UOA Development unit wins RM101m job
UOA Development subsidiary Allied Engineering Construction SB has been awarded a RM101.4m construction contract by its partly-owned subsidiary Ceylon Hills SB. In an exchange filling yesterday, UOA said the related party’s transaction is in the ordinary course of business of UOA. It is undertaken on an “arm’s length basis,” on normal commercial terms which are no more favorable than those generally available to third parties and is “not detrimental” to the interest of minority shareholders. (Malaysian Reserve)
Hong Leong Bank appoints Sanjay Uppal as CFO
Hong Leong Bank (HLBB) has appointed Sanjay Uppal as its new CFO and COO of Group Finance, effective 27 July 2011. The company, in its statement, said Uppal succeeds Premod Paul Thomas, who served Hong Leong Bank for 3 years before recently being transferred to Hong Leong Group’s Guoco Leisure as its CFO in Singapore. (Malaysian Reserve)
Carlsberg may raise product prices on rising material cost
Carlsberg Brewery Malaysia is considering raising its product prices next year with the price of barley, a key material in brewing beer, forecast to be 35% to 40% higher. Costs of aluminum cans were 27% higher y-o-y as well amid the recent rise in power tariffs and natural gas rates, MD Soren Ravn said. He said the impact of the rising material cost was minor for this year as a big chunk of its hedging was done a year ago, but it would have a big effect in 2012. (StarBiz)
Trading in DiGi suspended
Trading in the securities of DiGi.com will be suspended on Thursday, 8 Sept. The telco said on Wednesday, the request for the suspension from 9am to 5pm on Thursday was “pending the release of a material announcement”. DiGi closed two sen lower at RM31.12 on Wednesday. There were 779,100 shares transacted at prices ranging from RM31.10 to RM31.48 (Financial Daily)
Fututech executive chairman, director launch takeover
Fututech Bhd’s executive chairman Tee Eng Ho and director Tee Eng Seng have launched a takeover offer for the remaining 49.01% shares in the company at 50 sen each. Fututech’s board of directors said on Wednesday, 7 Sept that it had received a notice of unconditional take-over offer from Egovision SB, in which they each own 50% each. They had also offered to acquire the remaining 18.59m warrants at nine sen each. Egovision holds 50.99% of Fututech shares or 46.269m shares and 30.52% of the warrants, or 8.165m units. Fututech said the board does not intend to seek an alternative person to make a take-over offer for the offer shares and/or offer warrants. (Financial Daily)
Khoo to consolidate interests in MUI via PMI privatization
The proposed privatization of Pan Malaysia Industries (PMI) could help Tan Sri Khoo Kay Peng to consolidate his interests in Malayan United Industries (MUI). PMI holds a 10.27% stake in MUI. PMI first announced to Bursa on 26 Aug that it had received a takeover offer from a consortium of three companies to acquire the remaining 44.17% stake they do not own in PMI at an offer price of 4.5 sen per share. (Financial Daily)
Pintaras wins RM54.9m piling job
Pintaras Jaya Bhd's wholly-owned subsidiary, Pintaras Geotechnics SB, has secured a RM54.85m contract from Oasis Garden Development SB. Under the contract, Pintaras is to undertake piling, diaphragm wall and ancillary works for a commercial and residential development at Mukim Ampang, here. "The said works are to commence immediately with a completion period of nine months."The said contract is expected to contribute positively to the group's future earnings," Pintaras Jaya said in a filing to Bursa Malaysia. (BT)
Shell Malaysia HQ on sale for RM140m
Bangunan Shell Malaysia in Damansara Heights has been put up for sale for an estimated RM140m. The 25-year-old building, which has been Shell Malaysia's headquarters ever since, is on offer for sale by private treaty as opposed to an auction. The building is a 12-storey tower with a basement car park and is adjacent to Wisma Chase Perdana on Changkat Semantan. It has a total net lettable area of 212,867 sq ft. (BT)
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