KLCI chart reading :
little downside biased.
Engtek in privatisation talks
Penang-based HDD components manufacturer Engtek yesterday requested for temporary suspension in trading of its shares, and announced that it had been notified by certain major shareholders of the company that they are currently in discussion of a corporate scheme which may lead to the privatization of Engtek. However, Engtek said that it had not received any definitive proposals. (Financial Daily)
Toyo Tire to invest RM1.2bn to expand Perak operations
Japanese tyre manufacturer Toyo Tire & Rubber Co will be investing RM1.2bn to expand its operations in the South-East Asian and Asian markets. Toyo Tire’s investment would cover plans to increase its existing factory’s production capacity in Kamunting, Taiping as well as for the construction of a new factory on a 20 ha site in another area, which has already been identified. Toyo Tire also plans to increase its labour force at the Kamunting factory from the current 1,400 workers to 2,400 workers. (Malaysian Reserve)
SAAG bags RM26m contract in India
SAAG has received a RM26m contract to build, test and commission equipment for a thermal power project at Mandhva Village in Maharashtra, India. It had received a letter of acceptance from Lance Infratech for the erection, testing and commissioning of boiler ducting, rotary parts, mill RC feeders, ESP with duct support structure and coal piping for boiler unit one and two of the 2x660MW Lanco Vidarbha thermal power project. The 24-month contract is expected to begin on 1 Oct and start contributing positively to group earnings by next year. (Financial Daily)
UK plans Ampang land sale
The British government plans to sell the land where its High Commission in Malaysia sits, sources said. The land located on Jalan Ampang measures some 1.22ha and could fetch as high as RM1,500 per sq ft or RM196 million, real estate agents estimated.It would be interesting to see if the neighbours of the British High Commission will buy the land. They include Boustead Properties, IOI Group, HSC Healthcare and Sri Mersing Hotels Sdn Bhd. (Source: Business Times)
MAA trims forecast for new car sales this year
The Malaysian Automotive Association (MAA) has revised its new car sales forecast downwards by 1.6 per cent or 10,000 units to 608,000 units. New car sales dropped markedly in June to 41,790 from 54,005 units a year ago, bogged down by the amended Hire Purchase Act 1967 and supply issue. Total industry volume dropped to 297,203 units in the first six months from 301,115 units in the first half of 2010. The MAA had early this year predicted industry sales volume of 618,000 units for the whole year. (Source: Business Times)
Eng Tek shares surge on talk of potential privatisation
Eng Teknologi Holdings Bhd's stock yesterday surged the most in 16 months, after it said that some of its shareholders may come up with a corporate scheme which may lead to the privatisation of the company.The stock jumped 19 sen to close at RM1.99 on a day when most of the markets were heading south. In an out -ofthe-blue statement to the stock exchange, Eng Teknologi said it was making the statement on the possibility of the company going private due to the unusual price movement and relatively heavy trading activity in its shares. (Source: Business Times)
Malaysia may allow foreign lenders to open more branches
Malaysia may allow Southeast Asian banks to open more branches as it liberalises its finance industry, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said yesterday. Bank Negara is drafting a new financial sector master plan aimed at boosting the country's international links and reinforcing its position as an Islamic finance hub.It currently restricts the number of branches licensed foreign lenders can open. (Source: Business Times)
Icon City phase two launch by September
Mah Sing Group Bhd, the country's fifth largest developer by revenue, will launch by September the second phase of Icon City in Petaling Jaya, Selangor, featuring 570 units of serviced residences worth RM439 million. Group managing director-cum- group chief executive Tan Sri Leong Hoy Kum is upbeat that the units, worth RM450,000 to RM1.2 million each or RM700 to RM800 per sq ft, will be snapped up during the launch. Leong's confidence is further boosted by the launch of the first phase of of Icon City last weekend, where sales of RM426.5 million were raked in. The phase one featured i-SoVo tower 3, where 80 per cent of the units, priced from RM599,000 were sold, as well as 30 Jewels and Gourmet Street. Some 96 per cent of 30 Jewels, which is worth more than RM10 million each, and 37 per cent of Gourmet Street, comprising 20 retail outlets worth from RM4.5 million, were taken. (Source: Business Times)
China’s Beiqi Foton Motor chooses Warisan company
WARISAN TC Holdings Bhd’s 70 per cent owned unit, Kereta Komersil Seladang (M) Sdn Bhd, has been appointed by Beiqi Foton Motor Co Ltd (BFM), China’s top commercial vehicle maker, as the sole and exclusive, assembler and distributor here of light duty commercial vehicles (pick-ups) made by BFM. (Source: Business Times)
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