Bumi Armada clinches RM198m contract
Bumi Armada subsidiary, Bumi Armada Navigation SB, has been awarded a contract valued at USD65m or RM198.9m. The contract is for the provision of an accommodation workboat from Mexican oil and gas services company Tecnologias Relacionadas con Energia y Servicios Especializados, S.A. de C.V. The contract is for a period of five years with an extension option of an additional five years. The vessel, which will be provisioned by Bumi Armada, will provide accommodation and offshore support services in Mexican territorial waters. (StarBiz)
Perodua to invest RM1.2bn over the next three years
Perusahaan Otomobil Kedua SB (Perodua) will be investing between RM1.2bn and RM1.5bn over the next three years as it gears up for the imminent liberalisation of the local automotive industry. Perodua managing director Datuk Aminar Rashid Salleh said the investment would be to upgrade its production line and equipment, improvement to its sales and service outlets nationwide as well as for research and development for new models.“The reality is that liberalisation will happen sooner or later. It's just a matter of time and we need to transform,” he told StarBiz yesterday, adding that Perodua had also submitted its five-year roadmap (outlining its growth strategy for that duration) to the Government. (StarBiz)
Strong demand expected for Gas Malaysia's IPO
MMC Corp is optimistic regarding the proposed listing of its subsidiary, Gas Malaysia, this year due to encouraging demand for Malaysian stocks and ample liquidity in the local market. "Based on the feedback from Miti (Ministry of International Trade and Industry), Gas Malaysia stocks are oversubscribed," said MMC group managing director Datuk Haji Hasni Harun recently. He said Malaysian stocks were currently on foreign investors' radar, although they were not that aggressive in buying the shares as they needed certainty on the impending 13th general election before making investment decisions. (BT)
MMC plan for KTMB on track
MMC Corp expects to complete due diligence on Keretapi Tanah Melayu Bhd (KTMB) by between July and August this year, its group managing director Datuk Haji Hasni Harun said. The due diligence is for MMC to participate in the proposed privatisation of the national rail company. “We have appointed consultants. We are at 30% of the (due diligence) exercise now. There are still 70% to complete before we can forward our privatisation proposal to the government,” Hasni told Business Times. KTMB is currently incurring losses averaging RM200m a year and Hasni said MMC’s proposal will be aimed primarily at turning around the rail company. The company, together with Gamuda Bhd, was eyeing to privatise KTMB and take over its assets in 2003. (BT)
AA Anthony in MBO talks
AA Anthony SB's management Datuk Lim Tiong Chin is negotiating a management buyout (MBO) for the Penang-based stockbroker with its parent Multi-Purpose Holdings (MPHB), financial executives involved in the corporate plan said. The proposed MBO, which is expected to be finalized by mid-June, is part of MPHB's rationalization to focus its business on gaming. Also, Lim who bought the stockbroking company in 1990, has been keen to bring the company back into his family holdings, the financial executives said. Pricing remains sketchy, but several analysts who track MPHB estimated AA Anthony to be worth around RM170m in terms of shareholders' funds. (Financial Daily)
RHB Bank: Despite the Eurozone economic uncertainties, RHB Bank Bhd foresees growth of 10%-12% this year in its loan sector. Its acting director Vince Au Yoong said he was confident that the loans sector will continue to grow, but will see a slightly lower margin compared with last year. He said housing and car loans will be among the major drivers while ASB financing will continue to contribute as well. (Source: The Sun Daily)
MMC: Hopes to start MRT job by January 2013. MMC Corp Bhd expects to commence the MYR8.28b underground works package for the MYR30b Klang Valley MY Rapid Transit (MRT) project by January next year. (Source: Business Times)
Automotive: Perodua to invest MYR1.2b over next 3 years. Perodua will be investing between MYR1.2b and MYR1.5b over the next three years as it gears up for the imminent liberalisation of the local automotive industry. Perodua managing director Datuk Aminar Rashid Salleh said the investment would be to upgrade its production line and equipment, improvement to its sales and service outlets nationwide as well as for research and development for new models. (Source: The Star)
Tenaga Nasional Bhd (Tenaga) will find the best solution towards resolving the problem of interruption to electricity supply in Sabah. The company said this includes close cooperation with Sabah Electricity Sdn Bhd (SESB) to determine an effective remedy for the problem. Tenaga has already sent a team to Sabah and is working together with SESB to finalise a proposal that will be forwarded to the Ministry of Energy, Green Technology and Water. (Bernama)
Malaysia's automotive industry is expected to contribute 6.8% of the country's Gross Domestic Product (GDP) by 2020 from 2.4% presently by increasing Foreign Direct Investments that would lead to increased exports and competition in the sector. The National Automotive Policy (NAP) that is slated to be announced soon aims to turn Malaysia to be regional hub for energy efficient vehicles. (BT)
Suzuki Motor said it will recall about 109,000 Swift subcompact cars worldwide, half of them in Japan, to repair a defect that may cause petrol leakage. The cars were produced between September 2010 and last month with 55,146 of them shipped to the domestic market and 53,801 exported outside the country, including Australia, Mexico, and Europe, a company spokes-man said. (AFP, BT)
Property developer Wing Tai Malaysia Bhd is looking to add more names to its growing portfolio of fashion brands. "We are presently evaluating and negotiating to add another one or two brands this and next year, subject to the finalisation of the contract terms," said Lee Cheng Toh, executive director of DNP Clothing Sdn Bhd, which is the retail subsidiary of Wing Tai. (Financial Daily)
Felda Global unit’s MSM Q1 net profit rises to RM66.4m
MSM Malaysia Holdings Bhd, a Felda Global Group subsidiary, has registered a net profit of RM66.39 million in the first quarter ended March 31 2012, a slightly better performance compared with RM62.2 million recorded in the same previous quarter. Revenue for the first quarter was also higher at RM531.76 million compared with RM503.18 million in the first quarter of the year ended December 2011. (Source: Business Times)
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