CIMB eyes RBS assets in Asia
CIMB Group Holdings is looking at buying some of Royal Bank of Scotland's (RBS) investment banking-related assets in Asia, sources say. "It's something the group is exploring," one of the sources told Business Times. RBS, a bank that is 83%-owned by the UK government, last month announced that it plans to sell or close its cash equities, corporate broking, equity capital markets and merger-and-acquisition (M&A) businesses globally as part of an ongoing plan to return to standalone financial strength. It said it was in talks with a number of potential buyers for these unprofitable businesses. (BT) Please see accompanying report
Gamuda-MMC in lead for tunnelling job
Gamuda Bhd-MMC Corp Bhd has submitted the lowest bid for the underground tunnelling works, worth around RM8bn, for the Klang Valley My Rapid Transit (KVMRT) Sungai Buloh-Kajang line. Business Times understands that tenders for the 9km tunnelling works closed on 27 Jan, attracting five bidders, including China’s Sinohydro Group, China Railway Corp and Japan’s Taisei Corp. MRT Corp CEO Datuk Azhar Abdul Hamid had said recently the company preferred local companies for the RM50bn project, including the tunnelling works, unless it could find the expertise here. This means that Gamuda-MMC and Gadang Holdings Bhd-Hyundai will be the only two contenders to be considered for the job, leaving the Chinese and Japanese firms out. (BT)
JCY Q1 profit soars 20-fold to RM162m
Hard disk drive (HDD) component manufacturer JCY International Bhd’s net profit soared more than 20-fold to RM162m for the first quarter ended 31 Dec 2011 from RM7m in the same period previously. The company is confident the current earnings is sustainable this year as it continues to benefit from high HDD orders at good prices as a result of the floods in Thailand last October. Group revenue for the quarter, meanwhile, rose 27.4% to RM559m from RM438m a year ago. JCY director of finance James Wong said the strong showing was mainly due to the better average selling price as a result of a shortage in HDD mechanical components following the Thai floods and an appreciating USD. (BT) Please see accompanying report
Air Asia X eyes IPO in 2H
AirAsia X SB is planning to go public as early as the second half of the year, despite axing 4 of its more popular routes. CEO Azran Osman-Rani said the listing of the long-haul low-cost carrier is subject to the listing of Air Asia’s foreign associates- Thai AirAsia and Indonesia AirAsia. “As you know, the Thailand and Indonesian IPO will take off first. Only then AirAsia X. So, I would like to think that AirAsia X’s listing can happen in 2H,” he told The Edge in a recent interview. (Financial Daily) Please see accompanying report
Sagajuta CEO is new shareholder in Naim Indah
Naim Indah Corp revealed yesterday that Datuk Raymond Chan Boon Siew, a major shareholder and executive chairman in Harvest Court, has become its new major shareholder after buying 85m shares, or a 12.11% stake, in the loss-making property developer and timber concern. Chan acquired the stake from Crest Energy SB at 8 sen a share while another 5 business associates acquired the latter’s remaining 75m shares at the same price in off-market deals yesterday morning. Crest held a 22.8% stake in Nicorp.(Malaysian Reserve)
Kimlun unit wins RM223m job from MRT Co
Kimlun Corp Bhd’s wholly-owned subsidiary SPC Industries SB has secured a RM223.1m contract from MRT Corp SB. In a filing with Bursa Malaysia, Kimlun said SPC Industries had been appointed as the designated supplier for the supply of segmental box girders to certain packages of the Klang Valley My Rapid Transit for Sungai Buloh-Kajang line. Kimlun said the supply contract was expected to contribute positively to the earnings and net assets of the group for the financial years during the supply period.(StarBiz)
VW to consider Proton partnership for Malaysian car hub
Volkswagen AG (VW) is considering expanding production in Malaysia and has dispatched senior executives, including management board members, to review Proton’s operation for a potential partnership, a person familiar with the sources said. Europe largest carmaker is considering producing vehicles at Proton factories after its partner DRB-HICOM agreed last month to buy 43% of Proton, the person said, declining to be identified as the talks are private. (Malaysian Reserve)
Axiata Group Bhd plans RM5b capital expenditure
Axiata Group Bhd’s president and CEO, Datuk Seri Jamaludin Ibrahim, said it expects to spend RM4.0bil to RM5.0bil for capital expenditure (capex) in its financial year ending Dec 31, 2012. Jamaludin said about half of the amount will be spent on the Indonesian business segment to upgrade the existing infrastructure there to support the 3G and highspeed downlink packet access data network. The upgrade will be 4G ready as well, to enable them to easily switch over to 4G once they secure this spectrum. They hope to launch 4G services there in the next two years. At present, Axiata derives 80.0% of its revenue from both the Malaysian and Indonesian markets. Axiata is present in Indonesia through mobile network operator XL, in which it owns a 66.7% stake. - StarBiz
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