Packet One Networks (P1) has signed an agreement with Telekom to use the national telecommunication company’s high speed broadband network in a product offering that it plans to roll out in the first quarter next year. The agreement will give P1 access to 1.3m homes covered by the HSBB. P1 CEO Michael Lai said the 10-year agreement would allow the company to offer its 4G services, coupled with fibre optics. The product might include IPTV and video-on-demand services. Telekom group CEO, Datuk Seri Zamzamzairani said UniFi has reached over 170,000 installations. Telekom’s foreign shareholding had increased to 17% from less than 10%. (Star Biz)
The Genting group has taken another step forward in its US$3.8bn Resorts World Miami development in Florida, the US, after reaching a deal to take over the Omni Centre, according to a report by the Miami Herald. An agreement was reached between Argent Ventures, the owner of the Omni Center, and the Genting group. "Terms of any agreement between Genting and Argent have not been released," it said. The Miami Herald report quoted Resorts World Genting general counsel Jessica Hoppe as saying, "If all goes according to plan, Genting should have title to the property by Nov 7." (Starbiz)
The slowdown in property sales in the country is not a sign of a property bubble, said Housing and Local Government Minister Datuk Seri Wira Chor Chee Heung. "I do not think so because we (Malaysia) still have not reached that stage. If this is the sign (of property bubble) why are developers jumping in to continue to build?" he said. He explained that the current slowdown in the property market is due to the policy measures taken by the government to curb speculation. "Property prices are still stable and no asset bubbles are seen," he added. Chor said the government has issued more licences for developers to sell and advertise their products this year. (Sun)
Integrated media group Media Prima Bhd has announced several key senior management appointments. In a statement today, it said Mohammad Azlan Abdullah has been appointed chief operating officer of The New Straits Times Press (M) Bhd (NSTP) and designated successor to Datuk Anthony Firdauz Bujang as NSTP chief executive officer. Anthony will end his tenure as NSTP chief executive officer in December after serving 12 years with Media Prima. Other appointments include Abdul Jalil Hamid as NSTP group managing editor. He will succeed Datuk Zainul Ariffin Mohamd Isa, who will assume two new roles, as NSTP e-media managing editor and Media Prima's New Media Division head. (Bernama)
Jerneh Asia’s proposal to buy a Sabah-based developer is said to be out of the window as definitive terms could not be agreed upon. Both Jerneh and Generasi Cipta, the controlling shareholder of Sagajuta (Sabah) have mutually agreed to terminate discussions. It could not be immediately ascertained whether Jerneh after selling its 80% stake in Jerneh Insurance is eyeing any other acquisition or will continue with its earlier stated plans to return all cash to shareholders and wind up the company. It illustrated that a capital repayment could be between RM1.36 and RM1.41 per share. (Financial Daily)
Malaysian Airline (MAS) says it is enjoying a 30% reduction of its annual cost of passenger revenue accounting data processing after outsourcing the operation to the commercial arm of the Emirates Group IT, Mercator. Mercator has also been able to achieve on-time weekly and monthly closes, giving MAS faster and more accurate revenue data. (Bernama)
Berjaya Sports Toto (BToto) emerged as the overall winner and also a winner in the service sector category at the annual KPMG Shareholder Value Award (SVA). British American Tobacco won the SVA Exemplary Award, one of the newly introduced awards to recognise consistent performance over the years. "It is a great honour to win (in this overall category) this year. In the past, we had won in our own segment a number of times, and of course we looked forward to winning in the overall category," said BToto executive director Vincent Seow. When asked about the adverse economic outlook, Seow said the numbers forecasting industry would remain resilient in the face of a slowing economy as proven in 1997, 2001 and 2008. (Financial Daily)
Oversea-Chinese Banking Corp Ltd of Singapore (OCBC) has emerged as a substantial shareholder in WCT Bhd after buying shares in the company from the open market. OCBC now has a 5.34% stake in WCT. (BT)
Felda Global Ventures Holdings Sdn Bhd plans to hire investment banks by as early as next week to help arrange its initial public offering, said its group president Datuk Sabri Ahmad. "We will hire them as soon as possible, perhaps by next week," Sabri said at his office here yesterday. The company plans to hire as many as two Malaysian investment banks. "We will also be hiring one or two foreign merchant bankers." Felda Global is the commercial arm of the Federal Land Development Authority (Felda), the world's largest estate owner. (BT)
The privatisation of Eng Teknologi has been postponed following the disruption of its Thai operations since last Saturday due to the floods. YTK Capital sought to extend the due diligence and funding confirmation period by 45 days. The Thai operations contribute about 40% to group revenue for FY10 ended Dec 31. (Financial Daily)
Nestle (M) Bhd plans to increase prices of some of its dairy products by as early as next month. The price increase could be between 10-30%. The rationale for the price increase is because of the floods in “Thailand, which have drastically increased the cost of raw materials, production and transport. Industry players say a price increase by Nestle will surely be followed by rivals such as Fraser & Neave Holdings Bhd which has shut down its factory operations in Thailand. (BT)
The US$8bn (RM25bn) Kuala Lumpur International Financial District, to be jointly developed by 1MDB and Abu Dhabi’s Mubadala Development will get off the ground early next year. The project will be developed in phases on a 30.35ha piece of land in the Imbi area fronting Jalan Tun Razak. The first phase would comprise a tower and several buildings. (Bernama)
The Rubber Industry Smallholders Development Authority (Risda) has zoomed in on Sarawak as the main region for its rubber replanting programme from next year. Out of the planned 28,000ha nationwide to be replanted next year, 10,000ha or more than 35% are in Sarawak. About 4,000ha are planned in Sabah with the remaining 14,000ha replanting for the peninsula. Sarawak Risda director Sopian Abu Bakar said Sarawak had been allocated RM53m, the biggest sum for any state, to fund the replanting programme next year due to its great potential. (Star Biz)
Ecofuture Bhd announced Bursa Malaysia Securities has rejected the company’s further appeal for an extension of time up to 31 December 2011 to submit the regularisation plan. The Company will be removed from the official list of the Bursa Securities on Monday, 17 Oct 2011. (BMSB)
Envair Holding Bhd's board of directors together with the key management are deliberating on the viability of the existing business of the company and are considering options available to improve its long term and sustainable future growth. As such, the Company is currently in talks with few potential partners for joint collaboration to venture into the oil and gas services sector. (BT)
Parkson Retail Group is in talks with banks to increase a loan taken out in 2010 to US$400m (RM1.26bn) from US$250m. The parent company, Parkson Holdings operates department stores in China, Vietnam and Malaysia. DBS Bank, JPMorgan, Maybank, Natixis and Standard Chartered are arranging the facility. (Bloomberg)
Pavilion REIT, part owned by Qatar Investment Authority as well as Malton’s chairman Desmond Lim was looking to raise RM800m from a planned floatation. The Pavilion REIT would be Malaysia’s fourth largest share sale this year. The news may have highlighted Malton’s undemanding valuations which shares rose 7.8% and was the fourth most actively traded counter yesterday. (Financial Daily)
Consumer: Indochina floods may force Malaysia to seek rice elsewhere. Some 1.5m hectares of the regions famous padi fields including Thailand, Vietnam, Cambodia and Laos have been affected and this has prompt Malaysia, which depends on these countries for 30% of its rice supply to look towards other nations for the precious commodity. (Source: The Star)
Retail: Mydin targets 16 low-price marts nationwide in 2012. Wholesale and retail giant Mydin has set its sight on opening 16 mini market outlets called "Kedai Rakyat 1Malaysia" (KR1M) in over 15 locations from Perlis to Johor and the East Coast. (Source: Malaysian Reserve)
Healthcare: PHB in property deal with Gleneagles. With a Gross Development Value (GDV) of RM1b, the first phase will be a RM138m extension project for the Gleneagles Hospital in Ampang. Covering a gross floor area of 300,000 sq ft, the extension project will consist of a 10-floor healthcare facility that is due to be completed within 3 years. The two-phase development will also include hotel facilities and an office building. (Source: The Star)
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