CIMB Group Holdings Bhd (CIMB) is acquiring some Asian units of Royal Bank of Scotland Plc (RBS). CIMB will pay RBS RM431.8m and then inject RM417.6m of capital into operating entities in Asia. "This acquisition takes CIMB to the next level," CIMB's CEO, Nazir Razak, told reporters. "We will have seats in nine exchanges and partnerships in three others. Our research will cover 1,093 Asia-Pacific based companies." The acquisition is expected to be completed by Nov 2012 and would contribute to CIMB's FY13 earnings. CIMB expects 350-400 staff from RBS to join CIMB. Nazir said CIMB had asked 94 RBS senior officials to join with 87% already accepting the offer. The deal covers the cash equities businesses in Australia, China, Hong Kong, India and Taiwan and includes the cash equities sales desks in the UK and US. It also covers equity capital markets and M&A businesses in Australia and China, Hong Kong, India, Indonesia, Malaysia, Singapore, Taiwan and Thailand. (Reuters)
Bursa Malaysia yesterday breached its all-time high of 1,597pts. The benchmark FTSE Bursa Malaysia KLCI advanced 7.45pts to set a new high of 1,603.78. Advancers beat decliners by 400 to 353, while 324 counters were unchanged, 424 untraded and 32 others suspended. Turnover was higher at 1.44 billion shares worth Rm1.4bn from 1.24 billion shares worth RM2.083bn on Fri. (BT)
DRB-Hicom may sell its stakes in Uni.Asia Life Assurance and Uni.Asia General Insurance, three people with knowledge of the matter said. Singapore’s United Overseas Bank Ltd owns the rest of the two companies and may also sell its stakes, said the people, who asked not to be named because the process is confidential. (Bloomberg, BT)
Sales of used cars have also been affected by Bank Negara Malaysia's (BNM) Guidelines in Responsible Financing, falling 34% yoy in January 2012, said the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) president Datuk Tony Khor. "It has definitely affected our car sales, just look at the Malaysian Automotive Association (MAA) car sales," he said. "Other than the new guideline, other factors that affected sales included the on-going debt crisis in Europe which impacted consumer buying mode," Khor said. (Financial Daily)
The Kuantan High Court yesterday dismissed an application filed by eight Felda settlers for an injunction to prevent Koperasi Permodalan Felda from disposing off its equity in Felda Holdings Berhad to Felda Global Ventures Holdings Berhad. “The judge said the court was not the proper forum for such matter as cooperative issues should be brought to the Malaysia Cooperative Societies Commission,” said counsel Mohd Harris Abdullah who acted for the settlers. (Bernama)
Securities Commission suffered an initial setback in the widely followed court challenge over Sime Darby's purchase of a strategic stake in Eastern & Oriental (E&O) when the presiding judge declined to recuse himself from the case. (Financial daily)
Petroliam Nasional Bhd is studying a Canadian acquisition exceeding US$5bn as part of the company's drive to supply natural gas to Asia. "This is going to be big," CEO Shamsul Azhar Abbas said in. "There are quite a few candidates out there, who are willing to talk," he said, adding a deal may be announced within three months. "By August we should be able to complete the feasibility study for another liquefied natural gas plant on the west coast of Canada," Shamsul said. "We are getting good support from the government." Asian buyers have been lured by the growing difference between the price of gas in Asia and North America, where production has surged following the development of technology to extract gas trapped in shale rock. Gas has averaged US$2.50 per mmbtu this year. Japan LNG import prices were US$16.76 per mmbtu. (Bloomberg)
Petroliam Nasional Bhd and PTT Exploration & Production Pcl have won the right to explore onshore energy fields in Myanmar. Petronas was awarded the RSF-2 and RSF-3 onshore blocks in the country and the company is scheduled to sign production sharing contracts this week. CEO Datuk Shamsul Azhar Abbas said. He added that PTTEP was also awarded two onshore blocks. (Bloomberg)
Muhibbah Engineering’s 50:50 joint venture with Monadelphous Group, has been awarded an additional contract, valued at A$60m (RM192m) for the construction and commissioning of a shiploader associated with the Wiggins Island Coal Export Terminal project at Gladstone in Queensland, Australia. This contract was scheduled to start immediately and to be completed by the first quarter of 2014. (Star Biz)
Malaysian Smelting Corporation Bhd's (MSC's) operations in Indonesia is expected to return to profitability in the second half of 2012, said group chief executive officer Datuk Seri Mohd Ajib Anuar. The company said the “turnaround” was already taking place and would strengthen its bottom line. It is also hoping to secure another ten-year extension to its concession to mine tin in Indonesia after a planned stake selldown in its subsidiary there due to compliance with local government regulations. (StarBiz)
Navis Capital Partners has emerged as a major shareholder in SEG International (SEGi) after acquiring 21.53% of the higher education provider from Cerahsar Sdn Bhd on March 29. Navis further increased its stake in SEGi through Pinnacle Heritage Solutions (PHS) to 27.84%. “Datuk Seri Clement Hii, our group managing director, confirms that he is in negotiations with PHS on the terms and conditions of the latter’s participation at both management and board levels. SEGi’s largest shareholder is Hii, with a 28.41% equity interest. (Financial Daily)
Silver Bird Group Bhd says due to its ongoing efforts to formulate its regularisation plan, it has defaulted on the banking facility repayments to its lenders. It told Bursa Malaysia that it is in talks with lenders and is exploring various options to regularise the default. In a separate filing, Silver Bird said it is still not in a position to provide Bursa Malaysia the solvency declaration statement within three market days from yesterday. (BT)
Press Metal’s (PMB) new aluminium smelting plant in Samalaju Industrial Park, Bintulu is the first factory to tap into electricity from the Bakun dam. PMB was purchasing 480MW to power its new smelter which was on track to start commercial operation by June this year. Three new transmission lines would be built to connect power to Tokuyama Corp’s polycrystalline silicon plant (phase II), Asia Mineral’s manganese and ferro alloy smelting plant and OM Material (Sarawak)’s manganese and ferro alloy smelting plant in Samalaju. (Star Biz)
NCB Holdings: Confident of doing reasonably better in 2012
NCB Holdings expects to do reasonably better this year despite concerns over the economic slowdown in the United States and Europe. NCB Holdings, which owns Northport (M) Bhd and Kontena Nasional Bhd, would be expanding its port and logistics businesses, said its chairman Tun Ahmad Sarji Abdul Hamid. He said NCB Holdings is currently working to seal deals with Sime Darby and Felda for the transportation of fertilisers and food products. NCB Holdings had been given concession extensions for the privatised Northport and SouthPoint by 30 years and 21 years, respectively. (Business Times)
Carotech: To appeal against impending suspension
Carotech will be appealing to Bursa Malaysia to reconsider its decision to suspend trading of its shares and subsequently delisting it from the exchange. Carotech’s CFO Andrew Goh said the company had applied for an extension of time beyond the Feb 28 deadline to submit the complete regularization plan. He also said that the company will be meeting Bursa to submit its appeal. According to him, the white knights for the regularization plans are firmly in place and it was simply a matter of needing more time to submit the relevant documentation. (StarBiz)
Felda Global Ventures: High Court rejects bid to stop listing
The Kuantan High Court today rejected an application by 8 FELDA settlers to halt the listing plans of FELDA Global Ventures Holdings (FGVH). The settlers had last month won a temporary court order blocking the transfer of shares from their FELDA Investment Cooperative (KPF) to FGVH, a crucial step in the plan to list the plantation firm. The Kuantan High Court decided to reject the application made by the 8 plaintiffs (KPF shareholders) at 12pm Monday. FELDA Settlers Children’s Association (ANAK) chairman Mazlan Aliman said a decision will be taken later on whether or not an appeal will be filed. (Malaysian Insider)
Eastern & Oriental: Judge to remain on Sime Darby - E&O case
Securities Commission (SC) suffered an initial setback on Monday in widely followed court challenge over Sime Darby’s purchase of a strategic stake in Eastern & Oriental (E&O), when the presiding judge refused to recuse himself form the case. High Court Judge Abang Iskandar Abang Hashim on Monday disallowed the SC’s application to rescue him from hearing the judicial review filed by E&O minority shareholder Michael Chow Keat Thye. Abang Iskandar disagreed with the SC’s submission that his previous employment with SC was grounds for the recusal. The matter is expected to return for case management next Tuesday before the judicial review hearing begins. (Financial Daily)
Malaysia Smelting Corporation: Eyes Congo assets
Malaysian Smelting Corporation's (MSC) group CEO Datuk Seri Mohd Ajib Anuar said the company will acquire additional tin-related assets to expand upstream in Congo by 1H CY2012. He hopes that they can hasten the due diligence (process) and decision-making, adding that at a time when tin price is at the lower side, they are looking at a less demanding valuation. He added that the group COO Chua Cheong Yong is hands on in the African business and is optimistic on the future in Congo. Ajib said that this would also be conditional upon the formation of the Congolian cabinet which would give investors more certainty after the incumbent government had been returned to power in the African nation. MSC has also been sourcing some of its raw materials from Congo and hoped to be able to expand upstream to capture a bigger part of the industry value chain once it acquired this asset which would be funded internally and through borrowings. (StarBiz)
Kumpulan Europlus: Chan retires, board revamp is imminent
Tan Sri Chan Ah Chye has relinquished his positions as the president and CEO of Kumpulan Europlus (KEuro) effective last Sunday, paving the way for the revamp of the board and a new management team. KEuro said that consequent to the retirement of Chan as a director of the company, he would no longer be a member of the remuneration committee and chairman of the executive committee. Following Chan’s retirement from the board, his spouse Puan Sri Datin Thong Nyok Choo has also resigned from the board. (StarBiz)
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