KLCI chart reading :
correction range bound upside biased.
UEM, Iskandar in RM850m Nusajaya development project
UEM Land Holdings Bhd is collaborating with Iskandar Investment Bhd, the main property developer for Iskandar Malaysia, to develop retail and residential units in Nusajaya, Johor with a gross development value of RM850m. Both parties signed a shareholder agreement yesterday through their subsidiaries UEM Land Bhd and Iskandar Harta Holdings SB. UEM Land Holdings managing director/chief executive officer Datuk Wan Abdullah Wan Ibrahim said a new company called Nusajaya Lifestyle SB had been formed to develop and manage the project. “UEM Land owns 55% equity interest in that company while the remaining is under Iskandar Harta,” he said at a press conference after the signing ceremony. (StarBiz)
MMHE to replace MAS in KLCI on 20 June
Malaysia Marine and Heavy Engineering Bhd (MMHE) will replace Malaysian Airline System (MAS) in the 30-stock FTSE Bursa Malaysia KLCI with effect from 20 June. FTSE Group and Bursa Malaysia said on 9 June the change was made following the semi-annual review of the FTSE Bursa Malaysia Index Series. The index series is reviewed semi-annually by the independent FTSE Bursa Malaysia Index Advisory Committee. The FBM KLCI reserve list, comprising the five highest ranking non-constituents of the index by market capitalisation, would be Nestle (M) Bhd. UEM Land Holdings, IJM Corporation, Airasia and SP Setia. Companies in the reserve list will replace constituents that become ineligible as a result of corporate actions, before the next review due on 8 Dec. MAS share price closed one sen higher at RM1.43 on Thursday, the lowest in recent years, while MMHE rose 22 sen to RM8.47. (Financial Daily)
Show-cause letters sent to several Sime directors
The Securities Commission (SC) has issued show-cause letters to several Sime Darby Bhd directors regarding possible breaches of the Listing Requirements, according to sources. This marks another step in the investigation into Sime Darby's four key projects involving its energy & utilities (E&U) division the Qatar Petroleum Project, the Maersk Oil Qatar Project, the Bakun Hydroelectric dam project and the Marine Project. “The SC has sent letters to a few directors in respect of whether certain listing rules regarding disclosure were satisfied or not,” said a source. (StarBiz)
Final assembly of MAS' A380 begins
The first Malaysia Airlines (MAS)' A380 has entered the Airbus final assembly line in Toulouse, France, for the final production phase. The final assembly process of an A380 is made up of five main phases, according to a statement from the Malaysian carrier. It will also have its engines installed and general tests conducted on its electric and hydraulic systems as well as mobile parts and landing gears. "Final ground and first engine tests take place in dedicated facilities outside of the main building," it said. The plane will then be ready for its first flight to Hamburg, Germany, where it will receive its cabin and painted in MAS livery, a more stylised version of the Malaysian "wau" (kite) which has been given a modern look reflecting the carrier's evolution into a truly global carrier. Malaysia Airlines has six A380s on order with deliveries due to begin in 2012. (Bernama)
RHB approves RM42m of green tech loans
RHB Bank Bhd has approved RM42m worth of loans in the six months of 2011 for green technology initiatives, going against the banking industry trend of seeing these initiatives as having high risk and less attractive as demand for green technology remains low. “We are at the forefront in providing green technology funding to green companies, with RM42m loans approved for this year,” RHB assistant vice president for SME business banking Chey Onn Wah said. (Malaysian Reserve)
Benalec: Unit target Mid-east investment with OIC Today. Benalec Bhd subsidiary has formed a strategic alliance with OIC Today magazine to attract investment from the Middle East for a proposed mixed commercial and tourism project in Klebang, Melaka. (Source: Business Times)
O&G: Perak approves RM5.8b investment in LNG project. The Perak government has approved a 60-ha site in Tanjung Hantu, Manjung for a liquefied natural gas (LNG) project involving an investment of RM5.8b that would be undertaken by Atigas Technology Sdn Bhd. The government is expected to save RM2b in subsidy a year because Atigas will sell the gas at the same subsidized price. (Source: The Edge Financial Daily)
Banking: Bank Mualamat still in merger mood. Bank Muamalat Malaysia Bhd is still keen to merge with a rival to build a mega Islamic bank, despite its failed attempt at courting Bank Islam Malaysia Bhd. The bank's pursuit of Bank Islam was driven by its largest shareholders' need to pare its stake in the bank and the desire by both its shareholders to create a bigger entity that is more relevant in the market. (Source: Business Times)
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