Mah Sing in Pekeliling flats land venture
Property developer Mah Sing Group has secured the development rights for a 4.08-acre (1.63ha) parcel along Jln Tun Razak-Jalan Pahang, which formerly housed the Pekeliling flats, with a potential gross development value (GDV) of RM900m. Its wholly-owned subsidiary, Grand Pavilion Development SB, had entered into a JV agreement with privately-held Asie SB and its unit, Usaha Nusantara SB to undertake a niche development named M Sentral there. (Financial Daily)
Sapura Crest wins new jobs in Australia
SapuraCrest Petroleum’s flagship vessel Sapura 3000 has won jobs worth up to USD260m (RM769.6m) for the Gorgon natural gas project offshore Western Australia. Sapura 3000 is expected to grab about 60% of the USD440m offshore operation contract from Norway-based Subsea 7 SA, a joint-owner of the vessel. (Financial Daily)
CIMB ventures into Indian market
CIMB Group has entered the Indian market with the opening of its Mumbai office and the signing of a Business Cooperation Arrangement with Kotak Mahindra Bank Ltd. CIMB’s partnership with Kotak is in the form of a business cooperation arrangement, where both parties will cooperate and explore opportunities arising from cross-border investments and trade flows with a focus on selected countries in the India-Asean corridor. (Financial Daily)
CBIP unit wins RM171m contract
CB Industrial Product Holding’s unit has won a RM171m contract from the Housing and Local Government Ministry to supply 100 units of fire rescue transport fitting and accessories. Its wholly-owned subsidiary, AVP Engineering (M) SB, has been awarded the contract to supply and install the fire rescue transport C/W fitting and accessories to the Fire and Rescue Department. (Financial Daily)
Pantech subscribed for additional 30m shares in its subsidiary
Pantech Group Holdings has increased its investment in its wholly-owned subsidiary, Pantech Stainless & Alloy Industries SB (PSA) by the subscription of an additional 30m ordinary share of 50sen each for working capital purposes. Following the subscription, Pantech’s shareholdings in PSA has increased from 20m ordinary shares to 50m ordinary shares of 50 sen each. (Malaysian Reserve)
K-One’s listing transfer rejected
The Securities Commission has rejected K-One Technology’s proposed transfer of listing from the ACE Market to the Main Market of Bursa Malaysia. The rejection was due to non-compliance with paragraph 1.06(a) (general principles) of the SC’s equity guidelines. (StarBiz)
Catcha Media: Leong emerges as substantial shareholder. Justin Leong, grandson of the late Tan Sri Lim Goh Tong, has emerged as a substantial shareholder of Catcha Media Bhd with 6.7m shares or a 5.01% stake. (Source: The Edge Financial Daily)
Tech: BlackBerry maker mulls procurement hub in Penang. Research In Motion (RIM), the company which makes BlackBerry smartphones, is looking at establishing an international procurement centre (IPC) in Penang. The application to set up the centre has been submitted to the Malaysian Industrial Development Authority. (Source: The Star)
Property: KL among top three retail investment destinations in Asia. Pacific Star Group, one of Asia's leading real estate investment houses says commercial properties in Asia will continue to do well in the 2H11. Within the commercial sector, its top pick is retail real estate, whilst the top three destinations in the region for retail property investment are Hong Kong, Singapore and Kuala Lumpur. (Source: The Malaysian Reserve)
Tanjong said to sell gaming unit for RM2b
Tanjong agreed to sell its gaming unit to a group of Malaysian businessmen including Genting Bhd chairman Lim Kok Thay for RM2.1b (US$710m), according to two people with knowledge of the matter. The acquisition would give the buyers control over a numbers-forecasting business and a monopoly over horse race betting in the Southeast Asian nation. The deal comes a year after a group led by billionaire T. Ananda Krishnan offered RM4.7b for full control of Tanjong. (Business Times)
SHC Malaya sells stake for RM24m
Sin Heng Chan (Malaya) Bhd (SHC Malaya) is selling its 80% stake in Sin Heng Chan Industries Sdn Bhd (SHC Industries) to Goldform Resources Sdn Bhd for RM24.5m.The exercise also entailed the disposal of an effective 48% equity interest in LKPP-Goldkist Sdn Bhd, a 60%-owned unit of SHC Industries, it said in a filing with Bursa Malaysia yesterday. (The Star)
Malayan Banking Bhd May look at RHB if the price Is right, says Wahid
Maybank, which called off merger talks with RHB Capital Bhd in June, is still keeping its options open, for a possible acquisition, if the price is right. President-cum-Chief Executive Officer Datuk Seri Abdul Wahid Omar said RHB was a very good bank and the combination between Maybank and RHB could create a significant amount of synergy, resulting in a significant holder value creation. He further commented that he thinks there is no reason why they (RHB) shouldn’t be able to continue on their own as they have demonstrated their capability to grow on their own. He added that Maybank has decided to stand down and not to proceed at this juncture. Abdul Wahid said at that time, Maybank had not gone down to actually making a formal bid for it; but given the expectations created, it can be challenging to come up with a compelling proposition.
It was reported that the proposed merger talks were called off not too long after Abu Dhabi Commercial Bank started to sell its 25.0% stake to Abu Dhabi-based investment fund, Aabar Investments, at a relatively high price. The fund paid RM10.80 per share for the stake which was higher than the fair value of around RM10.50 per share. – (Bernama)
Public Bank Bhd Issues RM3b debt notes
Public Bank Bhd has issued RM3 billion of debt notes under the subordinated medium-term notes (MTN) programme. The bank said on Wednesday, Aug 3 the RM3 billion was the fifth tranche of the RM5 billion nominal value of subordinated MTN programme. The notes are due on Aug 3, 2022 and callable on Aug 3, 2017. Public bank said that the interest payable on each subordinated note issued under the fifth tranche is at the rate of 4.28% per annum (coupon rate) from (and including) Aug 3, 2011 up to (but excluding) the date of early redemption in full of such subordinated note or the maturity date (whichever is earlier). The bank added that the coupon rate would remain unchanged throughout the tenure of the subordinated notes which were issued at par. It also said that the proceeds raised from the issuance of the fifth tranche of subordinated Notes under the subordinated MTN programme shall be used to finance the working capital, general banking and other corporate purposes of Public Bank. – The Edge
Bonia to make RM5m provision in 4Q for Vietnam JV
Bonia Corp’s 4Q earnings are expected to be dented by a whopping RM5.4m provision for losses arising for a botched JV in Vietnam. Its 60% owned subsidiaries, Apex Marble SB and Mcore SB, filed a civil suit yesterday in the High Court against Leong Tat Yan for alleged breaches of contract and fiduciary duties owed to Apex and Mcore in the Vietnam JV. (Financial Daily) Please see accompanying report
FMH sees 15% profit growth in 3PL segment
Freight Management Holdings (FMH) expects the contract awarded by Shell to boost its third-party logistics (3PL) services division’s profit by 12% to 15% this year. The agreement will see FMH providing warehousing and distribution for Shell’s lubricant products. (Financial Daily)
MBSB charts new course
Malaysian Building Society Bhd (MBSB) is charting a new course to diversify into financing of SMEs by riding on government contracts under the Economic Transformation Programme. MBSB anticipates higher earnings from this segment this year as the government engages in more infrastructure projects during the year. Meanwhile, the group plans to open more branches and establish partnership with its agent. (Financial Daily)
SAAG fixes placement shares at RM0.10
The issue price of SAAG Consolidated’s ninth tranche of private placement of 10m shares has been fixed at RM0.10. This represented a premium of 43.3% to the five-day weighted average market price of RM0.069.The group had earlier proposed a private placement of up to 197.7m shares as well as two-call rights issue comprising of 5.2bn new shares at RM0.10 each on the basis of five rights shares for every two existing ordinary shares held in the company. This will be issued together with up to 1bn free detachable warrants on the basis of one warrant for every five rights shares subscribed. (StarBiz)
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