SapuraCrest, Kencana respond to merger queries
SapuraCrest Petroleum and Kencana Petroleum have responded to several queries from Bursa Malaysia regarding the proposed merger of the two companies. In its reply to the local bourse yesterday, both companies said the issue price of RM2 for each Integral Key SB (IKSB) share was determined after taking into consideration the total share consideration of approximately RM10bn (for both Kencana and SapuraCrest) and the total share capital base of approximately 5bn IKSB shares of RM1.00 each. IKSB, a special purpose vehicle of Mayban Ventures, last month offered to merge SapuraCrest and Kencana into one entity for a total consideration of RM11.85bn. (StarBiz)
AZRB reaches financial close on RM1.5bn KLORR
Ahmad Zaki Resources (AZRB) has reached financial close with Bank Pembangunan Malaysia for the RM1.5bn KL Outer Ring Road (KLORR) project, industry sources say. This could indicate that AZRB is finalizing details of the concession agreement with the government and that work on the project could commence soon. Financial close is the last hurdle before funds can be drawn down to commence work on a project. AZRB was given the letter of intent to undertake the project back in 2008, building the 40km stretch from Sg Long to University Islam Antarabangsa in Gombak, linking up with the South Klang Valley Expressway and Kuala Lumpur-Kuala Selangor Expressway. (Financial Daily) Please see accompanying report
AirAsia X picks IPO adviser
Long-haul budget carrier AirAsia X has chosen Morgan Stanley as its adviser for its proposed initial public offering (IPO) for which listing plans, targeted for next year, were underway, said AirAsia group chief executive officer Tan Sri Tony Fernandes. Khazanah expressed interest to take up a 10% stake in AirAsia X at the signing ceremony of the landmark airline deal on Tuesday which saw Malaysia Airlines (MAS) and AirAsia's major shareholders - Khazanah and Tune Air SB - swapping shares and signing a collaboration pact. (StarBiz)
L&G to develop RM1.5bn project in Sri Damansara
Bandar Sri Damansara developer Land & General (L&G) plans to step up the development of its remaining 67 acres of land in the prime township. The first of these projects would be a RM1.5bn high-rise condominium development on a 42-acre site to be launched by the end of this year, according to its managing director Low Gay Teck. Meanwhile, the remaining 25 acres left in the township would be developed into a mixed integrated commercial development. (Financial Daily)
Mah Sing: To buy potential lands yielding RM7b GDV. Mah Sing Group Bhd is targeting land acquisitions which could potentially yield RM5b to RM7b in gross development value (GDV) compared to 10 landbanking transactions in 2010 with combined GDV of approximately RM4b. (Source: The Malaysian Reserve)
Maxis: Partners Alcatel-Lucent to deploy first 100G core transmission network in Asia Pacific. Maxis Bhd, with Alcatel-Lucent as a strategic supplier, will be deploying the first 100G single carrier with optical coherent energy network solution commercially deployed in the Asia Pacific. With that, Maxis will be able to address growing bandwidth requirements and data usage driven by smartphones, tablets, modems and fiber-to-the-premises services. (Source: Bernama.com)
Aviation: Airport tax hike. Malaysian Airports Holdings Bhd (MAHB) is raising tax to cover rising operating costs and finance airport expansion. The airport operator has proposed that the tax at the country's 39 airports it manages, excluding low cost carrier terminals (LCCT), be raised by RM14 for international travelers from Sept 15. The travelers will have to pay RM65 from RM51 (RM45 for airport tax and RM6 for security charge) now. (Source: The Sun)
Plantation: Planters see minimal impact by pay rise. The cost of production (COP) and profit margins among oil palm plantation companies will be minimally affected by the Malayan Agricultural Producers Association's (MAPA) decision to increase the wages of some 157,270 general plantation workers nationwide. (Source: The Star)
Construction: RM2b cable car link. The country's first proposed mainland-to-island cable car will be built in Port Dickson as part of the RM2b PD Waterfront project. The cable car project, spanning 750m, will link the new PD Waterfront township with Pulau Arang, an uninhabited island to boost tourism. (Source: The Star)
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