KLCI chart reading :
upside biased with possible pullback correction.
EPF and RHB denies plans to buy over CIMB
The chairman of the Employees Provident Fund (EPF) and the top executive of RHB Capital Bhd have categorically denied speculation that both parties are involved in a takeover bid of the country’s second largest bank CIMB Group Holdings. Tan Sri Azlan Zainol dismissed the news as “pure speculation,” denying that there was indeed such a plan. RHB Capital managing director Kellee Kam also replied that the bank was not in discussions with CIMB. (StarBiz)
FBM KLCI hits historic high
The FBM KLCI ended trading at another historic high on Friday, closing at 1,582.94 after closing at fresh highs on Wednesday and Thursday on persistent buying interest of select bluechip stocks. In general, the local scenario mirrored sentiments among investors abroad after Greek lawmakers passed further austerity measures which then calmed markets globally. (StarBiz)
DRB-HICOM completes its acquisition of 32.2% in Pos Malaysia
DRB-HICOM Bhd announced on Friday that it has completed its acquisition of a 32.2% stake in Pos Malaysia from Khazanah Nasional. This means DRB-HICOM has replaced Khazanah as the single largest shareholder of Pos Malaysia. To recap, in April, DRB-HICOM made a successful bid to acquire Khazanah’s stake in Pos Malaysia for RM622.8m (based on the price of RM3.60 per Pos Malaysia’s share). (StarBiz)
Wah Seong gets Aussie pipe-coating deal
Wah Seong Corp’s pipe-coating business unit has been awarded a RM137m contract by Australia Pacific LNG Pty Ltd. The contract will involve providing pipeline coatings for the Australia Pacific LNG project in Australia. (StarBiz)
Magna Prima plans project in Australia
Magna Prima will embark on its maiden overseas venture in Melbourne, Australia, with a proposed AUD210m development, Dynasty Living. The company said in a statement the 25-storey, single-tower apartment project would be built on a 2,700 sq m site. It will feature 320 units, inclusive of one to three-bedroom apartments, and a two-storey penthouse. Construction is expected to commence in the fourth quarter and the development is expected to be completed in 2013. (StarBiz)
Petronas job for Tanjung Offshore
Tanjung Offshore Bhd has secured a RM50m contract from Petronas Carigali DB to provide three offshore support vessels for total charter contracts of periods ranging between one and three years. The company announced its unit Tanjung Offshore Services SB was awarded the contract to provide the ships for the primary period from June to July respectively with options to extend between one and two years. (StarBiz)
Oldtown IPO oversubscribed
Oldtown, en route to a listing on Bursa Malaysia Main Market on 13 July, had its initial public offering oversubscribed by 10.8x. The Oldtown White Coffee cafe chain operator and instant beverage mix manufacturer received 9,366 applications for 117.64m shares with a total value of RM147.1m for the public tranche of 10m new shares under its IPO. (StarBiz)
Sabah firms win RM515m contracts
Sabah-based companies have won contracts worth RM515m for the Sabah Oil and Gas Terminal (SOGT) project in Kimanis, Papar. Of the total, RM220m were awarded by Petronas Carigali SB while RM295m were given out by the main SOGT contractor, Samsung-Naim-Petronas Carigali consortium, said Petroliam Nasional Bhd (Petronas) Sabah and Labuan general manager Joseph Podtung. On Friday, Petronas signed a RM57.3m contract with Ladang Sri Delima SB for the construction of an administration building for the SOGT project. (StarBiz)
Genting to buy PMP?
The RM2.5bn deal whereby Genting is to acquire Tanjong’s gaming unit Pan Malaysian Pools SB is definitely going through, according to sources. One source said the deal would be signed on Thursday but another said Genting’s bid had too many conditions and therefore other bidders have been asked to resubmit their offers. However, a third source said that while the deal structure was always important, it would not prevent the deal from going through. (StarBiz)
Asahi to buy Permanis?
Permanis SB, which is PepsiCo Inc’s bottler in Malaysia and a subsidiary of CI Holdings (CIH), has been under Asahi’s radar to expand its operations, with news it is in talks to buy Permanis SB for USD200m. Another unidentified company is also said to be eyeing Permanis. CIH managing director Datuk Johari Abdul Ghani was tightlipped on the talks but did mention it was at an exploratory stage. Asahi’s president Naoki Izumiya was reported in February as saying that the company may spend USD5bn (RM15bn) on acquisitions this year. (BT)
Decision to pass 6% service charge to prepaid users deferred to 1 Sept
The decision to pass on the 6% service tax to mobile prepaid users by telecoms players has been deferred from 1 July to 1 Sept. However, the 1 Sept timeline may not be final as the players are still in talks with the industry regulator and Finance Ministry over the issue. Potential savings by telcos could well range from RM600m to RM765m a year should the telcos pass the tax costs to users. (StarBiz)
Star acquires 4.99% of Catcha Media
Star Publications has purchased a 4.99% stake, or 6.636m shares, of the enlarged paid-up of Catcha Media for RM4.97m. The issue price is RM0.75 per share and the acquisition will be financed from its own funds. Catcha is scheduled to be listed on the ACE market on 22 July. (StarBiz)
Proton: To offer CVT tech in future cars. Proton Holdings Bhd will introduce the continuous variable transmission (CVT) technology in its upcoming range of cars. Proton tests show that CVT can reduce fuel consumption by 4-10%. (Source: The Sun)
CI Holdings: Asahi to buy Permanis? CI Holdings Bhd is in talks with Asahi Group Holdings Ltd to buy subsidiary Permanis Sdn Bhd for USD200m (RM600m). However, Permaniss MD Datuk Johari Abdul Ghani was tightlipped on the talk when contacted. It was reported that the Tokyo-based Asahi had agreed yesterday to buy the mineral-water and juice businesses of closely-held P&N Beverages Australia Pty Ltd for USD309 m (RM927m). Asahi is also in the midst of competing with Suntory Holdings Ltd to buy New Zealands Independent Liquor under a deal worth some USD1.12 b (RM3.36b). (Source: Business Times)
Dijaya: Foreign fund acquires 5% stake in Dijaya. TAEL One Partners Ltd , a Cayman Islands registered company bought 22.75m shares or a 4.99% stake in Dijaya Corp Bhd for RM37.5m. (Source: The Edge Financial Daily)
Grand-Flo: To distribute Apple iPad. Grand-Flo Solution Bhds unit E-Tech IT Sdn Bhd has been appointed as a value-added reseller by Apple to distribute the Apple iPad in Malaysia. E-Tech is now a value-added reseller for the Apple iMac and Macbook. (Source: The Sun)
Property: 825 acres of land for PR1MA. As many as 20 sites on 825 acres of land across the Klang Valley, Rawang and Seremban have been identified for the development of an estimated 42,078 homes under the 1Malaysia Housing Programme or Program Perumahan 1Malaysia (PR1MA). Under PR1MA, homes priced between RM150,000 and RM300,000 will be built in urban and suburban areas across the country. (Source: The Edge Financial Daily)
Petronas Dagangan declares special dividend
Petronas Dagangan Bhd has declared a special dividend of 25sen per ordinary share less income tax at 25% for the FY ended March 31. This was subjected to shareholders’ approval at the company’s forthcoming AGM. The entitlement date for the special dividend has been fixed on August 3. Petronas Dagangan has also proposed a final gross dividend of 35sen per share less income tax at 25% for the same financial period. (StarBiz)
Lion Corp seeks deferment of RM83m payment
Lion Corporation has sought to defer payments totaling RM83m on the bonds, debts and loan stocks from July 31 to Dec 31. It had issued notices of meetings dated July 1 to the holders of the bonds, US dollar debts and redeemable convertible secured loan stocks (RCSLS). The meetings of the lenders are scheduled to be held on July 25. Lion Corp said the first deferment was for the redemption of the outstanding nominal value of the bonds amounting to RM54.4m. The second was the repayment of the outstanding nominal value of the debts amounting to US$1m. The third was the payment of the coupon on the loan stocks amounting to RM27.0m. (Financial Daily)
TNB to sell RM5bn Islamic bonds
Tenaga Nasional plans to raise as much as RM5bn from a 20-year ringgit-denominated Islamic bond offering, said its CEO. “We plan to sell the bonds in August or September,” Datuk Seri Che Khalib Mohamad Noh said. Proceeds from the offering, the company's first debt sale since 2004, will be used to finance a coal-fired Manjung power plant in Perak, Che Khalib said yesterday. (StarBiz)
AirAsia to fly high as it becomes one of the biggest airlines in the world
AirAsia is set to become one of the biggest airline groups in the world following its landmark order of 200 Airbus A320neos, said Frost & Sullivan Aerospace & Defence senior consultant Kunal Sinha. He said the firm order by AirAsia validated three important trends. Apart from the rise of AirAsia, he said the centre of air transport was shifting from North America towards Asia and the market had given a thumbs-up to the A320neo. (StarBiz)
Benalec earmarks RM60m for capex
Benalec Holdings has set aside a capital expenditure of up to RM60m for its FY ending June 30 2012 to fuel its expansion. The capex, which will be funded via a mixture of internally-generated funds and bank borrowings, will mainly be used to buy new vessels and undertake new jobs. (Business Times)
JAKS clears hurdle for Vietnam power plant
JAKS Resources’ unit has received the investment certificate from the Vietnamese government for its proposed 1,200MW coal-fired power plant in the province of Hai Duong. Its unit JAKS Pacific Power Ltd (JPPL) had received the certificate from the Ministry of Planning and Investment of Vietnam on June 30. (Financial Daily)
Gopeng no longer PN17 company from today
Gopeng will be lifted from its Practice Note 17 (PN17) status effective today, the company announced in a Bursa Malaysia filing yesterday. Gopeng had applied on May 3 and 11 this year for a waiver from complying with Paragraph 8.04(3) of the Listing Requirements of Bursa Securities and also, to lift the company from PN17. (StarBiz)
Tricubes to launch Myemail in Sept
Tricubes is set to launch the controversial 1Malaysia myemail service in September, its CEO Khairun Mokhtar said. “The project is in its final stages of implementation. The email product is done and the portal is ready,” he said. (Financial Daily)
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