Proton: Looks to commercialise electric vehicles by 2013. Proton Holdings Bhd is looking to commercialise its electric vehicles in 2013. The Proton Saga EV is expected to be priced at RM70,000 and Proton Exora Range Extender at about RM100,000. Proton and government are also working on a mechanism to build the infrastructure for electric vehicle charging centres. (Source: The Edge Financial Daily)
Top Glove Corp expects the current oversupply of rubber gloves to be absorbed over the next 1-3 years and is pushing ahead with is expansion plans. Chairman Tan Sri Lim Wee Chai said, “There is a 10-20% oversupply right now. This is due to the high demand over the past 1-2 years. But this is a long-term business and we will continue to invest as demand for gloves is still growing at 8-10% every year.” Lim also said Top Glove hoped to grow its sales by 20% in its current financial year ending 31 Aug 2012. He said net profit margin should come in between 8-10%. (Star Biz)
UEM Group and the EPF, which made a takeover offer for PLUS Expressways, are believed to be in the final stages of discussions with the authorities on the terms of the new supplemental concession agreements (CAs). RAM Rating Services said that based on the current progress of the supplemental CAs, which are the key milestones for the entire exercise, the corporate restructuring is expected to be completed within the next few months. Upon the completion of the restructuring exercise, the Islamic debt notes of RM4bn Sukuk will be redeemed before its maturity and subsequently cancelled. (Financial daily)
Privately held Najcom and its joint venture partner UEM Group are understood to have bagged the contract to build the women and children’s hospital in Kuala Lumpur costing between RM700m and RM900m. It was earlier speculated that IJM Corp was the frontrunner to bag this job. Najcom is 52.5% controlled by Zainabbi Abubacker and 47.5% by Datuk Haja Najmudeen Kader. The company is not known as a top-tier contractor but it has done quite a few restoration jobs in Penang. (Financial Daily) Boustead Holdings has lowered the divestment price and restricted offer for sale price of Pharmaniaga shares to RM5.46 per share from RM5.75 a share to make the price more attractive to potential buyers. The sale will raise a total of RM162.62m that would be used to repay Boustead’s group borrowings. (Malaysian Reserve)
The EPF has increased its stake in DRB-HICOM to 9.71%, its latest filing on Bursa Malaysia showed. Early this year, EPF only had 7.16% stake in the conglomerate. (BT)
The case filed against Malaysian tycoon and Maxis owner T. Ananda Krishnan by India's Central Bureau of Investigation (CBI) has no impact on Malaysia's telecommunications industry, says Deputy Information, Communications and Culture Minister Datuk Joseph Salang. He said the Malaysian authorities would not conduct any investigation on the tycoon. “At the moment it's only an investigation (by India's CBI). There will be no investigation on the Malaysian side as we have been very transparent in how we manage our telecommunications industry,” he said. (Starbiz)
Malaysian Airline (MAS) has embarked on a network rationalisation programme in which its subsidiary, Firefly will concentrate on serving short-haul turboprop operations and MAS to focus on its premium full-service offering. The takeover of Firefly’s jet services by MAS is part of the service separation plans under the business realignment exercise which addresses the continuing heavy losses being incurred by Firefly’s jet operations. The programme will be undertaken over a two-month period on a sector-by-sector basis, and will result in all Firefly jet aircraft being redeployed into MAS’s operations by Dec 4, 2011. MAS group will continue to operate all services to Kota Kinabalu and Kuching. (Bernama)
Proton is looking to commercialise its electric vehicles in 2013, according to director Datuk Zainuddin Che Din. He said the vehicles which are now in the test fleet stage will be brought to the commercial front to cater to an increasing demand for full electric cars in Malaysia. Zainiuddin said the cars will be competitively priced with value for money once commercialised. The Proton Saga EV is expected to be priced at RM70,000 and the Proton Exora Range Extender at about RM100,000. (Bernama, Financial Daily)
Time is running out for MBF Holdings to comply with Bursa Malaysia's public shareholding spread, even as its major shareholder, Tan Sri Ninian Mogan Lourdenadin, is busy snapping up shares in the open market, fuelling speculation that he will make a second attempt in as many years to take the company private. In July, the stock market regulator rejected an MBF application for more time to comply with the shareholding spread. MBF had asked for until year end to meet the requirement. The minimum public spread in a listed entity is 25%. As it stands, MBF's public spread is only about 14%. (BT) Dialog has set up Dialog Services (Vietnam) to provide technical services in the upstream and downstream oil and gas sector there. The new unit’s office will be in Ho Chi Minh City and it will have a registered capital of US$100,000. (Malaysian Reserve)
Scomi Group has appointed TIME dotcom as the sole network provider to meet its global connectivity needs across five countries. The partnership includes the design, implementation and full management by TIME of Scomi’s private data network connecting Scomi’s offices in India, Indonesia, UAE, UK and Malaysia. (Bernama)
The re-listing of Parkway Pantai Ltd could either take place on Bursa Malaysia or SGX and will depend on market conditions. However, the priority was to streamline both the Malaysian and Singapore operations first before listing the group, according to Chairman Datuk Mohammed Azlan Hashim. Singapore and Malaysia remain the two most important markets. Singapore is a regional medical hub while Malaysia has a growing affluent population that demands more private healthcare. Parkway is opening the 333-bed multi-billion Parkway Novena Hospital in Singapore in the second half of 2012, while in Malaysia it is spending RM720m on a 100-bed Parkway hospital in Manjung, Perak, a 200-bed Gleneagles medical centre in Kota Kinabalu and a 300-bed Gleneagles Medini hospital in Iskandar - all to be completed by 2013. (Starbiz)
Some 29m UEM Land shares worth RM56.55m were traded off-market according to data from Bloomberg. The shares were done in a deal of two blocks with the 0.6% stake sale priced at RM1.95 a share. (Malaysian Reserve)
KUB Malaysia appointed Datuk Wan Mohd Nor Wan Ahmad as its acting CEO and Dr Wan Ahmad Rudiman Wan Razak as acting COO, with effect from early this week. It also announced the resignation of its MD Datuk Mohd Nazar Samad. (BT)
MHB secures ExxonMobil’s Telok project
Malaysian Marine and Heavy Engineering Holdings (MHB), through its wholly-owned subsidiary Malaysia Marine and Heavy Engineering SB (MMHE), has been awarded a contract for the Telok gas development project by ExxonMobil Exploration and Production Malaysia Inc, an MHB announcement on Bursa Malaysia said yesterday. The statement, which did not state the value of the contract, said the scope of work would include procurement, fabrication, on-shore testing, load-out and offshore hook-up and commissioning of two topsides and corresponding two jackets to support the platform. The Telok A and Telok B are gas satellite platforms with an estimated topside weight of 1,750 tonnes and 1,650 tonnes respectively. (Financial Daily)
Fajarbaru, Aztabina win RM166m job
Fajarbaru Builder Group subsidiary, Fajarbaru Builder SB, and its partner Aztabina SB have accepted a RM166.4m contract for construction and maintenance the first phase of a medical suite and amenities in Jalan Ampang, Kuala Lumpur. (StarBiz)
Engtek sees significant 4Q loss from Thai floods
Hard disk drive component maker Eng Teknologi Holdings (Engtek) expects significant losses for 4QFY11 ending 31 Dec due to the floods in Thailand. In a filling with Bursa Malaysia yesterday, the group said both its factories in Ayutthaya are inundated by water. Its Thai operations account for half the group’s production capacity. (Financial Daily)
SDB buys property in Singapore
Selangor Dredging Bhd (SDB) says Champsworth Development Pte Ltd (Champsworth), has served on the sale committee, a Call Option Notice to sell a property in Singapore. The property is known as The Village, situated at Pasir Panjang Road, Singapore. The total purchase consideration for the property is RM223.75m and was agreed upon on a willing buyer and willing seller basis. (Business Times)
Progressive Impact buys Shah Alam property for RM40m
Progressive Impact Corp Bhd is buying a piece of industrial land in Shah Alam for RM40m in a move to expand its operations. It was acquiring the property Bangunan BKA, measuring 5,951 sq meters together with the buildings, from Simple Hope Sdn Bhd. The building is about 13 years old. The total built-up of the property is 237,828 sq ft and the net lettable area is about 150,114 sq ft. (The Edge)
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