KLCI chart reading :
pullback correction downside biased.
Sugar now RM2.30 per kg
The price of sugar will go up by RM0.20 to RM2.30 per kg from today. Despite the increase for both coarse and fine sugar, the price is still lower than that in neighbouring Asean countries where the average price is RM3 per kg. The Domestic Trade, Cooperatives and Consumerism Ministry said this is part of the government’s move to do away with subsidies and in this case save RM116.6m. (New Straits Times)
Berjaya Corp selling 40% stake in BSompo for RM496m
Berjaya Corp (BCorp) has set a price of RM496m for its 40% stake in Berjaya Sompo Insurance (BSompo) which is being sold to Sompo Japan Asia Holdings (SJAH). BCorp’s wholly-owned unit Berjaya Capital (BCap) had entered into a share purchase agreement with SJAH to dispose of 47.2m shares in the insurer to the latter. Based on the price of RM496m for the 40% stake, BSompo is valued at RM1.24bn, translating to 3.3x P/BV. (FinancialDaily)
AP holders under scrutiny
Several government agencies are understood to have conducted joint raids on automotive approved permit (AP) holders sometime last week, according to industry sources. The agencies, it seems, were looking for companies that had not paid taxes and under-declared the values of the cars being imported, among other things. While some players said the raids impacted both large and small players, another said that so far only the smaller open AP holders are believed to be scrutinized. The government has now stated that the AP system will be abolished for sure by end-2015. (FinancialDaily)
Genting Singapore sells entire interest in Rank to Guoco
Genting Singapore (GENS) is selling its entire 11.03% stake in Rank Group to Guoco Group, which is controlled by Tan Sri Quek Leng Chan, for GBP64.6m (RM316.4m), or GBP1.50 per share (RM7.35 per share). The sale will effectively see the closing of a chapter on GENS’ gambling business in the UK. The price of GBP1.50 per share represents a 0.8% premium to Rank’s closing price and valued the entire Rank group at GBP586m. (FinanciaDaily)
Dialog, Roc Oil to bag oilfield jobs?
Dialog Group and its Australian partner Roc Oil are said to be on the verge of bagging the marginal oilfield projects from Petronas for Balai and Bentara fields, located off the cost of Sarawak. The two companies are in the process of finalizing the risk service contract (RSC) with Petronas. (FinancialDaily)
Suit against Maybank to be heard 21 Sept
A RM1.28bn suit filed by a developer against Maybank over the appointment of two individuals as the receivers and administrators for the company’s takeover will be heard at the High Court on 21 and 22 Sept. On 21 March, Bistari Land SB filed the suit against the bank and two of the bank’s agents, claiming that the appointment of the two as the receiver and administrators for the company’s takeover by the bank had caused losses to it. (Malaysian Reserve)
MAS: Firefly not imposing fuel surcharge. FlyFirefly Sdn Bhd will not impose any fuel surcharge and will continue to absorb the increases in fuel costs. (Source: The Edge Financial Daily)
O&G: Govt hopes Petronas will extend contract term of vendor programme. The government is hopeful that Petronas can enhance its Vendor Development Programme (VDP) by exceeding the current contract term of five years in an effort to realise the full capabilities of local companies. The current term was not enough as most Malaysian oil and gas companies would need a longer time frame in developing their technical know-how. (Source: Business Times)
E&E: Will bounce back as main contributor. Electrical and electronic (E&E) products from Malaysia will return as the main contributor of export earnings as the portfolio expands to include products in the nascent solar industry. Major investments in the industry are expected to come on board by next year or 2013, extending demand for devices and products under the E&E sector. (Source: Business Times)
Credit rating: S&P tipped to take substantial share in RAM by year-end. International rating agency Standard & Poor's (S&P) is expected to take a stake in RAM Holdings Bhd before the year-end, a move that will help open up new markets for the latter. (Source: Business Times)
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