1MDB confirms purchase of Tanjong Energy for RM8.5bn
1Malaysia Development Bhd (1MDB) yesterday confirmed reports of its acquisition of Tanjong Energy Holdings SB for RM8.5bn. In a statement yesterday, 1MDB chief executive officer Shahrol Halmi said the acquisition was the first step towards fulfilling 1MDB’s strategy in meeting the country’s long-term energy security. "Energy is one of the core focus areas for 1MDB, and Tanjong Energy is a prized acquisition. We are attracted to the strong operating track record of Tanjong Energy, its well-diversified portfolio of quality assets, strong in-house capabilities and the potential for new growth both here and abroad," said Shahrol. (BT)
WinSun gets raw materials order under diversification plan
WinSun Technologies is diversifying its business from being an automation service provider to provide trading raw materials, said its subsidiary WinSun Engineering SB (WESB) had received a letter of intent (LOI) from Ningbo Shanghao Mining Investment Co indicating its intention to purchase 60,000 tonnes of iron ore per month for a period of two years. In an exchange filing yesterday, it said WESB is expected to deliver to Ningbo Shanghao a yearly supply of 720,000 tonnes of high grade iron ore for two years, bringing the total supply to 1.4m tonnes. (Malaysian Reserve)
Hua Yang plans pedestrian mall in Perak township
Hua Yang has unveiled plans to develop a pedestrian mall at its 838-acre (339ha) resort-style township, Bandar Universiti Seri Iskandar (BUSI), in Perak. The ongoing development has a gross development value of RM80m for the 2013 financial year, Hua Yang said in a statement. “To further enhance the facilities, lifestyle and business hub of BUSI, we will be previewing the pedestrian mall at our sales launch on 10 March,” said Tony Ng, its Perak branch manager. (Financial Daily)
Ho Wah targets marked rise in tin ore output
Ho Wah Genting expects production of its tin ore output to markedly increase to 1,000 tonnes this year. “Last year, we only managed an output of about 62 tonnes, but for the first two months of this year, we’ve already exceeded the 62-tonne level,” Ho Wah chief executive officer and managing director William Teo Tiew said in an interview with Business Times. For the coming months, Ho Wah is targeting an output of between 80 tonnes and 90 tonnes a month, Teo added. Around January last year, Ho Wah’s shares were a darling of the stock market investors, rising to around RM1 a share from a base of about 30 sen a share in a matter of months. (BT)
Takaful Malaysia sees 30% jump in revenue in FY2012
Syarikat Takaful Malaysia expects a year-on-year revenue growth of 30% in financial year 2012 (FY2012), driven primarily by its Malaysian operations, said managing director Datuk Hassan Kamil. “If you look at Malaysia for example, the average industry growth last year was about 26%-28%. So for us to continue to grow our market share, we need to grow faster than the percentage growth of the industry. We will be looking at nothing less than the industry growth rate for 2012,” Hassan told journalists yesterday at a briefing of its FY2011 financial performance. (StarBiz)
TPC Plus now a Huat Lai subsidiary
Huat Lai Resources’ takeover offer to acquire all remaining shares in TPC Plus has become unconditional and TPC now has become a subsidiary of Huat Lai as the acceptance condition has been met yesterday. In a filing with Bursa Malaysia, Maybank Investment on behalf of Huat Lai and persons acting in concert (PAC) said the offeror and PAC as of 7 March, collectively held 40.8m shares in TPC representing 51.1% stake. (StarBiz)
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