KLCI chart reading :
pullback correction upside biased.
MBM Resources: On expansion drive. MBM Resources Bhd plans to build several showrooms and service centres in Johor Baru, Perak and Penang by 2015 to expand its automotive business. The Johor Baru project will be completed in the next 12 months and will be similar to the company's showroom in Glenmarie, Shah Alam. (Source: Business Times)
MRCB: Unit gets KL land for 3 projects in Brickfields. Country Annexe Sdn Bhd (CASB), a 70% subsidiary of Malaysian Resources Corp Bhd (MRCB), will be given land in Kuala Lumpur with a potential RM1b gross development value, in consideration for undertaking three projects in the city's Brickfields area. The projects consist of Little India, Pines Bazaar and Ang Seng Development. (Source: The Star)
Guan Chong: To double capacity by 2Q12. Guan Chong Bhd plans to double the capacity at its Batam plant by 2Q12, which will boost its annual cocoa grinding capacity to 200,000t. It has fully sold for the entire 2011 due to rising demand for its cocoa ingredients of butter and powder. (Source: The Edge Financial Daily)
Yinson: Eyes RM800m worth of jobs. Yinson Holdings Bhd is set to bid for more contracts worth RM800m. It is currently bidding for FSO, PSV and AHTS jobs locally and abroad particularly in Vietnam. Yinson's current orderbook stands at RM1.2b. (Source: The Edge Financial Daily)
Plantation: Sarawak palm oil industry earmarked for major expansion.. Sarawak's plans to double the land earmarked for oil palm plantations to two million hectares will act as a key driver for the state's economic development. (Source: The Edge Financial Daily)
Kencana buys HK-based firm
Kencana Petroleum’s wholly owned Kencana Torsco SB has paid RM11.57m for 60% of King Hang Engineering Company Ltd (KHE) to support the expansion of group’s fabrication business in the region The acquisition is expected to contribute positively to its future earnings and net asset per share, Kencana said in a statement yesterday. (Financial Daily)
Genetec secures RM45m worth of new orders
ACE Market-listed machine design specialist Genetec Technology has secured new orders amounting to RM45.4m. Of the new orders, RM26.8m was secured from existing hard disk drive sector clients whilst the remaining RM18.6m is from non-hard disk drive sector clients, the company said in a statement yesterday.( Malaysian Reserve)
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