Alstom-Mudajaya said to have won Tg Bin job
A consortium comprising Mudajaya Group, Eversendai Corp, and Alstom is said to have been appointed the main engineering, procurement and construction contractor (EPCC) for the expansion job of the 2,100 MW Tanjung Bin power plant. A signing ceremony between the companies and MMC Corp Bhd is expected to be held this week, sources told Financial Daily. “The 1,000MW expansion for Malakoff’s coal-fired plant is expected to cost around RM4.9bn-RM5bn,” said one of the sources. As such, this values the extension project at RM5m per MW. Sources say Mudajaya’s portion as the main contractor is estimated to be RM950m, while Eversendai’s contract is estimated at RM140m. (Financial Daily)
YTL Corp to delist YTL Cement
YTL Corp said it will proceed to delist YTL Cement as it has crossed the 90% shareholding of the latter. In a filling with Bursa Malaysia, YTL Corp said the acceptance of YTL Corp’s offer reached 91.08% yesterday, while its ICULS acceptance level touched 98.99%. Given the circumstances, YTL Corp said YTL Cement shares and ICULS will be suspended from trading 29 Feb onwards. (Financial Daily)
Alliance announces record dividend as profit rise
Alliance Financial Group is set to distribute a record dividend for FY12 ending 31 March due to its strong performance YTD. “In view of Alliance Bank group’s strong performance YTD, a second interim dividend of 7.7 sen per share, which will be payable on 28 Feb. This brings to the total dividend for the FY of 13.3 sen, which is a significant improvement compared to last year’s dividend payout of 7 sen, said CEO Sng Seow. (Financial Daily)
Glomac wins bid for Klang Valley parcels
Glomac Bhd said its wholly-owned subsidiary Kelana Kualiti SB has won the public auction of two pieces of land in the Klang Valley measuring a total of 80.7ha. The company will pay a total consideration of RM44m. “The proposed acquisition is in line with Glomac’s core development land bank within the Klang Valley with strong potential for prime and sizeable new developments,” it said to Bursa Malaysia. (Financial Daily)
MAHB offers RM70m incentives to airlines
Malaysia Airports (MAHB) has allocated RM70m for its incentive programme for airlines, with some changes made to the programme which expired on 31 Dec 2011. Last year, the airport operator paid out some RM91m worth of incentives to airlines. The tier-based incentive will award RM10 per passenger for the first 10% growth, RM12.50 per passenger for the next 8% growth and RM15 for all additional passengers above 18%. According to MAHB CFO Faizal Mansor, instead of a fixed baseline from which growth will be calculated, its payouts will be based on y-o-y passenger growth. The incentive is on top of a three-year free landing incentive for new airlines starting operations out of Malaysia. (BT)
Mobile service operators start talks on merger and acquisitions
Consolidation talks have begun in the telecommunication space where as many as nine parties have licences to offer mobile services. Industry sources said that one of the more active players pursuing an M&A exercise was the YTL Group which has approached Asiaspace SB and Green Packet Bhd. Asiaspace chairman Datuk Abdul Ghani Abdullah said that consolidation was the most “logical” thing to do. “Capital expenditure is so high in this industry that it is impossible for smaller companies to survive,” he said. (StarBiz)
The FELDA Investment Co-operative (KPF) has cancelled its extraordinary general meeting following a temporary court order blocking the transfer of shares from the co-operative to FELDA Global Ventures (FGV). A press statement by KPF secretary Abidin Abdul Rahman also confirmed the news of the EGM cancellation. ―The cancellation is due to the Kuantan High Court order, through an interim injunction dated February 17, 2012,‖ said Abidin. Last week, a group of settlers won a temporary court order blocking the transfer of shares from their co-operative to FELDA Global Ventures (FGV) Critics say the move short-changes more than 200,000 smallholders and saddle the Federal Land Development Authority (FELDA) with an annual deficit of RM1.5bn. The National FELDA Settlers’ Children’s Association (ANAK) have claimed mentri besars in the three Pakatan Rakyat (PR) states — Kedah, Selangor and Kelantan — have indicated to ANAK they will not sign the agreement, which must be agreed to by all state governments.
The government has said the move will result in a RM5.9bn lump sum payment to settlers but ANAK has insisted it will not be in cash but shares in FGV. FGV subsidiaries such as FELDA Iffco Sdn Bhd, FELDA Global Technologies, FELDA Global Ventures Middle East and FELDA Global Ventures Arabia are reported to have chalked up accumulated losses of around RM500m up to last year. (Malaysian Insider)
Scomi Engineering Bhd has successfully completed the maiden technical test run of India's first monorail project over a 2.2km distance between Wadala and Bhakti Park in Mumbai over the weekend. Scomi Engineering country president and Scomi International president Kanesan Veluppillai believes the project will pave way to many more monorail projects in India to cater for the country's fast growing infrastructural requirements. Over 21 other cities in India are considering and planning monorail as an option for its multimodal urban transport system. Kanesan said the train had been undergoing several tests for the last two weeks. The test-run will continue for the next two to three months to ensure seamless integration of the train with its civil structures. (BT)
Krisassets Holdings Bhd has revalued Mid Valley Megamall 18% higher at RM2.36bn as at Dec-2011, compared the revaluation as at Dec-2009 of RM2bn. It said the market value of The Gardens Mall is RM930m, which is 13.4% higher from the valuation on Sep- 2011, at RM820m. The revaluation was carried out by independent professional valuers, Jordan Lee & Jaafar Sdn Bhd. (BT)
Sarawak Cable Bhd intends to press on with the submission of a proposal to participate in transmission line projects in Sarawak despite the termination of a memorandum of understanding it had with Sinohydro Corp (M) Sdn Bhd and KEC International Ltd with intentions of making a joint proposal for the projects. (Malaysian Reserve)
MMHE: 3Q FY2011 net profit down 65.4% to RM46.4m y-o-y
Malaysia Marine and Heavy Engineering’s earnings fell 65.4% to RM46.4m in the 3Q FY2012 from RM134.2m y-o-y. Revenue declined 45.6% to RM716.2m from RM1.316bn y-o-y. EPS were 2.90 sen compared with 8.80 sen. MMHE’s board of directors recommended a final single tier dividend of 10 sen per share amounting to RM160.0m. The company said revenue from its engineering and construction division fell from RM1.269bn to RM594.1m mainly due to no further recognition of revenue from PCIC Turkmenistan Block 1, Phase 1 project in the quarter as compared to the corresponding quarter. For the 9MFY12, its earnings fell 36.1% to RM205.6m from RM322.1m in y-o-y. Revenue declined 39.1% to RM2.137bn from RM3.512bn. (Financial Daily)
Maybank: Proposes up to RM7bn subordinated note programme
Maybank has proposed to establish a subordinated programme of up to RM7bn in nominal value. Maybank said it had obtained the SC’s approval for the establishment of the programme. It had on Dec 14, 2011 had also obtained Bank Negara’s approval to issue the subordinated notes. The net proceeds from the issuance of the subordinated notes will be utilised to fund Maybank’s working capital, general banking and other corporate purposes. It said the notes issued under the programme would qualify as Tier 2 capital of Maybank subject to compliance with the requirements as specified in the risk weighted capital adequacy framework and capital adequacy framework for Islamic Banks guideline by BNM. Maybank said the tenure of the would be up to 20 years from the date of first issuance of subordinated notes and have a tenure of either the following; 10-year non-callable basis; 15 years on a 15 non-callable 10 basis; 12 years on a 12 non-callable 7 basis or 10 years on a 10 non-callable 5 basis. (Financial Daily)
Maxis: Poised for special dividend payout
Sources familiar with the matter said Maxis’s board of directors will discuss the possibility of declaring a special dividend payout at their routine directors’ meeting which is usually held at the end of every month. The source added that the CFO, Nasutin Mohamed will present to the directors the financial health and cash flow situation of the company before any decision is made. Another source who sits on the board of Maxis confirmed the possibility of a special dividend payout after the company secured approval from SC for the proposed 10-year sukuk issuance amounting to RM2.45bn. (StarBiz)
AirAsia: Revises downwards check-in baggage fees
AirAsia, has revised downwards its check-in baggage fees effective Wednesday in line with its commitment to make travelling more affordable for everyone. The airline has reduced the prices of 15-20 kilogramme baggage tiers, while its long-haul affiliate, AirAsia X, has lowered the 25-30 kilogramme baggage tiers. Both AirAsia and AirAsia X are introducing new options for 35-40 kilogramme baggage tiers based on popular demand. The company said the new check-in baggage fees will enable passengers to save up to 50% when bookings are done online than buying tickets at the airport counters. (Bernama)
Iris: To build waste plant in China with partners
Iris Corp and a group of investors are joining forces to invest in the construction of a waste recycling plant in China. The company, via its subsidiary Regal Energy Sdn Bhd, had signed definitive agreement with Zheng ZhengChao, Zhou Ji and Weinan Zhouji Huanfa Renewable Resources Technology Development Co Ltd early this week. Regal Energy is a joint venture company between Iris Corp and Envirowerkz Sdn Bhd. The total investment for the project is about RMB96m. (Business Times)
QL Resources: 3Q FY2012 earnings slightly higher at RM34.4m
QL Resources’ net profit increased by 3.8% to RM34.42m in 3Q FY2012 from RM33.14m a year ago, due to increased sales in its marine product manufacturing arm, palm oil activities and livestock farming. Revenue increased 10.6% to RM498.96m from RM450.95m a year ago. EPS was 4.14 sen compared to 4.20 sen. The company said it recorded a 14% increase in sales from its surimi and surimi-based products, a 13% rise in sales of under its palm oil activities due to lower CPO prices and a 17% increase in sales contribution from farm products. (Financial Daily)
Tricubes: Unveils RTD eServices on myemail
Tricubes announced on Tuesday the debut of two initial electronic services on www.myemail.my, based on the Road Transport Development’s (RTD) driving licence and road tax reminder for myemail users. Its CEO Khairun Mokhtar said myemail users will receive reminders two weeks before their driving licence or road tax expires with this new RTD eService. The RTD reminders from myemail are digital versions of the same sent by the department via physical mail and is free. (Financial Daily)
Automotive: BNM’s new financing guideline hurts sales
Bank Negara Malaysia’s new responsible financing guideline, introduced last Nov, has severely hit Proton Edar Dealers Association of Malaysia’s sales, with only 30% of applicants securing car loans in the first two months of the year. Its president Armin Baniaz Pahamin said the growth of the automotive industry depends on customers’ ability to secure financing to buy a car. The association said BNM should encourage healthy competition among bankers to provide financing for buyers and provide a standard procedure of compliance for the public to refer to when buying a car. (Bernama)
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