Muhibbah Australian JV secures RM1.05bn contract
Muhibbah Engineering (M) Bhd has announced that its 50:50 JV with Australian’s Monadelphous Group Ltd has won a AUD330m (RM1.06bn) contract for the construction of an approach jetty and ship berth in Queensland, Australia. The facilities will be constructed for a project by Wiggins Island Coal Export Terminal Pty Ltd (Wicet), which is privately owned and funded by a group of Queensland coal exporters. “This marks another new era for Muhibbah group’s expansion of marine-related business into advanced countries such as Australia,” said in an announcement to Bursa. (Financial Daily)
MAS to suspend four more Sabah regional network routes
Malaysia Airlines (MAS) will suspend four more routes involving its Sabah regional network early next year. This is an addition to the rationalization exercise involving eight routes of its international network announced last week. The suspension covers the twice-weekly Kota Kinabalu-Osaka service from 6 Jan, thrice-weekly Kota Kinabalu-Perth from 31 Jan, 4 times weekly Kota Kinabalu-Haneda from 1 Feb and 4 times weekly Kota Kinabalu-Seoul. “This suspension is until further notice and is part of our regional network consolidation involving single-aisle aircraft operations,” said its CEO, Ahmad Jauhari Yahya. (Financial Daily)
Kulim gets shareholder nod for RM700m land buy
Kulim (Malaysia) Bhd shareholders yesterday gave the go-ahead for the company to buy six parcels of oil palm plantation land in Johor for RM700m cash from Johor Corp (JCorp). While the shareholders’ approval indicate their optimism of the purchase and of Kulim’s outlook, for JCorp, the RM700m it will get from the sale means it will have cash to meet its obligations on a bond maturing end of July next year. The sale is a major component of the JCorp group’s rationalisation exercise. The RM700m cash accruing from the estates’ disposal is the first out of the expected RM1bn cash to be generated before 31 July 2012. The balance of RM300m will come from internally generated funds. JCorp president and CEO Kamaruzzaman Abu Kassim said in a statement yesterday that the group is finalizing a plan for repayment of its remaining debts. (BT)
MRCB clinches RM14m EPF contract via tender
Property developer Malaysian Resources Corp Bhd (MRCB) has clinched a RM13.93m contract to renovate and upgrade the EPF building in Sabah. MRCB announced that its wholly-owned subsidiary MRCB Engineering SB (MESB), which tendered for the project in July last year, was awarded the contract to design, build and upgrading works of EPF’s 400,000 sq ft building in KK. (Malaysian Reserve)
Proton sale will involve a general offer
The sale of Proton Holdings would be subjected to a GO as Khazanah Nasional is looking at selling its entire 42.7% equity stake in the national carmaker. Khazanah MD Tan Sri Azman Mokhtar said in written replies to The Edge weekly that it has been receiving offers for various forms of collaboration, including acquiring its controlling stake in Proton but have not arrived at any decision to sell to any particular offeror. He said Khazanah would have to take into account how the divestment would help upgrade Proton. “For minority shareholders, we can confirm that Khazanah views any sale to be done on the full 42.7% of its stake and that would mean that it would therefore, under the takeover code, be subjected to a GO,” he said. (Financial Daily)
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