20110627 1318 Malaysia Corporate Related News.

KLCI chart reading :
side way range bound upside biased.

Genting HK to raise RM600m bonds
Genting Hong Kong, is raising bonds worth about RMB1.3bn (RM600.2m) for general corporate purposes, said a source in its associate company. The bonds are three-year bonds with a yield of 3.95%. It was reported that Genting Hong Kong had hired CIMB Group Holdings, HSBC Holdings Plc, Malayan Banking and UBS AG to help with the sale of three-year, yuan-denominated bonds in Hong Kong. Genting Malaysia owns an 18% stake in Genting Hong Kong. Apart from owning Star Cruises, Genting Hong Kong is a co-owner of Resorts World Manila and also has a 50% stake in Norwegian Cruise Lines. (Starbiz)

Talam to sell land to associate
Talam Corp has proposed to dispose of two pieces of land totalling 10.35ha in Daerah Petaling, Selangor, to Trident Treasures SB for RM39.5m. Talam announced that the proposed disposal would enable it to improve its current liquidity position and reduce its borrowings. Trident Treasure, which is a 40% associate of Talam, plans to undertake the development of semi-detached houses, dwelling houses or equivalent on the land. “The net carrying value of the land as at 31 Jan is RM76.6m,” said Talam. (Starbiz)

IJM shortlisted for India highway project
IJM Corp is one of the 11 companies shortlisted for a mega inter-state highway project estimated to cost about RM4bn, according to local media reports. The 555km highway stretches from Kishangarh, near Jaipur, in Rajasthan to Ahmedabad, in Gujarat, via Udaipur. The public-private partnership project, involving six lanes, is tipped to be one of India's landmark highway project. The successful bidder is expected to design, finance, construct, operate and maintain the highway. India plans to construct 35,000km of highways under the National Highway Development Program over five years. (Starbiz)

Muhibbah gets RM338m job
Muhibbah Engineering has been awarded a RM338m contract by Northport for the development of a multi-purpose wharf and other facilities at Container Terminal 4. Muhibbah Engineering said the contract, due to commence in July this year and be completed in Mar 2014, is expected to contribute positively to the earnings and net assets of the group. (Starbiz)

Perisai gets nod to buy Intan Offshore
Perisai Petroleum Teknologi obtained shareholders' approval to acquire 51% of Singapore-based Intan Offshore SB for RM45.2m. “It is a good acquisition because we already have a long-term contract with the company. The risk is also minimum and the acquisition price is reasonable,” managing director Izzet Ishak mentioned last Friday. Izzet also said Perisai would conclude the purchase a 100% stake in Garuda Energy (L) Ltd for RM212mil by the end of next month. (Starbiz)

SPNB sets RM2.8bn target by 2016
Syarikat Perumahan Negara Bhd (SPNB), a wholly owned unit of the Minister of Finance, aims to achieve a total development value of RM2.8bn by 2016, if all the affordable housing units it plans to build are completed on schedule. MD Datuk Kamarul Rashdan Salleh said SPNB would be able to complete 36,095 affordable houses by 2013, of which 16,423 units have been sold. (Starbiz)

Proton: Nears deal with foreign carmaker. Proton Holdings Bhd will be finalising a collaboration with a foreign car maker next month, which is expected to bring up to RM800m of investment into the country. The tie-up involves using the partner's transmission for Proton's new engine. (Source: Business Times)

Sime Darby: New pay scheme to attract Malaysians too. Sime Darby Plantation Sdn Bhd expects its new pay scheme for estate and mill workers to attract not only foreigners but Malaysians as well. (Source: The Edge Financial Daily)

Plantation: Minister concerned over Aussie palm oil Bill. Plantation Industries and Commodities minister Tan Sri Bernard Dompok expressed grave concern on the passing of the Food Standards Amendment (Truth in Labelling - Palm Oil) Bill 2010 by the Australian Senate on Thursday. The Bill which is now under consideration by the Lower House, Australian Parliament, seeks to mandate the labeling of palm oil for the purpose of ensuring that consumers are provided with clear, accurate information about the inclusion of palm oil in foods. (Source: The Star)