SP Setia top brass to continue role
PNB has clarified that the existing SP Setia management team will continue to lead the property outfit even after its recent takeover offer with Tan Sri Liew Kee Sin staying on as its CEO. The statement, coming more than a week after it launched what seems like hostile takeover on 28 Oct, was meant to allay concerns about the “fate and future direction” of SP Setia. (Malaysian Reserve)
Pavilion REIT plans RM800m M’sian IPO
Pavilion REIT, part-owned by the Qatar Investment Authority, plans to sell units on Malaysia’s stock exchange as early as next month through a property trust, said two people with knowledge of the matter. The company, which owns the Pavilion shopping, residential and office project in KL, aims to raise about RM800m, said the people who declined to be identified as the information is private. (Malaysian Reserve)
Bina Puri bags RM20.4m deal for Dengkil housing project
Bina Puri Holdings’ wholly-owned subsidiary, Bina Puri Construction SB, has been awarded a project by Jabatan Perumahan Negara worth RM20.4m. The construction player said the project, for the construction works of a housing project in Dengkil known as Taman Topaz, will commence this month and is expected to be completed in 14 months. (Malaysian Reserve)
Maxis bosses named in CBI graft probe
Maxis Communications has denied “any wrong-doing” following a move by India’s Central Bureau of Investigation (CBI) yesterday in filing what it calls the first information report (FIR) against the group and some of its officials. CBI yesterday filed the FIR, an initial police report, against Maxis owner Tan Sri T Ananda Krishnan and the company’s satellite broadcasting business All Asia Broadcasting Network CEO Augustus Ralph Marshall. (Malaysian Reserve)
Fajarbaru targets RM300m GDV with Puchong project
Construction firm Fajarbaru Builder Group is targeting more than RM300m worth of gross development value (GDV) in its upcoming residential development in Puchong, Selangor. Shareholders had approved the company’s proposed RM40m acquisition of land for the Puchong development project at its EGM in KL yesterday, CEO Datuk Low Keng Kok told reporters after the meeting. (Malaysian Reserve)
MBF denies privatization move
Credit card company MBF Holdings has denied receiving any proposal for privatization by its substantial shareholder Tan Sri Dr Ninian Mogan Lourdenadin. Mogan has also informed the board he has not initiated any move top privatize the company to date. The company is therefore unaware of the reason behind the unusual market activity of its securities, it said in an exchange filing in response to a query by Bursa Malaysia. (Malaysian Reserve)
TSH Resources proposes bonus issue
TSH Resources is proposing a one for one bonus issue, the company said in a statement to the stock exchange. The bonus plan will involve issuing some 416m new TSH shares, the company said. (BT)
Mah Sing: In deal on 3 towers at Mont' Kiara project with China firm. Mah Sing Group Bhd has partnered a Chinese firm to build three towers at its RM408m Icon Residence Mont' Kiara project in Mont' Kiara, Kuala Lumpur. The firm, a diversified group from China, will build the towers in exchange for 96 units from Mah Sing. This arrangement will free up the construction cost for Mah Sing, allowing the group to use its cash flow for other opportunities. (Source: Business Times)
O&G: Gas Malaysia listing gets conditional approval from SC. MMC Corp Bhds proposed listing of its subsidiary Gas Malaysia Bhd (GMB) on Bursa Malaysia's Main Market has been conditionally approved by the Securities Commission. The conditions include execution of new gas supply agreement with Petronas prior to registration and issuance of GMB's listing prospectus, identifying and rectifying petrol stations built on land not designated for petrol station and allocating at least 12.5% of its enlarged issued and paid-up share capital to bumiputra investors. (Source: Bursa Malaysia)
Building material: Vale SA to set up iron ore pellets plant in Lumut. Vale SA will set up an iron ore pellets plant here after its USD1.3b (about RM3.9b) maritime terminal in Teluk Rubiah is completed in the 1H14. The company is expected to invest a total USD5b (RM15b) over the next 10 years to develop the mega distribution centre in Teluk Rubiah, which would cater to its clients in the Asia-Pacific. (Source: The Star)
Port: Penang Port plans new tariffs. Penang Port Sdn Bhd plans to introduce new tariffs in the middle of next year. The proposal to raise port tariffs, comprising largely cargo-handling and ship charges, has been submitted to the regulatory authority, Penang Port Commission (PPC). The tariffs were last revised in 2003 and implemented in 2007, which saw a 30% hike in handling charges for container cargo to the present rate of RM182 for a 20-ft container and RM273 for 40-ft container. (Source: The Star)
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