KLCI chart reading :
pullback correction upside biased.
Dialog signs RM1.9bn contract for Johor terminal
Dialog E&C SB, a wholly subsidiary of Dialog Group, yesterday secured an engineering, procurement, construction and commissioning (EPCC) contract and an alliance agreement with Pengerang Independent Terminals SB (PITSB) worth RM1.9bn. The EPCC contract and alliance agreement entail the provision of EPCC services to PITSB for the first phase of an independent deepwater petroleum terminal at Pengerang Johor. In a filing with Bursa Malaysia yesterday, Dialog said the petroleum terminal comprise a harbor port, jetty and other marine facilities capable of handling ultra large crude carriers, very large crude carriers and other vessels, with tankage facilities for the handling, storage, processing and distribution of crude oil, petroleum, petrochemicals and chemical products. (Financial Daily)
SEB has 50% utilisation rate
Sarawak Energy (SEB), which will have the rights to the Bakun dam’s power at rate of 6.25 sen per kwh, has a firm utilisation rate of 50% from its four customers. The electricity from Bakun, which is priced at 6.25 sen/kwh with an annual hike of 1.5% under a power purchase agreement (PPA) between Sarawak Hidro SB and Syarikat Sesco, confirmed a StarBiz report yesterday. StarBiz quoted sources as saying the rate represented the cheapest tariff in Asian history but would escalate at 1.5% per annum for 30 years. SEB chairman Datuk Hamed Sepawi said the four customers it had secured would utilise some 50% of capacity of the 2400MW to be produced from Bakun hydroelectric dam. (StarBiz)
Benalec monetizes reclaimed land in Melaka
Benalec Holdings yesterday entered into 2 separate deals, one on land disposal while another on JV, with Melaka-based developer Vista Selesa Development SB. The company expects to realize a net gain of RM22.13m from the land disposal and at least RM12.8m from the JV property development. The total net gain of RM34.93m from two exercises represents earnings per share of five sen. (Financial Daily)
Bina Puri secures RM110m worth of construction projects for 2011
Bina Puri Holdings has secured projects worth RM110m for this year and also expects to secure a few more by year-end. “For 2011, we have lined up property launches worth RM250m in GDV, while earnings contributions from the power supply division in Indonesia is expected to come by year-end after all power plants are fully operational,” executive director Mathew Tee Kai Woon said. For 2010, he said the construction division recorded a revenue of RM1.16bn. (Malaysian Reserve)
UDA says land disposal ‘to strengthen cash flow’
UDA Holdings, under pressure from some politicians with regard to contracts that the government controlled property developer has awarded, yesterday explained its reason for disposing of a plot of prime land in Kuala Lumpur. Among others, it said that it sold the 1.15ha land on Jalan Sultan Ismail to Mutiara Goodyear for RM215.5m to boost its cash flow position, which currently stands at RM90m. In a statement yesterday, its chairman Datuk Nur Jazlan Mohamed said the disposal is subject to approval of the MOF as UDA is an agency owned by the ministry. (Malaysian Reserve)
EonCap: Primus to pay RM1.9m in court costs following dismissal. Following the dismissal of Primus (M) Sdn Bhd's petition against the sale of EON Capital Bhd (EON Cap) to Hong Leong Bank Bhd (HLB), Primus now has to pay RM1.9m in court costs. (Source: The Star)
SapCrest: Acquires shipyard stake. SapuraCrest Petroleum Bhd (SapCrest) has signed an agreement with Real Mild Sdn Bhd and Labuan Shipyard and Engineering Sdn Bhd (LSE) for the subscription of 25m new shares in LSE, representing 50% stake in LSE. (Source: Bursa Malaysia)
Paramount: Has ambitious RM4b projects in pipeline. Paramount Corp Bhd will embark on several projects with a total GDV of RM4b over the next 12 years and will invest RM250m to set up its new university campus in Glenmarie, Shah Alam. (Source: The Malaysian Reserve)
Energy: Sarawak to pay 6.25 sen per kWh for Bakun power. Sarawak will pay federal government 6.25 sen kWh for the purchase of electricity generated by the Bakun hydro power plant under a power purchase agreement (PPA). The basic tariff of 6.25 sen comes with an annual increase of 1.5%. (Source: The Edge Financial Daily)
Autos: Honda Malaysia to resume full production in August. Honda Malaysia Sdn Bhds Alor Gajah plant will resume full production on Aug 1, and will try to increase production by operating additional hours to catch up with shortage of supply from April through July. (Source: The Edge Financial Daily)
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