Syarikat Bekalan Air Selangor (Syabas) has received a RM110m, 20 year loan facility from the government. Syabas, a 70% owned subsidiary of Puncak Niaga will utilise the loan to finance the capital expenditure works on the old pipe replacement project for 14 critical areas in Selangor, Kuala Lumpur and Putrajaya. The tenure will include a grace period of two years and interest rate of 3% per annum. (Financial Daily)
MAS-GMR Aerospace Engineering (MGAE) 50:50 joint venture is to be launched soon. The joint venture was a third party Airframe maintenance, repair and overhaul facility is located at the Rajiv Gandhi International Airport in Hyderabad. This facility would be audited by the European Aviation Safety Agency and if the facility met EASA’s stringent criteria, it would be able to attract European-registered aircraft for MRO services. (Bernama)
Some 100m Hap Seng Consolidated Bhd shares were traded in the offmarket yesterday in a deal valued at RM154m or RM1.54/share. On the trading floor yesterday, Hap Seng shares were actively traded, closing 12 sen higher at RM1.60, while the Hap Seng warrant was up 4.5 sen to 54 sen a warrant. The 100m shares, accounting for about 4.6% of the share spread in Hap Seng, could possibly suggest the emergence of a new shareholder in the company. Tan Sri Lau Cho Kun indirectly controls some 69.3% of Hap Seng, while funds such as the EPF own around 2.61%. (BT)
The Johor Premium Outlets will open on December 2nd instead of November 11th as planned. The upscale outlets will feature more than 80 brands offering factory prices at discounts of 25% to 65%. The state tourism and domestic Trade committee chairman Hoo Seong Chang revealed that tourist arrivals into the state increased by more than 480,000 in the first half of the year compared to the first six months of last year. Tourist arrivals into Johor totalled 8.3m. 70% of them were Singaporean. (the Star)
Wijaya Baru Global Bhd (WBG) is banking on its Indonesian timber extraction venture to help boost revenue by more than 10x in 2012 to US$90m (RM282m). Early this month, WBG said it is buying two companies with rights to extract timber in Papua Province in Indonesia. The companies have rights for an area measuring 80,000ha. Timber extraction is expected to commence by the end of the 1Q12. "This year, we expect to return to the black with marginal profit," CEO Datuk Faizal Abdullah said. "Next year, we expect a modest profit for the group from the sale of timber, but in 2013, we are expecting a surge," Faizal told BT in an interview. (BT)
HELP International has put its plans to expand its education business to Changsu, China on hold, following the termination of its joint-venture agreement with Asia Pacific Land. AP Land sold its 70% stake in Khas Cergas which operates Victoria International College and under the initial agreement, HELP was to take over the operations of the college. The termination of the JV is also due to complications in receiving the green light from the local authorities. (Financial Daily)
Century Logistics 51%-owned subsidiary has acquired a vessel from Pengkalan Megaria for US$4.8m (RM14.9m). The acquisition of MT Qaseh, a 7,119 dwt oil product tanker will enable Century to expand further downstream in its oil and gas logistics activities. (Malaysian Reserve)
SILK Holdings Bhd has won RM55.3m worth of contracts from Petronas Carigali Sdn Bhd to supply anchor handling tug supply vessel to the oil company. (BT)
Xian Leng Holdings Bhd has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd to conduct a special audit on the company’s finances. Xian Leng previously said there could be some “financial irregularities” involving RM17.4m. (BT)
Japan’s luxury automotive brand, Infiniti, has made Malaysia its second market in ASEAN with its newly launched showroom. Infiniti’s target in Malaysia is to capture 5%, at minimum, of the local luxury car market by the end of 2016. (Malaysian Reserve)
HNG Capital SB, a private vehicle of founder Datuk Seri H‟ng Bok San, has tabled an offer of RM480.1m, or RM1.10 per share, to buy out Leader Universal‟s entire business and undertakings. The offer price is below its net asset per share of RM1.36 but at a 30.9% premium to its last traded price of RM0.84 per share. H‟ng and family control about 14% of the Penang-based cable and wire maker. If the buyout is approved, the deal will leave Leader a cash-rich PN17 status company that intends to return the proceeds from the sale in cash to shareholders excluding H‟ng and the joint offerors. (Malaysian Reserve)
OCBC bids RM450m for PacificMas units
PacificMas received a RM450m part-cash offer from OCBC Capital SB for its subsidiaries. The offer comprises cash of RM164.23m and a deferred RM285.77m payment within 12 months from the date of the acquisition agreement. OCBC Capital has offered to purchase a 100% stake in Pac Lease, PB Pacific SB, PacificMas Fidelity SB and PacificMas Capital as well as an 85% stake in Pacific Mutual Mutual Fund. OCBC Capital has proposed that PacificMas liquidate all its remaining residual assets and distribute its remaining cash via a special dividend or capital repayment exercise. OCBC is currently PacificMas‟ major shareholder with a 63.5% stake and the acquisition marks a transfer from OCBC to its wholly-owned subsidiary OCBC Capital. (Malaysian Reserve)
Resorts World Casino NYC to open 28 Oct
Genting‟s Resorts World Casino NYC (RWNY) is set to open in 10 days at Aqueduct Racetrack in Queens, NY. The New York casino, with 5,000 gaming machines spread over two floors, will kick off with 2,485 video lottery terminals and electronic table games. The intention is to have the entire 700,000 sq ft development fully open by mid-December, just in time to capture the Christmas and New Year crowd. (Financial Daily)
Sharil appointed chairman of MCMC
Datuk Mohamed Sharil Tarmizi has been appointed the new chairman of the Malaysian Communications and Multimedia Commission (MCMC) effective since 16 Oct. He succeeded Tan Sri Khalid Ramli, whose two-year term expired on 15 Oct. Sharil has experience in the legal, communications and multimedia industry as well as in financial advisory and strategy consulting. He is presently assisting the World Bank in the development of the Broadband Toolkit. (StarBiz)
Penang cancels Boustead project
The Penang state government has cancelled a plan to allow Boustead to reclaim up to 0.16 ha of land off the Penang Bridge. Boustead was initially given the rights as part of compensation package for agreeing to scale down a hotel development project in the state's heritage zone. A statement from CM Lim Guan Eng‟s office said the state government has decided not to pursue the land reclamation at Bayan Bay to Boustead. Boustead will still be required to comply with the World Heritage building height control of 18m within the heritage core zone of George Town. Boustead was in the midst of constructing a one-block 300-room Royale Bintang Hotel in George Town's heritage zone in 2009, when works were halted following reports the development could place George Town's heritage status in jeopardy. (BT)
Mah Sing Group: RM2.5b sales target next year. In order to achieve its sales target of RM2.5b, Mah Sing Group plans to adjust their product mix in line with today's sentiment and needs. Mah Sing Group will focus on lower-priced and smaller units of serviced apartments in the next two years to cater to demand of the young population. (Source: The Star)
Proton: Offers lifetime warranty on power windows. Proton has once and for all moved to erase any doubt over defective power windows by offering a lifetime warranty for all new Proton models registered from Sept 1, 2011 and vehicles that are still under the manufacturers warranty as at Sept 1. (Source: The Star)
Construction: Second Penang Bridge ahead of schedule. Construction of the second Penang bridge is likely to be completed two months ahead of its projected November 2013 schedule. It is likely that work on the new bridge will achieve 70% progress by the end of this year. (Source: Business Times)
Transportation: Better KTM Komuter service by Jan 2012. KTM Komuter users can look forward to better commuting experience this January when the first of the 38 six-car electrical multiple unit (EMU) is put into service. To complement the new trains, an automatic fare collection system was being implemented and full refund will be given for trips that are delayed by more than 30 minutes. (Source: The Sun, The Star)
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