No mandatory GO for E&O from Sime Darby
Sime Darby will not be required to extend a mandatory general offer for E&O following Sime Darby’s acquisition of a 30% stake in the latter in late August. The Securities Commission said it found no collusion between Sime Darby and E&O’s managing director Datuk Terry Tham Ka Hon with regard to the deal. The acquisition of the remaining 70% of E&O at RM2.30 per share would have cost Sime Daeby an additional RM1.8bn on top of the RM766m it paid for the 30% block earlier. (Financial Daily)
Sunway secures RM309m job in Iskandar
Sunway has secured a RM308.9m job for the construction of an integrated media studio in Iskandar Malaysia, Johor. The job from Iskandar Malaysia Studios SB is for the construction of Pinewood Iskandar Malaysia Studios and is targeted to be fully completed by 10 May 2013. Sunway has also received a tender award from Urban Redevelopment Authority of Singapore for a land parcel at Jalan Loyang Besar/Pasir Ris Rise for a 99-year lease-term equivalent to about RM345m. The project in Singapore is expected to be completed within 60 months. (Malaysian Reserve) Please see accompanying report.
KNM secures USD200m EPCC for Sri Lankan plant
KNM has secured a conditional engineering, procurement, construction and commissioning (EPCC) award of a waste-to-energy plant in Karadiyana, Sri Lanka worth about USD200m (RM638m) from Octagon Consolidated. The plant has a capacity to process up to 1,000 tonnes per day of municipal waste to generate a minimum of 40MW of gross electrical energy. The project involves generating renewable energy and is to be implemented under a public private partnership between Octagon and the Waste Management Authority of Western Province. (Malaysian Reserve) Please see accompanying report.
Thai floods hit Malaysian firms
Malaysian companies that have operations in Thailand are not spared from the country’s worst flood in decades. The flood has prompted some public listed companies in Malaysia to announce the shutdown of their operations in Thailand. Eng Tek, F&N, Notion VTec and D’nounce Technology had succumbed to the flood, with the extent of damage yet to be determined. All four companies’ operations in Ayutthaya had been temporarily shut down. (Financial Daily) Please see accompanying report.
KUB nets RM269m airport deal
KUB has won a RM268.8m contract from Malaysia Airports Holdings to develop parts of the new low cost air terminal or KLIA2 in Sepang. KUB will construct a new 3.96km third runway, parallel taxiways, connecting taxiways and other associated works in 16 months. (Malaysian Reserve)
AirAsia’s venture in Vietnam fails to take off
AirAsia will not proceed with the proposed joint-venture with Vietjet Aviation Joint Stock Co due to failure to meet some conditions under the JV agreements. The failings included not getting approvals for Vietjet to employ the AirAsia brand across its commercial operations, which would have been fundamental for the successful conduct of the business model for the intended JV. (Malaysian Reserve)
UOA Development yesterday announced the acquisition of 9.8 acres of freehold land in Kepong, Kuala Lumpur, for RM72.8m. UOA Dev is proposing to develop the land into a residential development and is expected to commence in the year 2012. (BMSB)
The government’s planning unit Pemandu and the Economic Planning Unit are teaming with several industry players to address to Tenaga's "very severe" delays in fuel supply, said Tenaga chief executive officer and president Datuk Seri Che Khalib Mohamad Noh. He said that the decision to form the task force was made on Oct 10, and Pemandu were currently meeting with industry players such as Petronas so that a quick decision could be reached. "Without gas it's very risky for the power sector to look forward. If we don't have gas, we need to use alternative fuel which costs five times more. We need to look into whether we can get enough supplies of gas or not, and if we cannot and have to use alternative fuel, who pays? Tenaga, Petronas?" he added. He said that a decision would be reached "before the end of the month", adding that the security and supply of power sector was at risk. (Financial daily)
The government has set up a task force to review the gas shortage faced by Tenaga Nasional (TNB). TNB president and CEO Datuk Seri Che Khalib Mohd Noh said the Performance Management and Delivery Unit (Pemandu) will lead the task force, together with the Economic Planning Unit (EPU). "The decision to set up this task force was made yesterday, Pemandu will meet with Petronas, TNB and the other industry players. We need a quick decision, because if this matter remains unresolved, the security of supply for the power sector will be more and more at risk. We hope they can come up with a solution before the end of this month," he said. (Bernama, Malaysian Reserve)
Energy Commission (EC) chairman, Tan Sri Ahmad Tajuddin Ali said the country will need another 4,500 megawatts (MW) power from 2017 and all of that will be fuelled by gas. The initial tender will be for a 750MW gas-fired plant. "The 750MW is part of the 4,500MW that will be needed in 2017 ... We hope through this process, we will get offers that are competitive, so we will be able to maintain at least reasonable tariffs to the consumers," Ahmad Tajuddin said. The EC is now preparing tender documents and is also in the midst of appointing consultants for the job. Apart from saying that the power plants will be in Peninsular Malaysia, Ahmad Tajuddin did not say where they would be located. (BT)
Autosport UK has reported that Proton is poised to sell a stake in loss making Group Lotus to a private investment firm based in Luxembourg. The report cited high level sources as saying that Genii Capital has held advanced talks with Group Lotus’ Malaysian owners about taking a management and financial interest in the iconic car manufacturer — which could even go as far as Genii taking a majority shareholding. Genii is headed by Gerard Lopez which also owns the Renault F1 team of which Group Lotus is the title sponsor. Autosport said that with moves underway to rebrand and rename the Renault F1 as Lotus in 2012, a full integration of the F1 team and the Norfolk-based car maker appears to be on the cards. ―Such a move could result in Lopez and Group Lotus CEO Dany Bahar working together closely to push the Lotus brand in both F1 and the road car business,‖ said the report. It also added that both Renault team boss Eric Boullier and Bahar hinted that a move for closer ties between the F1’s outfit owners and Group Lotus was on the cards, citing Boullier as saying about the possibility of Genii Capital taking over Group Lotus: ―It is another rumour. I like this one.‖ (Malaysian Insider)
Contrary to speculation, Proton Holdings is not looking to sell a stake in its loss-making Group Lotus to Genii Capital or any other suitor, said managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir. "There are no plans or any discussions about Proton selling a stake of Lotus. These are just speculations," he said, dismissing a report by Autosport UK. (Financial Daily)
In a notice to analysts, MRCB informed that a minor construction mishap occurred at Lot G mixed development in KL Sentral yesterday. The incident happened while workers were pouring concrete on to a slab when the scaffoldings gave way. Work to clear the area is estimated to take approximately 3 days and work at unaffected sites can continue. The Department of Safety and Health (DOSH) has been informed of the incident and full cooperation is being extended. A construction worker sustained minor injuries and was sent to the University Malaya Medical Centre (UMMC) for treatment. All safety procedures were adhered to as the workers were well equipped with safety gears as required by local safety standards. A full investigation is underway to ascertain the cause of the incident. (Company)
Hong Leong Bank’s renounceable rights issue of up to 299.8m shares on the basis of one rights for every five held at RM8.65 per rights share was oversubscribed by 36.9%. (Financial Daily)
KUB was granted an award from MAHB for KLIA2 works package comprising runway 3, parallel taxiway and associated works. Contract value is RM268.8m. Project period is 16 months. (BMSB)
Malaysian companies that have operations in Thailand are not spared from the country’s worst flood in decades. The flood has prompted some public listed companies in Malaysia to announce the shutdown of their operations in Thailand. Filings with Bursa Malaysia yesterday showed that Eng Teknologi Holdings, Fraser & Neave Holdings, Notion VTec and D’nounce Technology in Thailand had succumbed to the flood, with the extent of damage yet to be determined. (Financial Daily)
Fraser & Neave Holdings Bhd (F&N) announced that its dairies product manufacturing facilities in Rojana Industrial Park, Ayutthaya, Thailand under F&N Dairies (Thailand) Limited, a wholly owned subsidiary, was flooded and has ceased production. At this time, it is not possible to assess the extent of the damage. The Group will provide an update on the effect of the flood after employees regain access to the plant and are able to carry out an assessment of the damage, lead times for obtaining replacement parts and components and repairs, and restoration of supplies. Crisis management teams have been activated and management’s priority will be to ensure the continued safety of employees and to minimize disruptions to its customers (BMSB).
Notion Vtec’s subsidiary in Thailand has stopped operations due to severe flooding in Ayutthaya. Notion Thailand had stopped operations from Oct 10. The company said there was insurance coverage taken against damage caused by flood to property, plant and equipment. (Financial Daily)
Masterskill announced that the Ministry of Higher Education Malaysia had granted approval for a new programme, Bachelor of Science (Hons) Pharmacological Science (MQA / PA 0206) (N/421/6/ 0006) to Masterskill University College of Health Sciences, Pasir Gudang Campus owned by Masterskill (M) Sdn. Bhd., a wholly-owned subsidiary of the company (BMSB).
Pos Malaysia expects its new service, On Demand Pick-Up (ODP) to garner RM3m revenue within the first year of operation. The service is a new value-added facility whereby customers can schedule a pick-up of courier items at their homes or offices for delivery by PosLaju. Customers only need to pay a fee of RM5 per pick-up point, regardless of the amount of items. (BT)
IGB Corp has disposed its 6.5% stake or 4.7m shares in Ipmuda Bhd for RM3.75m and thus ceases to be a substantial shareholder in the latter. (Malaysian Reserve)
Gadang Holdings has accepted a RM410.87m contract from the Public Works Department to undertake the completion of the abandoned works at the 300-bed Shah Alam Hospital. The contract was to be completed within a period of 24 months. (Financial Daily)
Pos Malaysia: New Service. Pos Malaysia expects its newly-launched service, On Demand Pickup (ODP) by PosLaju, to generate RM3m in revenue in the first year of operations. (Source: The Star)
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