Toll rates on several expressways will increase by smaller amounts from 2016, once the proposed takeover of PLUS Expressways by UEM Group and the EPF materializes. At the same time, the concession period for several expressways will be extended. This is in broad strokes the conclusion of the negotiations between the Government and UEM and the EPF. The hike in the toll rate for the North South Expressway (NSE), NSE Sentral Link (ELITE), Linkedua and BKE will be reduced and fixed at 5%. (Financial Daily)
The UEM Group and the EPF, which are taking over Plus Expressways, have agreed on the balanced revised terms of supplementary toll concession agreements on five expressways operated by PLUS and Penang Bridge Sdn Bhd. The toll freeze will continue until 2015 and there would be no compensation, which would otherwise cost the government RM3.6bn. They have also agreed to waive PLUS’ current outstanding compensation balance totalling RM2.9bn. There will be no toll hike on four expressways until 2015. The four expressways are – North South Expressway (NSE), NSE Central Link, Malaysia-Singapore Second Crossing (Linkedua), and the Butterworth-Kulim Expressway (BKE). They said there would also be cuts in toll rate increase. Starting 2016, toll rate increase on the four expressways will be fixed at 5% every three years, while the toll rate for Penang Bridge will remain as per current charges until the end of the concession period. (Edge)
Axiata CEO Jamaluddin Ibrahim said the company does not plan to sell its stake in Idea, considering itself a long-term investor. “We believe in the long run,” he said. “In fact we have raised our stake slightly,” he said, referring to a 0.9% stake buy in August that took Axiata’s total holding to about 20%. India’s government is in the process of overhauling decade-old telecoms rules and there is little clarity yet on several contentious issues, leading to uncertainty among market players. “There are concerns,” Jamaluddin said. “But we are positive on Idea. We are positive on India.” (Reuters)
Proton Holdings Bhd said the company was still producing Satria Neo as a replacement model for the first generation Satria. Group MD Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said Proton was shifting the manufacturing of the model to its main plant in Shah Alam from Tanjung Malim. "There is no truth in the report that we are ceasing production at the Tanjung Malim plant and shifting to Shah Alam. People may misinterpret that we are stopping production in Tanjung Malim to "kill the brands produced there"," he said. Syed Zainal was responding to a news report that Satria Neo was nearing the end of its production cycle. Speaking at a press conference, he said Proton was rearranging its facilities at the state-of-the-art Tanjung Malim plant in order to bring in its new model. Meanwhile, Syed Zainal said Proton has decided to discontinue the sale of its supermini hatchback Savvy, introduced in June 2005, as a successor to the Tiara model, and was also phasing out the Gen.2 model from the domestic market. "We are shifting the production of Gen.2 and as you know, we are talking to our partners in China and Iran to assemble the model there. We are still in negotiations," he said. (Bernama)
Management buyout of Proton possible
Proton Holdings Bhd’s MD Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir has suggested that he and other senior company executives will be keen to buy over the national carmaker if offered. “If we are offered (to bid for Proton), it is worth considering,” Syed Zainal told Business Times via a telephone interview. Speculation is rife that Syed Zainal and Proton chairman Datuk Mohd Nadzmi Mohd Salleh have jointly bid for the company. Syed Zainal, however, dismissed it as “mere speculation” and said that no management buyout (MBO) plan had been submitted to the government. (BT)
Maxis, Measat in broadband tie-up
Telecommunications firm Maxis has entered into an agreement with Measat Broadband International to provide affordable, high-speed satellite broadband connectivity to customers nationwide. In a statement yesterday, Maxis said it had signed an anchor partner of the Measat 5 satellite, formerly known as the IPStar Malaysia. (Financial Daily)
MUI appoints Star’s Ngiam to board
Star Publications Bhd’s former group MD Datin Linda Ngiam has been appointed an independent director of MUI Properties Bhd. Ngiam, 56, is still a non-executive director of Star, where she was group MD and CEO from 1 July 2008 until her retirement on 30 June. (Financial Daily)
Ramunia explains ONGC decision
Ramunia Holdings and its JV partner declined to re-tender for a USD190m (RM602m) contract with India’s Oil and Natural Gas Corp (ONGC) due to the long delay in the issuance of the notice of award. The contract was for the construction of up to 10 wellhead platforms. Ramunia clarified to Bursa yesterday that the Ramunia SEW consortium decided not to participate as ONGC had delayed the notice of award from 2 Sept 2011 to 11 Nov 2011, despite the fact that the consortium was the lowest compliant bidder as declared on 30 Aug, beating 5 other international consortia and 1 disqualified bidder. (Financial Daily)
The government wants to make it a crime for licensed housing developers to abandon their projects. A new clause in the Housing Development (Control and Licensing) (Amendment) Act will enable buyers to initiate criminal proceedings against developers who abandon housing projects. Under the amendment, any licensed developer who abandons or causes a housing development to be abandoned can be fined between RM250,000 and RM500,000 or jailed up to three years, or both. It also provides for the developer to refund all money received from a purchaser should the purchaser terminate the S&P agreement within 30 days. (Sun)
The names of developers shortlisted to undertake the development of the 20 acres of prime land in Bangsar are expected to be revealed next month. Permodalan Hartanah Bumiputera, which owns the land, is believed to be still in the process of shortlisting the candidates based on their project submissions. The criteria will be based on potential yields, project concept and design and traffic dispersal system, among others. It is understood that 30% to 40% of the development ratio will comprise residential units, and the rest would be office blocks, a hotel, shopping mall, and shop lots. The plot ratio will be between 6-8x and generate a GDV of RM4bn-5bn. (Starbiz)
The sale of plantation land in Malaysia is on the rise, with greenfield reaching about RM30,000 to RM55,000 per hectare while brownfield is estimated at RM70,000 to RM90,000 per hectare depending on the age profile at the acquisition period for young, prime and old oil palm trees, said Tradewinds Plantation Bhd general manager (advisory services) Ramesh Veloo. He said there was strong interest in the expansion of oil palm plantations in Malaysia and other countries, given the current good prices for crude palm oil (CPO) and agricultural products. The economic climate and financial health of plantation companies, too, had contributed to the pursuit of more suitable land for oil palm expansion. The capital expenditure and replanting costs for greenfield were about RM12,500 and RM13,500 per planted hectare respectively, he said on the second day of the International Palm Oil Conference 2011 (PIPOC 2011) organised by the Malaysian Palm Oil Board (MPOB). (Starbiz)
AirAsia Indonesia aims to transport about 4m passengers from and to its Jakarta hub alone in 2012, 33% more than this year’s estimated 3m. The airline said the integration of its operations at Terminal 3, Soekarno Hatta International Airport, will enable guests to seamlessly transfer between domestic and international flights and vice versa. The terminal, which formerly housed only Indonesian domestic flights, will officially be open for international flights from today. (Bernama)
Berjaya Air, a niche player that offers commercial flights to island destinations, will reinstate its flights to Pangkor Island today and add Langkawi as its new destination tomorrow. The airline, owned by Berjaya Land stopped plying the Subang-Pangkor-Subang route May last year for unknown reasons. For Pangkor and Langkawi, it is offering return air fares less tax of RM200 and RM260 respectively and will fly three and four times weekly. In june this year it entered into a joint venture with Indonesia’s PT Lion Air-Mentari, to transform itself into a low cost carrier operating B737-900Ers and ATR 72-500s. Reports from Indonesia claimed that the deal had been called off. (Star Biz)
More than 400 potential retailers are bidding for the 225 commercial lots at the KLIA2 terminal which is expected to be completed by October 2012. In presenting the KLIa2 brand value, senior general manager, Faizah Khairuddin said MAHB has projected more than RM1.2bn in sales in the first year alone. We will carry out tenders in two batches with the first starting in the first week of December and the second to beheld from Feb 15, 2012. The 225 lots will be divided into 50% for retail, 40% for food and beverage and 10% for service. The offerings will be in the form of bars and island cafes, duplex storefronts and duty-free walkthrough, a movie and sports lounge and a children’s zone. (Star Biz)
Encorp Bhd executive chairman Datuk Seri Effendi Norwawi has diversified into the food business via Flavor Innovation Sdn Bhd. The company yesterday launched ready-to-serve meal products called myChef to help those who do not have time to cook. Flavor Innovation CEO Mohd Fairuz Abdullah sees a growing need for high quality ready-to-serve food in Malaysia. "Our studies revealed there are 2m households that fit our demography. So, I think that number is quite large in Malaysia," he said. He is confident that there is a huge potential for myChef to grow, although the current market size is small. myChef offers 14 different cuisines, inspired by traditional Malay, Nyonya, Western and Asian recipes. Claiming to be the first company in the world to introduce halal low-calorie meals, Flavor Innovation said it will focus on selling myChef products in the Klang Valley for the first six months. Mohd Fairuz said the products will be available outside the Klang Valley such as in Johor Baru and Penang by next year. The products will be exported to Singapore and Brunei by the second quarter of next year, and West Europe by 2013. myChef products, he said, will cater to medium and upper households, specifically working mothers. The company targets to sell around 2.5m packs of myChef products next year, raking sales of around RM15m. Flavor Innovation will offer most of its products at below RM10. (BT)
Tricubes, which manages the 1Malaysia email, announced yesterday it had secured a contract from Polis Diraja Malaysia (PDRM) to handle the payment of and enquiries about traffic summonses, leading to a surge in its stock price. (Financial Daily)
Bumi Armada Bhd, a Malaysian offshore oilfield services provider, was added to the MSCI Malaysia Index, MSCI Inc said in a statement. The changes will be made at the close of Nov. 30. (Bloomberg)
Xingquan International Sports Holdings Ltd (Xingquan) has received total orders of RM333m for its GERTOP brand of shoes, apparels and accessories at its Spring/Summer 2012 Sales Fair held in Quanzhou, China. In a statement, Xingquan said the increase in sales order represented a 10.7% year-on-year growth. Its chairman and chief executive officer Wu Qingquan said the response from its customers at the sales fair reinforced their confidence in its GERTOP brand as a well demanded outdoor casual wear brand. (Financial Daily)
The Malaysia Building Society (MBSB) has signed a RM1bn Recourse Securitisation of Personal Financing Receivables and Conventional Mortgage Assets agreement with Cagamas. With this securitisation exercise, the company is able to strengthen its funding programme, matching the tenure of its assets to liabilities. (Star Biz)
No comments:
Post a Comment