KLCI chart reading :
pullback correction upside biased.
AirAsia X: Confirms switch to Gatwick from Oct 24. AirAsia X (AAX) would be switching its UK base from Stansted to Gatwick Airport from October 2011 onwards. The rationale of the change is attributable to Gatwick's "irresistible rates" offer to AAX for landing and parking at the airport. (Source: The Star)
AirAsia says high oil price holding back European expansion plan
AirAsia X, the long-haul unit of South-East Asia’s biggest discount airline, said high oil prices are stymieing its plans to roll out additional routes to Europe. CEO Azran said if oil prices remained at where they are presently, nothing will materialize in the next 12 months. He also mentioned that fuel cost has been a real challenge and this had prevented the airline from moving to a double-daily service to Britain. (Malaysian Reserve)
BTM secures timber concession in Terengganu
BTM Resources has secured a forest concession agreement with the Terengganu State Forest Department to extract forest products in Kemaman. The forest concession is for an area of about 404.7 ha for a period of three years from 3 July 2011 to 2 July 2014, BTM said in a statement. (Malaysian Reserve)
Golden Land sells off property firm
Golden Land has sold its entire stake in its 70% owned property development firm Tanjong Wahyu SB for RM15.3m cash to focus its resources for future plantation expansion. The company told the local exchange yesterday that its subsidiary Ikatan Hasrat SB has entered into a sale and purchase agreement with Moremas SB to sell 1.4m shares in Tanjong Wahyu and will realize a gain of about RM5.7m. (Malaysian Reserve)
Nadayu formalizes UDA land purchase, revises development plans
Nadayu Property has formalized the acquisition of the 1.4ha of vacant freehold land in Jln Sultan Ismail from UDA Holdings for RM215.5m. In a filing with Bursa Malaysia yesterday, Nadayu said it intends to submit a revised proposal for approval, which will include two office towers to complement the serviced apartments and shopping complex that are already planned. (Financial Daily)
Perdana Petroleum: Ends chartering arrangement, Name change for Petra Perdana. Perdana Petroleum Bhd's wholly owned Perdana Mercury Ltd has terminated the bare boat charter arrangement with Mount Tahan LLC to curb further losses incurred from this class of AHTS vessels. AHTS registered low utilization and charter rates last year due to weak market sentiment. Separately, Petra Perdana Bhd has undergone a name change and will now be known as Perdana Petroleum Bhd. (Source: Bursa Malaysia)
Muda: Oji Paper may acquire Muda. Muda Holdings Bhd could be the next takeover target for Japanese paper product manufacturer Oji Paper Co Ltd. This comes after Oji Paper crossed the 51% threshold to firm up their offer to buy out HPI Resources Bhd. (Source: The Edge Financial Daily)
Energy: MyPower to review PPAs. The special purpose unit set up by the Government called MyPower Corp will review the much-criticised power purchase agreements (PPAs) between Tenaga Nasional Bhd (TNB) and independent power producers (IPP) and make the necessary recommendations to three ministries soon. The unit that was set up a year ago under the ministry is headed by Datuk Abdul Razak Majid, a veteran in the power sector who was formerly TNB's senior vice-president of corporate affairs. (Source: The Star)
Utilities: Levy on heavy power users from January. The government will impose a levy on heavy electricity users starting January 2012 and channel the money to remunerate green energy producers under the Renewable Energy Act's feed-in tariffs (FiT). Those who consume more than 300KW (kilowatts) per hour will be considered heavy energy users and they will be taxed. (Source: Business Times)
Plantation: Dompok leading team to convince Australia to drop palm oil labeling to avoid misconceptions. Plantation Industries and Commodities Minister Tan Sri Bernard Dompok will lead a delegation for a one-week visit to Australia starting July 24, 2011 to counter the misconceptions on palm oil. (Source: The Malaysian Reserve)
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