MMC Gamuda seals RM360m deal for MRT project
MMC Gamuda KVMRT SB, a JV between MMC Corp and Gamuda, sealed a RM360m sales and purchase agreement for six tunnel boring machines (TBMs). The six custom-designed TBMs will be used to tunnel through karstic limestone forming half of the proposed 9.5km mass rapid transit (MRT) stretch from Semantan North Portal to Maluri South Portal. (Financial Daily)
TM’s HyppTV launches France 24
Telekom Malaysia’s (TM) pay TV service, HyppTV, is optimistic of attracting subscribers from the French community here with the launch of France 24, the first and only premium French International news channel in Malaysia. HyppTV is an Internet Protocol TV service and France 24 will be aired via TM’s high-speed broadband service, UniFi. (Financial Daily)
KFCH, QSR to ink share sale deals with MESB
KFC Holdings (KFCH) and QSR Brands have agreed to sign definitive agreements of a share sale with Massive Equity SB (MESB). The companies told Bursa Malaysia separately yesterday that the date of execution would be no later than 21 May or another mutually agreeable date. (StarBiz)
Tanjung offers to sell marine op to Ekuinas
Tanjung Offshore has proposed to sell its marine business to major shareholder E-Cap (Internal) One SB for RM220m under a demerger exercise. Tanjung Offshore said it had entered into a conditional agreement for the purchase and sale of shares with Kota Bayu Ekuiti SB (KBE), a wholly-owned by E-Cap, which in turn a major shareholder of Tanjung Offshore, for disposal by Tanjung of 10m ordinary shares of RM1 each in Tanjung Kapal Services SB (TKS), representing the entire equity interest in TKS, to KBE for a cash consideration of RM220m. (StarBiz)
DRB-Hicom denies selling Lotus Group
DRB-Hicom has come out in the open to deny that it has decided to sell newly-acquired Lotus Group International – post takeover of Proton Holdings. The former is currently undertaking an operations audit on Lotus Group as part of its governance exercise. “Contrary to reports that Lotus Group would be put under administration, DRB-Hicom is still supporting Lotus Group, both financially and management wise,” declared the company in a press release. (Malaysian Reserve)
E&O has agreed to acquire its first major overseas property, a prime freehold office-cum-retail building in central London, for a total cash consideration of £20.25m or approximately RM100.9m. The property, Princes House, commands a prime position on the west side of Kiingsway in the heart of London's Midtown. "A prominent neo-classical building, the property will continue to be let for office use but offers E&O the opportunity in the future to harness its redevelopment potential, subject to planning permission," said E&O MD Datuk Terry Tham. "This may include E&O branded serviced suites or residential apartments which would find a ready rental and sale market, given its proximity to the University of London, London School of Economics as well as the Inns of Court where student accommodation and legal offices are always in demand," he added. Constructed in the early 1920s, the Princes House is a mixed-use building comprising about 46,087 sq ft of office and retail space. (Starbiz)
Indian police are in Kuala Lumpur in a bid to gain access to information related to Maxis Berhad’s controversial acquisition of Indian telco Aircel that allegedly involved RM351m in kickbacks to former Indian Telecommunications Minister Dayanidhi Maran and his brother. The Press Trust of India reported that the Central Bureau of Investigation (CBI) flew in to find out about Maxis’s financial transactions and to record “the statement of a non-executive director of the company” which is owned by T. Ananda Krishnan. “A CBI team was meeting Malaysian authorities, including its legal department, for early action on its plea,” India’s largest news agency reported, referring to a request by India’s courts earlier this month for financial documents related to the Maxis-Aircel deal. The CBI had filed the graft case on October 10 last year against Ananda, his right-hand man Ralph Marshall, who is a non-executive director at Maxis, and the Marans. (The Malaysian Insider)
Bumiputera equity participation in the corporate sector rose to 23.09% in 2010, from 21.9% in 2008. PM Datuk Seri Najib Razak said based on the government's assessment, the official 30% Bumiputera equity target could be achieved by 2020. According to the Economic Planning Unit of the PM's Department, Bumiputera equity ownership is the highest in the financial, insurance and takaful sector. In terms of value, Bumiputera equity in the sectors rose 22.5% to RM65.37bn in 2010, from RM53.35bn a year ago. (NST)
Federal Land Development Authority (Felda) will talk to the Securities Commission (SC) in the next few days on how to include Koperasi Permodalan Felda (KPF) as one of the shareholders in the upcoming listing of Felda Global Ventures Holdings Bhd (FGVH). Felda chairman Tan Sri Mohamed Isa Abdul Samad said Felda’s management would meet with the SC to discuss the next plan of action now that KPF members had agreed to take part in FGVH’s initial public offering. “We plan to meet SC officials in the next two to three days. I don’t want to jump the gun but we will call a press conference soon,” said Isa. (BT)
The construction of Vale International iron ore distribution hub in Teluk Rubiah has already reached 15% towards its completion, said Vale Malaysia Portfolio Director Marcelo Figuiredo. He said WCT Construction Sdn Bhd, the local contractor handling earthworks, has surpassed its target at 52% completion and pile driving for the material handling quay was successfully completed December last year. (Bernama)
IJM Land Bhd has agreed to sell a 285.88ha land in Rembau, Negri Sembilan, to Canal City Construction Sdn Bhd (CCC) for RM30.3m cash. The cash proceeds from the sale will be used for working capital of the group. The disposal is expected to be completed by 3Q12. (BT)
Nestle (Malaysia) Bhd will make an independent evaluation of the impact of the acquisition of Pfizer Nutrition by its holding company Nestle SA of Switzerland. “The company will be informed in due course by Nestlé SA, of the impact of such acquisition on its business, if any,” Nestle said in a statement to Bursa Malaysia. Swiss food group Nestle is buying US drugmaker Pfizer's infant nutrition business for US$11.85bn (RM36.2bn), beating out French rival Danone in the battle for dominance of baby food in fast-growing emerging markets.(Reuters/BT)
Themed Attractions & Resorts Sdn Bhd (TAR), a unit of Khazanah Nasional Bhd, will divest some or all of its investments in theme parks in the Klang Valley and Johor, says its chief. TAR, which was given an initial RM2.3bn until 2015 to develop parks and attractions, has a majority stake in KidZania and will also wholly-own five other soon-to-open attractions in Johor. TAR CEO Tunku Ahmad Burhanuddin said Khazanah would eventually dispose of its stakes in the projects.“Khazanah took on those projects as they required big investments. But they have to be run commercially in order to be profitable, as we have to look at return on our investments. (BT)
Proton Holdings Bhd has extended the closing date and time for the acceptance of the unconditional takeover offer by DRB-Hicom to acquire all the remaining shares in Proton at RM5.50/share in cash to May 9 instead of April 25. (BT)
KLIA2 is on track to be opened by April next year, with 50% of the development completed to date, said Malaysia Airports (MAHB) chairman, Tan Sri Aris Othman. Meanwhile, giving an update on the Prince Mohammad Bin Abdulaziz International Airport in Medina, Saudi Arabia, Aris said MAHB is still in the bidding stage to secure the contract to expand the airport. MAHB has been shortlisted for the Medina airport and for the facilities services management at the Doha International Airport. Tan Sri Aris Othman wants the airport operator’s MD Tan Sri Bashir Ahmad to continue serving the company in his current position although the decision of whether to extend the latter’s contract lies with the government. Bashir’s contract with MAHB will end in June. The 63-year-old was first appointed as MAHB managing director in June 2003. (BT, The Sun)
Landfill restoration and waste management specialist Cypark Resources Bhd sees opportunities in Myanmar and hopes to enter the country next year, said group CEO Daud Ahmad. The company intends to be among the "first movers" into Myanmar, hoping to provide its expertise in waste management and renewable energy there as the country starts developing. Daud expected Myanmar to begin developing its power infrastructure soon, and said there would be opportunities in sub-segments such as generating power through green and sustainable resources. (Financial Daily)
Berjaya Land Bhd (BLand) is in discussions with Parkson Holdings Bhd (PHB) to open a department store at its RM7.5bn Great Mall of China (GMOC) in East Beijing, China. "Parkson is expanding in China and we are trying to talk them into taking up space at GMOC but nothing is firm yet," BLand CEO Datuk Francis Ng Sooi Lin, told BT. Parkson, a Lion group company, has more than 50 outlets in China and currently derives some 70% of sales from the Chinese market. (BT)
Japanese steel companies, frustrated by trade barriers designed to protect the country’s domestic steel sector, want the government to simplify the import rules that are choking off the supply of high-grade iron and steel to key sectors of the economy. The Japanese Chamber of Trade and Industry Malaysia (Jactim), also warned the government that foreign manufacturing companies might be forced to relocate their operations to other regional investment destinations if the problems over import duties are not resolved quickly. Malaysia imposes a 20% import duty on high-grade iron and steel products to protect local players such as Megasteel. But there is an import duty exemption scheme to ensure that industries that require high-end iron and steel products not produced locally can obtain raw materials at competitive prices. Japanese steel companies argue that the special scheme is flawed because exemptions are only given after importers obtain a non-objection letter from local steel mills which is difficult to obtain. (Financial Daily)
Fajarbaru Builder Group Bhd is expected to bag a RM299m job for the construction of Sungai Baru light rail transit station (LRT) under the LRT extension project by Syarikat Prasarana Negara Bhd, according to source. It is learnt that the letter of award was signed last Friday. The Sungai Baru station is one of the last four work packages for the LRT extension project. It was reported that the remaining three contracts will be awarded in a month or two. Fajarbaru is also one of the pre-qualified companies for the multi-billion elevated civil station and depot work packages for My Rapid Transit project. (StarBiz)
London Biscuits Bhd has fixed the issue price for the first tranche of the private placement, comprising of 4.5m shares, at RM1 each. It said on Monday, this was a premium of 35.14% above the five-day volume-weighted average market price of the ordinary shares of RM1 each, up to and including April 20 of 74 sen per share.(Starbiz)
Tune Ins Holdings will pay RM156.9m to acquire the majority 79.84% stake in Maika Holdings Bhd’s general insurance business – Oriental Capital Assurance. The RM1.965 per share price values the whole Oriental at about RM196.5m. Tune Ins, a wholly-owned unit of Tune Money, is partly owned by Tan Sri Tony Fernandes and Datuk Kamarudin Meranun. Upon acquiring the 79.84% stake, Tune Ins will make a mandatory genereal offer of RM1.965 per share to minority shareholders. (Malaysian Reserve)
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