SapuraCrest enters into several agreements with Petrofac, Kencana Petroleum
SapuraCrest Petroleum’s wholly-owned subsidiary, SapuraEnergy Ventures SB, has entered into several agreements with Petrofac FPSO Holding Ltd and Kencana Petroleum Ventures SB. In an exchange filing yesterday, the oil and gas firm said the agreements were in respect of investment on floating production, storage and offloading vessel (FPSO) that will form part of the facilities to be provided for the development and production of hydrocarbon resources from the Berantai marginal field. (Malaysian Reserve) Please see accompanying report
AirAsia plans low cost airline for Gulf Region
AirAsia is in talks to establish a low cost carrier serving the Gulf region, a market that is largely dominated by full service carriers, said its Group CEO Tan Sri Tony Fernandes. He said Air Asia could potentially tap the pilgrimage (umrah) and tourism markets within the Gulf Cooperation Council (GCC) countries. “For the low cost carrier model in the Gulf, we really are creating new markets much like what AirAsia has done in Malaysia,” Fernandes said after launching Tune Middle East in the Qatari capital yesterday. (Financial Daily)
AirAsia X’s revenue jumps 47% in 2011
AirAsia X saw a 47% jump in revenue for the year ended 31 Dec 2011. The long haul budget airline posted RM11.9bn revenue for 2011 compared with RM1.28bn in 2010. “AirAsia X was able to achieve positive load factor growth and average fare growth at the same time, on all of the routes that is has operated for at least a full year. The plan will see AirAsia X “increase our flight frequencies on existing routes and look at expanding our network further across Asia Pacific,” AirAsia X chief executive officer Azran Osman-Rani said in a statement yesterday. (BT)
Compugates set to secure RM2bn solar jobs in Sabah
Compugates Holdings, a distributor of consumer electronics products, is expected to clinch several solar-based projects in Sabah worth over RM2bn, driving growth for its green renewable energy solutions. Its unit, Compugates Sabah SB (CSSB), has won a pilot project from the Board of Trustees of Sabah Parks to supply and install 6kWh Green Solar Hybrid System in Pulau Gulisaan, Turtle Island Park in Sabah for RM270,000. (BT)
Parties deciding on gas price
The Energy Commission, Petroliam Nasional Bhd (Petronas) and the Economic Planning Unit are discussing the final recommendation to the Cabinet regarding the price of gas. Sources told StarBiz that meetings were held almost every week to look into how much should be borne by Tenaga Nasional Bhd (TNB) and the independent power producers (IPPs) and, finally, the end-consumers. (StarBiz)Please see accompanying report
Mulpha sells Mantra stake for RM111m
Property development group Mulpha International is selling its 75% stake in Mantra Holdings Co Ltd for RM111.5m cash to Eagle Legend International Holdings Ltd. Mantra, which is listed on the main board of the Hong Kong Stock Exchange, is involved in the rental and trading of tower cranes, trading of construction equipment and provision of maintenance service for tower cranes in Hong Kong, Macau, Singapore and Vietnam. (BT)
Legal tussle continues for Kian Joo Can Factory
Datuk See Teow Chuan and 13 other parties have filed an appeal to the Federal Court to review and set aside the ruling that allowed Can-One to acquire a 32.9% stake in Kian Joo Can Factory. See, who was formerly the group managing director of KJFC, is still a non-independent and non-executive director of KJCF. (StarBiz)
PPB Group: Subsidiary eyes Vietnam flour company
Flour company PPB Group, via subsidiary Glowland Ltd, is looking at investing up to RM40m to buy 51% of Vietnam-based VFM-Wilmar Flour Mills Co Ltd. The group will join a partnership with Siteki Investment Pte Ltd to operate wheat flour milling and the sale of flour, flour-based products and by-products. (Business Times)
Felda Global: IPO still going through regulatory process
The IPO of Felda Global Venture Holding Bhd is going through the usual regulatory process and nothing has been finalized yet. Felda group chairman Tan Sri Mohd Isa Abdul Samad said the prospectus was recently submitted to the SC for approval. (Financial Daily)
Compugates: Set to win RM2bn solar jobs in Sabah
Compugates Holdings is expected to clinch several solar-based projects in Sabah worth over RM2bn, driving growth for its green renewable energy solutions. Its unit, Compugates Sabah Sdn Bhd (CSSB), has won a pilot project from the Board of Trustees of Sabah parks to supply and install a 6kWh Green Solar Hybrid System in Pulau Gulisaan, Turtle Island Park in Sabah for RM270,000. The project will enable the turtle sanctuary and hatchery on the island to have round-the clock electricity supply while, at the same time, achieve reduced carbon footprint via the hybrid system. A source said Compugates is targeting bigger projects in Sabah and will be setting up a plant soon for around RM30m. (Business Times)
MESB: Mulls buying 3 apparel brands
Engineering services provider, MESB is looking at the acquisition of 3 potential apparel brands to strengthen its retail business division. Executive director Yam Kin Lum said the company had set aside RM5m from the disposal of its telecommunication engineering company, Dynamic Communication Link Sdn Bhd, to grow its retail business over the next two years. He said the company hopes to complete at least the acquisition of one brand in the current financial year ending March 31. He said the new acquisition is expected to contribute 15% to the company's revenue in the next financial year. (Business Times)
CB Industrial: Acquires two Indonesian plantation firms
CB Industrial (CBIP) announced that it would acquire a 94% stake in two Indonesian oil palm plantation companies for RM16m in cash. The move comes in the midst of CBIP disposing of its Malaysian-based oil palm plantation assets. In Jun last year, CBIP announced that it would dispose of its shareholdings in Sanchiew Plantations Sdn Bhd to Yuwang Plantation Sdn Bhd, Goldhill Innovation Sdn Bhd, and See Hong Chen & Sons Sdn Bhd for RM108.1m in cash. It is also disposing of its 100% equity interest in Empresa (M) Sdn Bhd, which is also involved in oil palm, to Yuwang, Multi Elite Enterprise Sdn Bhd and See Hong Chen & Sons for RM159.94m in cash. However, the disposal has yet to be completed despite having passed the approved deadline on Dec 31, 2012. (Financial Daily)
Shin Yang: Builds on fleet, buys vessels worth RM100m
Shin Yang Shipping Corp (Syscorp) has acquired more than 20 vessels, mostly container ships and chemical tankers, from Swee Joo which is under voluntary liquidation due to insolvency. Syscorp CEO Capt Ting Hien Liong said Swee Joo's vessels were bought for more than RM100m with bank borrowings. The fleet includes 4 chemical tankers, which were previously used to transport crude palm oil and products. He said they are now doing maintenance and upgrading works for most of the acquired vessels. It will take between 6 and 8 months to complete. He expects the maintenance and upgrading works to cost around RM50m. (StarBiz)
KYM Holdings: In Perak land reclaimation pact
PECOH Industrial Development Sdn Bhd (PIDSB) has entered into a Joint Development Agreement (JDA) with the Perak State Development Corporation (PKNP) to reclaim 1,360 hectares of land in Bagan Datoh. The project is part of the Perak Eco Industrial Hub (PECOH). PECOH is a subsidiary of PEIH Holdings Sdn Bhd, which in turn is an associated company of KYM Holdings. Bagan Dato has been identified as an area to initiate projects in PECOH due to its strategic location, and the Perak state government is setting up a heavy industrial zone in its efforts to promote industrial development in the state. (Business Times)
Construction: RM30bn sukuk plan to fund MRT
The government plans to raise between RM20bn and RM30bn through the sale of long-term Islamic bonds to fund the Klang Valley MY Rapid Transit (MRT), the country’s largest infrastructure project. Datuk Azhar Abdul Hamid, chief executive officer of MRT Corp said that the bonds, with a tenure of up to 65 years, will be finalised over the next 3 to 4 months. However, he noted that forinitial funding of the project, a consortium of banks are expected to provide a bridging loan of between RM400m and RM500m. (Business Times)
Construction: 7 to bid for new highway
Sources said that the government has called a tender for the Kinrara-Damansara highway contract, with seven companies invited to bid for the job. The companies include Bina Puri, Mudajaya and privately-owned Pesona Metro Sdn Bhd. The source added that the tender letters for the highway are just out and it is not certain yet on the tenure of concession as the concession agreement has not been finalized. (Financial Daily)
Power: Parties deciding on gas price
The Energy Commission, Petronas and the Economic Planning Unit are discussing the final recommendation to the Cabinet regarding the price of gas. Sources said meetings were held almost every week to look into how much should be borne by Tenaga Nasional (TNB) and the independent power producers (IPPs) and, finally, the end-consumers. TNB and the IPPs, which had earlier asked for bigger margins on higher risk premium then, would have to consider sacrificing some margins to ensure that the final cost of electricity was kept under control. (StarBiz)
Cypark Resources Bhd expects its solar farming segment to be the main contributor to its profit when its 80ha integrated renewable energy plant, the largest in Southeast Asia, becomes operational next month. (Financial Daily)
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