Infineon to inject RM4bn into Kulim plant operations
Infineon Technologies (Kulim) SB will invest RM4bn in its operations at the Kulim Hi-Tech Park over a 10-year period. The German company is expanding its wafer fabrication facility, Kulim 2, to include a manufacturing centre for the production of megatrend technologies for energy efficiency and automotive industries. (Malaysian Reserve)
MAS to get up to RM1.5bn bridging loan from CIMB
Malaysian Airline System (MAS) is close to securing up to RM1.5bn in a bridging loan from CIMB Group Holdings, giving it ample time to structure a RM3bn bond for its long-term needs. According to three separate sources, the one-year bridging loan is intended to finance the national carrier’s daily operational needs and this would give MAS some time to structure the bonds. (Financial Daily)
IGB JVs to acquire Johor land for RM259m
IGB Corp’s two 70%-owned subsidiaries will acquire 1.57m sq ft of land in Johor Bahru for a consideration of RM259.14m or at RM165 per sq ft. The land, to be acquired from Selia Pantai SB, is for the development of a shopping mall plus other commercial components. Selia Pantai also owns a 30% stake in the two IGB subsidiaries that will develop the land. (Financial Daily)
Contracts from TNB a boost to Pestech
Pestech International, which plans to list on the Main Market of Bursa Malaysia on 30 May, expects an increase in contribution from its local operations with the addition of two new contracts worth RM105.7m from TNB recently. The contracts are JV with TNB to build electric sub-stations in the Sarawak Corridor of Renewable Energy (SCORE) and Teluk Ramunia, Johor. (Financial Daily)
Harvest Court MD pares stake
Harvest Court Industries managing director Ng Swee Kiat substantially pared his shareholding in the company, selling more than 10% equity interest over two days, filings showed. In a statement yesterday, Harvest Court said Ng sold shares amounting to about 6% of its share base during the closed period on Wednesday, disposing of 9.26m shares or a 5.1% stake at an average of 71.2 sen apiece. (Financial Daily)
Property: Former Star site to undergo MYR900m development. The Pacific Star, with a gross development value of about MYR900m, would sit on the former site occupied by Star Publications (M) Bhd in Jalan 13/6, which had since been converted to commercial 99-year leasehold. The project is a 51:49 joint venture between JAKS Sdn Bhd, the contractor, and Island Circle respectively. (Source: The Star)
Petrochemical: RM61b Johor project is timely. The USD20 b (MYR61b) refinery and petrochemical integrated development (Rapid) project to be undertaken by Petroliam Nasional Bhd (Petronas) in southern Johor will be timely in meeting burgeoning demand for energy and petrochemical products, especially in Asia, in the next 20 years. (Source: Business Times)
ECM Libra-Kenanga: Merger finalized. The widely-speculated merger between the two stand-alone investment banks, ECM Libra Financial Group Bhd and K&N Kenanga Holdings Bhd, has been finalised and will be announced soon, according to banking sources. In February, it was reported that Kenanga was close to an agreement to buy the investment banking and broking unit of ECM Libra for about MYR900m. (Source: The Star)
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