KLCI chart reading :
pullback correction upside biased.
After several rounds of deferment and a long wait, Tenaga Nasional Bhd (TNB) has finally gotten the green light to implement new electricity tariff rates which will help it mitigate the effects of higher gas prices. “As a result of the gas price increase, TNB’s gas bill will increase by about RM1.5bil per year; due to the gas price increase, TNB will have to increase the electricity tariff to cover for the additional cost”, TNB president and CEO Datuk Seri Che Khalib Mohd Nor said at a briefing yesterday. The national power company announced yesterday that the average electricity tariff would be raised by 7.12% from June 1. (StarBiz)
Oldtown updates IPO prospectus In an updated prospectus draft, Oldtown Bhd is pricing its issue/offer price at RM1.25 per share for its initial public offering (IPO) of 96.4 million shares of RM1 each, instead of offering 59.5 million shares as stated in its first draft posted in February. The company, which owns and operates the Oldtown White Coffee chain, aims to list on Bursa Malaysia’s Main Market on July 11. (StarBiz)
Boustead, Prokhas in propellant plant deal
Boustead Heavy Industries Corp Bhd (BHIC), together with its joint venture partner Prokhas Manager Sdn Bhd, will set up a RM58 million plant to make propellants for the country's armed forces sector as well as the Asean market in future. Propellant is a solid chemical-based material used to propel projectile from guns, firearms, artillery, rockets and others. (BT)
MFM baking a RM200m financial recipe for expansion
Flour miller Malayan Flour Mills Bhd (MFM) is expected to raise RM200 million by undertaking six proposals which includes increasing their authorized capital to 500 million from 200 million shares. The proceeds from the proposals will be utilized for the company’s expansion plans, including construction of factory buildings and purchase of plants and machinery. (Malaysian Reserve)
Telecommunication: To pass service tax to prepaid users. Prepaid mobile phone users may have to pay more for airtime from July as telecommunication companies (telcos) work out a plan to pass down to consumers the 6% service tax imposed by the government. Most telcos are currently absorbing the tax, which had been increased from 5% to 6% from 1 Jan 2011 due to competitive reasons. (Source: The Sun)
Broadband: Measat In broadband deal with Thaicom. Measat Global Berhad has signed a 10-year deal with Thailand's sole private satellite operator, Thiacom Public Company Ltd, to provide bandwidth capacity and related broadband services in Malaysia, to be called Measat 5. This project will allow Measat to expand its support to local telecommunication companies in providing connectivity to all areas of Malaysia. (Source: The Star)
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