MAS: Chairman says privatisation of MAS possible, Mulls capacity cut. Malaysia Airlines (MAS) does not rule out the possibility of taking the company private or spin off its other divisions. Separately, MAS may cut passenger carrying capacity in the coming quarters as it seeks to blunt the impact of fuel prices. (Source: The Star, The Sun)
UEM Land: To oversee S'pore jobs. Khazanah Nasional Bhd has teamed up with Singapore's Temasek Holdings Pte Ltd to develop RM30b worth of real-estate projects in Singapore and Iskandar Malaysia. UEM Land and two units of Temasek Holdings have been appointed to oversee the development and marketing of the Singapore projects. (Source: The Edge Financial Daily)
EP Manu: Sees 2011 revenue driven by Saga FL, Myvi. EP Manufacturing Bhd expects FY11 revenue growth to be driven by sales of new Proton Saga FL and the Perodua Myvi replacement model. EP Manufacturing Bhd is the Tier-1 auto parts vendor to Proton and Perodua. (Source: The Sun)
O&G: Petronas finds oil in Vietnam. Petroleum Nasional Bhd and its partner PetroVietnam have been successful in their drilling campaign via the Diamond-4X exploration well in offshore Vietnam. The well tested the flow rate of 5,200 barrels per day of oil. (Source: The Star)
Muhibbah: No write down on APH payment. Muhibbah Engineering Bhd's MD Mac Ngan Boon has assured investors that the contruction outfit need not write down some RM371m due from its client, Asia Petroleum Hub (APH), which is reportedly facing funding woes. Muhibbah had obtained a corporate guarantee from APH assuring Muhibbah of the payment which could be slightly delayed as APH attempts to find an investor to inject additional funds for the development of its oil terminal in Johor. (Source: The Edge Financial Daily)
Voir: Aims for 10% revenue growth. Voir Holdings Bhd aims to achieve 10% revenue growth in the current financial year ending Dec 31, 2011. The company would be expanding its export markets of Ghana and Pakistan in the second half of the year while Africa, the Middle East and Asian countries has been identified as potential export markets for next year. (Source: The Star)
Hap Seng: Tower sale not ruled out. Hap Seng Consolidated Bhd is open to selling its half of Menara Citibank located on Jalan Ampang in Kuala Lumpur, but is not aggressively scouting for a buyer. (Source: Business Times)
Tradewinds: To add mills, warehouses. Tradewinds (Malaysia) Bhd will spend some RM160m to add three new palm oil mills and two sugar warehouses to expand. (Source: Business Times)
Green Packet unit in 4G tie-up with China Mobile
Packet One Networks (M) SB (P1), a subsidiary of Green Packet has sealed a technology cooperation agreement with China Mobile Ltd to spearhead the time division-long term evolution (TD-LTE) technology in Malaysia and South-East Asia. P1 CEO Michael Lai said both parties would be sharing expertise, with P1 in 4G WiMAX and China Mobile in TD-LTE technology deployment. (StarBiz)
No extra capex for SEB monorail project in Brazil
Scomi Engineering (SEB) will not require additional capital expenditure or investments for its portion of the RM2.6bn contract for the Line 17 monorail project in Sao Paulo, Brazil. In an e-mail yesterday, SEB chairman Datuk Zainun Aishah Ahmad said: “No further capital expenditure investment is required by SEB for this project; only funding for project financing and operational expenditure. (StarBiz)
E&O to develop iconic wellness township in Iskandar Malaysia
Eastern & Oriental (E&O) is embarking on developing an iconic wellness township in the flagship zone of Iskandar Malaysia in the southern part of the peninsula. In an exchange filing yesterday, E&O said its subsidiary Galaxy Prestige SB has signed a shareholders‟ agreement with Pulau Indah Ventures SB to form a 50:50 joint-venture (JV) company called Nuri Merdu SB to develop the township in the Heritage Cluster in Medini Central in Nusajaya. (Malaysian Reserve)
Muhibbah sees full APH payment
Muhibbah Engineering managing director Mac Ngan Boon has assured investors that the construction outfit need not write down some RM371m due from its client, Asia Petroleum Hub (APH), which is reportedly facing funding woes. Mac said Muhibbah had obtained a corporate guarantee from APH assuring Muhibbah of the payment which could be slightly delayed, as APH attempts to find an investor to inject additional funds for the development of its oild terminal in Johor. (Financial Daily)
Genting gets Birmingham casino licence
Genting UK plc, a unit of Genting Malaysia, has been granted a large casino premises licence in Birmingham, according to online media reports. According to BBC News online report, Solihull Council said it had granted a large casino premises licence to Genting UK. (Financial Daily)
Formis buys 20.59% of Ho Hup from Extreme System
Information technology services outfit Formis Resources‟s unit yesterday unveiled its plans to diversify into construction and property development by taking up a substantial 20.59% stake in construction firm Ho Hup Construction Co. In a filing with Bursa Malaysia, Formis said its wholly-owned unit Formis Holdings yesterday acquired the stake from Extreme System SB. Formis purchased the 21m shares for a total consideration of RM16.8m in cash or 80 sen per share. The purchase price is to be funded entirely by bank borrowings to be fully paid up by 1 July 2011, Formis added. (Financial Daily)
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