IJM Land partners Robert Tan to develop in Johor land
IJM Land has acquired 50% equity interest in Nasa Land SB, a subsidiary of Aspirasi Ratna SB, a subsidiary of Aspirasi Ratna SB for RM51m, in order to expand its landbank. In a statement to Bursa Malaysia, the group said it had entered into a conditional share sale and purchase agreement with Aspirasi Ratna to acquire a total of one million ordinary shares of RM1 each in Nasa Land for a total cash consideration of RM51m. (Financial Daily)
Bumi Armada clinches RM115m job
Bumi Armada Navigation SB, a subsidiary of Bumi Armada, has won a four-year contract worth RM115m from Brazilian oil and gas major Petroleo Brasileiro SA (Petrobras) for a platform supply vessel (PSV). “This is our third contract with Petrobras following close on the heels of the recent contract for our Armada Tuah 102, which is now in Brazil. This complements our Armada Tuah 104, which has been operating off Brazil since June 2011,” said Hassan Basma, group executive director and chief executive officer in a statement yesterday. (Financial Daily)
Mitrajaya unit secures 2 contracts worth RM103m
Mitrajaya Holdings Bhd’s (MHB) wholly-owned subsidiary, Pembinaan Mitrajaya SB, has secured two projects with a total contract value of RM102.9m. In a filing with Bursa Malaysia yesterday, it said the first project was for the proposed construction of the Trigon Apartment in Selangor, which was awarded by Bandar Setia Alam SB, for a contract period of 24 months, with a value of RM65.6m. The second project was awarded by Cahaya Jauhar SB, for the proposed construction of a mosque in Nusajaya, Johor. The contract valued at RM37.3m, is for a period of 21 months. (Financial Daily)
Daya Materials unit lands Penang job
Daya Materials says its wholly-owned unit, Daya CMT SB has won a RM62m contract from Penang Development Corp to design and build a factory and a two-storey office building at Batu Kawan Industrial Park in Penang. It told Bursa Malaysia yesterday that the buildings are for Malaysian Automotive Lighting SB, a wholly-owned unit of Italy’s Magneti Marelli, which is part of the Fiat Group. (Malaysian Reserve)
Hibiscus gets shareholders nod for Lime acquisition
Hibiscus Petroleum has received more than 99% approval from its voting shareholders for its proposed 35% acquisition of Lime Petroleum Plc, thus fulfilling the last mandatory condition for the exercise. With this, Hibiscus will be transformed from a special-purpose acquisition company (SPAC) to a fully operating company listed on the Main Market of Bursa Malaysia. Lime owns three oil and gas concessions in two countries in the Middle East. Managing director Dr Kenneth Pereira said securing a fourth concession was a condition to completing the deal but this could be waived by Hibiscus if it wished to.(StarBiz)
The cost of earth works at the KLIA2 new low-cost terminal is RM773.38m, the Dewan Rakyat was told. Transport Minister Datuk Seri Kong Cho Ha said the cost of construction of the new control tower at KLIA2 was RM40.95m. He disclosed this information in a written reply to Tony Pua who had wanted to know why the site of KLIA2 was shifted from KLIA North to KLIA West. Kong said the decision to shift the site of KLIA2 from KLIA North to KLIA West was based on the KL International Airport Master Plan of 2008. (Bernama)
By year-end Malaysia Airlines (MAS) would have become a full member of the oneworld alliance and would be able to offer connectivity to about 800 destinations in 150 countries by riding on an expanded oneworld network. ―This membership will be among the significant catalysts that will complement our efforts to win back customers and become a profitable premium carrier as outlined in our Business Plan,‖ said MAS group CEO Ahmad Jauhari Yahya. (Star Biz)
Qantas Airways has shelved plans to set up a South-east Asian hub after failing to get approvals in Singapore, while its supposed-partner in Kuala Lumpur, Malaysia Airlines (MAS), is in dire financial straits. ―We are still in dialogue with both the Singaporeans and Malaysians but nothing is happening in the short term,‖ Qantas CEO Alan Joyce was quoted as saying by Bloomberg. ―It's more of a long-term issue. The move would be pushed back by a year or two, or three.‖ He seems to suggest that the Singapore authorities would not give Qantas as air operator’s license. (BT)
Although the Ministry of International Trade and Industry (Miti) is again reviewing the National Automotive Policy, it will maintain the established deadlines for the termination of the Approved Permit (AP) system for the import of CBU vehicles. There will be no changes to the 2009 NAP review which stipulated that the government will stop issuing Open APs from Dec 31, 2015 while the Franchise AP will be terminated by Dec 31, 2020. Open APs are used to import any brand of cars while Franchise APs can only be used to import specific brand of cars. (Financial Daily)
Malaysia Building Society (MBSB) targets to reduce its net non-performing loans (NPL) by another two to three percentage points (pps) this year. It plans to provide financing extensions and resuscitate abandoned projects which have been on its books for years. According to CEO Datuk Ahmad Zaini Othman, MBSB’s net NPL ratio stood at 8.5% as at end December. He said if the group could shave its net NPL ratio by another two to three pps this year, to 5.5% to 6.5%, it would be another great achievement. (Financial Daily)
Malaysia Building Society (MBSB) will finance the builder and buyers of Malaysia’s biggest abandoned housing project, located in Bandar Baru Salak Tinggi, Sepang as part of its efforts to resolve its corporate legacy accounts issue. MBSB will provide term and bridging finance facilities of up to RM215m to builder NCT United Development and an additional RM243m to the buyers. This project has been unresolved for more than 10 years. (Star Biz)
At least three parties are said to be finalising their bids to buy over Jaring Communications Sdn Bhd after several failed attempts by the Government to sell the broadband company in the past. One of the bidders is Puncak Semangat Sdn Bhd, a company linked to Tan Sri Syed Mokhtar Albukhary. Another company called CMC Engineering Sdn Bhd is also in the running, while a third party is said to be one that is politically-linked. Jaring was the company to provide interest access in Malaysia but has remained a niche player due to competition and lack of infrastructure. The Jaring is up for sale is in line with the Government's drive to sell down its stakes in companies, especially those in non-core area of business. (StarBiz)
Maxbiz Corp will be delisted on March 26 after Bursa Malaysia dismissed the company’s appeal against the decision to remove its securities from the stock exchange. It had earlier failed to submit its regularisation plans to the Securities Commission or Bursa Malaysia Securities for approval within the timeframe. (Star Biz)
MHC Plantations has proposed to undertake a two-for-five bonus issue to reward its shareholders and to enhance the company's capital base. MHC said the exercise involved 56,155,420 new MHC shares to be credited as fully paid-up on the basis of two bonus shares for every five existing MHC shares held on an entitlement date to be determined later. The plan also involved 56,155,420 warrants on the basis of two free warrants for every five existing MHC shares held on the entitlement date. (Bernama)
Texchem to dispose of stakes in units for USD42.2m
Texchem Resources Bhd is disposing of 70% interest each in its units, Technopia Sdn Bhd and PT Technopia Jakarta,to Fumakilla Ltd Japan (FMJ) for USD42.4m. Both units are involved in the manufacturing and sales of household insecticides such as mosquito coils, aerosol insecticides and insect repellants. (The Star)
Three said to be finalising bids on Jaring
At least three parties are said to be finalising their bids to buy over Jaring Communications Sdn Bhd after several failed attempts by the Government to sell the broadband company in the past. One of the bidders is Puncak Semangat Sdn Bhd, a company linked to Tan Sri Syed Mokhtar AlBukhary. Another company called CMC Engineering Sdn Bhd is also in the running, while a third party is said to be one that is politically-linked. (Source: The Star)
AIC gets approval for merger plan
AIC Corp Bhd has received the nod from its shareholders at an EGM for its proposed merger with Jotech Holdings Bhd and AutoV Corp Bhd. In July 2011, Temasek Formation Bhd, a special-purpose company owned by Datuk Goh Tian Chuan, who is also group executive chairman of Jotech and AIC, submitted the merger offer simultaneously to AIC, Jotech and AutoV. (Source: The Star)
Berjaya Toto: 3Q net profit dips 1.8% to RM112.74m, 9-month RM310m
Berjaya Sports Toto posted net profit of RM112.74m in 3Q FY2012, a slight decline of 1.8% from the RM114.87m a year ago. Its revenue rose 15.5% to RM983.46m from RM851.16m. Earnings per share were 8.44 sen compared with 8.59 sen. It declared a third interim single tier exempt dividend of 6.0 sen per share which will go ex on Apr 9. The higher percentage increase in revenue was mainly attributed to the higher revenue reported by Sports Toto Malaysia Sdn Bhd. Berjaya Philippines Inc. group reported lower revenue and pre-tax profit for the current quarter under review mainly attributed to higher revenue achieved in the previous year corresponding quarter as a result of the high Jackpot prize then. (Financial Daily)
Lysaght Galvanised Steel: Secures RM23m contract
Lysaght Galvanized Steel has clinched 4 subcontracts worth RM22.75m from YTL Bhd to supply and install antenna poles. The group said a subcontract would be entered between Lysaght Marketing Sdn Bhd and Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, a unit of YTL at a later date. Lysaght said the estimated date of completion was within 177 days to 206 days from the date of commencement. I added that works were expected to contribute positively to the group’s earnings and net assets for the FY2012. (StarBiz)
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