20110809 1503 Malaysia Corporate Related News.

Civil servants to receive half-month bonus
All 1.27m civil servants in the country will be getting an early Hari Raya gift as the Government will be making a half-month bonus payout soon. The bonus, with a minimum payment of RM500, will be paid out in the middle of this month. Pensioners will also be getting a RM500 special payment at the same time before Hari Raya. Prime Minister Datuk Seri Najib Razak said the payouts were in appreciation of their contributions and dedication in successfully carrying out the country’s development plans. He said the payouts would cost the Government RM2bn. (NST)

SapuraCrest buys Australian marine outfit for RM400m
SapuraCrest is acquiring Australian-based Clough Ltd’s marine construction and offshore operations spanning Australia, the UK and the US for a total of AUD127m (RM400m) to be settled in cash. The acquisition will allow SapuraCrest access to Clough’s expertise as well as its existing customer base in Australia. SapuraCrest says the rationale for the acquisition is to strengthen the company’s prospects, especially in the area of pipeline installation and facilities for the oil & gas sector. It will also provide the company the opportunity to expand its activities in the subsea and deepwater segments. (Financial Daily)

AirAsia and MAS to become allies
AirAsia and MAS’ major shareholders Khazanah and Tune Air SB will today announce a share swap deal worth just over RM2bn, which will turn the rivals into collaborating partners. According to sources, Khazanah will acquire a 10% stake in AirAsia from Tune Air SB. Sources also said Khazanah was in talks to acquire a 10% stake in AirAsia X but this would be announced at a later date. MAS would issue new shares and Tune Air would end up with a 20% stake in MAS, according to a source. Khazanah will still remain as MAS’ single largest shareholder. The source added that MAS would also make a rights issue soon. (StarBiz)


Asia Petroleum Hub (APH) and its bankers have reached an understanding, resulting in Datuk Gan Ah Tee of BDO-Binder being discharged on 20 July as receiver and manager amid talks of new investors emerging to revive the company. (Star Biz)

CIMB Group has been named Malaysia's Best Bank for the second time and the country's Best Investment Bank for the fifth consecutive year by Euromoney magazine.  The awards were presented at the Euromoney Awards for Excellence 2011 in Hong Kong recently.
For the sustained recognition as the leading investment bank in Malaysia, Euromoney also acknowledged the group's feat in "comfortably topping the league tables in equity capital markets, debt capital markets and mergers and acquisitions". (Bernama)

Hong Leong Group's property arm Guocoland has awarded Ssangyong Engineering & Construction a RM431.1m construction contract for Parcel 1 of the integrated Damansara City project. The construction contract involves the construction and completion of two luxury condominium blocks, six-level elevated car park and five to six levels of basement of the proposed mixed development project in Damansara Heights. (Malaysian Reserve)

RGB International is disposing of its entire equity interest in Cambodian gaming unit Club 88 to a private individual, Heng Long, for a total cash consideration of one US dollar. "The disposal of C88 is in line with the intention of the group to dispose of dormant and nonoperating companies in Cambodia," said RGB. The company is expecting to see a gain of RM86,070 from the disposal, which is due to be completed by 3Q this year. RGB's initial investment in C88 as at end-Dec last year was US$5,000. (Financial Daily)

CB Industrial Product Holding has won a RM171m contract from Ministry of Housing and Local Government to supply, deliver, install, test and commission 100 unit “Fire Rescue Transport (FRT) C/W Fitting and Accessories” to the Fire & Rescue Department of Malaysia. (BT)