KUALA LUMPUR/SINGAPORE, Dec 13 (Reuters) - Malaysia's Federal Land Development Authority (FELDA), the state-run plantation operator, is discussing a strategic alliance with five global trading houses, including Archer Daniels Midlands Co , Bunge Ltd and Cargill Ltd [CARG.UL], two sources with direct knowledge of the deal told Reuters on Tuesday.
The strategic tie-up, likely by February, is expected to shore up investor interest ahead of FELDA's $2 billion listing of its agri- business arm FELDA Global in mid-2012, turn the unit into a commodity trading powerhouse, sources said.
TNB ready to buy gas at market price, says Che Khalib
TNB is ready to purchase gas for power generation at open market prices upon completion of the liquefied natural gas regassification terminal in Malacca by 2012. President/CEO Datuk Seri Che Khalib Mohamad Noh said the company had been talking to several gas suppliers including Exxon Mobil Corp and Royal Dutch Shell for a secured supply. (Malaysian Reserve)
Mah Sing says JV to develop KL land still valid
Mah Sing Group said its JV agreement with Asie SB and Usaha Nusantara SB for the proposed development of a 4.08-acre land along Jln Tun Razak in KL had not lapsed and it has returned the RM6.4m deposit back to the two companies as a result. The two companies took the position that Mah Sing’s wholly-owned unit, Grand Pavilion Development SB, had failed to meet conditions precedent in the JV agreement and assumed the agreement had lapsed. (Malaysian Reserve)
SP Setia’s proposed land buy hits a snag
SP Setia’s proposed acquisition of 1,010.5 acres in Ulu Langat, Selangor for RM330.1m hit a snag when the vendor did not agree to an extension of time for the fulfillment of conditions precedent to the transactions that included the approval of the Estate Land Board for the sale and transfer of the land in order to complete the deal. (Financial Daily)
SP Setia president and CEO Tan Sri Liew kee Sin has been awarded the Malaysian Ernst & Young Entrepreneur of the Year 2011. Liew would represent Malaysia to compete for the coveted Ernst & Young World Entrepreneur of the Year award at the annual award in Monte Carlo, Monaco next year. According to the panel of judges, Liew stands out for his innovative thinking - embodying the true spirit of entrepreneurial excellence and commitment to continue making a difference in people's lives. (Starbiz)
IAG to buy into Kurnia unit
General insurance company Kurnia Asia will likely announce its decision to sell an equity stake it its wholly-owned subsidiary Kurnia Insurans (M) to Insurance Australia Group (IAG) this week. StarBiz quoted sources as saying that Kurnia was finalizing a deal to dispose of an equity stake in its general insurance business to the largest insurer in Australia and NZ. (StarBiz)
JCorp to take QSR private?
Johor Corp (JCorp) plans to take QSR Brands private, people familiar with the matter said yesterday. The deal may also involve KFC Holdings (M), the source said. At least two independent sources told BT that a deal was in the offing. JCorp owns 53% of Kulim, which in turn owns some 57.5% of QSR. QSR, in turn, owns 50.6% of KFC, the country’s top fast food operator. Top executives of Kulim and QSR, however, said they had no knowledge on the matter. (BT)
Proton: Potential suitors have approached Khazanah
Proton Holdings confirmed yesterday that potential suitors have approached its major stakeholder, Khazanah, to buy the state-owned investment fund’s interest in the carmaker. Proton told Bursa Malaysia that Khazanah had informed that it had received some enquiries, proposals and expression of interest in Proton. Khazanah will make necessary disclosure at an appropriate time. (BT)
Proton Holdings said Khazanah Nasional will make the necessary disclosure at the appropriate time pertaining to the sale of its stake in Proton to DRB-Hicom. Proton said it was informed this by Khazanah after making due enquiry with its major shareholder following news reports that Khazanah was selling its 42.7% stake in Proton to DRB-Hicom. (Bernama, BT)
Proton Holdings advisor Tun Dr Mahathir Mohamad said he would like to see the company with the biggest amount of money to buy the stake that Khazanah plans to sell. Dr Mahathir said he is not okay with an MGO because the cost will be very high and that would make turning it around very difficult. “I don‟t want Proton to be hurt, I don‟t care if others are hurt, but not Proton,” he added. (Bernama)
Thai, Indonesian IPOs on schedule
AirAsia Group has clarified that the proposed IPOs of its Indonesian and Thailand affiliates are on schedule and have not been delayed. AirAsia said in a statement yesterday that its public relations team had been misquoted in recent interview. Group CEO Tan Sri Tony Fernandes said both IPOs were on schedule with regard to the due diligence process and obtaining regulatory approval. (BT)
Sarawak Energy Bhd (SEB) plans to borrow an additional RM1.5bn in January 2012 in the form of sukuk under its RM15bn Sukuk Musyarakah Programme. This is in addition to its issuance of RM3bn sukuk in June this year which was oversubscribed by three times. The RM1.5bn would be used by SEB to fund the progress payments of some of its power plants and transmission lines as well as other capital expenditure requirements. (Star Biz)
Perodua is offering assistance to all Perodua vehicle owners who were affected by the floods in Selangor, Terengganu and Kelantan recently. This includes towing services, discounts on selected parts and free inspections to determine the amount of damage done to the vehicle. Perodua Managing Director Datuk Aminar Rashid Salleh said the company offers free towing service up to a maximum of RM100 to the nearest Perodua service outlet. In addition, Perodua offers 20% off selected parts to Perodua owners whose vehicles are damaged by the floods. (Bernama, BT)
DRB-Hicom intends to launch a world-class luxury holiday concept property development project on Pulau Rebak in Langkawi for domestic and foreign markets. One of the strategies for Pulau Rebak is developing „boutique‟ luxury holiday residences which would be sold to specific buyers from within and outside the country. (Bernama)
RAM Ratings had reaffirmed its AAA rating on KLIA‟s RM4.06bn Bai‟ Bithaman Ajil Notes Issuance Facility (2003/2015) with a stable outlook. This reaffirmation was based upon the unconditional and irrevocable guarantee by the government to repay all amounts due under the KLIA Notes Facility. As at end-June 2011, the outstanding amount owed was RM2.06bn. (Star Biz)
Supermax has received the green light from Bursa Malaysia for the listing of and quotation for 340.0m shares under its bonus issue proposal. The proposed bonus issue was on the 1-for2 basis. (Star Biz)
Kretam Holdings has proposed to dispose of its subsidiary Innosabah Securities to UOB-Kay Hian for RM56.68m. The proposed disposal will enable Kretam Group to focus on its core business operations, namely oil palm plantations. The proposed disposal is expected to be completed by mid-2012. (Bernama)
Scomi Engineering has signed a non-binding MoU with Montagense Projetos Especiais SA (MPE) and Brasell Gestao Empresarial, LTDA, to set up a joint-venture company in Brazil. The proposed activities include monorail manufacturing and participating in other rail-related projects. The government is expected to call at least another 20 tenders in the next 24 months for urban transport projects, of which 35% are projected to be monorail systems. (Bernama)
SAAG Consolidated fixed the price of its final tranche of placement shares at 10 sen a share, a 46.41% premium to its current five-day average share price of 6.8 sen a share. The company will place out 2.48m shares in the exercise. (Malaysian Reserve)
Axiata: Ties up with Aussie firm to bid for RM2b DTTB project. Axiata Bhd has signed a teaming agreement with Broadcast Australia to bid for the RM2b digital terrestrial television broadcasting (DTTB) project. The agreement sees Celcom and Broadcast Australia forming a partnership that will bid for the design, construction and long-term operation of the digital television infrastructure project. The consortium is expected to invest some RM500m in the DTTB project which will be borne by both parties. (Source: The Star)
I-Bhd: To set up JV with Everbright International China. I-Bhd entered into a strategic alliance with China-based Everbright International China yesterday to co-develop 12.14ha in 1-City, Shah Alam, via a JV. Everbright will have a 70% share-holding in the venture and I-Bhd holds the remaining 30%. The first phase is a commercial hub with a GDV of RM1.5b comprising of one million sq ft shopping mall and two million sq ft of mixed residential, MSC offices and educational institutions. (Source: The Edge Financial Daily)
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