Pay rise for civil servants
Civil servants are to receive salary increases of between 7% and 13% under an improved Malaysian Remuneration System. This follows the scrapping of the controversial Public Service New Remuneration Scheme (SBPA), which had come under criticism from government employees. Datuk Seri Najib Tun Razak announced the improved Malaysian Remuneration System (SSM) to the applause of more than 10,000 civil servants at the Putrajaya International Convention Centre. (StarBiz)
Perodua, Petronas in RM225m lubricant deal
Perodua and Petronas Daganga have signed a RM225m deal to supply the former with lubricant oil over the next five years. Perodua managing director Datuk Aminar Rashid Salleh said. He said the contract, dubbed “Perodua Genuine Oil”, would see the second national car maker using RM45m worth of “Petronas SL/SM” grade oil at all its service outlets nationwide a year for five years with immediate effect. (Financial Daily)
MAHB to raise RM616m
Malaysia Airports Holdings Bhd (MAHB) is expected to raise RM616m from its private placement after fixing the issue price at RM5.60 a share. The airport operator had earlier proposed private placement of up to 110m new ordinary shares of RM1 each, representing 10% of the company's issued and paid-up share capital, primarily to part-finance the additional capital expenditure incurred for the enhancements to its KLIA2 and also to defray expenses relating to the proposed private placement. (StarBiz)
Top Glove eyes acquisition this year
Top Glove Corp Bhd, the world's largest rubber glove maker by volume, aims to buy at least one other glove producer this year as part of its strategy to gain market share and drive earnings, according to its chairman and founder. The company was in talks with a number of rubber glove makers, chairman Tan Sri Lim Wee-Chai told Reuters in an interview. Lim said Top Glove was well placed to make acquisitions on the back of its strong net cash position. The company held some RM300m net cash as of 29 Feb, 16.7% higher than August a year earlier. (Reuters)
Aeon in RM350m expansion drive
AEON Co (M) Bhd, which operates the Jusco department store and supermarket chain, has allocated RM350m for capital expenditure this year, particularly to increase its market penetration in the retail business. This includes the opening of two new shopping centres as well as refurbishment of existing stores. (BT)
Pantech buys UK-based company for RM45m
Pantech Group Holdings has entered into an agreement to acquire UK-based Nautic Steels (Holdings) Ltd and its wholly-owned Nautic Steel Ltd from Robert Andrews, for a maximum of GBP9.5m (RM45m). Pantech, a manufacturer of steel pipes and fittings, will wholly own the two companies which have a mainstay in milling, machining and welding tube and pipe fittings for special metals for the marine oil industry. (StarBiz)
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