Genting Malaysia‟s indirect wholly-owned subsidiary, Genting New York LLC (“Genting NY”), has entered into a non-binding letter of intent dated 3 Jan 12 with the New York State Urban Development Corporation (doing business as Empire State Development Corporation), to consider the development of an integrated mixed-use complex on real property located adjacent to the Aqueduct Racetrack, Queens, New York, United States of America. The proposed Project is anticipated to cost at least US$4bn, which will include an integrated 3.8m sf of convention and exhibition centre with up to 3,000 hotel rooms and an expansion of Resorts World Casino New York City. (BMSB)
The sale of electricity from Malaysia to Singapore may come from a power plant built at Petronas’ refinery and petrochemical integrated development complex in Pengerang, Johor. Prime Minister Datuk Seri Najib Tun Razak said following talks in Putrajaya with his Singaporean counterpart Lee Hsien Loong that Malaysian companies were prepared to sell electricity to Singapore. The electricity deal could be a strategy by Petronas to grow is gas and power business after acquiring a 30% stake in GMR Energy Singapore Pte Ltd in late Sept 2011 for an undisclosed price as well as investments in the Kimanis and Lahad Datu power plants in Sabah. (Star Biz)
Datuk Seri Ong Tee Keat has backed Tony Pua‟s claim that Malaysia Airports (MAHB) did not inform the government that shifting KLIA2 to its current site would lead to higher construction costs. Ong, who was transport minister when MAHB first mooted the change, said he did not recall being told by the airport operator of the additional costs. MAHB has earlier denied withholding crucial information from government officials, stressing that the terminal was only shifted upon approval from all stakeholders. (Malaysian Insider)
Many aviation experts and travel agents on the east coast of the US say that Malaysia Airline’s (MAS) loss has become Emirates’ gain. The oblique reference is to the discontinuation since nearly four years of MAS‟ regular direct flight service between Newark airport in New Jersey. „After all, the east coast of the US is the world‟s most important and indeed prestigious route for airlines, many of which still fly despite low yields. „ Since MAS pulled out of Newark, other airlines have had a field day in tapping the lucrative South-East Asian market. Emirates is making an aggressive pitch for South-East Asia, particularly to Malaysia. It has become the first airline to operate a scheduled A380 service to Malaysia. (Bernama)
TL Offshore (TLO), a wholly-owned subsidiary of SapuraCrest Petroleum has finalised, executed and formalised two separate contracts with Cosco (Nantong) Shipyard Co. Ltd for the construction of two units of pipelay cum heavylift offshore construction vessels at a combined contract value of USD227m. Both parties have agreed that the contract be effective from 10 Sep 11. One of the Vessels is scheduled to be delivered in the 4Q13, whilst the other vessel is scheduled to be delivered in the 1Q14. (BMSB)
Malaysia's total industry volume (TIV) is expected to increase by 1.2% to 612,000 units this year from an estimated 605,000 units last year despite uncertain global economic outlook, limited new mass market models and concerns on loan approval. Frost & Sullivan partner & head of the automotive & transportation practice, Asia-Pacific, Kavan Mukhtyar, said TIV in 2012 would be driven by the C-segment (small family car) and D-segment (large family car) while hybrid would continue on a high-growth path amid the extended duty exemption. (Bernama, BT)
Frost & Sullivan expects vehicle sales in Malaysia to grow marginally to 612,000 units this year, due to the uncertainties in the global economy, limited new mass market model launches and concerns over loan approval rate. Growth will be mainly driven by C-segment vehicles (or small family cars) and D-segment vehicles (large family cars), as they are expected to grow by 3.8% and 23% respectively. Multi-purpose vehicles (MPV) and A-segment vehicles will get hit the most next year, as demand for the car is expected to fall by 10.1% and 9% respectively. "The A-segment will continue to shrink this year as there are only limited models offered and the increasing trend of first-time buyers opting straight for B- and C-segment models ... demand for MPV is also expected to decline, due to the lack of new MPV models in the market," said Frost & Sullivan. (BT)
Tenders for the beautification portion of the River of Life (RoL) programme, potentially worth up to RM1bn could be called in the second half of this year upon completion of the project‟s master plan. A total of RM4bn had been earmarked by the Federal government for the RoL programme. Aecom was chosen to work with the KL City Hall to produce the master plan after it won the RoL Masterplanning International Competition. (Financial Daily)
Cititel Hotel Management (CHM) Sdn Bhd, a subsidiary of IGB Corporation Bhd, will invest RM183m to build two more hotels in Penang. CHM's MD Datuk Eric H.K. Lim said the properties would be built at the Gat Lebuh Noordin area by early 2014.The two hotels are the four-star St Giles Hotel and a budget hotel - Cititel Express. The St Giles Hotel will have 500 rooms and the Cititel Express will have 275 rooms.Both these new hotels will be built adjoining each other at the site.(BT)
DBS Group Holdings said it was investigating complaints from customers of unauthorized withdrawal of funds in Malaysia, through the use of the bank‟s debit and ATM cards. It did not disclose the number of customers or the amount of funds withdrawn. (Reuters)
Eversendai Corp Bhd is bidding for jobs worth a total of RM12bn, which include both infrastructure and building of iconic projects worldwide. Group MD, Datuk A.K. Nathan, said the group expects to be successful in about 20% of these bids."But right now, our order book stands at about RM1.5bn and that are the amount of jobs we can get on the year-to-year basis. "For the bids, we will only know the success rate within the next two to three years, while some projects might be as long as five years," he said. Most of the bids were for the jobs in the Middle East, Southeast Asia and in the Commonwealth of Independent States. "We expect a minimum growth of 10% this year, but we always exceed that number," he said when asked about the company's outlook.Nathan said currently, 95% of Eversendai's earnings were derived from its overseas operations. "However, this year we will be very busy in Malaysia. We have just completed the Manjung power plant (in Perak) and have started on the KLIA 2 project.
This year, we are bidding for more projects in Malaysia." (BT)
Can-One told Bursa Malaysia Securities it was unaware of the reasons for the unusual market activity. Can-One surged 31 sen to close at RM1.37 with 6.95m shares done. Can-One said they were not aware of any rumour, report or other factors that may have caused the jump in its share price. There are also no unannounced material corporate development or on-going negotiations. (Financial Daily)
Navis Capital is keen to acquire HongPeng International Holdings Ltd‟s entire stakes in Xidelang Holdings (XDL). XDL is a shoemaker from China. XDL made an additional filing saying “there was no discussion on Navis Capital‟s offer price which is equivalent to 1.2x book value during the informal discussion.” (Bernama)
Boustead Heavy Industries Corp (BHIC) reiterated that it has not received any indication or direction from its shareholders with regards to any major acquisition of shares in the company. (Bernama)
TDM will invest RM300m this year to develop its plantation sector in Terengganu and Kalimantan. The company which owned 32,000ha of oil palm land in Terengganu had recently acquired 40,000ha in Kalimantan. (Bernama)
XiDeLang: Navis showed interest in 55% stake
Private equity investor Navis Capital has indicated its intention to buy out the 55% stake held by HongPeng International Holdings in XiDeLang Holdings, according to an announcement by XiDeLang. However, a source familiar with the matter said that while Navis did look at the possibility, the private equity firm was “pretty lukewarm” toward a possible investment in the China-based shoe and sports apparel company (StarBiz)
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