selangor. Academic Medical Centre Sdn Bhd (AMC) is the project developer, which in turn is 80% controlled by Chase Perdana. The remaining share is held by Turiya SB, controlled by Chase Perdana executive chairman Tan Sri Mohan Swami. Mohan said local and foreign banks will raise the bonds for the debt portion, which amounts to 65% of the project value. "The remaining 35% or about RM800m will be financed by AMC shareholders," Mohan told Business Times on the sidelines of the 1st Asean-EU Business Summit 2011 in Jakarta. (BT)
IJM: Ups stake in Indian road concessionaire. IJM Corp Bhds unit IJM Vijayawada (Mauritius) Limited has acquired 14.4m ordinary shares of INR10 each, representing 48.95% stake in Vijayawada Tollway Private Limited (VTPL), for INR410m (RM28.5m). With the acquisition, the effective interests of IJM in VTPL will increase from 51.02% to 99.97%. (Source: Bursa Malaysia)
MAS: Firefly set to make Senai Airport go international again. International flights are to resume from the Senai Airport here after a lapse of almost a year. Firefly Sdn Bhd has confirmed that it will introduce its maiden flight to the Indonesian cities of Surabaya and Bandung during August. It will also fly to Bangkok, at the end of the year. (Source: Bernama.com)
MPHB: In talks to sell building. Multi-Purpose Holdings Bhd (MPHB) is in talks with property investors to sell the groups 40-storey office building in downtown KL, worth between RM350m to RM400m. The interested buyers consist of local and foreign parties and include REITs and property investors. (Source: The Edge Financial Weekly)
Property: HK group Cheung Kong wins bid for malls. Tycoon Li Ka-Shing's Cheung Kong Group is believed to have won a bid to buy the three TMW Asia Property Fund's shopping complexes put up for sale in Malaysia, paying between RM400m to RM500m. TMW had put the Klang Parade in Selangor, Ipoh Parade in Perak and Seremban Parade in Negri Sembilan on sale. (Source: Business Times)
Steel: Eversendai to make Bursa debut in next qtr. Eversendai Corp Bhd will be listed on Bursa Malaysia in the next quarter, offering 232.2m shares of 50 sen each. It plans to use RM126m of the net proceeds as capital expenditure for its fabrication yards in India and Malaysia and RM80m for business expansion. (Source: Business Times)
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