KLCI chart reading :
side way range bound little upside biased.
39% of investments ‘realised’
About 39% or RM27bn of the RM69.48bn investments committed to Iskandar Malaysia has been realized in the first phase of the project’s development, according to Iskandar Regional Develoment Authority (IRDA) CEO Ismail Ibrahim.”This is the investment figure we received from 2006 to 2010,” he told reporters at the press conference on the Wealth of Iskandar Malaysia Conference to be held from 24 to 26 May. IRDA had attracted RM69.48bn of committed investments for the first phase, surpassing its target of RM47bn. (StraBiz Week)
DRB-HICOM keen on merger between Bank Muamalat and BIMB
DRB-HICOM said its expression of interest to Bank Islam Malaysia (BIMB) was only in exploring a possible merger between it and Bank Muamalat and not in selling its 70% stake in Bank Muamalat to BIMB. A proposed merger would witness the emergence of a mega Islamic bank and was in line with the Government’s call to reinforce Malaysia’s position as a leading international centre for Islamic finance and create a home grown bank, it said in a statement. (StarBiz Week)
MEGB seeks RM100m from STMB
Masterskill Education Group, which has won its defamation suit against Sistem Televisyen Malaysia (STMB) for a total of RM250,000, is appealing to the High Court for the damages to be raised to RM100m. The education group, in its filling to Bursa Malaysia, said it had instructed its solicitors to file “a cross appeal on the quantum of damages awarded in order to enhance and increase the quantum to RM100m”. (StraBiz Week)
MSIG to better RM1bn mark in gross premium this year
General insurer MSIG Insurance is well placed to pass the RM1bn mark in gross written premium this year. Its CEO for the general insurance operations, Chua Seck Guan said the successful integration with Hong Leong Assurance (HLA) general insurance business in October 2010 has also elevated the company’s ranking to the top spot in fire and marine cargo insurance in Malaysia. (Malaysian Reserve)
Price-hit Supermax to review earnings target
Supermax Corp plans to conduct a review on its earnings target in the second half of this year, after its profitability was hit by the combined impact on higher latex price and stronger RM against the USD. The country’s second-largest rubber glovemaker posted a net profit of RM24.4m for the 1QFY11, despite revenue for the period rising 9.4% to RM241.37m. 1Q10 net profit was RM51.47m while revenue totaled RM220.65m. Supermax had targeted a 15% to 20% earnings growth in FY2011 but these quarterly figures suggest that it might be a challenge to achieve such a target. (Malaysian Reserve)
PTP posts fastest growth
MMC Corp’s Port Tanjung Pelepas (PTP) has emerged as the fastest growing container port in the first quarter of 2011 and is on track to handle 7.5 million twenty-foot equivalent units (TEUs) for the year. In the first quarter of 2011, PTP’s container traffic grew by 1.79 million TEUs, or 18% compared with a year ago. MMC group managing director, Datuk Hasni Harun, said the remarkable growth was mainly due to higher volume from its main customers Maerck Line and Evergreen Group. (StarBiz)
Sunway: To secure site of Jalan Duta complex. Sunway Group is said to have won a competitive bid to acquire the site of the Jalan Duta government complex. Sunway could be paying more than RM500m for the site and construct new offices for the IRB and Customs Department elsewhere. (Source: The Edge Financial Weekly)
MAS: Firefly takes delivery of 3rd 737 for KK ops. Firefly, subsidiary of MAS, took delivery of a third Boeing 737-800 aircraft to be stationed in Kota Kinabalu, officially marking the start of the city as its eastern hub. (Source: Malaysian Reserve)
IOI: Allegations against IOI 'just not true'. IOI Corp Bhd re-iterated that in October 2010, an RSPO-certified auditor SGS investigated the allegations and concluded the deforestation complaints were baseless. (Source: Business Times)
ECM, Kenanga: Close to sealing deal. ECM Libra Financial Group Bhd, whose substantial shareholders are long known to be looking to divest their equity stakes, is close to sealing a merger deal with K&N Kenanga Holdings Bhd. (Source: The Edge Financial Daily)
FDI: Good response to Invest Malaysia NY. A total of 56 US fund managers have confirmed participation at the inaugural Invest Malaysia New York 2011 (IMNY 2011), which will be held tomorrow. (Source: Business Times)
Property: Demand for condos in KL. Condominium living is relatively new to KL and well designed projects are seeing strong sales performance, said Christopher Boyd, executive chairman of CB Richard Ellis Malaysia. The take up rate of condos in 1Q11 was between 65% and 88% in prime areas. (Source: Malaysian Reserve)
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