Maybank: Going big into retail stockbroking
Maybank Investment Bank, unit of Maybank (MAY MK, Buy, TP: RM9.15) said it is aggressively building up its current remisier base of 150 people. Its CEO, Tengku Datuk Zafrul Tengku Aziz said retail equities is the focus for Maybank IB now as their recent acquisition, Kim Eng is very strong in retail equities. He also added that they plan to strengthen the Malaysian office’s retail stockbroking segment and go into a bank broking model where customers can walk into any branch to open an account and trade online. (Starbiz)
DRB-Hicom: Confirms bids for Proton
DRB-HICOM Bhd, the country's biggest publicly-traded automotive company, has submitted a proposal to acquire Khazanah Nasional Bhd's 42.7% stake in. DRB-HICOM, a unit controlled by billionaire Tan Sri Syed Mokthar Al Bukhary, is awaiting a decision from the government. DRB-Hicom‘s MD Datuk Seri Mohd Kamil Jamil said the proposal was submitted to Proton for purchase of shares in the middle of last year. He added that the bid was a standalone one and did not involve any strategic partner. (Sunbiz)
Proton: Confirms talks with GM
Proton confirmed that talks with General Motors Corp (GM) are only at a preliminary stage but did not reveal further details. The national car maker said should there be further developments that warrant an announcement, Proton would make the necessary disclosure accordingly. Meanwhile, Proton also maintained that Datuk Seri Mohd Nadzmi Mohd Salleh's bid for Proton is a bid in his own personal capacity as an individual. (Business Times)
Proton: More suitors for the national carmakers?
It is learnt that Tan Sri Arumugam Apavoo Packiri and Gerald Lopez of Genii Capital are looking to put in a joint bid for Khazanah Nasional Berhad’s stake in Proton. Sources familiar with the company say the two had already made some overtures to Khazanah. It is said that the plan involves Lopez taking over the Proton’s asset, Lotus Group International Ltd and Lotus Group Plc while Tan Sri Arumugam will end up with a controlling stake in Proton. (The Edge Weekly)
MAS: Increases frequencies to regional, long haul network from Mac 25
MAS is increasing its weekly frequencies to several ASEAN destinations as well as to Beijing, Taipei and Los Angeles effective March 25, 2012 to cater for the anticipated capacity demand in the northern summer season. The selected ASEAN destinations are Phnom Penh, Manila, Jakarta, Medan and Bangkok. MAS's flight frequency expansion is in line with the airline's Business Plan revealed on Dec 7, 2011 where the national carrier's network focus going forward is on the core ASEAN region where its presence is the strongest. (Bernama)
Felda: PM urges settlers to support listing
Prime Minister Datuk Seri Najib Tun Razak urges the Felda community to place full confidence in the listing of Felda Global Ventures Holdings Sdn Bhd (FGVH), saying it will ensure them a more secure future and, perhaps, even a windfall in 4 to 5 months. He promised to personally take an interest in the venture. He added that the listing would take the settlers on their second quantum leap of becoming shareholders of a global company reaping high dividends. (Business Times)
KHSB: To be privatized by Kumpulan Perangsang Selangor?
Kumpulan Perangsang Selangor (KPS) is looking to restructure the group with a possible eye on privatizing its subsidiary Kumpulan Hartanah Selangor Bhd (KHSB). Sources said that KPS has been given the mandate by its majority shareholder, Kumpulan Darul Ehsan Bhd to look into a restructuring exercise. (The Edge Weekly)
Sime Darby: Subsidiary files application to intervene in judicial review against SC
Sime Darby’s subsidiary Sime Darby Nominees Sdn Bhd (SD Nominees) has filed an application to intervene in the judicial review sought by Michael Chow Keat Thye against the SC, on the grounds that it would be a party whose legal and commercial interest will be directly affected by the judicial review proceedings and should therefore be afforded the opportunity to be heard in such proceedings. (Financial Daily)
Media Prima: Eyes 2m viewers per match for Euro 2012
Media Prima expects one to 2m viewers for each of its live 2012 UEFA European Football Championship (Euro 2012) football matches, similar to the corresponding tournament in 2008. Chief Operating Officer (Television Networks) Ahmad Izham Omar said during Euro 2008, the free-to-air television channel attracted one to two million viewers for each of its live football matches. He said TV3, a channel under the Media Prima umbrella, will be broadcasting 16 live matches from the 32-match tournament. "NTV7 will be airing three delayed telecast matches in the prime time slot. He added that other channels and platforms under the Media Prima stable will also be supporting Euro 2012 with a line-up of local and international programmes starting January to July. (Bernama)
Harvest Court: Exits designated status
Bursa Malaysia is removing the trading curbs on Harvest Court’s shares and warrants with effect from Monday, nearly eight weeks after they were imposed on Nov 16. The exchange said with the removal of the designated securities status on Harvest Court securities, they would be traded on a ready basis. However, the exchange said it would continue to monitor the trading activities of the shares and warrants and where trading concerns are noted, the exchange may take appropriate regulatory actions. (Financial Daily)
Muhibbah Engineering: CIMB Bank picks PwC as receivers over Asia Petroleum Hub
CIMB Bank, which is the financier of the Asia Petroleum Hub Sdn Bhd (APH) project, has appointed PricewaterhouseCoopers (PwC) as receivers and managers over APH to facilitate a restructuring exercise. Muhibbah Engineering said in a statement to Bursa Malaysia on Friday that the APH project was viable and it was working with various financiers, including CIMB, and other relevant parties towards an amicable solution. To recap, APH had awarded an RM820m contract for Muhibbah to undertake marine piling and jetty works where payments later stalled and about RM371m was outstanding. Investors were understandably concerned whether Muhibbah would be able to collect RM371m owed to it by APH. (Financial Daily)
Can-One, Kian Joo: Acquisition allowed by Federal Court, likely to set up SPV
Can-One has won the legal tussle to acquire the 146.13m Kian Joo’s shares held by Kian Joo Holdings Sdn Bhd after a Federal Court ruled in its favour on Thursday. The apex court had allowed its appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.11m. Sources said CAN-One will likely set up a special purpose vehicle (SPV) to merge the company with Kian Joo with a similar structure to that of the Kencana Petroleum Bhd- Sapura Crest Bhd merger. Under the deal, Can-One shares will be valued above the RM2 mark each, while the shares of Kian Joo will be valued slightly higher. This is because Can- One's annualised profit is poised to soar after taking into account the annualised profit of its 32.9% block in Kian Joo. (Business Times)
Automotive: Commercial vehicle to lead
The commercial vehicle segment is expected to see a bigger rise in sales compared with passenger vehicle this year, as demand is likely to be buoyed by rising commercial activity and healthy construction sector growth. Frost & Sullivan expects the commercial vehicle segment to grow by 3.4% to 67,400 units in 2012 from a projected 65,200 in 2011 while the passenger vehicle segment is predicted to expand marginally by 0.9% to 544,600 units from a forecast 539,800 units in 2011. (Business Times)
Transport: Cargo volume to grow 10.1% in 2012
Frost & Sullivan said Malaysia's total cargo volume is expected to grow 10.1% to 545.13m tonnes this year as compared to 495.29m tonnes in 2011. It’s VP for transportation and logistics practice, Asia Pacific, R. Gopal, said sea freight is currently the most favoured mode of transport for cargoes in Malaysia, handling more than 90% of total freight in 2011. He added that Port Klang, Malaysia's busiest container port, contributed 39.2% of total sea throughput in 2011 while Port of Tanjung Pelepas contributed 22.7%. He also said that cargo volume by rail is expected to increase to 6.2m tonnes this year as compared to 5.9m tonnes in 2011 while cargo volume by air to grow 3.9% to 925,000 tonnes in 2012, driven by steady growth in the economy and external trade. He said that air cargo volumes should aim to cross the 1m tonne mark to ensure the infrastructure facilities and supporting supply chain functions are fully leveraged. (Bernama)
Insurance: Gradual revision of motor tariff premiums from Jan 16
Bank Negara announced that the gradual revision in the motor tariff premium rates will be implemented effective Jan 16. The central bank said the premium adjustment was in small quantum and to be implemented over a period of 4 years. For third-party cover, motorcycles of 110cc will experience a premium increase of between RM1.00-RM3.50 per year over the next 4 years. For a private car of 1,100cc, the premium adjustment will be between RM6.00- RM34.00 per year over the same period. For commercial vehicles such as outstation taxis and buses, the impact of the premium adjustment on the passengers will be minimal, at less than 10 sen per passenger per trip. (Financial Daily)
PLUS issues world’s largest sukuk worth RM30.6bn
Project Lebuhraya Usahasama (PLUS) is set to issue RM30.6bn sukuk – the largest global sukuk and Malaysia’s single largest bond issuance to date. The sukuk, issuance, scheduled for 12 Jan, follows the privatization of PLUS Expressways Berhad (PEB) and the restructuring of the toll concessions under PEB and Penang Bridge SB (PBSB). (Financial Daily)
Logistics industry ‘will focus on sustainability, healthcare’
Sustainability and healthcare will be the focus areas for logistics industry in the country for this year, Frost & Sullivan vice president and country head Gopal R said last Friday. He said logistics service providers must emphasize and coordinate sustainable logistics’ practices that meet customer requirements at minimum cost such as transport modal shift to lower CO2 (carbon dioxide) emission and utilize warehouse rooftop areas to install solar panels under the feed-in tariff scheme implemented by the government. (Malaysian Reserve)
Motor tariff premium rates revised
A revision in motor tariff premium rates in Malaysia will take effect from 16 Jan on a gradual basis over the next four years. Bank Negara said at a briefing that the premium adjustment, which would be implemented in small amounts over a measured pace, was expected to have only a marginal impact on the public and businesses. For example, in respect of third-party cover, motorcycles of 100cc would experience a premium increase of between RM1 and RM3.50 per year over the next four years. For a private car of 1,400cc, the premium adjustment would be in the range of RM6 to RM34 per year over the next four years. (StarBizWeek)
HSBC cuts GDP forecast for Malaysia
HSBC Bank Malaysia has reduced its 2012 gross domestic product (GDP) forecast for Malaysia to 3.7% from 5.0% due to slower global growth, which will continue to dampen exports. HSBC said it, however, expected the domestic demand to hold up relatively well, supported by a solid employment outlook and monetary and fiscal stimulus as well as more projects would commence under the Economic Transformation Programme, and help to shore up the economic growth. It said the global cooling should help reduce inflationary pressure by slowing growth and reining in international commodity price inflation. (Malaysian Reserve)
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