KLCI chart reading :
correction range bound upside biased.
TNB unit wins job in Pakistan
Tenaga Nasional Bhd’s (TNB) unit TNB Repair and Maintenance Sdn Bhd (TNB Remaco) has secured an operation and maintenance agreement worth USD14.1m (RM43m) from Pakistan’s Laraib Energy Ltd. TNB Remaco will be the operator of the 84MW New Bong Escape Hydroelectric Power Complex on the Jhelum River in Azad Jammu and Kashmir. (StarBiz)
Auto industry recovering fast
The launch of the new Perodua Myvi tomorrow marks another milestone for national carmaker Perodua. More importantly for Malaysia’s automotive sector, it is a sign that things are returning back to normal after supply disruptions caused by Japan’s devastating 11 March earthquake and tsunami, Indeed, the automotive industry is expected, with local automakers seeing their productions returning to pre-disaster levels. Local automakers UMW Toyota SB and Perodua were among the carmakers that were affected, but have since seen their production resume to normal levels as supply from Japan improved. (Financial Daily)
KUB sees “billion ringgit” in Shell bid
KUB Malaysia’s revenue could potentially breach the billion ringgit mark in the coming financial year if plans to acquire Royal Dutch Shell plc (Shell) liquefied petroleum gas (LPG) business in Peninsular Malaysia follows through, enabling the group to further solidify its financial position. Group MD Datuk Mohd Nazar said if the deal materialized, it could substantially increase its market share in the local LPG market to 32% from the current 12%, making KUB the second-largest distributor in the market. (Malaysian Reserve)
Capital Malls adds East Coast Mall to its REIT portfolio
Capitallmalls Malaysia REIT Management SB (CMRM), the manager of CapitalMalls Malaysia Trust (CMMT), is acquiring East Coast Mall (ECM) in Kuantan, Pahang for RM310m, adding it to its real estate investment trust (REIT) portfolio. Including acquisition fee and expenses, CMRM is expected to dish out an acquisition cost of about RM330m, the equivalent of ECM’s independently–valued figure. (Malaysian Reserve)
MBM to conclude talks in 12 months
MBM Recourses which has allocated RM250m for capex, expects to conclude talks with an international firm in the next 12 months to set up an assembly plant locally, Its MD Looi Kok Loon said MBM was actively seeking partners in vehicle assembly plant locally. The company is targeting to increase the number of brands from 9 currently by inviting foreign carmakers to venture into the domestic automotive industry and set up a regional base for their expansion in the region, he said. (Financial Daily)
Pos Malaysia to consolidate operations in 3 years
Pos Malaysia will consolidate its nationwide operations in 3 years by reducing mail processing centres from 29 to 7 or 9. Group MD Datuk Syed Faisal said the 7 or 9 processing centres would include one each in Sabah and Sarawak. This would require Pos Malaysia to use more machines to enhance mail handling efficiency, he told reporters at the company’s RM256m national mail centre in Seksyen 21 here which started operation at the end of 2010. (Financial Daily)
PetDag: Plans 50 new stations. Petronas Dagangan Bhd will invest up to RM400m to set up between 30 and 50 petrol stations, annually, over the next five years. (Source: The Star)
MRCB: Poised to clinch RM800m LRT contract. Malaysian Resources Corp Bhd (MRCB) is poised to secure soon a contract worth as much as RM800m from Syarikat Prasarana Negara Bhd. The contract is for civil works for phase two of the Ampang light rail transit (LRT) extension line linking Putra Heights to Shah Alam, Selangor. (Source: Business Times)
Plantation: MSM prices IPO shares at RM3.50 each. MSM Malaysia Holdings Bhd has priced its initial public offering (IPO) at RM3.50 per share for institutional investors. (Source: The Star)
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