KLCI chart reading :
side way range bound little downside biased.
US stocks decline as commodities tumble amid a stronger dollar
US stocks slumped, giving the Standard & Poor’s 500 Index its biggest decline since March, as commodities tumbled amid a strengthening dollar and concern that accelerating global inflation may curb economic growth. Freeport-McMoRan Copper & Gold Inc. and Halliburton Co. fell at least 4% as data from China raised expectations about higher interest rates. Yahoo! Inc. dropped 7.3% on concern that its stake in a Chinese Internet business may lose value after a transfer of ownership in the company’s online payment business. Walt Disney Co., the biggest theme-park operator, slumped 5.4% after profit missed estimates. The S&P 500 dropped 1.1% to 1,342.08 at 4 pm in New York, snapping a three-day rally. The Dow Jones Industrial Average slid 130.33 points, or 1%, to 12,630.03. Oil fell below USD100 as a report showed that US supplies surged. (Bloomberg)
Wah Seong to demerge O&G businesses
Wah Seong Corp (WSC) has proposed to demerge the oil and gas businesses currently held under its whollyowned Wasco Energy Ltd (WEL). Wah Seong said that the proposed demerger was to enable WEL and its subsidiaries to operate as a separate and fast-growing public-listed entity. It added that a proposed listing of WEL on the Main Market of Bursa Securities would be sought in conjunction with the proposed demerger. (StarBiz)
Petra Perdana gets RM73m charter contracts
Petra Perdana has secured RM73m worth of new charter contracts for three mid-size anchor handling tug supply (AHTS) vessels. Petra Perdana said that in the first contract, a 12,000 BHP AHTS was on a six-month charter from 1 May for deployment in Labuan, while in the second contract another 12,000 BHP AHTS was an 18-month charter from 7 May to work from its Kemaman base. Each of the charters can be extended for up to two months, it said. Petra Perdana said it had also secured a one-year charter renewal for a 10,800 BHP AHTS vessel that was currently supporting Petronas Carigali operations. The new contract is effective from 23 June, 2011, it said. (Financial Daily)
UOA gears up for IPO
Soon-to-be listed property developer UOA Development signed a retail underwriting agreement with its underwriters, ahead of its initial public offering (IPO) on the Main Market of Bursa Malaysia next month. The underwriters for the IPO were CIMB Investment Bank, RHB Investment Bank, OSK Investment Bank, HwangDBS Investment Bank and Hong Leong Investment Bank, it said in a statement. UOA has received approval from the Securities Commission for the proposed listing of its entire enlarged issued and paid-up share capital of up to 1.2bn 5 sen shares. The IPO consists of an institutional offering of up to of 337m shares to Malaysian and foreign institutional and selected investors (including bumiputra investors approved by the International Trade and Industry Ministry) and a retail offering of 70m shares to the Malaysian public, eligible directors and employees of UOA Development, its subsidiaries and persons who have contributed to the success of UOA and its subsidiaries. (StarBiz)
Govt to acquire Selangor water bonds?
The federal government and Pengurusan Aset Air (PAAB) are said to have finalized a RM6.5bn proposal to take over the Selangor state water-related bonds, sources familiar with the matter told The Edge Financial daily. It is understood that an offer is likely to be made within the next 2 weeks to the bond holders, which include Great Eastern Life Assurance (M), CIMB Group, the Employees Provident Fund (EPF) and Kumpulan Wang Amanah Pencen. Considering some of the bonds require payments as early as July, the offer period is likely to be a short one. (Financial Daily)
Motor cover directive
Bank Negara Malaysia (BNM) wants all composite takaful operators to offer motor insurance coverage within the next three months, sources said. In a meeting with eight composite takaful companies last Friday, BNM said motor insurance cover must be provided by all operators or they could risk losing their operating licence. It is learnt that out of the eight, only four provide motor insurance coverage. BNM wants all general takaful companies to come into the Malaysian Motor Insurance Pool (MMIP) to create a level playing field with their conventional insurance counterparts, the sources said. (BT)
Hong Leong Financial Group targets RM100m gross premiums for takaful
Hong Leong Financial Group (HLFG) hopes to achieve RM100m in gross premiums from its takaful business by the end of the current financial year in 30 June, 2011, it said on Wednesday, 11 May. This was an increase of nearly 67% from the RM60m registered in FY10. HLFG and Mitsui Sumitomo Insurance Co. Ltd’s (MSI) conventional insurance partnership has been expanded to include Islamic insurance with MSI acquiring a 35% stake in HLFG's takaful company. (Financial Daily)
Star: Issues RM200m notes. Star Publications (M) Bhd has made the first issuance of RM200m in nominal value in pursuant to its RM750m medium-term notes (MTNs) programme. (Source: Bursa Malaysia)
Hua Yang: Buys prime land in KL. Hua Yang Bhd has acquired 1.55 acres of prime land in Desa Pandan Commercial Centre worth RM32m. It plans to develop the land into a mixed serviced apartment and commercial centre with a gross development value of RM160m. (Source: Bursa Malaysia)
Green Packet: Packet One wants more spectrum. Packet One Networks Sdn Bhd (P1), a unit of Green Packet Bhd, has applied for an additional 30Mhz of the 2.3G spectrum given the growth rates of its broadband service. (Source: The Star)
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