Potential listing of Felda commercial arm
The market is abuzz with a rumour that Felda Group's commercial entity will seek listing on Bursa Malaysia, a move that could potentially create the world's largest listed plantation company. Felda Global Ventures Holdings SB and Felda Holdings, which are collectively known as Felda Global Group, are cash-generating units of Felda and have a staggering plantation size of 850,000 ha. An industry source said the potential listing could be any one of the major commercial bodies, namely Felda Global Ventures or Felda Holdings, or both. (StarBiz)
CIMB in talks for stake in San Miguel’s Bank of Commerce
CIMB is in early talks with San Miguel Corp on the possibility of acquiring stake in the Philippine conglomerate’s banking arm Bank of Commerce. Bank of Commerce is the Philippines’ 16th largest lender with assets of PHP90.7bn (RM6.6bn). If this latest proposal goes through, it will be the second acquisition abroad for CIMB in recent months after having bought 70% of Thailand’s Sicco Securities last month. (Financial Daily)
MISC-Dialog ties up with China firm
MISC and Dialog’s co-owned Centralised Terminals SB has entered into an agreement with China Aviation Oil (S) Corp to jointly undertake the development of a tank terminal facility in Tanjung Langsat Port in Johor. Construction on the project, which total development cost is estimated at RM371m, is expected to commence by early 2012 for completion by end-2013. Centralised Terminals, 55% owned by Dialog and 45% by MISC, will hold a 74% stake in the JV company. The JV company will undertake the design, development, operation, management and maintenance of the oil storage tank facility. (Financial Daily)
Petronas to build fertilizer plant for Sabah
Petronas will build a fertiliser plant in Sabah that will almost double its fertiliser output in the country. Construction will start before the middle of next year, with natural gas from Sabah's offshore wells powering the production complex. The project, dubbed the Sabah Ammonia-Urea or Samur, will take three years to complete with an estimated cost of RM4.5bn. It will be built on a 60 ha site within the Sipitang oil and gas industrial park about 150km south of Kota Kinabalu. The work includes site preparation, landscaping, security services, civil works, manpower supply, temporary facilities, inland transportation and process buildings as well as development of a jetty and bagging plant. (BT)
MAS aims RM382m annual earnings from Indian facility
MAS’ aircraft maintenance facility in Hyderabad, India, is expected to earn USD120m (RM382m) annually, said a senior official. The maintenance, repair and overhaul (MRO) centre, to be launched this month, is expected to cater to carriers from India, Bangladesh, Nepal and Sri Lanka. The centre has signed agreements with India-based low-cost carriers SpiceJet and Kingfisher. Both carriers had been sending their aircraft to Malaysia for MRO services. The facility is capable of 60 to 80 aircraft. (Malaysian Reserve)
Pos Malaysia Bhd : Rais: Pos M’sia not inclined to support myemail
Information, Communications and Culture Minister Datuk Seri Utama Rais Yatim has said that Pos Malaysia Bhd is not inclined to support the 1Malaysia email project as it would have an impact on its activities and services. Yesterday, Rais said that myemail is not a Pos Malaysia project but that of another company with its own financing. In response to queries on the fate of postal land assets- some of which are located in prime areas – in light of the sale of Khazanah Nasional Bhd’s stake in Pos Malaysia to DRB-Hicom Bhd, Rais said the matter is still being discussed with the relevant authorities. On whether the government still holds a golden share in Pos Malaysia, Rais said the government still dies, through Ministry of Finance Inc but with the sale of Khazanah’s shares to DRB-Hicom, the golden share has been changed to the appointment of two directors to Pos Malaysia’s board. He also refuted claims that Pos Malaysia had suffered operational losses since it was corporatized in 1992. – The Edge
Petronas Chemicals Group Bhd : Petronas unit awards job
Petronas Chemicals Group Bhd has awarded and engineering contract for the RM4.5bil urea fertiliser complex known as Sabah Ammonia-Urea project in Sipitang, Sabah, to a consortium of contractors comprising Mitsubishi Heavy Industries Ltd, Apex Energy Sdn Bhd and PT Rekayasa Industri. – StarBiz
Plantation Sector : M’sia-Indonesia talk on CPO tax soon
Malaysia plans to hold a discussion with its Indonesian counterpart next week following Indonesia’s move to slash export tax on crude palm oil (CPO). Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said the ministry will hold discussions with Indonesia to discuss the matter and is awaiting a date. Indonesia slashed more than half its export duty on CPO refined products in August while cutting export duty on palm oil products to 13% from 25%, starting Oct 1. However, Dompok said he was confident Malaysia would still achieve this year’s palm oil export target of RM70.0bil. - StarBiz
Water Sector : Government has no plans to privatise IWK for now
Deputy Finance Minister Datuk Donald Lim said there is no intention to privatise Indah Water Consortium Sdn Bhd (IWK) in the near future. He added that although the government had no such intention, it would still support the initiatives by the Energy, Green Technology and Water ministry which oversees IWK. The initiatives include restructuring of the sewerage industry, a review of the sewerage tariff and repayment of guaranteed capital expenditure. The government took over IWK in 2000 at a cost of RM192.0mil. IWK’s liability until June 2011 amounted to RM2.0bil, the bulk of which includes government support loan, while its assets are worth about RM1.2bil. – The Edge
RHB, OSK: Still await Bank Negara nod. It has been seven working days since RHB Capital Bhd (RHB Cap) and OSK Holdings Bhd requested Bank Negara's approval to commence merger talks but no one is any wiser on how the central bank will decide on this. (Source: The Star)
Islamic Banking: Alkhair seeks boutique bank. Alkhair International Islamic Bank (M) Bhd is in discussion with Bank Negara to get approval to start talking with potential acquisition targets, which will allow Alkhair to tap into the ringgit business in the country. The group has identified a couple of potential acquisition targets that are small boutique banks and not big banks like Bank Islam. (Source: The Star)
No comments:
Post a Comment