Public Bank registers record net profit
Public Bank posted another record net profit for its 1Q ended Mar 2012, buoyed by strong loan growth, higher deposits and non-interest income, and the application of new accounting policies The banking group’s net profit grew 6.4% to RM940.8m for the quarter in review, from RM884.1m for the corresponding period a year earlier. (Financial Daily)
Century Software receives IRB awards
Century Software SB has accepted two letters of award from the Internal Revenue Board to carry out accounting system projects worth RM5.6m The first project will commence from 1 Jan for three years and the second will commence from the date of acceptance of the letter of award for a period of two years and three months. (Financial Daily)
Study on new Johor-Singapore rail, road links
The Malaysian and Singaporean governments will appoint a foreign consultant by early next month to undertake a detailed study on the proposed Rapid Transit System (RTS) linking Johor Baru and the island republic. It is understood that the study, which will take six to 12 months to complete, will determine the best options for the RTS development and project cost. People familiar with the matter said several options were being considered by both governments. They said the governments were mulling whether to build an elevated rail and road link or underground tunnels between the two cities. (BT)
DefTech, Tata seal defence cooperation
Defence Technologies SB (DefTech), a wholly-owned defence arm of DRB-Hicom, yesterday signed a cooperation agreement with India’s Tata Motors Ltd to develop, promote and market the latter’s military vehicles. The cooperation agreement will enable both DefTech and Tata to promote the high mobility 4x4 trucks with payloads ranging from 2.5 to five tonnes to the Malaysian government. (Malaysian Reserve)
Eversendai gets RM134m sub-contract for Qatar museum
Eversendai Corporation’s subsidiary has secured a RM134m sub-contract for the second package of the National Museum of Qatar. It said on Wednesday the subsidiary, Eversendai Engineering Qatar W.L.L, was awarded the contract by the main contractor Hyundai Engineering & Construction Co. Ltd. The scope of work includes design, fabrication and building of steel structures. (StarBiz)
First Solar plant shutdown sparks fears of bigger shakeup
US-based solar panel manufacturer First Solar Inc announced on Tuesday the shutdown of its manufacturing plant in Frankfurt, Germany. In addition, beginning May, the company plans to indefinitely shut down four more production lines at its plant in Kulim, Kedah. According to the company, this is to facilitate the restructuring of its operations due to deteriorating market conditions in Europe. The company also hopes to cut costs and explore new market opportunities. (Malaysian Reserve)
JCY likely to maintain strong earnings in Q2
JCY International’s second-quarter earnings could be as strong as its first-quarter figures. Southeast Asia's largest technology company is expected to release its second-quarter earnings by the middle of next month. "Our production output should be on target," said JCY finance director, James Wong, in an interview with Business Times recently. He added that the company has been doing well in the current quarter (second quarter), subject to external factors such as fluctuations in the currency markets. (BT)
DRB’s wholly-owned subsidiary DRB-HICOM Defence Technologies (DEFTECH) signed an agreement with Tata Motors (Tata) to develop, promote and market TATA military vehicles. The cooperation agreement would enable both DEFTECH and Tata Motors to promote the high mobility 4x4 trucks with payloads ranging from 2.5 tonnes to 5.0 tonnes to the Government of Malaysia. In the initial stage, DEFTECH will be working on two of TATA’s models, LPTA 715 and LPTA 1623. (BMSB)
Sales of Perusahaan Otomobil Kedua Sdn Bhd (Perodua) vehicles fell 11% in March to 16,000 vehicles versus 18,000 units in the previous corresponding period, mainly due to Bank Negara's responsible lending guidelines implemented this year. Sales eased 2.2% to 44,700 vehicles in the first quarter this year from 45,700 vehicles registered in the previous corresponding quarter. However, Perodua managing director Datuk Aminar Rashid Salleh said vehicle bookings were still healthy, with 20,000 units booked in March alone. Aminar said the current loan approval rate by financial institutions were much lower than usual due to the new guidelines, adding that loan approvals were also delayed. He added that the loan rejection and delay in approval process had resulted in high inventory levels at Perodua's stockyards, which in turn has increased cost for the independent dealers. (StarBiz)
The Malaysian and Singaporean governments will appoint a foreign consultant by early next month to undertake a detailed study on the proposed Rapid Transit System (RTS) linking JB and the island republic. It is understood that the study, which will take six to 12 months to complete, will determine the best options for the RTS development and project cost. People familiar with the matter said the governments were mulling whether to build an elevated rail and road link or underground tunnels between the two cities. When the RTS was first mooted, the plan was to connect Johor Baru and Singapore via a rail network. The source said the plan would have cost both governments not more than RM10bn. However, both governments said they were examining the prospect of expanding the scope of the RTS to include an underground road link between both countries. The project is targeted to be operational by 2018. (BT)
Food and beverage ingredients manufacturer Three-A Resources Bhd's factory in China will start producing hydrolysed vegetable protein and related products this month, said chairman Datuk Mohd Nor Abdul Wahid. The facility is a 50:50 joint venture between Wilmar International Ltd and Three-A Resources. However, Mohd Nor Abdul said the gestation period would be six to seven months. (StarBiz)
Tradewinds (M) Bhd has signed a sale and purchase agreement with Tradewinds Corp Bhd to acquire a 31-storey office building in Kuala Lumpur for RM510m. It was announced that the acquisition would be for the proposed redevelopment of the site comprising a 31-storey office tower, an 8-storey car park podium and a food court. (StarBiz)
KLCC Property Holdings Bhd (KLCCP) will undertake a major development comprising office and retail space and hotel of some 3.5m sq ft in the Kuala Lumpur City Centre (KLCC) precinct. Group CEO Hashim Wahir said the development, located between Suria KLCC and the Asy-Syakirin Mosque, will be launched soon. He did not disclose the gross development value of the project. "We will announce it when we launch the development. It will be a new development of some 3.5m sq ft and will be a joint venture project," Hashim said after the launch of Malaysia's Iconic Experience in Kuala Lumpur (MIEKL). MIEKL consists of 11 attractions within the KLCC precinct. They are Petronas Twin Towers, Suria KLCC, KLCC Park, Dewan Filharmonik Petronas, Petrosains, Galeri Petronas, Kuala Lumpur Convention Centre, Aquaria KLCC, Mandarin Oriental Kuala Lumpur, Traders Hotel Kuala Lumpur and Impiana KLCC Hotel. KLCC (Holdings) Sdn Bhd as the master developer of KLCC, together with the 11 attractions, have initiated and funded the development of MIEKL, which showcases KLCC as a "city within a city" that offers accommodation, shopping, food, leisure, entertainment, meetings, convention and business facilities. "With the launch of MIEKL, we expect an annual 5% growth from the 40 million visitors that throng the 11 attractions yearly," said Hashim. The initiative aims to develop the Petronas Twin Towers and KLCC as the primary icon of Kuala Lumpur under the National Key Economic Area – Greater Kuala Lumpur/Klang Valley Entry Point Project.(Sun)
The government tabled the Printing Presses and Publications (Amendment) 2012 Bill at Dewan Rakyat yesterday in its move to expand media freedom. Under the proposed law, newspapers and printed publications are required to apply only once for a license to print, unlike now, where the owners have to renew their licenses annually. Najib said the tabling of the bill was an important step to boost media freedom. “The government is committed to fostering a free and open media environment, capable of meeting the standards Malaysians demand and expect.” Among the changes to the law are to remove the reference to the minister’s “absolute discretion” in granting or refusing a printing press license. The bill also seeks to remove the power of the minister to specify in the license the period of validity of such a license. Other changes include allowing the license or permit to remain valid as long as it is not revoked. (NST)
The Boston Consulting Group has been hired by the International Trade and Industry Ministry to undertake an in-depth study on the current plight faced by players in the country’s RM40bn steel sector. The final result of the study is envisaged to assist the government in formulating an effective mechanism to settle the mounting issues, disputes and challenges in both the upstream and downstream steel sectors going forward. The study will focus on Malaysia’s existing steel policy plus the export and import duties given the influx of cheaper foreign steel goods coming into Malaysia. (Star Biz)
Petronas has introduced a whistle-blowing policy to complement its enhanced code of conduct and business ethics. The group said the revision in the business conduct is in line with the principle of its corporate enhancement programme embarked on two years ago. (Star)
The Malaysian Rating Corp Bhd (MARC) has affirmed Tenaga Nasional Bhd’s issuer rating of AAA and Islamic debt rating at AAA ID with a stable outlook. However MARC expects continued pressure on its credit metrics in the absence of further measures to deal with its exposure to volatile fuel prices. (Star Biz, MARC)
SapuraKencana Petroleum: Eyes O&G business in Kazakhstan
SapuraKencana Petroleum, the new entity formed post-merger of Kencana Petroleum and SapuraCrest Petroleum is keen to establish a footprint in Kazakhstan’s oil and gas (O&G) industry. Kencana Petroleum’s CEO Datuk Mokhzani Mahathir said the company is planning to send reconnaissance team to study what is needed to establish its business in that country. He said the company is looking at the rejuvenation of marginal fields and old fields as well as infrastructure for offshore support study. He added that after the reconnaissance mission, the company will prepare a proposal and submit it to the relevant authorities in Malaysia and Kazakhstan. (StarBiz)
MAS: Launches full investigation into technical incident
MAS’s Group CEO Ahmad Jauhari Yahya said the airline has launched a full investigation into the technical incident that affected one of the engines of the B747-400 aircraft together with the engine manufacturer. On Apr 16, Malaysia Airlines flight MH002 from the KL International Airport (KLIA) to London experienced technical glitch which resulted in a turnback and subsequent delay in departure until the next day. In a statement, Ahmad Jauhari said its team, from the crew that operated the flight to the ground personnel and the other agencies at KLIA worked in clockwork precision to ensure the safety, emotional well-being and comfort of the passengers affected by the incident. (Bernama)
Encorp: To sell US$516m Islamic bonds
Two people with knowledge of the deal said Encorp is planning to sell as much as RM1.58bn(US$516m) of Islamic bonds to restructure its debt. The Selangor-based company will be issuing the sukuk, or debt that pays returns from assets to comply with Islam’s ban on interest, in several portions of as long as 16 years, said one of the people, who declined to be named as the information is private. It plans to sell the securities early next month via its Encorp Systembilt Sdn Bhd unit. The company has hired CIMB Investment Bank, Hong Leong Investment and Kenanga Investment Bank as lead arrangers for the planned offering, the person said. (Business Times)
Syarikat Takaful Malaysia: Expects to finalise STI revamp by June
Syarikat Takaful Malaysia expects the restructuring of its Indonesian unit, PT Syarikat Takaful Indonesia (STI), to be completed in Jun this year. Once completed, Takaful Malaysia will be represented through its two operating companies: PT Asuransi Takaful Keluarga in which Takaful Malaysia now holds a 42.73% stake and PT Asuransi Takaful Umum, which is a subsidiary of STI. The plan includes liquidating the holding company and Takaful Malaysia's shareholding transferred to the two operating companies. It is learnt that Takaful Malaysia's stake in Asuransi Takaful Keluarga would increase to more than 70% once the restructuring is done. Mohammad Hassan had previously said that some of the minority shareholders in STI intend to sell out and at the same time some interested parties were keen to buy a major stake in STI. (Business Times)
Syarikat Takaful Malaysia: To aggressively expand retail capability
Syarikat Takaful Malaysia will aggressively expand its retail capability to capture a bigger market share from 20% in 2011 to 30% this year. In terms of Takaful contribution, Group Managing Director Datuk Hassan Kamil said the target was a growth of between 25 and 30% from RM1.1bn last year. He said Takaful Malaysia would increase the number of agents by 15% from 20,000 currently and improve customer service and engagement. (Bernama)
LBS Bina: Expected to reap RM650m from disposal of Dragon Hill
LBS Bina Group is expected to reap RM650m (HK$1.65bn) from the proposed sale of its subsidiary, Dragon Hill Corp Ltd. LBS Bina said its wholly-owned unit, Intellplace Holdings Ltd which owns 100% of Dragon Hill signed a memorandum of understanding (MoU) with Jiuzhou Technology Co Ltd, a wholly-owned subsidiary of Jiuzhou Development Ltd. According to LBS Bina’s MD Datuk Lim Hock San, the MoU provides for the parties to negotiate exclusively with each other and finalise the scope and terms of a sale and purchase agreement. LBS Bina also said the MoU was an expression of Jiuzhou Technology’s intention to acquire up to 100% but not less than 60% equity interest in Dragon Hill. (Financial Daily)
Ariantec: Raymond Chan surfaces as substantial shareholder
Datuk Raymond Chan Boon Siew, who made headlines after emerging in Harvest Court Industries, Naim Indah Corp and more recently Metronic Global, emerged on Wednesday as a substantial shareholder of Ariantec Global, a unit of Metronic Global. Ariantec, an ACE Market-listed information technology (IT) firm, was issued an unusual market activity (UMA) query by Bursa Malaysia Wednesday due to the sharp rise in its share price and trading volume. Ariantec said it was unaware of the cause of the UMA. (Financial Daily)
Bintai Kinden: Receives letter of acceptence from its unit
Bintai Kinden Corp has received a letter of acceptance, duly executed on Mar 2, from Bintai Kindenko Pte Ltd to perform sub-contract work awarded by Shimizu Corp of Japan. In a filing to Bursa Malaysia, Bintai Kinden, which holds 69.82% in Bintai Kindendo, said the contract was to perform sub-contract work for design, supply, delivery, installation, testing, commissioning and maintenance of air-conditioning and mechanical ventilation system. It said the sub-contract formed part of the main contract for the construction of the proposed construction of a 26-storey commercial building at Boon Lay Way, Singapore. It added that the sub-contract period shall be from Feb 24, 2012 to Sept 2, 2014. Bintai Kinden also said the sub-contract was not expected to have any material financial effect on the earnings, net assets and gearing of the company for FY2012. (Bernama)
Daya Materials: Signs pact with Axima for marine, O&G projects in Malaysia
Daya Materials’ wholly-owned subsidiary, Daya OCI Sdn Bhd (DOCI), has signed an MoU with France-based Axima Seith to participate in marine and oil and gas (O&G) projects in Malaysia. Daya Materials is principally involved in the provision of products and services in the O&G industry, specialty chemicals, advanced polymers as well as engineering and technical services, while Axima is a specialist in heating, ventilation and air-conditioning (HVAC) engineering. Their particular interest culminating into the signing of the MoU is the Defence Ministry contract for the supply of 6 patrol vessels awarded to Naval Shipyard Sdn Bhd, a wholly-owned subsidiary of Boustead Holdings Bhd, at the end of last year. The contract carries a ceiling of RM9bn to be implemented over 3 Malaysia plans (10th, 11th and 12th) with the delivery of the first ship in 2017. (Bernama)
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