Boustead to buy 16 planes for RM586m
Boustead‟s 51%-owned subsidiary MHS Aviation plans to acquire 16 aircraft from DRIR Management SB (DRIRM) and DRIR Rotor SB (DRIRR) for RM586.2m. The acquisition is part of its strategy to make MHS an aviation service provider which has a wide range of aircraft. The company said that ownership of the aircraft would provide further credibility to MHS when proposing its services to major oil and gas companies. Original cost for the aircraft by DRIRM and DRIRR are estimated at RM767.3m. (Malaysian Reserve)
RM3bn capex for TM
Telekom Malaysia (TM) plans to spend up to RM3bn in capex this year as it continues to roll out high speed broadband (HSBB) access to more areas and expand its Internet access beyond homes and offices via WiFi hotspots. Group CEO Datuk Seri Zamzamzairani Md Isa said that they want to add more hotspots in the country and will bundle WiFi with their Unifi offering for high-end users. TM currently has about 17,000 hot spots. (StarBiz)
Lekas Highway debt ratings downgraded by RAM
Lekas debt securities have been downgraded by RAM Ratings due to concerns over the company‟s ability to meet repayment obligations on a timely basis. RAM said the rating downgrades were premised on the highway‟s “persistently subdued traffic growth, coupled with its challenging prospects”. RAM downgraded Lekas‟ RM785m „senior sukuk Istisna‟ to BB1 from BBB1 and its RM633m „junior sukuk Istisna‟ to B1 from BBB3. The widening rating differential between the senior and junior sukuk reflects the latter‟s subordination in terms of cash flow priority and security. (Malaysian Reserve)
Arcadis-Towell venture wins USD44m contract
Arcadis, through a joint venture with Towell Construction, has won a USD44m (RM139.9m) contract to provide construction management services to Vale Malaysia Manufacturing SB. Vale Malaysia is a subsidiary of the Brazilian mining conglomerate Vale SA, which plans to build a USD1.4bn (RM4.45bn) industrial complex in Teluk Rubiah, Lumut. Arcadis holds a 75% stake in the JV, with Towell Construction holding the remaining 25%. This is the first phase of the Vale Malaysia project, which comprises the development of a regional iron ore distribution centre integrated into a deep water port terminal combined with a 24km long access trestle. The facility is scheduled to become operational in three years. (BT)
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