Genting Plantation announced it would increase the pay of its plantations workforce in conjunction with the new scheme unveiled by the Malayan Agricultural Producers Association (MAPA). Effective Sept 1, 2011, all estate and oil mill workers and nonexecutive staff of the group who are covered or guided by the terms of the Mapa's collective agreements with the National Union of Plantation Workers and All Malayan Estates Staff Union will be given an additional RM200 per month upon fulfilling internal eligibility guidelines. The company has a workforce of more than 12,400 personnel, with 8,900 of them in Malaysia. (Malaysian Reserve)
Asie Sdn Bhd expects to give out at least two more contracts by year-end to help develop properties worth over RM1bn at its Tamansari Riverside Garden City urban regeneration project in Kuala Lumpur. Its founder, Datuk Khalil Akasah, said Asie is in talks with several local and foreign developers which have expressed interest to undertake joint venture developments with the company. Khalil said the project will be undertaken by several developers to ensure its success. "We are not going to depend on just one player such as Mah Sing to do the job. We will replicate what MRCB did for KL Sentral where it parcelled out the land development to several players." (BT)
Ranhill shareholders received a takeover offer at RM0.90/share from controlling shareholder and CEO Tan Sri Hamdan Mohamad. Hamdan and Cheval Infrastructure Fund have offered to acquire all the remaining shares of Ranhill not under their control for 90 sen which works out to a total of RM258.77m. Ranhill said the offer price represents a 21.62% premium to the five-day volume weighted average market price up to and including Aug 8. (Financial Daily)
After two failed merger and acquisition bids in the last six months, Latexx Partners is still eyeing M&A opportunities. "As mentioned earlier, the company is committed to organic growth and is going to see the plans through. We have not ruled out the possibility of M&As in the future as well.
- However, for any corporate exercise to go through, it must be assessed thoroughly to ensure the basis of the industry consolidation is justifiable and creative value for the parties involved," said executive chairman and chief executive Low Bok Tek. According to Low, Latexx' organic growth plans were not disrupted during the last two rounds of M&A as the glove manufacturer was still expanding as planned. (Financial Daily)
The Institution of Engineers Malaysia (IEM) said there is a need to set up a new federal agency which advises local authorities on all technical matters related to hillslopes.It said the new agency should be tasked with the approval, control and monitoring of the safety of all future hill-site development. (Financial Daily)
Honda Motor is studying possible production bases overseas to replace export-bound car production in Japan that has been battered by a strong yen, a top executive said. "We currently have a three-year plan under which we are assuming a rate of ¥80 to the dollar," CFO Fumihiko Ike said. "An under that assumption, the discussion to look for an alternative production base in inevitable". (Financial Daily)
Fajarbaru Builder Group’s unit Wajatex has bought a piece of 9,330sqm land in Sentul, Kuala Lumpur, for RM23.6m cash and plans to develop property on it. (BT)
Hua Yang sold 181 units of its "The Gardenz@One South" serviced apartments, in Seri Kembangan in just two days, with a 100% booking of its Block C. Due to overwhelming public response, the company has opened up the last block (Block B) with a low down payment of RM1,000 to secure a unit. (Bernama)
Yung Kong Galvanizing Industries said its unit Starshine Holdings Bhd has withdrawn its listing application due to the current weak stock market conditions. It also decided to withdraw the listing pending further reorganisation of the group, it said in a statement to Bursa Malaysia yesterday. (BT)
Bursa Malaysia said trading in shares of Baswell Resources will be suspended on August 17 and its stock will be delisted on August 19. The company, which failed to submit its accounts on time, still has time to make an appeal on or before August 16, Bursa said. (BT)
Over 1m motorists have used the Latar Expressway since its opening on June 23, thanks to the toll-free experience provided by the concessionaire, KL-Kuala Selangor Expressway Bhd. Chief executive officer of the company Amran Amir said the expressway had upped commerce, trade and tourism for many in the corridors along the way. The expressway has been a boon to township development and "opened avenues for easy reach, time-saving and fuel-efficiency benefits," Amran said. (Bernama)
AirAsia Bhd. (AIRA) Chief Executive Officer Tony Fernandes will take a stake in Malaysian Airline System Bhd. (MAS), the 39-year-old carrier he dislodged as the country’s biggest by market value in less than a decade. Fernandes and partners yesterday agreed to swap 10 percent of AirAsia in return for a 20.5 percent stake in Malaysian Air from state-controlled Khazanah Nasional Bhd. The stakes are both worth about $360 million. The difference in percentage terms reflects Fernandes’ success in luring passengers from Malaysian Air with cheaper fares since taking over AirAsia a decade ago. “I hope you will take down my picture with all the darts,” Fernandes joked to Malaysian Air executives at a briefing in Kuala Lumpur yesterday.
Fernandes and deputy Kamarudin Meranun, who will both join Malaysian Air’s board, face the challenge of helping the flag carrier compete with Singapore Airlines Ltd. (SIA) for premium passengers as global economic concerns threaten to sap business travel. Malaysian Air will concentrate on long-haul and full- service operations, while ceding the low-cost market to AirAsia, according to a statement.
Property: Two more property deals by year-end from Asie. Asie Sdn Bhd expects to give out at least two more contracts by year-end to help develop properties worth over RM1b at its Tamansari Riverside Garden City urban regeneration project in Kuala Lumpur. The project will be undertaken by several developers to ensure its success. Located on 23ha along Jalan Tun Razak-Jalan Pahang; the former site of the Tunku Abdul Rahman flats or Pekeliling flats, the 10 to 15 year project is envisaged to be bigger than Mid Valley City. On August 2, Asie gave out its first contract for the RM9b Tamansari project to Mah Sing Group Bhd worth RM900m. (Source: Business Times)
O&G: APH confirms receivership lifted. Muhibbah Engineering (M) Bhd, which was awarded an RM820m project involving marine piling and jetty works in the Tanjung Bin oil terminal, announced that Asia Petroleum Hub Sdn Bhd (APH) confirmed it has reached an understanding with CIMB to uplift the receivership. (Source: The Star)
HeiTech: Signs up Fujitsu, NetApp. HeiTech Managed Services (HMS), a unit of HeiTech Padu Bhd, has inked an agreement with Fujitsu Malaysia and US-listed data storage technology company, NetApp, to expand cloud offerings in Malaysia. The contract is for the period from July 25 2011 to January 25 2013. The partnership will bolster the company's competency in providing cloud services. (Source: Business Times)
Regulations: SC issues revised outsourcing guidelines. The Securities Commission Malaysia (SC) has made it easier for intermediaries like brokerages to outsource operations like human resources. Previously, outsourcing back office functions needed the approval of the SC or Bursa Malaysia. Now, intermediaries can just do it but they still need to update the authorities with official records. (Source: Business Times)
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