The high-speed rail system linking KL and Singapore could take shape by next year, with three groups leading the early race to win the multi-billion ringgit job. The Land Public Transport Commission (SPAD) is expected to start a feasibility study on the project early next year, which should take six to 12 months to complete, SPAD chief development officer Azmi Abdul Aziz said. The project is estimated to cost as much as RM12bn. It is believed that up-and-coming rail tycoon Tan Sri Ravindran Menon has teamed up with UEM Group to vie for the project. Others said to be in the running for the job are China Infraglobe Consortium-Global Rail, and YTL Corp. (BT)
Sabah's oil & gas industry is expected to create plenty of jobs in years ahead, said C N Dumo Consulting Worldwide CEO Aminudin Sajadi. The RM4.6bn Sabah Ammonia-Urea plant project in Sipitang, owned by Petronas Chemicals, will create at least 400 jobs for the locals once it is fully operational. Other Petronas projects that offer great prospects include the Sabah Oil & Gas Terminal, Sabah-Sarawak Gas Pipeline Project, Kimanis and Lahad Datu electricity power plants, Gumusut-Kakap deepwater project and related ongoing developments. (Star)
The petroleum storage and trading business will create a completely new service sector for Malaysia as it will allow the country to extract greater benefits from the oil & gas value chain, says Ahmad Hizzad Baharuddin, Director General of the Labuan Financial Services Authority (Labuan FSA). The country's competitive edge has catalysed the transformation of the oil & gas industry to create business opportunities for foreign investors as well as locals in terms of better career prospects and new skills. The trading business is expected to generate a gross national income of RM280m in 2020 and create more than 1,500 job opportunities by that year, he added. Labuan FSA and Malaysia Petroleum Resources Corp in late Oct launched the Global Incentives for Trading (GIFT) programme to position Malaysia as the Asia Pacific hub for the growing petroleum storage and trading business. (Bernama)
Kencana will jointly bid with SapuraCrest for international engineering, procurement, construction and commissioning contracts upon completion of their merger slated for 1Q12, said Kencana CEO Datuk Mokhzani Mahathir. "With SapuraCrest winning the contract from Petrobras, this is good for the merger. These are some of the things we are hoping to do as a bigger company. To jointly bid for contracts is the whole purpose of our merger," he added. (Star)
Tenaga Nasional Bhd may need to increase its debt to fund its working capital if the government fails to offer an interim solution to share the burden of higher fuel costs. Moody's Investors Service, in its special commentary today, said the national utility company has estimated that it was incurring an added RM300m a month for an additional RM1.2bn in such costs in the fourth quarter of this year. "Any rise in Tenaga's debt will have a negative impact on its credit profile for financial year 2012. "Nevertheless, despite rising pressure on interest coverage, the utility firm's rating still has sufficient headroom for higher leverage before it reaches the downgrade trigger of 60-65% leverage," it said. "Although acute shortages will diminish, the overall shortfall will not disappear. Tenaga expects to receive in financial year 2012 an average allocation of natural gas of 950-1,050 million metric standard cubic feet per day (mmscfd) - an amount still below its required levels for full operations," it said. It said its rating and stable outlook for TNB assuming that the gas shortage will gradually diminish over the near term and the government would likely decide on an appropriate cost-sharing mechanism over the next six to eight months to compensate TNB's added costs. (Moody’s Investors Service, Bernama)
Malaysia has the dubious distinction of topping the price charts for leased access in key areas, according to the Asia Pacific Carriers’ Coalition (APCC). Malaysia topped the survey in Ethernet access and charges $1,900 for a 2-Mbps leased line – the most commonly deployed access bandwidth – compared with the average Hong Kong price of $212, said the survey carried out for APCC. Although telecom prices across the board are falling, prices in Malaysia rose 28% even after adjusting for inflation and exchange rate fluctuations. Telekom Malaysia officials did not respond to Telecom Asia’s requests for comments on the issue.(Telecom Asia)
EA Holdings has proposed a 1-for-2 bonus issue. EA's issued share base is currently 203.5m shares. Assuming the outstanding 77.5m warrants are all exercised, EA's proposed bonus issue would raise its issued share base to 421.5m shares. (BMSB)
Guocoland (Malaysia) Bhd wants to buy PJ City Development Sdn Bhd from GuoLine Asset Sdn Bhd for RM29.8m. PJ City owns two parcels of land in Petaling Jaya, one commercial and another industrial. (BT)
Kumpulan Jetson Bhd plans to buy Asian Corp Ltd Group (ACL) for RM11m. The company signed yesterday a share sale agreement with Datuk Teh Kian An and Dr Tong Soon Guan to buy the entire issued and paid-up share capital of ACL. (BT)
Complete Logistics Services Bhd (CLSB) is buying a 40% stake in Guper Integrated Logistics Sdn Bhd from Banjaran Unggul Sdn Bhd for RM13.6m. The proposed acquisition is in line with CLSB’s ongoing plan to expand its land-based logistic business, which is complementary to its businesses. (BT)
In a landmark decision for securities cases, the Court of Appeal yesterday upheld a six-month jail term imposed by the High Court on two former directors of MEMS Technology Bhd (MEMS), which was delisted in Nov-2010. Ooi Boon Leong and Tan Yeow Teck were charged in the Sessions Court in Kuala Lumpur in 2009 for giving misleading statement related to MEMS's reported revenue of RM73.4m in FY07. The account contained over RM30m of sales that did not take place. Ooi and Tan had on February 25 last year pleaded guilty at the Sessions Court to committing the offence and were fined RM0.3m each upon, which the public prosecutor appealed to the High Court on the grounds that the sentence was manifestly inadequate. (BT)
UDA Holdings Bhd had two weeks ago submitted a proposal to Syarikat Prasarana Negara Bhd (SPNB) to jointly develop the Dang Wangi LRT station. The land, measuring 11,008 sq m in Jalan Ampang, is strategically located and has the potential for residential, commercial or mixed development.(BT)
KFC Holdings (Malaysia) Bhd will spend close to RM70m to expand its outlets here and abroad next year. Its managing director Jamaluddin Md Ali said RM50m had been set aside for 2012 to add another 15 local outlets. Of this, 10 will be drive-through outlets. "At present, we have 531 KFC outlets in Malaysia," Jamaluddin said. He said the company is looking at expanding its presence in Singapore, Brunei and India. "For the overseas expansion, we have set aside between RM15m and RM20m," he said. India is expected to benefit the most as the company plans to add another 15 new outlets from the 15 they have."At the end of next year, we will have a total of 30 outlets in India mainly in Mumbai and Pune," Jamaluddin added. Singapore, with 80 outlets, will get two to three new outlets next year. Brunei will get three more from the current 11. He said the KFC Double Zinger burger is the last product launch for 2011. Next year, it plans to unveil four more products on a quarterly basis.
"The new products will not all be chicken as some will also be local based," Jamaluddin said. (BT)
Glomac Bhd is looking to increase its projects in hand to improve earnings, said its assistant GM marketing, Fara Eliza FD Mansor. "We are increasing our landbank size and plan to launch more medium- to high-end developments. We will go where the market is," she told BT in an interview recently. The company has close to 405ha in its pocket with a potential to develop properties worth RM3.8bn over the next seven years. Glomac is currently focusing on four projects, namely Glomac Damansara, Mutiara Damansara Residences and Glomac Utama in Petaling Jaya, Selangor, and Glomac Cyberjaya. The projects are worth close to RM2bn combined. (BT)
Toyota said first-half net profit tumbled 71.8% from a year earlier due to impact of the March earthquake and tsunami on production, and to a strong yen. It swung to an operating loss of 32.6bn yen for the six-month period. "In Japan and North America, vehicle sales decreased severely compared to the same period last fiscal year due to the large impact of the Great East Japan earthquake," executive vice president Satoshi Ozawa said. The impact of Thailand's worst flooding in decades has set back post-quake recovery efforts. (BT, AFP)
The high-speed rail system linking KL and Singapore could take shape by next year, with three groups leading the early race to win the multi-billion ringgit job. The Land Public Transport Commission (SPAD) is expected to start a feasibility study on the project early next year, which should take six to 12 months to complete, SPAD chief development officer Azmi Abdul Aziz said. The project is estimated to cost as much as RM12bn. It is believed that up-and-coming rail tycoon Tan Sri Ravindran Menon has teamed up with UEM Group to vie for the project. Others said to be in the running for the job are China Infraglobe Consortium-Global Rail, and YTL Corp. (BT)
Sabah's oil & gas industry is expected to create plenty of jobs in years ahead, said C N Dumo Consulting Worldwide CEO Aminudin Sajadi. The RM4.6bn Sabah Ammonia-Urea plant project in Sipitang, owned by Petronas Chemicals, will create at least 400 jobs for the locals once it is fully operational. Other Petronas projects that offer great prospects include the Sabah Oil & Gas Terminal, Sabah-Sarawak Gas Pipeline Project, Kimanis and Lahad Datu electricity power plants, Gumusut-Kakap deepwater project and related ongoing developments. (Star)
The petroleum storage and trading business will create a completely new service sector for Malaysia as it will allow the country to extract greater benefits from the oil & gas value chain, says Ahmad Hizzad Baharuddin, Director General of the Labuan Financial Services Authority (Labuan FSA). The country's competitive edge has catalysed the transformation of the oil & gas industry to create business opportunities for foreign investors as well as locals in terms of better career prospects and new skills. The trading business is expected to generate a gross national income of RM280m in 2020 and create more than 1,500 job opportunities by that year, he added. Labuan FSA and Malaysia Petroleum Resources Corp in late Oct launched the Global Incentives for Trading (GIFT) programme to position Malaysia as the Asia Pacific hub for the growing petroleum storage and trading business. (Bernama)
Kencana will jointly bid with SapuraCrest for international engineering, procurement, construction and commissioning contracts upon completion of their merger slated for 1Q12, said Kencana CEO Datuk Mokhzani Mahathir. "With SapuraCrest winning the contract from Petrobras, this is good for the merger. These are some of the things we are hoping to do as a bigger company. To jointly bid for contracts is the whole purpose of our merger," he added. (Star)
Tenaga Nasional Bhd may need to increase its debt to fund its working capital if the government fails to offer an interim solution to share the burden of higher fuel costs. Moody's Investors Service, in its special commentary today, said the national utility company has estimated that it was incurring an added RM300m a month for an additional RM1.2bn in such costs in the fourth quarter of this year. "Any rise in Tenaga's debt will have a negative impact on its credit profile for financial year 2012. "Nevertheless, despite rising pressure on interest coverage, the utility firm's rating still has sufficient headroom for higher leverage before it reaches the downgrade trigger of 60-65% leverage," it said. "Although acute shortages will diminish, the overall shortfall will not disappear. Tenaga expects to receive in financial year 2012 an average allocation of natural gas of 950-1,050 million metric standard cubic feet per day (mmscfd) - an amount still below its required levels for full operations," it said. It said its rating and stable outlook for TNB assuming that the gas shortage will gradually diminish over the near term and the government would likely decide on an appropriate cost-sharing mechanism over the next six to eight months to compensate TNB's added costs. (Moody’s Investors Service, Bernama)
Malaysia has the dubious distinction of topping the price charts for leased access in key areas, according to the Asia Pacific Carriers’ Coalition (APCC). Malaysia topped the survey in Ethernet access and charges $1,900 for a 2-Mbps leased line – the most commonly deployed access bandwidth – compared with the average Hong Kong price of $212, said the survey carried out for APCC. Although telecom prices across the board are falling, prices in Malaysia rose 28% even after adjusting for inflation and exchange rate fluctuations. Telekom Malaysia officials did not respond to Telecom Asia’s requests for comments on the issue.(Telecom Asia)
EA Holdings has proposed a 1-for-2 bonus issue. EA's issued share base is currently 203.5m shares. Assuming the outstanding 77.5m warrants are all exercised, EA's proposed bonus issue would raise its issued share base to 421.5m shares. (BMSB)
Guocoland (Malaysia) Bhd wants to buy PJ City Development Sdn Bhd from GuoLine Asset Sdn Bhd for RM29.8m. PJ City owns two parcels of land in Petaling Jaya, one commercial and another industrial. (BT)
Kumpulan Jetson Bhd plans to buy Asian Corp Ltd Group (ACL) for RM11m. The company signed yesterday a share sale agreement with Datuk Teh Kian An and Dr Tong Soon Guan to buy the entire issued and paid-up share capital of ACL. (BT)
Complete Logistics Services Bhd (CLSB) is buying a 40% stake in Guper Integrated Logistics Sdn Bhd from Banjaran Unggul Sdn Bhd for RM13.6m. The proposed acquisition is in line with CLSB’s ongoing plan to expand its land-based logistic business, which is complementary to its businesses. (BT)
In a landmark decision for securities cases, the Court of Appeal yesterday upheld a six-month jail term imposed by the High Court on two former directors of MEMS Technology Bhd (MEMS), which was delisted in Nov-2010. Ooi Boon Leong and Tan Yeow Teck were charged in the Sessions Court in Kuala Lumpur in 2009 for giving misleading statement related to MEMS's reported revenue of RM73.4m in FY07. The account contained over RM30m of sales that did not take place. Ooi and Tan had on February 25 last year pleaded guilty at the Sessions Court to committing the offence and were fined RM0.3m each upon, which the public prosecutor appealed to the High Court on the grounds that the sentence was manifestly inadequate. (BT)
UDA Holdings Bhd had two weeks ago submitted a proposal to Syarikat Prasarana Negara Bhd (SPNB) to jointly develop the Dang Wangi LRT station. The land, measuring 11,008 sq m in Jalan Ampang, is strategically located and has the potential for residential, commercial or mixed development.(BT)
KFC Holdings (Malaysia) Bhd will spend close to RM70m to expand its outlets here and abroad next year. Its managing director Jamaluddin Md Ali said RM50m had been set aside for 2012 to add another 15 local outlets. Of this, 10 will be drive-through outlets. "At present, we have 531 KFC outlets in Malaysia," Jamaluddin said. He said the company is looking at expanding its presence in Singapore, Brunei and India. "For the overseas expansion, we have set aside between RM15m and RM20m," he said. India is expected to benefit the most as the company plans to add another 15 new outlets from the 15 they have."At the end of next year, we will have a total of 30 outlets in India mainly in Mumbai and Pune," Jamaluddin added. Singapore, with 80 outlets, will get two to three new outlets next year. Brunei will get three more from the current 11. He said the KFC Double Zinger burger is the last product launch for 2011. Next year, it plans to unveil four more products on a quarterly basis."The new products will not all be chicken as some will also be local based," Jamaluddin said. (BT)
Glomac Bhd is looking to increase its projects in hand to improve earnings, said its assistant GM marketing, Fara Eliza FD Mansor. "We are increasing our landbank size and plan to launch more medium- to high-end developments. We will go where the market is," she told BT in an interview recently. The company has close to 405ha in its pocket with a potential to develop properties worth RM3.8bn over the next seven years. Glomac is currently focusing on four projects, namely Glomac Damansara, Mutiara Damansara Residences and Glomac Utama in Petaling Jaya, Selangor, and Glomac Cyberjaya. The projects are worth close to RM2bn combined. (BT)
Toyota said first-half net profit tumbled 71.8% from a year earlier due to impact of the March earthquake and tsunami on production, and to a strong yen. It swung to an operating loss of 32.6bn yen for the six-month period. "In Japan and North America, vehicle sales decreased severely compared to the same period last fiscal year due to the large impact of the Great East Japan earthquake," executive vice president Satoshi Ozawa said. The impact of Thailand's worst flooding in decades has set back post-quake recovery efforts. (BT, AFP)
OM Holdings gets go ahead for Sarawak smelting project
Australian manganese producer OM Holdgins Ltd’s board has given the nod to proceed with the development of its USD501m ferroalloy smelting project in Sarawak, following the completion of a definitive feasibility study. The project is a joint venture between OM Holdings and Cahya Mata Sarawak and would produce 310k tonnes per year of ferrosilicon alloys and a further 290k tonnes per year of manganese ferroalloys. (Malaysian Reserve)
SP Setia launches exclusive residential project in Australia
Minister of Housing and Local government Datuk Chor Chee Heung officially launched SP Setia’s Fulton Lane residential project in Melbourne on Monday. The site was bought last year and SP Setia moved quickly to establish Fulton Lane as a premium address in the central business district; it comprises two towers made up of 700 apartments and is expected to complete in 2013. (Malaysian Reserve)
Sunrise unveils RM1.3bn project in city centre
Sunrise, a wholly-owned unit of UEM Land Holdings, has unveiled plans for its new landmark project, Angkasa Raya, which has an estimated gross development value of RM1.3bn and is poised to be the group’s new flagship development. Situated at the intersection of Jln Ampang and Jln P Ramlee, directly across the Petronas Twin Towers, the building will be on the 1.59-acre site of the former Wisma Angkasa Raya, which was demolished in August. (Financial Daily)
Telecommunications: MCMC chief tells telcos to buck up. The new chairman of the Malaysian Communications & Multimedia Commission (MCMC) wants the quality of service in the country raised and coverage for both cellular and broadband improved. (Source: The Star)
Aviation: A new super-premium airline in the works. AirAsia chief Tan Sri Tony Fernandes is set to expand his empire further as he moves to start a new super-premium full-service carrier (FSC) that will compete head-on with Qantas' upcoming Asia-based super-premium FSC called RedQ. Likely to be called Caterham Jet, sources said the new regional airline has yet to be granted an operating licence by the government, but has secured several Bombardier CRJs which have been sent for retrofitting. (Source: The Sun)
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