FGVH on track to list by April
The plan to list Felda Global Ventures Holdings SB (FGVH) on Bursa Malaysia’s Main Market by April next year is on track, said its president and chief executive Datuk Sabri Ahmad in a statement yesterday, amid mounting opposition from various groups claiming to represent the settlers’ interests. According to Sabri, FGVH is firm in its mission to get the listing done within the time frame. His comment came in the wake of an external group, Gabungan Peneroka Generasi Wawasan Felda Kebangsaan (GEMPAK), being formed to question the listing. (Financial Daily)
Northport concessionaire has no knowledge of takeover
Northport (Malaysia) has no knowledge of any takeover proposal by tycoon Tan Sri Syed Mokhtar Albukhary, a port top executive said, dismissing rumours of the reclusive tycoon mulling further consolidation of his port assets. “I don’t know. The only information I get from the government is a letter, which says the application for extension (of lease for Northport and SouthPoint) has been approved”, NCB Holdings chairman Tun Ahmad Sarji Abdul Hamid said. (Financial Daily)
Bumi Armada acquires vessel for RM68m
Bumi Armada announced yesterday that its wholly-owned subsidiary Bumi Armada Offshore Holdings SB has exercised an option to purchase a vessel named Rainbow River for a cash consideration of RM68m. Bumi Armada is in line with its fleet expansion plan and will be completed upon delivery of the vessel, expected in 1Q12. The purchase of vessel is pursuant to MOA with Galaxy Naviera Maritime SA, Panama, dated 28 Sept and will be funded by internally generated funds. (Financial Daily)
Metrod nets RM74.5m from Austrian ops sales
Copper products manufacturer Metrod Holdings expects to make a one-time profit of about RM74.5m from the disposal of its Austrian units for GBP49m (RM202.5m) cash, a deal that will give it ammunition to acquire new assets or business. Metrod said it was disposing off 100% of ASTA Holdings GmbH and 1% stake in ASTA Elektrodraht GmbH to GEP II Beteiligungs GmbH, a unit of Austrian private equity firm Global Equity Partners Beteiligungs-Management GmbH. ASTA owns the remaining 99% of ASTA Elektrodraht. (Financial Daily)
JCorp mulls hotel sales
Johor Corp (JCorp) is considering selling some of its hotel assets and reinvesting the money to drive earnings from its hospitality business. JCorp Hotels & Resorts SB, the hospitality arm of the Johor state’s investment company, had received several offers and is eyeing properties in KL, a senior executive said. JCorp Hotels owns and manages fiver properties in Johor, namely The Puteri Pacific Johor Bahru, Persada Johor International Convention Centre, Sibu Island Resort, Selesa Johor Bahru and Selesa Pasir Gudang and one in Negri Sembilan, which is Selesa Port Dickson. JCorp Hotels deputy CEO Muhamad Mazlan Ali said the six properties are now worth between RM550m and RM600m. (BT)
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