KLCI chart reading :
correction range bound little downside biased.
TM to fork out RM3.4bn in capex
Telekom Malaysia will fork out RM3.4bn in capital expenditure (capex) for this year, including RM2bn to be spent on completing its recently launched high-speed broadband (HSBB) submarine cables. The remaining Rm1.4bn will be set aside for day to day operational expenses, TM chief financial officer Datuk Bazlan Othman told reporters after the company’s annual general meeting (AGM) in Kuala Lumpur yesterday. Tm had raised part of the capital expenditure through the issuance of the first tranche of a RM2bn sukuk in April, and will issue the second “as and when required”, said Bazlan. (Malaysian Reserve)
Malay Chamber: Give us RM3.6bn MRT project
The Malay Chamber of Commerce Malaysia has asked the government to hand over the RM36bn Mass Rapid Transit (MRT) project, the country’s biggest infrastructure project, to the chamber. The chamber says it will undertake the mega project in collaboration with other contractors associations. He said the project, currently managed by Syarikat Prasarana Negara Bhd (SPNB) , had imposed several conditions to companies intending to bid for the project and the conditions seemed difficult for Buimiputera contractors to participate in the project. (Malaysian Reserve)
Banks raising BLR by 30bps today
Banks are raising their lending rate by 30 basis points today, following Bank Negara Malaysia’s (BNM) move to raise key interest rates by 25 bps to 3% last week. Industry sources said all banks are raising their lending rates, led by CIMB Bank Bhd. While the overnight policy rate (OPR) was only raised 25bps, banks are raising their lending rates by 30bps as they added both the impact from the rise in statutory reserve requirement (SRR) and OPR to the lending rate increase, according to a source. (Financial Daily)
HLBB increases proposed rights issue size to RM2.6bn
After sealing the deal to acquire the assets and liabilities of EON Capital Bhd (EONCap) last week, Hong Leong Bank Bhd (HLBB) has proposed to increase the size of its rights issue to RM2.6bn from RM1.6bn previously. In an announcement to Bursa Malaysia yesterday, HLBB said it proposed to increase the size of its rights issue to furher strengthen its capital base and for working capital purposes. (Financial Daily)
Two IPOs with expected market capitalisation of RM6bn coming
Investors can look forward to two large initial public offerings (IPOs) coming on board the Main Market of Bursa Malaysia in the second half of this year. One is UOA Development Bhd, which is expected to be listed in June, with a potential market capitalisation of RM3bn. The other is Axis Global Islamic Real Estate Investment Trust (REIT), a unit of Axis REIT Management Sdn Bhd. It is set to be the world's largest Islamic REIT, also valued at some RM3bn once it is listed. (Starbiz)
Higher Q4 profit for Hartalega
Hartalega Holdings Bhd, the world’s largest synthetic glove manufacturer, posted a higher fourth-quarter net profit of RM52.4mil compared with RM46.4mil a year ago. For the three months ended 31 March, revenue increased to RM192.5m from RM163.4m previously.The higher revenue was due to the company’s continuous expansion in production capacity, increase in demand, effective cost control and improvement in production processes. (Starbiz)
BSompo sets new benchmark in insurance M&A
Momentum for mergers and acquisitions (M&A) in the domestic insurance sector is keeping up, as is the valuation of insurance assets. The latest development is Berjaya Corp Bhd’s (BCorp) disposal of a 40% stake in Berjaya Sompo Insurance Bhd (BSompo) to its Japanese stakeholders, which seems to have set a new benchmark pricing for general insurers at above three times book value. On Monday, BCorp announced it had set a price of RM496mn for its 40% stake in BSompo held by its wholly owned unit Capital Bhd (BCap). (Financial Daily)
O&G: Petronas to announce RM50b complex in Johor. Petroliam will announce on Friday its plans to invest around RM50b in an integrated downstream oil and gas complex in Pengerang, Johor. Dubbed Rapid or Refinery And Petrochemical Integrated Development, the project is aimed at building something "larger than Kertih" and will eventually include multinational oil and gas companies as joint-venture partners. (Source: The Star)
REIT: Listing plan for Pavilion KL. Datuk Desmond Lim Siew Choon is preparing to list Pavilion Kuala Lumpur, in what could be Malaysia's largest initial public offering of a real estate investment trust (REIT). The assets under it could be worth between RM4b and RM5b. (Source: Business Times)
RHBCap: Appoints Kam as new MD. RHB Capital Bhd has appointed Kellee Kam Chee Kiong as MD of the banking group. Prior to his appointment as MD, Kam was the principal officer of RHBCap. (Source: The Edge Financial Daily)
Maybank: Eyes 12% loan growth in FY11. Maybank has set a 12% loan growth target for FY11, driven by project financing under the Economic Transformation Programme. (Source: The Edge Financial Daily)
Integrax, TNB: Perak Corp to meet TNB next week, Integrax received TNB summons and claims. Tenaga Nasional Bhd (TNB) is said to be meeting Perak Corp to sort out their differences in Integrax Bhd next week. Separately, Integrax has received a letter from TNB seeking a High Court order to declare the EGM called by the shareholders illegal and to seek an injunction against eight defendants including Integrax co-founder. TNB also filed some claims but no fixed amount was included. (Source: The Edge Financial Daily)
E&O: ECM Libra buys stake in E&O. ECM Libra Financial Group Bhd's unit has bought a 5.12% stake in Eastern & Oriental Bhd (E&O). (Source: Bursa Announcements)
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