Back into the black in 2013 for MAS?
Malaysian Airline System (MAS) aims to fly back into the black by 2013 through an aggressive capacity cutting exercise. It could be the largest in the airline’s history. Group CEO Ahmad Jauhari Yahya said MAS has taken a leaf out of the book of airlines like Japan Airlines and Garuda, which suggests that aggressive network cuts work in turning around a bleeding airline. (Financial Daily).
Sanichi secures coal supply deal
ACE Market-listed Sanichi Technology has secured a coal supply commitment and collaboration agreement from Kalimantan-based CV Permata Al Zahra for the supply of 3m tonnes of coal per annum for a two-year term from Tuesday. On a separate announcement, Sanichi said it had agreed with FIRC Trade (M) SB to enter into a collaboration framework agreement for the purpose of forming an alliance to venture into the business of minerals mining and supply. (Financial Daily)
Pavilion REIT seeks opportunities for local expansion
Pavilion Real Estate Investment Trust (Pavilion REIT), Malaysia’s largest retail REIT, is seeking opportunity to expand its assets in Penang, Johor, and the Klang Valley. Pavilion REIT’s manager, Pavilion REIT Management SB, chief executive officer Philip Ho said:”As a retail REIT, our duty is to acquire malls to build up the portfolio,” “We will evaluate any financially viable investment opportunity that comes around,” he told a media conference after the official listing of Pavilion REIT on the Main Market of Bursa Malaysia in Kuala Lumpur yesterday. (Malaysian Reserve)
Astral Asia’s SLLKPP acquires more land for KuHTP development
Astral Asia’s 65%-owned subsidiary, Syarikat Ladang LKPP (SLLKPP), has entered into a sale and purchase agreement with Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang for the proposed acquisition of leased land in Pahang for RM1.8m. In an exchange filing yesterday, the company said the land is adjacent to the proposed Kuantan Hi-Tech Park development (KuHTP) which measures approximately 2,433 acres. (Malaysian Reserve)
Toyo Ink to start R&D on Vietnam power plant
Toyo Ink has been given the green light to start research and development on the proposed USD2.5bn Song Hau 2 Thermo power plant project in Vietnam. The company told Bursa Malaysia yesterday that it had received notification for this on Tuesday from the Vietnamese government. The proposed plant will have a capacity of 2x1000 MW and will be located at Song Hau Power Centre, Hau Giang Povince. (StarBiz)
Bank Islam eyes M&As in Indonesia and Bangladesh
Bank Islam Malaysia is eyeing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure for syariah-based financing and banking operations. Managing director Datuk Seri Zukri Samad said as mergers and acquisitions (M&As) were on Bank Islam’s agenda for growth, the bank was on the lookout for suitable candidates but had not initiated any discussions. (StarBiz)
Boustead unit forms JV with Eurocopter
Boustead Heavy Industries’ (BHIC) wholly-owned subsidiary, BHIC Defence Technologies SB, and Eurocopter Malaysia SB intend to set up a joint-venture (JC) to undertake helicopter pilot training services to military and civil markets in the Asian region, according to a filing to Bursa Malaysia yesterday. (Malaysian Reserve)
DRB Hicom: DRB Hicom, Volkswagen likely to have a share control in Proton. DRB Hicom Bhd's bid for control over Proton Holdings is likely to include the presence of Volkswagen AG at a later stage according to a reliable source. DRB Hicom's plan is to first secure a controlling block in Proton and subsequently divest some of its equity to Volkswagen resulting in both parties sharing control. (Source: The Star)
Bumi Armada: To get USD300m loans. Offshore oilfield services provider Bumi Armada Bhd will sign agreements for financing facilities exceeding USD300m (RM936.69m) today. The agreement is with several financial institutions, which are not named in the note. (Source: The Star)
Media: The Malay Mail to hit the streets in the morning. The Malay Mail will hit the streets as a mainstream morning national newspaper starting January. It promises a good read, including investigative reporting on issues of concern to readers, led by its editor (news) Terence Fernandez. (Source: Malaysian Reserve)
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