20110722 1034 Malaysia Corporate Related News.

MAS: Sees no need to raise cash. Malaysian Airline Systems Bhd (MAS) sees no need to raise capital against a backdrop of weakening travel demand. Poor quarterly results have raised concern over cash depletion at the national carrier, which is expecting at least four more aircraft to be delivered this year. (Source: The Edge Financial Daily)

TM: The latest MVNO? Telekom Malaysia Bhd may be the latest player in the MVNO (mobile virtual network operator) space. It has signed a MoU with Celcom Axiata Bhd to cooperate strategically in providing complete fixed and mobile solutions. (Source: The Edge Financial Daily)

Permanis proposed to be sold to Asahi for RM820m
CI Holdings has signed a conditional agreement to dispose its bottling unit Permanis SB to Asahi Group Holdings for RM820m, lifting a stock trading suspension it had put in place the previous day to make the announcement. The company said the proposed disposal will realize a proforma gain on disposal of approximately RM677.1m, based on its audited financial statement for financial year ended 30 June 2010. (Malaysian Reserve)

Hiap Teck unit, China Shougang in steel mill deals
A subsidiary of iron and steel products manufacturer Hiap Teck Venture has entered into an engineering and procurement contract and a construction contract with China Shougang International Trade and Engineering Corp (Shougang). Under the contracts, Shougang will carry out the first phase of an integrated steel mill in Teluk Kalung in Kemaman, Terengganu, for CNY900.5m (RM418.83m). (Malaysian Reserve)

All Nippon Airways, AirAsia plan budget carrier
All Nippon Airways Co (ANA) will form a low-cost airline with AirAsia to expand budget-fare services in North-East Asia. ANA will take a 51% stake in the venture. The new airline will operate as AirAsia Japan Co out of Narita Airport, Tokyo’s main international gateway, from Aug 2012. It will serve both the domestic Japanese market and international routes in North-East Asia. (Malaysian Reserve)

SEGi appointed as SkillsMalaysia project leader
The Government has appointed SEG International (SEGi) as project leader for a new initiative to bring foreign trainees and learners to Malaysia under a scheme known as SkillsMalaysia International Technical Education & Vocational Training Programme. (Malaysian Reserve)

Fitters buys 30% stake in Philippine plant
Fitters Diversified has acquired 30% stake in a rice husk-fuelled biomass power plant project in the Philippines. Under the deal, Fitters will be part of a team that comprises Solutions Using Renewable Energy Inc (SURE), Bangkok-based Nollen Group and Holland’s Topec W2E Holding BV, which is part of the family-run Pon Group with year sales of EUR5bn (RM21.4bn). The special purpose vehicle (SPV) they formed will provide power to Pepsi Cola Products Philippines Inc. (BT)

Kurnia Asia gets nod to start acquisition talks
Kurnia Asia (KAB) has received the green light from Bank Negara to commence preliminary negotiations with relevant interested parties for the acquisition of an equity stake in its wholly-owned subsidiary, Kurnia Insurans (KIMB). The move by KAB to dispose of its insurance arm is in line with the Bank Negara’s move to relax the foreign ownership limit to 70% under the financial sector liberalization plan and the risk-based capital framework. (StarBiz)