KLCI chart reading :
correction range bound upside biased with MACD -ve cross down.
Nine new initiatives worth RM2.8bn marks ETP midpoint
Nine new initiatives under the ETP programme with investments totaling RM2.82bn were unveiled. With the new announcements, the ETP has reached a new milestone with 50%, or 65 of its 131 Entry Point Projects, taking off, represented by 87 initiatives. UCSI will invest RM850m to develop a 160-acre integrated premium health education cluster in Port Dickson while SEGi will make its investment in an early childhood care education hub in Greater KL, which is expected to be fully operational by 2015. Sime Darby will also invest in two specialist hospitals in Ara Damansara and Park City, with investments of RM240m and RM40m respectively. (Malaysian Reserve)
Bumi Armada IPO to raise RM9bn
Oil and gas outfit Bumi Armada, controlled by T Ananda Krishnan, is set for a return with an IPO to raise up to RM9bn, far exceeding the RM3bn speculated figure, a source close to the matter said. According to the draft prospectus, RM775m from the IPO will be used to repay bank borrowings while the rest is reserved for working capital and capital expenditure. (Financial Daily)
Malakoff wins new power concession
Malakoff has won a bid to construct and operate a 1,000MW coal-fired power plant in a development, which is seen as providing the utilities firm a boost for its prospective listing on Bursa Malaysia. Malakoff will build the coal-fired power plant adjoining the existing Tanjung Bin power plant in Johor. The power plant’s expected commercial operation date is 1 Mar 2016. (Financial Daily)
Maybank to submit RHBCap takeover proposal by end-June
Maybank will submit its merger proposal to the RHBCap board by the end of June, according to its chairman Tan Sri Megat Zaharuddin Megat Mohd Nor. He was, however, tight-lipped when pressed about the potential valuation of the offer for the RHBCap stake, but reiterated that it should be value-accretive. (Financial Daily)
RHBCap: ADCB in need of cash. Abu Dhabi Commercial Bank's (ADCB) plans to hive off its 25% stake in RHBCap to Aabar Investments could be due to need of cash to settle some of its debts that will be due soon. (Source: The Star)
Alam Maritim: Wins RM52m job. Alam Maritim Resources Bhd (AMRB) has been awarded a contract valued at RM52m from Samsung Engineering Malaysia Sdn Bhd to supply engineering work, supply of materials, fabrication, load-out and commissioning of two units of single point mooring buoy for Sabah Oil and Gas Terminal project. (Source: Bursa Malaysia)
KFC: RM23m for 25 new outlets in the country. KFC Holdings (Malaysia) Bhd will spend around RM23m to open 25 new outlets in Malaysia by year-end. Around 10 outlets will be in the form of "drive-thru", and the balance will be normal outlets. (Source: Business Times)
Sime: To invest RM280m in two new hospitals. Sime Darby Bhd's healthcare unit will invest RM280m in two new hospitals in the Klang Valley under the government's Economic Transformation Programme (ETP). The segment is expected to contribute about 20% of the company's revenue in next three to five years. (Source: Business Times)
Feed-in tariff for renewable energy to start on 1 Sept
The feed-in-tariff (FiT) for the development of renewable energy (RE) will kickstart on 1 Sept, according to Energy, Green Technology and Water Ministry secretary-general Datuk Loo Took Gee. Under the initial plan announced in April, electricity tariffs will be hiked by 1% to be fed into a RE fund to cover costs associated with the FiT scheme. However, Loo explained that there would be no more tariff adjustment to cover the FiT scheme but it would be taken from the recent tariff hike to be fed into the RE fund. (StarBiz)
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