KLCI chart reading :
correction range bound upside biased.
RHBCap: Aabar to buy ADCB's stake. Aabar Investments, the investment arm of Abu Dhabi government, intends to buy a 25% equity stake in RHB Capital Bhd from Abu Dhabi Commercial Bank at RM10.80 per share. (Source: The Edge Financial Daily)Sunway-Suncity: Merger gets nod. Shareholders of Sunway Holdings Bhd and Sunway City Bhd have approved the proposed disposal of the two companies' assets and liabilities to Sunway Bhd at their EGMs. A new Sunway entity is expected to be listed on the Main Market of Bursa Malaysia in the third quarter of this year. (Source: The Edge Financial Daily)
TNB: Buys big supply of fuel oil. Tenaga Nasional Bhd (TNB) has bought more than 200,000 tonnes of fuel oil, for delivery between April and August, in addition to buying electricity from Singapore utility PowerSeraya. The fuel oil volumes were the largest TNB has purchased in at least five years. (Source: The Star)
Alam Maritim: Bids for RM400m to RM500m jobs. Alam Maritim Resources Bhd is bidding for RM400m to RM500m worth of contracts in offshore installation and construction (OIC) as well as offshore support vessel (OSV) services sector. (Source: The Star)
Construction: Eversendai to bid for RM1b-RM1.5b projects. Soon-to-be-listed structural steel construction and engineering company Eversendai Corp Bhd aims to bid for an additional RM1b to RM1.5b worth of projects for the rest of the year, after having secured almost RM350m so far this year. (Source: The Edge Financial Daily)
Property: 1MDB inks deal to kickstart Bandar Malaysia. 1MDB Bhd has signed several agreements that will pave way for the development of Bandar Malaysia, a mixed property project, on the site of the old Sungai Besi airport land. (Source: The Edge Financial Daily)
Oji strengthens grip
Japan’s Oji Paper Co Ltd has made a RM258m takeover offer for packaging product maker HPI Resources Bhd, the latest company from the Land of the Rising Sun to expand into Malaysia. This is its third acquisition in Malaysia and the second for a listed company. Oji Paper has bought corrugated carton maker United Kotak Bhd for RM63m and the company’s shares were delisted from Bursa Malaysia in Feb this year. (BT)
MMC-Gamuda JV to bid for MRT
MMC Corp Bhd and Gamuda Bhd has entered into an agreement to set up an unincorporated joint venture (JV) company, MMC Gamuda KVMRT (T) Joint Venture, to tender for the Klang Valley Mass Rapid Transit (MRT) project. In separate filings to Bursa Malaysia yesterday, both companies said it planned to prequalify and tender for the tunnelling, underground and other works related to the underground work package of the project. (Malaysian Reserve)
Eversendai to bid for RM1bn to RM1.5bn projects
Soon-to-be-listed structural steel construction and engineering company Eversendai Corp Bhd aims to bid for an additional RM1bn to RM1.5bn worth of projects for the rest of the year, after having secured almost RM350m so far this year. Its executive chairman and managing director Datuk AK Nathan said the amount was not a problem to be achieved by the company, based on its reputation as one of the most sought after specialized contractors in the world, having completed over 100 projects in 11 countries the Middle East, Singapore and Malaysia. (Financial Daily)
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