20110812 1128 Malaysia Corporate Related News.

Malaysia utility Tenaga seeks 130,000T fuel oil, Aug-Sep
SINGAPORE, Aug 11 (Reuters) - Malaysia's national power producer, Tenaga Nasional, is seeking another 130,000 tonnes of fuel oil for power generation, the third time it is seeking large volumes this year, signalling that the country's natural gas supply remains disrupted, industry sources said on Thursday.
It is seeking seven low-0.98-density cargoes of 12,500-23,000 tonnes each, for delivery between second-half August and September, after buying more than 200,000 tonnes for delivery between April and August.

Alam Maritim Resources Bhd Bags RM20mil job
Oil and gas support services firm Alam Maritim Resources Bhd has clinched two offshore vessel leasing contracts worth a combined RM20.2mil. Alam Maritim said it would lease an accommodation vessel to Petronas Cargali Sdn Bhd and work boat to a ‘local oil and services company’. Both contracts have been effective since July 2011. The deal with Petronas is for a duration of 138 days, with a maximum extension option 30 days while the other contract has a 30-day period with no extension option. -The Edge

Sarawak Cable Bhd Targets RM1bil projects
Sarawak Cable Bhd (SCB) is pursuing potential projects worth more than RM1bil and is looking to expand overseas, starting with Brunei and Kalimantan this year, followed by the Philippines. CEO Aaron Toh Chee Ching said they are very confident of winning more projects and have so far been growing in an aggressive manner. They are also looking outside Malaysia for some long-term income. In addition to expanding overseas, SCB is also looking to venture into hydropower, armed with supply and lay expertise for transmission lines of up to 500kV. Toh said this will be a long-term project that may span up to 20 years. The power purchase agreement (PPA) for this has been signed. Initially, the contributions will be marginal. SCB has submitted tenders of projects worth RM185.0mil all of which will be completed next year. The company had a current order book of RM343.3mil as at last month, and the jobs in hand should be completed by next year. Of this nearly 60.0% lies in Trenergy Infrastructure Sdn Bhd, which SCB is in the midst of acquiring. The acquisition of Trenergy and Sarwaja Timur Sdn Bhd  is part of the company’s plan to establish itself as an ‘integrated solutions provider’ for the construction of transmission line projects. Toh said they want to be prepared for future deployments. For its 1QFY11 ended March, SCB posted a net profit of RM3.4mil on the back of RM83.7mil in revenue. –The Edge

Infrastructure Sector Govt to acquire 600 lots of land for MRT project
The Government will be acquiring between 500 to 600 lots of private land for the My Rapid Transit (MRT), which is about 20% of the total land area needed. Of these, 250 lots will be in Kuala Lumpur.  The private lots would comprise residential, commercial and vacant land. A source familiar with the project said that balance 70% to 80% of land required is government land. Under the Land Acquisition Act 1960, if the Government tunnels under a certain tract of land, it must acquire the properties above, thus compelling owners to vacate their premises.  The impending acquisition has raised concerns as it involves heritage buildings, some as old as 100 years. About 20 to 30 buildings will be torn down, a few of them being Kuala Lumpur landmarks. Prasarana project director Zulkifli Yusoff, said land acquisition was unavoidable, adding that it was part of the Government’s urban renewal plan. The acquisition cost for the private land is not yet known as the prices have to assessed by the Valuation Department of the Ministry of Finance. Several meetings on valuation and compensation would be held with the private land owners beginning the middle of this month. - StarBiz

Catcha Media sees RM25m reduction in target from online media business
Catcha Media forecasts for outstanding commercial targets of the online media business from 2011 to  2014 in its prospectus will be reduced by about RM25m. Catcha Media said this followed amendments  to the strategic alliances made on Wednesday between the company, its subsidiaries, its holding  company Catcha Group Singapore and Microsoft. These amendments would affected the March 23,  2009 strategic alliance and the amended strategic alliance agreements dated July 1, 2010 and Aug  16, 2010 as set out in section 6.14(c) of the prospectus. (Financial Daily)

MRCB says on target to achieve RM1.3bn revenue this year
MRCB said it was track to achieve revenue of RM1.3bn for the year after its turnover for the  1HFY2012 rose to RM456.3m from RM363.6m a year earlier. For the 1HFY2012, MRCB’s net profit  rose to RM40.6m from RM22.1m. Its net profit for the 2Q2012 jumped 55.5% to RM19.0m from  RM12.2m a year earlier, Revenue for the quarter rose to RM234.8m from RM173.9m. EPS was  1.37sen, while net assets per share was 95.2sen. (Financial Daily)

MBM Resources 2Q net profit falls 45.6% to RM21.1m
MBM Resources’ net profit for the 2Q2012 fell 45.6% to RM21.1m from RM38.8m a year earlier, due  mainly to full impact of the parts supply disruption from the recent earthquake in Japan. Revenue for  the quarter dipped to RM382.0m from RM404.8m. EPS was 8.69sen while net assets per share was  RM4.36. The company declared a first interim dividend of 6sen per share exempted (single tier  dividend) for the FY2011 to be paid on Sept 15. For the 1HFY2012, MBMR’s net profit fell to RM59.5m  from RM78.7m in 2010, on the back of revenue RM791.8m. (Financial Daily)

Shakeout at MAHB  
After the boardroom changes at MAS, Khazanah Nasional is poised to make significant changes in  MAHB. Sources said several boardroom changes are expected to be announced in the next few days  involving MAHB. (Financial Daily)  

Bumi Armada JV co signs 7-year FPSO contract  
Bumi Armada’s JV co, Forbes Bumi Armada Offshore Ltd (FBAOL), signed a floating, production,  storage and offloading (FPSO) contract with Oil and Natural Gas Corp Ltd (ONGC) on Wednesday. The  contract is for an FPSO to be operated by FBAOL on the ONGC D1  field located 200km off the west  coast of Mumbai, India, the company said. (Malaysian Reserve)

Daiman succeeds in RM55m bid for Menara Landmark
Daiman has succeeded in its bid to buy the Menara Landmark in Johor for RM55m. Its unit Daiman  Properties Sdn Bhd had put in the bid to acquire the property in a public auction at a reserve price of  RM55m. The acquisition would be financed from its own funds. “The acquisition will enable Daiman  Development to further expand its investment in property sector particularly in the key growth Johor  Bahru CBD district and to continue with its property investment activities in the region,” it said.  (Financial Daily)

KKB subsidiary gets RM19.4m water pipes projects
KKB Engineering’s subsidiary Harum Bidang Sdn.  Bhd has secured a project  to supply water pipes  and pipe fittings. KKB said Harum Bidang had accepted a local purchase order from Kumpulan Bina  Emas Sdn Bhd for a rural water supply project.  The duration of the supply contract shall be  approximately nine months commencing from the fourth quarter of 2011 with a contract sum of  approximately RM19.4m. (Financial Daily)

Boustead unit signs MoU with Royalton
Boustead’s wholly-owned unit Boustead Sissons Paints Sdn Bhd, has signed a MoU with Royalton  Holdings Sdn Bhd to pursue opportunities in the paint manufacturing industry. Boustead said the MoU  would serve as an interim measure and commitment by both firms on possible business opportunities  in the paint manufacturing industry. (Bernama)

Bank Negara not involved in Bestino plan
Bank Negara Malaysia says it is not involved in any proposal made by Bestino Golden House Sdn Bhd  as reported in several newspapers yesterday. The reports had said that Bestino Golden House would  return monies to investors investing in its plans, through an administrator agreed to by the central  bank. (Business Times)

XOX in RM50m deal with IDOTTV
XOX Bhd, a mobile virtual network operator, has signed a two-year deal to supply at least RM50m  worth of telephone airtime per day to an Islamic banking trading system operated by IDOTTV Sdn  Bhd. he Islamic Banking Tawarruq Trading System  is known as AS-SIDQ and it enables personal  financing between individuals and Islamic banks. (Business Times)

Prasarana shortlists 28 for MRT works
Syarikat Prasarana Negara Bhd, the project owner of Malaysia's biggest rail  infrastructure project, My Rapid Transit (MRT), has shortlisted 28 individual  and joint-venture companies that can bid for various elevated civil works,  stations and depot packages under the multi-billion ringgit project.  Applicants were evaluated based on their financial capabilities, track record,  experiences, existing management staff and key personnel, the average  annual construction turnover in the last five years, their existing plant and  equipment as well as their existing quality, safety, health and environment  practices. These tenders would be called in stages beginning from next  month until December 2012. (Business Times)

Sweet Q2 for Guan Chong
Cocoa processor Guan Chong Bhd has almost doubled its second quarter net profit mainly due to higher sales and foreign exchange gains. It also expects to do well for the rest of the year as its new plant in Batam, Indonesia, starts production.Guan Chong posted a net profit of RM35.38m for the quarter to June 30 2011. Revenue was also 24% higher at RM334.64m. (Business Times)

Sunway REIT 4Q net income RM154m
Sunway Real Estate Investment Trust (REIT) recorded net income of RM154.05m in the fourth quarter ended June 30, 2011, mainly arising from fair value gain on portfolio of assets. The RM154.05m, of which  RM41.07m were realised and the remaining RM112.98m unrealised. In the previous corresponding period, the realised net income was RM44.13m. (The Edge)

Utusan Melayu’s losses narrow in 2Q
Utusan Melayu (Malaysia) Bhd posted  lower losses of RM473,000 in the second quarter ended June 30 compared with losses of RM5.07m a year ago due to higher revenue from advertising. Its revenue was 10.7% higher at RM88.79m compared with RM80.19m while loss per share was 0.43 sen versus 4.58 sen. When compared with the first quarter, it said the revenue increased by RM3m from the RM85.80m. Consequently, the group recorded a lower loss before tax of RM3m as compared with a loss before tax of RM6.9m. (The Edge)

Kong Confirms Increase In Airport Tax
Airport tax, or the passenger service charge, is set to be increased with the operator of Malaysian airports, Malaysia Airports Holdings Bhd (MAHB), expected to make the announcement soon. The increase is actually part of an operating agreement signed between MAHB and the Transport Ministry in 2009. (Bernama)