Tebrau Teguh picked to develop Johor land, IWH buys Tebrau Teguh Stake
Property developer Tebrau Teguh, which will see the involvement of construction tycoon Datuk Lim Kang Hoo of Ekovest in the company, has been chosen by the Johor government to develop 161 hectares of land in the southern state. The land, located in Pengerang, Kota TInggi, within the oil and gas industry hub, is to be comprehensive mixed development that complements Petroliam Nasional’s USD20bn (RM60.8bn) refinery and petrochemicals integrated development. (BT)
Tebrau Teguh’s major shareholder Kumpulan Prasarana Rakyat Johor SB (KPRJ) is selling a 33.15% stake in Tebrau Teguh to Iskandar Waterfront Holdings SB (IWH) for RM0.76 per share. The offer is for 222m ordinary shares of RM0.50 each in Tebrau Teguh, which works out to a price tag of RM168.7m. (StarBiz)
IJM, Ahmad Zaki receive letters of acceptance from MRT
IJM Corp and Ahmad Zaki Resources (ARZB) have received the letters of acceptance from MRT Corp that confirm their appointments as the main contractors for the two elevated packages of the My Rapid Transit (MRT) Sungai Buloh-Kajang line. ARZB said the date for the practical completion for the works was 30 June 2016 and the date for line completion for the whole of the works was 31 July 2017. (StarBiz)
Bank Negara maintains OPR at 3%
Bank Negara has maintained the Overnight Policy Rate (OPR) at 3%, after the Monetary Policy Committee meeting. In a statement, the central bank said the global environment would be more challenging and it would continue to assess the risks to domestic growth and inflation. (StarBiz)
BLand sells RM35m worth of BToto shares
Berjaya Land (Bland) has disposed 8.25m Berjaya Sports Toto (BToto) shares worth RM35.16m on 30 Jan 2012, according to a filing to Bursa Malaysia yesterday. Bland said the shares were sold at an average selling price of RM4.26 per share and the money raised would be used as working capital and to repay bank borrowings. (Malaysian Reserve)
Hua Yang to launch affordable houses in Klang Valley
Hua Yang plans to launch affordable housing projects with a total gross development value (GDV) of about RM500m in the Klang Valley in its 2014 financial year. Chief Executive officer Ho Wen Yan said: “We are in the midst of securing landbank for these mixed development projects. The first launch will be in the next financial year”. (Malaysian Reserve)
TNB and Petronas make gas investments in Sabah
Tenaga Nasional Berhad (TNB) and Petroliam Nasional (Petronas) are investing RM2bn in a 300 MW gas plant and liquefied natural gas (LNG) terminal in Sabah. The two projects – the gas plant to be majority owned by TNB with Petronas taking the lead to set up the LNG Terminal – are targeted for completion in 2015. “Before this, it was just approval in principle,” TNB CEO Datuk Seri Che Khalib Mohd Noh told StarBiz. “We are now starting to the environmental impact assessment (EIA) and coming up with the engineering design for the plant soon.” (StarBiz)
UMLand: To start mixed project in downtown Johor Baru
United Malayan Land (UMLand) plans to start its multi-million ringgit mixed development project in Jalan Wong Ah Fook in downtown Johor Baru this year. Group Chief Pee Tong Lim said the project was now in the planning stage which included the GDV, land utilisation and other related development details. He said the company is looking at building a hotel block, a serviced apartment tower and a retail podium on the site. Pee said he hoped the project would start concurrently with the RM1.8bn Johor Baru City Centre transformation plan which is expected to start either in 2Q or 3Q 2012. The land is situated opposite Kompleks Tun Abdul Razak and just a short distance from JB City Square shopping mall. Separately, Pee said the company's joint venture project with UEM Land Bhd, the master developer of Nusajaya at Puteri Harbour, would start early next month. (Starbiz)
MAHB: KLIA2 on track and within budget
MAHB’s chairman Tan Sri Aris Othman said that the development of the new low cost terminal at KLIA2 is on track for completion in Apr 2013. He added that the new terminal was 42% completed as of end-2011 and the cost is still within the RM3.9bn cap. (SunBiz)
MAS: Announced new short haul management structure
MAS announced the management structure of its new short haul airline which is expected to start operations by 2Q 2012. The new airline will be led by Mohammed Rashdan Yusof as CEO, short haul while the overall operations will be managed by Ignatius Ong Ming Choy as COO, short haul. The airline’s operations will be divided into three core functional areas, namely commercial, operations and support services. It will operate the entire narrow-body fleet and short haul routes of MAS, as well as the Firefly ATR turboprop business. (Business Times)
MAS: Joins oneworld's Global explorer fare
The world’s premier global airline alliance, oneworld, will include MAS full global schedule involving around 60 destinations worldwide in its Global Explorer fare starting from Wednesday. MAS said, with the inclusion, the national carrier will be one of the most attractive networks in Southeast Asia for round-the-world fares offered by all members of the alliance and selected other airlines. (Business Times)
DRB-Hicom: To assemble Roadster locally
USF-HICOM (Malaysia) Sdn Bhd’s COO, Mohd Iqbal Shaharom said the wholly-owned subsidiary of DRB-HICOM will assemble 3 wheeler superbike, BRP CAN-AM Spyder roadster locally with an initial investment of RM2m. He said the company will use the Modenas facilities in Gurun, Kedah for the assembling of the superbike. He added that USF-HICOM has targeted to sell 120 units of the superbike by end-Mac. Currently, the company has 45 bookings for the roadster and 96 unit in stocks. (SunBiz)
Proton: GM open to collaboration
General Motors Company (GM), the world’s largest automotive group, is open to any future collaboration with Proton and its new owner DRB-HICOM. GM international operations communications manager Jonathan Rose said in order to strengthen its business, the group is constantly in talks and discussions with possible partners and original equipment manufacturers including Proton. However, he declined to comment further. Rose was representing GM Southeast Asia operations president Stephen K. Carlisle. (Business Times)
Leader Universal: Delisting gets nod
Southeast Asia's largest cable and wire producer Leader Universal Holdings (LUH) is poised to be delisted by the middle of the year. The company on Tuesday received shareholders' approval for its privatisation and will now forward its application to the authorities for its delisting. LUH MD and CEO Datuk Sean H'ng Chun Hsiang said that the delisting is subject to the High Court approval and the company hope to go private by July. (Business Times)
Melewar Industrial: Proposes share capital reduction, rights issue
Melewar Industrial Group (MIG) has proposed a corporate exercise involving a share capital reduction and a renounceable rights issue of up to 150.348m new shares. MIG said at an indicative price of 40 sen per rights share, the rights share would enable it to raise between RM21.97m and RM60.14m. As for the share capital reduction, this would involve cancelling 75 sen of the par value of every existing RM1 share. The share capital reduction would not result in any adjustment to the share price and existing number of shares issued in the company. (Financial Daily)
Automotive: Perodua to develop own model
Perusahaan Otomobil Kedua Sdn Bhd’s (Perodua) management said the company is working towards launching its first model in a few years. This moves beyond the current stage where the second national carmaker manufactures Daihatsu models with minimal customizations and rebadge as its own. According to the management, though own model will still be using the platform and engine sourced from Daihatsu, it will look and feel different as Perodua will design the upper body and interior for its target market preference to differentiate its future offerings from those of its partner, Daihatsu Motor Co Ltd. (Financial Daily)
Automotive: Bank Negara asked to ease loan conditions
Second national car manufacturer Perodua, which produces affordable compact cars for the masses, has asked Bank Negara Malaysia to ease up on tight loan conditions for hire purchase of cars imposed effective this year, saying they are affecting car sales. Its MD Datuk Aminar Rashid Salleh said that registration of news cars in Jan dipped by 15%-20% while new orders fell 5% owing to the tighter conditions. Previously, processing for car loans was based on a buyer's gross income, but since Jan, the central bank has directed banks to base loan approvals on net income, in efforts to curb household debt. Processing hire purchase loans also takes longer, between 7-8 days. (Business Times)
Media: Adex up 12% in 2011
Market research firm Nielsen Malaysia said advertisers spent RM10.76bn on media expenditure last year, up 11.9% from 2010. The surprisingly tepid advertising expenditure (adex) growth in 4Q 2011 at 8.3% y-o-y dragged down total adex growth for the year. Adex had soared 15% in 1H 2011, and it continued to expand by double-digit percentage (11.3%) in 3Q 2011. Adex growth for last year came at the bottom end of the 12% to 15% range forecast by media specialists contacted by StarBiz in Nov. (Starbiz)
Plantation: Malaysia Jan palm oil exports fall 12%
Independent market surveyor Intertek said Malaysia’s palm oil exports fell 12% in Jan. A total of 1.32m metric tons of the commodity were tracked on Jan 1 to Jan 31, versus 1.49m tons in the same period in Dec. (Business Times)
Power: Energy panel shortlist by middle of this month
The Energy Commission Malaysia will shortlist by middle of this month candidates from 47 companies, consortium and joint ventures, including 10 foreign firms, which have submitted bids under the competitive bidding process for new combined-cycle power plants. CEO Datuk Ahmad Fauzi Hasan said the commission sent the request for quotation (RFQ) to these prospective bidders on Tuesday. The tender is for 4,500MW of new capacity for 2016 and 2017. About 3,500MW will be needed to replace retiring capacity, while the remaining 1,000MW is additional capacity for the future. The new competitive bidding will replace the expiring agreement of the first-generation independent power producers or the power purchase agreement. (Business Times)
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