KLCI chart reading :
pullback correction upside biased.
Proposal to merge SapuraCrest, Kencana
Maybank Investment Bank (Maybank IB) and CIMB Investment Bank have joined forces to entice SapuraCrest Petroleum and Kencana Petroleum to merge and create the largest local oil and gas service provider by assets. The merged entity is expected to have a market capitalisation of RM10bn as well as some RM6bn worth of assets. A special purpose vehicle, Integral Key SB (IKSB), yesterday offered to acquire the assets and liabilities of SapuraCrest and Kencana Petroleum in exchange for cash and IKSB shares. The cash portion for SapuraCrest is RM875m or about 14.9% of the deal, while for Kencana the cash portion is RM969m or 16.2% of the deal. Under the proposed deal, Sapura-Crest and Kencana Petroleum will have equal share in IKSB, while IKSB will maintain the listing status of only one of the two companies. (BT)
Tenaga to implement new tariff in Sabah from 15 July
Tenaga Nasional’s unit Sabah Electicity SB will impose the new electricity tariff structure in Sabah and the Federal Territory of Labuan with effect from 15 July, 2011. Tenaga said the new tariff structure was to promote efficient utilization of electricity by the consumers, adding that it had minimal impact on lower income households and small businesses. Tenaga said 75% of domestic consumers or 275,276 households in Sabah and the Federal Territory of Labuan with consumption of 350 kiloWatt-hour (kWh) and below would not experience any increase in their monthly bills. Meanwhile, the electricity rebate by the government for domestic consumers with monthly bill of not more than RM20 will be maintained until 31 Dec, 2011, it said. (Financial Daily)
TNB unit to boost overseas income
Tenaga Nasional Bhd's (TNB) wholly-owned unit Malaysia Transformer Manufacturing (MTM) expects its overseas operations to contribute 25 per cent to the company's bottom line within three contributions from our overseas operations," said its chairman Datuk Seri Abdul Rashid Abdullah. Currently, the overseas operation contribute 10 per cent of its total earnings of RM200 million. Spea system certificate handover ceremony from Sirim QAS International Sdn Bhd here yesterday, Abdul Rashid said the company is expanding its operations in the Asean region. "We are also in the midst of looking for opportunities in the Middle East," he said. (btimes.com.my)
KPJ inks JV to set up specialist hospital in Perlis
KPJ Healthcare has inked a joint venture agreement with Yayasan Islam Perlis (YIP) to set up and operate a new hospital to be known as KPJ Perlis Specialist Hospital. KPJ said its wholly owned subsidiary Kumpulan Perubatan (Johor) SB (KPJSB) had signed the agreement with YIP on 11 July. It said the JV would operate under the name Perlis Specialist Hospital SB, of which KPJSB would hold 60% equity interest while YIP would hold the remaining 40%. KPJ said the JV company will have an initial authorised share capital of 25m shares of RM1 each, which YIP would subscribe 6.5m shares payable in consideration for transfer of land to the company, while KPJSB would subscribe 9.75m shares payable in cash. (Financial Daily)
AirAsia X to move to Gatwick
AirAsia X (AAX), which flies six times weekly to London by way of Stansted airport, will move its base to Gatwick, which is Britain's second largest airport from late-October this year. The major consideration for the move is said to be Gatwick's offer of “irresistible rates” to AAX for landing and parking at the airport. Another advantage of Gatwick is that it has a larger number of transiting passengers and connecting flights, compared with Stanstead. Apart from Gatwick, Machester airport had also been courting AAX for some time now, the sources said. Stansted is the third busiest airport in Britain and has been AAX's first point of entry into Europe since 2008. Another plus for AAX moving to Gatwick is that it is closer to the city, making travel into London easier for passengers. Apart from London, the only other point in Europe that AAX flies to is Paris via Orly International Airport. (StarBiz)
E&O sells assets for RM134m
Eastern & Oriental (E&O) is selling a building and the freehold 27,744 sq m it is located on for RM134m cash to Soaring Profit SB. The land and building in Penang is part of the E&O Group's 240-acre phase one of the Seri Tanjung Pinang mixed development project. In a Bursa Malaysia filing yesterday, E&O said the building was completed in May this year and subsequently leased to hypermarket retail operator Tesco for a 20-year period. The rental receivable from the building, which has about 269,418 sq ft of gross floor area and 1,042 car park bays, is RM7.6m per annum. (StarBiz)
SILK wins RM40m Petronas contract
SILK Holdings Bhd has won a contract from Petronas Carigali Sdn Bhd to provide four anchor handling tug supply vessels for RM39.75 million. The term of the contract is for one year, starting this month, but the contract tenure could be extended for additional year, SILK informed the stock exchange. (btimes.com.my)
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