Sunway REIT to spend RM200m n the Putra Place
Sunway REIT Management SB will spend RM200m on the refurbishment of Sunway Putra Place (formerly known as The Mall). CEO Datuk Jeffrey Ng said the refurbishment will take 15 to 18 months with a projected return on investment of 12.5% to 15%. “The estimated incremental income is expected to be RM25m to RM30m annually,” he told a media briefing on the transformation plan for Sunway Putra Mall yesterday. (Financial Daily)
WCT buys land in OUG for RM450m
WCT will pay a cash consideration of RM450m to acquire the entire equity interest in Timor Barat Properties SB, which has three parcels of land totaling 23ha in the matured Overseas Union Garden (OUG) area of Kuala Lumpur. The construction and property development firm said Iris Green SB, a wholly-owned subsidiary, had entered into a conditional share sale agreement to acquire Timor Barat from Eng Lian Enterprise SB, Shen & Sons SB and AMC SB. (Financial Daily)
TRC Synergy gets RM36m Dayabumi facelift project
Construction and property developer TRC Synergy’s wholly–owned subsidiary, Trans Resources Corp SB, has received a construction and alteration contract from Kompleks Dayabumi SB for a sum of RM36m. The contract will involve construction, alteration and additional works to the existing Kompleks Dayabumi and is expected to contribute positively to TRC’s earnings in the future, the company said in an announcement to Bursa Malaysia yesterday. (Malaysian Reserve) Please see yesterday’s report
DRB-Hicom gets nod for Proton stake and may retain Lotus following takeover of Proton
DRB-HICOM yesterday received its shareholders’ nod to acquire the 42.7% stake in Proton Holdings held by Khazanah Nasional which, consequently, will trigger a mandatory general offer (MGO) for all the remaining Proton stakes not owned by the group. The group expects the acquisition to be completed within seven days, after which, Proton would become a 50.01%-held, subsidiary. Also, the company may retain shareholding in British sports and car manufacturer Group Lotus Plc. Malaysia’s leading automotive player intends to continue capitalising on Lotus’ renowned automotive powertrain and handling engineering development, said an industry source. (Malaysian Reserve)
DRB-Hicom will announce a new management team for Proton Holdings in two weeks' time, Group Managing Director Datuk Seri Mohd Khamil Jamil said. "There will be improvements to the management. There can be new faces, I will not discount the fact, and there can be old faces. There is always a blend of old and new (faces) for continuity as well as for providing new ideas and talents,” he said. (Bernama, BT)
REDtone and Telekom Malaysia have joined forces to roll out the national High Speed Broadband (HSBB) particularly for the small- and medium-sized enterprise (SME) segment. TM will provide the HSBB (Access) and HSBB (Transmission) services to REDtone which will see gain access to 1.3m premises covered by the HSBB services nationwide. REDtone will then have the opportunity to widen its service offerings to the SMEs. REDtone's managing director Datuk Wei Chuan Beng, who expects to start offering the HSBB services in July, said that the HSBB access will enable it to enhance its focus and strengthen its data and broadband business.(BT)
AirAsia Thai IPO expected to raise RM500m
The listing of AirAsia Thai is expected to raise THB5bn (RM500m) and will likely take place in Bangkok by early July this year, while the prospectus will be out in May, said sources close to the deal. Tentatively, the shares will be prices at THB5 (RM0.50) apiece. It is learnt that investment bankers handling the deal are flying to Bangkok today to finalise details of the initial Public Offering (IPO) exercise. The listing was supposed to take place last year, but was delayed due to the flooding in Thailand in October. (StarBiz)
TM’s HSBB service in economically viable areas soon
Telekom Malaysia (TM), which has been progressively rolling out high speed broadband (HSBB), will introduce the service to commercially-driven areas beyond 2012. TM group CEO Datuk Seri Zamzamzairani Mohd Isa said its main priority now was to fulfill its obligation to provide 1.3m premises passed by year-end under its agreement with the Government. (StarBiz)
Putrajaya will move ahead with the proposed listing of FELDA Global Ventures Holdings (FGVH), with or without the 51% stake in commercial arm FELDA Holdings held by settlers of the federal land development scheme. A group of eight settlers had last month won a temporary court order blocking the transfer of shares from their FELDA Investment Co-operative (KPF) to FGVH, a crucial step in the plan to list the plantation firm. But Deputy Minister in the Prime Minister’s Department Datuk Ahmad Maslan told a press conference today the government will not delay the listing beyond June as it wanted to capitalise on high crude palm oil (CPO) prices. He said that the listing will go ahead whether or not the settlers are successful in winning an injunction against the share transfer when the matter is heard in court on March 22. “If we cannot set the injunction aside or if they appeal, we still have to go ahead. We have to capitalise while CPO prices are high. “That is the main factor for why we want to list in May, but now it will probably be in June. But we will go ahead without KPF,” the Pontian MP added. (Malaysian Insider)
All Felda settlers are eligible to receive the windfall from Felda Global Ventures Holdings' (FGV) proposed listing, including those opposing it, said Deputy Minister in the Prime Minister's Department Datuk Ahmad Maslan. "The Federal Government will not discriminate in distributing the benefits although some of the settlers disagree with the listing," he said in response to a written question by Datuk Ismail Mohamed Said (BN-Kuala Krau) in Parliament. Ismail had asked the Government whether those opposing the listing would receive any of the benefits and whether the temporary injunction filed at the High Court would delay or stop the proposed listing. Ahmad said the Government had initiated necessary steps to ensure the listing would continue and the interests of the Felda settlers protected. "Although eight settlers, backed by the Opposition, have caused a bit of delay by filing an injunction, the Government will ensure that the listing takes place," he said. (Starbiz)
A FELDA settlers’ group has vowed a fresh suit to stop the proposed listing of FELDA Global Ventures Holdings Berhad (FGVH) that Putrajaya says will benefit those involved in the land scheme. The government promised yesterday to move ahead with the proposed listing of FGVH, with or without the 51% stake in commercial arm FELDA Holdings held by settlers of the Federal Land Development Authority (FELDA). A group of eight settlers had last month won a temporary court order blocking the transfer of shares from their FELDA Investment Co-operative (KPF) to FGVH, a crucial step in the plan to list the plantation firm. FELDA Settlers’ Children’s Association (ANAK) chairman Mazlan Aliman said the association was looking at different ways in which to halt the listing, one of which is to file an injunction to stop the leasing of FELDA plantation land in different states throughout the country. “One of the things we are looking at is to file a court injunction to stop the leasing of 360,000 hectares of FELDA plantation land. “The success of (FGVH’s) the listing depends on the acquisition of the most important assets like KPF shares and (FELDA) land. This is what we want to stop... at all costs,” he told The Malaysian Insider via text message.(Malaysianinsider)
High Court judge Abang Iskandar Abang Hashim should have disclosed he previously worked at the Securities Commission (SC) before hearing a suit against it by an E&O Bhd shareholder, the regulator’s lawyers argued. The lawyers contend he would know of “secret dealings” when hearing asuit filed by Michael Chow Keat Thye against the SC for failing to compel conglomerate Sime Darby to buy remaining shares after it bought a 30% stake in the property developer for RM776m. Abang Iskandar heard the SC’s submissions to recuse him, among which was his previous job as the regulator’s enforcement director from May 2004 to October 2009 meant he had a relationship with the senior management and commissioners. “The Securities Commission’s main point is that the judge should disclosed... that he was a former employee during exparte and interparte,” said Datuk Shafee Abdullah who is representing Chow. (Malaysian Insider)
AirAsia X will increase its daily flights to Taipei to 11 a week from June 22 and nine a week to Perth from June 24. Its CEO Azran-Osman Rani said this is due to the strong and growing travel demand to and from Taiwan and Australia. “The demand for travel to Perth and Taipei has recorded strong average passenger loads in excess of 85% in 2011,” he said. (Star Biz)
Sarawak is inviting India's largest edible oil producing company, the Ruchi Group of Industries, to invest in the state. Sarawak Second Minister for Resource Planning and Environment Datuk Amar Awang Tengah Ali Hasan said the state government would assist Ruchi get partners for joint ventures. Sarawak, he said, currently has 1.5m hectares which were suitable for oil palm plantation but so far, only about 300,000ha had been developed into estates. (Bernama)
TA Global has entered into an "umbrella deed" with Birkbeck Trust to jointly build a hotel and residences in Vancouver, Canada. The estimated GDV of the project is C$496.4m (RM1.5bn). The project, which includes a 64-storey mixed-use commercial and residential building containing a 161-room hotel, will require an initial contribution of C$110m from each company. The estimated profit from the development is C$136.6m. The expected profit has not taken into account interest cost on the C$85m contribution to the JV by the parties. Aside from the C$110m initial contribution, TA Global expects to incur an additional financial commitment of C$75m in external borrowings to put the joint development onstream and hotel into operation within the next five years. The company expects construction to begin in 3Q12 with completion expected by mid-2016. (Financial Daily)
Tonton, the online video portal by Media Prima Bhd, is aiming to secure 2.5m registered viewers by the end of this year. After 18 months of operations, Tonton has garnered 2m registered viewers. Alt Media, Media Prima's digital communications and broadcasting subsidiary that manages the Tonton project, is now in pursuit of developing a more compact version of the portal - Tonton Lite - that utilises mobile application technology. (BT)
Axiata: Indonesian unit sees subscriber base growing 10%
Axiata’s Indonesian unit PT XL Axiata Tbk is expected to register a 10% growth in its subscriber base to 51m this year from 46.4m in 2011, according to wire reports quoting XL Axiata’s president director Hasnul Suhaimi in Jakarta. Hasnul was also quoted as saying on Wednesday that XL Axiata plans to spend as much as eighttrn rupiah (1 rupiah = RM0.033) as capex this year. He also said the company expects to secure a loan from Bank Mandiri to refinance 1.5trn worth of debt which is due next month, according to the report. (Financial Daily)
AirAsia, MAS: PM to review share-swap deal
A MAS employees union official said on Wednesday that Prime Minister Datuk Seri Najib Razak has promised to review a share-swap deal between MAS and AirAsia. The 20,000 strong union MASEU is opposed to the US$364m (RM1.11bn) deal that has brought AirAsia founder, Tony Fernandes and his brand of aggressive cost-cutting into the MAS boardroom, which they said resembles a takeover by the budget carrier. (Financial Daily)
AirAsia: Long-haul unit ups flight frequency to Australia
AirAsia X, the long-haul and low-fare unit of AirAsia will increase its flight frequency from Kuala Lumpur to Taipei and Perth as part of its network realignment strategy announced earlier this year. It said the additional frequencies would see current daily flights to Taipei increasing to 11 a week from June 22 and to Perth to 9 flights a week effective Jun 24. AirAsia X said it remain focused in strengthening its core market network in Australia, Japan, South Korea, China, Taiwan and Iran where it can build a leadership position in the long-haul and low-cost aviation sector this year. AirAsia X CEO Azran Osman-Rani said they are responding to the strong and growing travel demand to and from Australia and Taiwan citing that the demand for travel to Perth and Taipei recorded strong average passenger loads in excess of 85% last year. Azran said the additional flights would open up new horizons for commercial activities and boost tourism in the Asean region, Australia and Taiwan. (Financial Daily)
Aviation: BAE may produce fighter jet components here. GLOBAL defense and security firm BAE Systems said that some components of its Eurofighter Typhoon fighter jets will be made in Malaysia if it manages to clinch a deal with the government. "Because of the capability of the Malaysian defense industry, we believe there is quite a lot that can and should be produced here," he said at a media briefing here yesterday. The UK-based firm hopes to persuade the Ministry of Defense to buy 18 Eurofighter Typhoon fighter jets for the Royal Malaysian Air Force. (Source: Business Times)
MMC Corp: Tanjung Bin said to have sell RM3.3bn sukuk
Tanjung Bin Energy Sdn Bhd, a Malaysian electricity producer, sold RM3.3bn (US$1.1bn) of Islamic bonds to yield 4.45% to 6.05%, two people with knowledge of the deal said. The Shariah-compliant bonds were privately placed in 31 portions, with maturities ranging from five years to 20 years, said the people who couldn’t be named because the information is private. The securities were rated AA3, the fourth-highest investment grade by RAM Rating Services Bhd. (Business Times)
Meda Inc: Plans integrated township in Sg Siput
Meda Inc plans to undertake an integrated township in Sungai Siput, Perak with the proposed purchase of 256.04 acres of land from RM13m. The company said its unit Nandex Land Sdn Bhd has signed a sale and purchase agreement with Majuperak Energy Resources Sdn Bhd to purchase the leasehold land. Meda said the proposed acquisition, which was was part of its plan to acquire prime land for development was expected to be completed by March 31, 2013. Meda Inc said the proposed acquisition would allow it to lock in large tract of development land at attractive prices for township development. The company said it planned to build two-storey link houses which were within the reach of first-time house buyers. The township would also have two and three storey shops, semi-detaches houses, bungalows and facilities. (Financial Daily)
SIG Gasses: Works on details of gas supply projects in Bintulu
SIG Gases is working out the details of its proposed industrial gas production plant and refilling plant projects to supply liquid products and compressed gases to industries in Samalaju Industrial Park, Bintulu. Executive director Stanley Lau said the details, including the plants' development costs and production capacity, were expected to be finalised soon. This follows the signing of a JV agreement between wholly-owned subsidiary Southern Industrial Gas Sdn Bhd (SIGSB) and Iwatani Industrial Gas Pte Ltd, a unit of Iwatani Corp of Japan as strategic business partners last Saturday. Under the agreement, a JV company called Iwatani-SIG Industrial Gases Sdn Bhd would be set up. Iwatani and SIGSB will hold 60% and 40% equity interest respectively in the JV company. (StarBiz)
EP Manufacturing: In acquisition deal
EP Manufacturing said in its statement to Bursa Malaysia that it plans to enter into an acquisition agreement which will result in a significant change in business direction. As such, trading in its shares will be suspended from 9am Thursday till 5pm Friday. (StarBiz)
Oil & Gas: Kamarudin to join fray for Shell LPG?
Sources said Tune Air Sdn Bhd and co-founder and major shareholder, Datuk Kamarudin Meranun is in the race to acquire Shell Malaysia Trading Sdn Bhd’s (SMTSB) liquefied petroleum gas (LPG) assets. Kamarudin and a senior oil and gas (O&G) are believed to be the two locals bidding for the assets, apart from KUB Malaysia Bhd. Sources added that Kamarudin is likely to use Tuner Air as his vehicle. However, it is also said that he and Wan Zulkiflie are woking closely with Oman’s National Gas Company (NGC) to bid for SMTSB’s prized assets. (Financial Daily)
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