Proton: To spend RM100m on R&D yearly. Proton Holdings Bhd is allocating between RM90m and RM100m to the research and development activities (R&D) yearly to ensure it remains competitive in the automotive industry. (Source: The Star)
Sime Darby: Expects crop production to increase by 6%. Sime Darby Plantation Bhd expects its crop production to increase by 6% in the financial year ended June 30, 2011 as compared to the previous financial year as the cyclical down trend of the oil palm has ended. (Source: The Star)
CIH: To distribute up to 90% of Permanis sale proceeds. CI Holdings Bhd (CIH) is looking at distributing no less than half of the RM820m proceeds from the sale of its bottling unit Permanis Sdn Bhd to Asahi Group Holdings Ltd. (Source: The Edge Financial Daily)
Eng Teknologi: Receives RM307m privatisation offer. Eng Teknologi Holdings Bhd's major shareholders has made an offer via investment vehicle TYK Capital Sdn Bhd to take the company private at an indicative offer price of RM2.50 per share or RM307.2m. (Source: Bursa Malaysia)
Property: RM150m in deals sealed at Penang property fair. About RM150m worth of property has been sold or booked at the Star Property Fair 2011, reflecting optimism in the property market here. The number of registrations and buyers had also exceeded expectations. (Source: The Star)
CIH to distribute up to 90% of Permanis sale proceeds
CI Holdings is looking at distributing no less than half of the RM820m proceeds from the sale of Permanis SB to Asahi Group Holdings, said its management. “We may use a portion of the proceeds to acquire new businesses. Based on current proposals, these new acquisitions could only cost between RM20m and RM80m, so there is still a large portion to give back to our shareholders.” CIH MD Datuk Johari Abdul Ghani mentioned. (Financial Daily)
Hiap Teck enters into a co-operation agreement
Hiap Teck Venture has entered into a Co-operation Agreement with Shougang International (Singapore) Pte Ltd, Eastern Steel SB, Dato’ Law Tien Seng (Dato’ Law) and Chinaco Investment Pte Ltd (Chinaco) to set out the mode and structure of participation in the construction and operation of an integrated steel mill in Teluk Kalung in Kemaman, Terengganu. Upon completion of Shougang Singapore acquisition of the entire equity interest in Orient Steel Investment Pte Ltd (Orient Steel) from Dato’ Law, Eastern Steel SB will be owned by Hiap Teck, Orient Steel and Chinaco, with equity stakes of 55%, 40% and 5% respectively. Orient Steel was also granted the option to acquire up to 70% of Eastern Steel from HTVB subject to the terms and conditions spelled out in the pact. (Bursa Malaysia)
PetGas to raise funds for Kimanis plant
Petronas Gas (PetGas) wants to raise RM1.2bn to finance its 300MW gas-fired Kimanis power plant in Sabah, through project financing while the balance will be through equity financing.“The total cost of the power plant is RM1.5bn. We are looking at financing 80% of it through project financing,” chairman Datuk Anuar Ahmad mentioned. In terms of funding, he said it was currently finalising details with both local and foreign banks. (StartBiz)
Mithril signs restructuring agreement
Financially-troubled construction firm Mithril has signed a heads of agreement with the promoters of Pesona Metro, Wie Hock Beng and Chak May Teng to regularise the financial condition of the company. It announced that the proposed restructuring scheme included the acquisition of the entire equity interest in Mithril by a newly-incorporated company for RM96m, satisfied via the issuance of 384m shares in the newco to be issued at par of 25 sen to the promoters and/or their nominee after a capital reduction and consolidation exercise. The listing status of Mithril on the Main Market would then be transferred to the newco.(StarBiz)
Proposed Latexx-YTY merger off
The proposed merger between Latexx Partners and the YTY group, involving the sale of YTY’s subsidiaries to Latexx Partners for RM1.25bn, has been aborted. Latexx said announced that after conducting an operational due diligence and further assessment on the YTY group, it had engaged with YTY’s shareholders last Thursday to present its findings and indicated its intention to make a further revised offer. “After considering the company’s feedback, the vendors (YTY) had on 22 July written to the company expressing their intention not to extend and continue with the proposed merger,” it said. (StarBiz)
Proton to spend RM100m on R&D yearly
Proton Holdings is allocating between RM90m and RM100m to the research and development activities (R&D) yearly. Group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said apart from embarking on its in-house R&D activities, Proton would continue to collaborate and forge a smart partnership with third parties to add value to its products (StarBiz)
Ingenuity to acquire hardware distribution firm for RM15m
ACE Market-listed Ingenuity Solutions plans to acquire a hardware distribution company to complement its core enterprise software business. Ingenuity signed a heads of agreement on friday for the proposed purchase of 100% in Vistavision Resources SB from Landasan Simfoni SB and Titanium Hallmark SB. In an announcement to Bursa Malaysia, Ingenuity said it planned to buy Vistavision for RM15.5m to be satisfied via the issuance of 154.5m new ordinary shares of 10 sen each in Ingenuity. (StarBiz)
KTMB to undergo a two-phase restructuring
Under the Government Transformation Plan, KTMB will undergo restructuring under various phases, to operate more efficiently. Company sources said KTMB's cargo and multi modal units will be combined and parked under a new company called KTMB Logistics SB. The second phase of the restructuring will see the separation of the train operation services, rolling stocks and railway infrastructure from KTMB's operation. (BT)
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