KLCI chart reading :
correction range bound little downside biased.
TM sells stake in Axiata
Telekom Malaysia Bhd sold its remaining stake in mobile operator Axiata Group Bhd to raise about RM468m. Telekom Malaysia sold 92.4m shares in Axiata at RM5.07, which was a 1.2% to its closing price of RM5.13 Malaysian ringgit on Tuesday. (International Financing Review)
Petronas : Malaysia's state oil firm Petronas said on Tuesday that it had signed two separate agreements to distribute natural gas extracted from the Kebabangan cluster located in the state of Sabah in East Malaysia. The company did not provide an indicative value of the deal, but said the agreements covered the supply of up to 750m standard cubic feet per day of gas to both Sabah and Sarawak customers.
- The first agreement is for the purchase and aggregation of gas from Kebabangan producers, which includes Petronas Carigali, Shell Energy Asia Ltd (RDSa.L) and ConocoPhillips Sabah Gas Ltd. The gas will be sold to customers in Sabah.
- The second agreement detailed the supply of gas by Petronas and the Kebabangan producers as joint sellers to MLNG Dua Sdn Bhd at the Petronas LNG complex in Bintulu. MLNG Dua is one of three components that together form the larger Malaysia LNG Project, which is owned by Petronas, the Sarawak State Government and Mitsubishi Corporation. (Reuters, Bernama)
Axis-REIT to acquire RM260m properties
Axis-REIT is planning to acquire RM260m worth of new properties to expand its investment portfolio. The properties for acquisitions include logistics warehouses in Bayan Lepas, Seberang Prai, Shah Alam, Pelabuhan Tanjung Pelepas and Johor which would generate 8.3% to 10.5% yield for the company. Axis-REIT is expected to raise RM170m via placement of 75.2m new units, while the balance of RM90m will come from borrowings to finance the acquisitions. (Financial Daily)
TNB : Tenaga Nasional Bhd is confident of turning in a profit for the financial year ending Aug 31, 2011, despite the RM440.2m net loss posted in the 3Q11. However, the utility giant would not surpass last year's performance, said President cum Chief Executive Officer, Datuk Seri Che Khalib Mohd Noh. "We are quite confident of making profit for the whole year, but to say we will be repeating the result of last year, definitely not," he said.
- As for the outlook for 2012, Che Khalib said it would be better than the performance of the current financial year. However, it is still not expected to repeat the growth seen in 2010, he said. He said the 2% base tariff revision in June 2010 would be the only benefit that would partially cushion the increase in coal price. (Bernama)
TNB : The electrical infrastructure for the Port Klang Free Zone (PKFZ) project was supposed to be built by Tenaga Nasional Bhd (TNB), the Sessions Court was told. However, the project developer, Kuala Dimensi Sdn Bhd, suggested taking on the RM135m portion of the project on a turnkey basis, said the prosecution’s fourth witness, Port Klang Authority (PKA) engineeering assistant general manager A. Murytharan. (The Star)
Petronas Chemicals : Petronas Chemicals Group Bhd (PCG) is not ruling out buying assets to strengthen its olefin and derivatives as well as fertiliser and methanol businesses. "I like to stress that there are opportunities (for acquisitions), but our plate right now is full. If the opportunities add value to what we are doing, this will be something that we will do," says president Dr Abd Hapiz Abdullah after the group's AGM yesterday.
- He stressed that the group is not in "heavy talks" with any parties.Asked on the type of assets PCG is looking for, Abd Hapiz said it is looking at those in areas where the company is quite strong, particularly in the olefin and derivatives as well as fertiliser and methanol. (BT)
Alam Maritim gets PCG vessel contract
Alam Maritim has won a Petronas Carigali contract for the provision of an AHTS vessel. Worth RM10.6m, the contract commenced on 13 July and will run for a primary period of 150 days with two extension options of 45 days each. (BMSB)
Proton : Proton Holdings Bhd officially launched the Saga FLX 1.3L yesterday. The car is available in both manual and six-speed CVT drivetrain options and two variant forms – Standard and Executive. Pricing-wise, the FLX 1.3L starts from RM38,598 for the Standard manual version right up to RM44,998 for the Executive CVT variant. (ASEAN Automotive News)
Uzma secures RM170m Petronas idle well projects
Uzma Bhd’s unit Uzma Engineering Sdn Bhd has won a three-year integrated equipment and services for idle well reactivation project contract from Petronas Carigali Sdn Bhd. The value of the contract is estimated at RM170m. (BT)
Merger of TC Goh’s companies
A merger exercise is on the cards for AIC Corp Bhd, Jotech Holdings Bhd and AutoV Corp Bhd to create a larger group to gear up for expansion. All three companies have been suspended from today until Monday pending material announcement expected Friday.
- Sources say the merger exercise will likely be done through a SPV which will acquire shares in all three companies via a share swap. The SPV will then take over the listing status of one of the companies. All three companies share a common shareholder in Datuk Goh Tian Chuan. (Financial Daily)
Maxis : Sources say OKTel, a reseller partner of Maxis Bhd is transferring its subscriber base to IME Telco Sdn Bhd, which is affiliated to remittance operator IME Sdn Bhd. IME is owned by Nepalese giant IME Group. (Financial Daily)
Details of MRB’s Sg Buloh land deal out before year-end
Details on the actual value and transaction for the Malaysian Rubber Board (MRB) land in Sungai Buloh is expected to be announced by Prime Minister Datuk Seri Najib Tun Razak before the year ends. Deputy Minister of Plantation Industries and Commodities Datuk G. Palanivel said, "Negotiations are still going on between Malaysian Resources Corp Bhd (MRCB) and Employees Provident Fund (EPF). We cannot disclose the details at this juncture because we don't have the full details yet.” (Bernama)
KTMB : Members of the Railwaymen's Union of Malaya are planning a peaceful picket at the Keretapi Tanah Melayu (KTM) headquarters compound on Friday to protest the renewal of contract of KTM President, Dr Aminuddin Adnan for two years from Aug 1. Union president Abdul Razak Md Hassan claimed that they had obtained approval from Dang Wangi police to hold the picket from 6pm and that about 1,000 KTM workers are expected to take part. Speaking at a news conference, Abdul Razak said the extension of Aminuddin's contract has created uneasiness with the union, as according to him, Aminuddin has a negative attitude towards the union. (Bernama)
Public Bank: HP Act impact temporary
Public Bank Bhd, the country's third largest lender, expects a resolution on the amended Hire Purchase Act 1967 to be reached soon between the government and car dealers. "MAA has indicated that May and June car sales have slowed down a little. We see the slower approval rates for car loans as temporary. We believe it will revert to previous levels as issues between the car dealers and the government are being sorted out," said managing director Tan Sri Tay Ah Lek. (Source: Business Times)
Public Bank Q2 profit higher on improved loans and deposits
Public Bank Bhd's net profit jumped 20% to RM880.3mil for the second quarter ended June 30, from RM734.1mil a year ago, on the back of improved loans and deposits growth and improved asset quality. Its revenue for the quarter was 18.3% higher at RM3.17bil from RM2.68bil a year ago. It reported earnings per share of 25.14 sen against 20.96 sen previously. The bank also announced a first interim single-tier dividend of 20%, which will result in total payout of RM700mil. (Source: The Star)
Ivory wins Penang land rights
Ivory Properties Group Bhd said that it has won the rights to acquire 41.50 hectares of land in Bayan Mutiara, Penang, from the Penang Development Corp (PDC). "Approximately 27.34ha are existing land and 14.16ha are to be reclaimed for a proposed mixed development," Ivory told Bursa Malaysia yesterday. The announcement confirms a Business Times report on July 12 that Ivory had won the rights to help develop the Bayan Mutiara land from the PDC. It is learnt that the PDC had set the reserve price for the land at about RM200 per sq ft and that the cost of developing the land will surpass the RM1 billion mark. (Source: Business Times)
Proton global car by February
Proton Holdings Bhd is slated to introduce its first global car by February 2012, its top executive said. It is learnt that the car, codenamed P3-21A, is based on the Proton Tuah concept car displayed at the Kuala Lumpur International Motor Show 2010 in December last year. Proton managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said the new model will meet high international standards, specifically European standards. (Source: Business Times)
Demand for new Myvi remains strong
Demand for the new Perodua Myvi continues to be strong in Malaysia, while Indonesia is showing encouraging sales. Bookings for the car in Malaysia have topped 21,000, up from 17,000 that was indicated on July 11 by Perusahaan Otomobil Kedua (Perodua) managing director Datuk Aminar Rashid Salleh. Perodua also exports the new Myvi to Indonesia, sold under the Sirion brand- name by sister company PT Astra Daihatsu Motor (ADM). (Source: Business Times)
Sinopec: In a consortium to develop a Petronas’ oil field. China's largest petroleum refiner Sinopec Petroleum Services Corp (Sinopec) is poised to take a major stake in a planned RM2.06b venture to help develop a Petronas' marginal oil field located off the coast of Terengganu. Under the deal, Sinopec will hold a 40% stake in the consortium, while Sabio Oil & Gas Sdn Bhd (SOG), a unit of Sabio Technology Bhd (STB), and Iranian group International Oil and Design and Construction Sdn Bhd (IODC) will each own a 30% stake. (Source: Business Times)
Lion Corp: Defers debt repayment. Lion Corp lenders have approved the proposed deferred repayment of a portion of its debt obligations amounting to RM82m from 31 July to 31 December this year. In a statement to Bursa Malaysia, Lion Corp said the deferment involved bonds amounting to RM54.35m, redeemable convertible secured loan stocks worth RM26.97m and US$-denominated debts of US$100,000 (RM297,000). Prior to the latest deferment, Lion Corp had postponed the settlement of its borrowings twice. (Source: The Edge Financial Daily)
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