KLCI chart reading :
correction range bound upside biased.
SIA 'absolutely confident' about its new low-cost long-haul venture
Singapore Airlines’ (SIA) chief is "absolutely confident" about its new low-cost long-haul venture, saying that there is plenty of untapped potential in the market. SIA CEO Goh Choon Pong told this to reporters after announcing the establishment of a long-term partnership with Virgin Australia yesterday. He was asked to comment on the venture's chances in the new market segment considering the lead time AirAsia X, an affiliate of budget carrier AirAsia, has set up some four years ago. SIA already has a short-haul budget arm in Tiger Airways Holdings Ltd. The carrier has yet to announce the management line-up for its new low-cost long-haul unit and Goh was non-committal on a timeline for it. (BT)
Puncak Niaga in talks with Bourbon
Puncak Niaga is fast remodeling itself from being a water concessionaire into an emerging, and increasingly significant, oil and fast player. Puncak is in talks with Paris-based Bourbon SA, a large company which provides offshore O&G marine services, for the former to be Bourbon’s agent for Southeast Asia, industry sources say. Negotiation appears to be still ongoing and the company had yet to make any announcement to Bursa Malaysia Bourbon is a publicly traded company in France and as at June last year, it owned a fleet of 403 vessels with another 111 vessels on order. (Financial Daily)
Hap Seng earmarks RM450m for capex
Hap Seng Consolidated has allocated RM460m for capex for this year to grow its six core divisions, namely car distribution, plantation, building materials, financing services, property development and fertilizer. On top of that, the diversified group has also set aside RM800m to RM900m for capex for the next three years, its group MD Datuk Edward Lee Ming Foo said. (Financial Daily)
Tabung Haji buys 9.9% of Faber
Pilgrim fund Lembaga Tabung Haji emerged as a substantial shareholder of Faber Group after it bought a 9.96% stake in the company last Thursday. Fillings with Bursa Malaysia show that LTH bought 36m Faber shares off market from Universal Trustee (Malaysia). Market data shows that the transaction was done at RM1.90 a share. (Financial Daily)
Zecon pre-awarded Kuching project
Zecon yesterday told Bursa Malaysia that it has been pre-awarded the Petra Jaya hospital project in Kuching by the Public Works Department of Malaysia. It did not disclose the project value. The letter of intent appointed Zecon to do the survey works, soil investigation and related works and submit the design and funding proposals within 90 days from the receipt of the pre-award documents. (BT)
UOA Dev to buy land for RM50m
UOA Development, through its wholly-owned subsidiary Magna Tiara Development SB, has proposed to buy two parcels of land measuring 1.94ha in Kuala Lumpur for RM50m. The company told Bursa Malaysia yesterday that the land located in the city centre will be developed into high-rise residential. Construction is due to start in the fourth quarter of the year, it added. (BT)
Ho Hup wins suit
After more than a year of litigation, the KL High Court has finally ruled in favour of Ho Hup Construction Co by declaring null and void a joint development agreement between the latter’s 70% owned subsidiary, Bukit Jalil Development SB and Pioneer Haven SB, a wholly-owned unit of Malton. The finalization of the court decision would enable Ho Hup to proceed with its financial regularization plan which had been delayed pending the outcome of the suit. (Starbiz)
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