IGB mulls megamall in Johor Baru
IGB Corp Bhd is looking to develop a megamall in Johor Baru, similar to the multi-billion ringgit MidValley Megamall in Kuala Lumpur that was built by the group about 12 years ago. The Johor Baru megamall is estimated to cost RM2-3bn, and will take up some 40 acres (16.19ha) of land, with about 3m sq ft in built-up area. In comparison, the Mid Valley Megamall has a built-up area of about 4.5m sq ft. (Financial Daily)
Cahya Mata Sarawak and Rio Tinto scrap plans for aluminium smelter
Cahya Mata Sarawak (CMS) has scrapped plans for a USD2bn aluminium smelter project in Sarawak that was part of a collaboration with Rio Tinto plc. They failed to work out a commercial power supply agreement with Sarawak Energy Berhad (SEB). In an announcement made to Bursa, CMS said the termination was mutual and it involved heads of agreement between RTA and Samalaju Aluminium Industries Sdn. Bhd, its wholly owned unit, and the MOU between both parties and SEB. (Financial Daily)
Prime Minister’s son not taking up stake in Supercomnet
Mohd Nazifuddin Mohd Najib, son of Prime Minister Datuk Seri Najib Razak, is not pursuing an option to purchase an 18.66% stake in Supercomnet Technologies Bhd, whose stock has jumped 296% from 12.5 sen a week ago to 49.5 sen on Monday. The ACE-listed company yesterday told Bursa Malaysia it has received a letter dated 27 March from Nazifuddin indicating that he will not be pursuing the option to purchase the 18.66% stake in the company as stated in the Option Letter entered into between Wu Chung-Jung and himself on 25 Mar. The counter closed at 36 sen yesterday shedding 13.5 sen. (Financial Daily)
MAS to accommodate Air Asia X passengers
Malaysia Airlines (MAS) has signed a re-accommodation agreement (RA) with AirAsia X to accommodate the latter's passengers on four routes cancelled by using excess capacity on Malaysia Airlines flights. The four routes involve Mumbai, New Delhi, London and Paris. In a statement, MAS said both economy- and premium-class passengers with confirmed AirAsia X tickets issued before 13 Jan to the four routes would be transferred to MAS and flights will be between 28 Mar and 27 Oct. The re-accommodation agreement between the two airlines came about when Air Asia X decided to halt the flights to the four destinations due to increase in fuel surcharges. (BT)
AHP to dispose of properties for RM1.6m
Amanah Harta Tanah PNB Bhd (AHP) has proposed to sell properties in Gombak, Selangor for RM1.6m cash as part payment of acquisition of new properties as well as repayment of a loan for the refurbishment of Plaza VADS. AHP said the disposal is also in line with the objective of its management company, Pelaburan Hartanah Nasional Bhd, to restructure AHP’s portfolio to enhance the value of assets and to provide attractive return to its unit holders. (BT)
Maybank Investment Bank clarified that it lost only four out of 17 analysts in its Singapore-based unit Maybank Kim Eng and not 40% of its analysts as reported by Reuters."Such movements are part of normal turnover as employees opt for personal or career changes. We have already identified some of the replacements and are hoping to have them on board soon," Maybank Investment Bank CEO Tengku Datuk Zafrul Aziz said in a statement yesterday. (Financial Daily)
A government-linked investment company (GLIC) is likely to take a significant stake in the special-purpose vehicle that is proposing to buy out QSR Brands Bhd and KFC Holdings (M) Bhd (KFCH), according to reliable sources. The move is aimed at giving the buyout vehicle, Massive Equity Sdn Bhd, a firmer footing, both from the standpoint of funding as well as governance. Sources said while JCorp's stake in Massive Equity would remain at 51%, it would be CVC's portion that would be severely diluted. (StarBiz)
Tenaga Nasional Bhd (TNB) has signed a renewable energy power purchase agreement (Reppa) with Core Competencies Sdn Bhd to purchase energy generated from municipal solid waste. Core Competencies chairman Datuk Ariffin Aton said through the agreement, the national utility company will purchase energy generated from its plant, currently in Semenyih, Selangor, for 42 sen per KW/hour, over three times higher than the rate of normal IPP of 13 sen. The agreement, for a tenure of 21 years, would see the company initially providing 64 MW of electricity per day. (The Sun Daily)
Key West Global Telecommunications Bhd shares are suspended for the duration of trading today. The company did not provide details for the suspension, but it is due to hold a press conference this morning after a signing ceremony with Maryland International Offshore Ltd. (BT)
Bolton is embarking on its first build-then-sell residential development with a GDV of RM80m on a 2.34ha site in Setapak. The company will develop 70 three-storey superlink terraced houses on the leasehold site, which is part of an ongoing 26.97ha residential and commercial development in Taman Sri Rampai. Bolton will construct and complete the development by February 2015. (Star Biz)
Malaysia Building Society Bhd (MBSB) has denied any intention of collaborating with the Employees Provident Fund (EPF) to explore the property market in London. Commenting on a Berita Harian report yesterday, MBSB said it "does not have any such intention and the article was erroneously reported". (The Sun Daily)
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