20111114 1127 Malaysia Corporate Related News.

Padiberas: To increase equity to 49% in Ban Heng. Padiberas has signed a master agreement with Jelapang Jati Sdn Bhd and Ban Heng Bee Holdings Sdn Bhd for the proposed increase of the former equity stake from 20% to 49% in Ban Heng Bee for RM110.7m. (Source: Malaysian Reserve)

Dijaya, Ivory: Team up in Penang. Property developer Dijaya Corp Bhd has teamed up with Penang-based Ivory Properties Group Bhd to develop residential and commercial properties with an estimated gross development value (GDV) of RM10b in Bayan Mutiara, Penang under the latest JV called Tropicana Ivory Sdn Bhd, with Ivory takes a 51% stake and Dijaya the remaining 49%.(Source: The Sun)

Property: RM600m condo deal in Iskandar Malaysia. Medini Land Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Bhd (IIB), is teaming up with Darul Tinggi Sdn Bhd to develop a high-rise condominium project in Iskandar Malaysia with a gross development value of RM600m under a JV company, Distinctive Resources Sdn Bhd, which will be 80% owned by Darul Tinggi and 20% by Medini Land. (Source: Business Times)

Media: New digital cable TV operator Nilamas to unveil all tomorrow. Nilamas Corp Bhd is set to showcase a team that will take on giant Astro All Asia Networks Plc in the battle for eyeballs in the local pay-TV market. Nilamas has secured all the requisite licenses from the Government to offer digital cable TV service. The licenses are valid for five years. The set-up cost for the cable network offering is expected to be RM2b over five years and Nilamas may be looking at a 40:60 equity-debt combination to finance its venture. (Source: The Star)


Kimlun gets RM68m contract in Iskandar Malaysia
Kimlun Corp Bhd has secured a contract worth RM68m to build a service apartment in Iskandar Malaysia in Johor. In a filing Friday, 11 Nov, the company said its wholly-owned subsidiary, Kimlun SB, had accepted the letter of award for the contract from Grand Action Sdn Bhd. Kimlun said the construction work was expected to be completed by January 2014. (Financial Daily)

Petronas, Shell in production-sharing oil recovery deal
Petroliam Nasional (Petronas) and Shell Malaysia have signed a heads of agreement for two 30-year production-sharing contracts (PSCs) for enhanced oil recovery (EOR) projects offshore Sarawak and Sabah. The agreement would see staged work activities and new investments by Shell and its JV partner, Petronas Carigali SB, to extend the life and increase the recovery factor of the Baram Delta (BDO) and North Sabah fields, Shell Malaysia said. (StarBizWeek)

KPJ to buy four plots of land for RM24m and lease hospital in Seberang Perai
KPJ Healthcare is to acquire four plots of land in Klang for RM23.8m to build a specialist hospital. In its announcement, KPJ said that it expected the development costs for the total area of 1.84 ha to be within the range of RM110m-RM120m while the hospital construction is estimated at RM80m. The funds for all developments will be internally generated. KPJ added that the hospital is expected to be completed in two years after the acquisition goes through by its wholly-owned subsidiary Kumpulan Perubatan (Johor) SB. (StarBizWeek)

On another note, KPJ Healthcare is believed to be leasing a medical care facility which to be built on four acres in Seberang Perai Tengah, Pulau Pinang under an initial 10-year agreement with and Aseania Development SB. In a filing on Friday, 11 Nov, KPJ said that its wholly-owned subsidiary, Penang Specialist Hospital SB (PgSHSB) together with Lembaga Kemajuan Wilayah Pulau Pinang (PERDA) and Aseania, had entered into a design, build, and lease (DBL) agreement to construct the medical care facility. (Financial Daily)

Pavillion REIT starts sale of IPO to raise RM700m
Pavillion REIT, part-owned by the Qatar Investment Authority, expects to raise RM700m in its Malaysian IPO, according to a note to investors. The property trust, which owns the Pavilion Shopping Mall and an adjacent office tower here, has started marketing units to fund managers at 88 sen to 90 sen each according to the note. AIA Bhd, Great Eastern Life Assurance, and the Employee Provident Funds were the key investors in Pavilion REIT, which had forecasted a distribution yield of as much as 6.73% based on the company’s earnings estimates, it said. (StarBizWeek)

UDA-JCorp to undertake RM280m projects
UDA Holdings has teamed up with Johor Corp (JCorp) subsidiaries to undertake projects with a gross development value of RM280m. UDA chairman, Datuk Nur Jazlan Mohamed, said they would jointly develop 5.2ha of land in Tampoi with Damansara Asset SB and Johor Land. “Within the next three years, Yampoi will see growth following the collaboration,” he said at the agreement signing ceremony on Saturday. (Malaysian Reserve)