Petronas Gas to invest RM1bn on Sabah regas terminal
Petronas Gas will invest RM1bn in capex for its regassification plant in Lahad Datu, Sabah, and expects to call a tender for the first package of the project soon. Its CEO Samsuddin Miskon said the investment would cover land acquisition and commissioning costs to the point of plant handover. The terminal is now undergoing front-end engineering design and the company will start with site preparation very soon. (Malaysian Reserve)
IOI gets RM4.6bn funding
IOI Corp is set to establish a USD1.5bn (RM4.62bn) euro medium-term note programme (EMTN) to raise funds to fund its capex requirements, investments/acquisitions, working capital and for repayment of its existing borrowings. The integrated oil palm plantation group led by Tan Sri Lee Shin Cheng said the EMTN programme will be unconditionally and irrevocably guaranteed by IOI and may be listed on the Singapore Exchange Securities Trading Ltd. (Malaysian Reserve)
Mitrajaya bags RM111m Putrajaya project
Mitrajaya Holdings’ wholly-owned unit, Pembinaan Mitrajaya SB, has accepted a RM111.8m contract from Putrajaya Holdings SB to construct and complete the City Campus Development, at Precinct 5 in Putrajaya. The contract is scheduled to be completed in a 24-month period. (Malaysian Reserve)
Felda locks in stakeholders for IPO
French trading house Louis Dreyfus and Malaysia’s top dealmakers, tycoon Tan Sri Quek Leng Chan and former stockbroker Tan Sri Chua Ma Yu, have emerged as cornerstone investors for the USD3.3bn (RM10.16bn) listing of Felda Global Ventures Holdings (FGVH), a cast of strategic investors the Government hopes will boost sentiment for the public offering, which faces hostile market conditions. The other cornerstone investors are state-owned PNB, EPF and foreign groups which include Fidelity and Value Partners, according to financial executives involved in the listing. (Financial Daily)
SP Setia purchases land in Penang for RM186m
SP Setia’s wholly-owned subsidiary, Intra Hillside SB, has entered into a sale and purchase agreement with Penang Realty SB for the proposed purchase of 21.31 acres (8.5ha) of freehold land on Penang Island for RM185.65m or RM200/sq ft. Intra Hillside said it plans to carry out the development of terraced houses and condominium with a gross development value of RM1.1bn. (Financial Daily) Please see accompanying report
Kencana unit wins RM48.9m contract from Petrofac E&C
Kencana Petroleum’s unit, Kencana HL SB (KHL), has been awarded a contract worth RM48.9m by Petrofac E&C SB for the refurbishment, life extension and conversion of a mobile offshore production unit (MOPU). Under the contract, KHL would undertake the engineering, construction (EPC) and other works of the MOPU for the development of an oil-field off the shore of Peninsular Malaysia. (Financial Daily)
Two companies to be delisted
SapuraCrest Petroleum and Kencana Petroleum will be delisted from Bursa Malaysia from 9am tomorrow to make way for the debut of their merged entity on the same day. (StarBiz)
Royal Bank of Scotland (RBS) will continue to expand its corporate banking business across the Asia-Pacific, including Malaysia, despite having sold most of its cash equities, equity capital markets and corporate finance businesses in the region to CIMB Group for RM849.4m. The British lender has in the pipeline at least four to six sizable ringgit-denominated Islamic bond (sukuk) issuance by financial institutions and companies from Central Asia and Europe. (The Sun)
Malaysia Airports (MAHB) said MD Tan Sri Bashir Ahmad’s contract has been extended another year by the Finance Ministry, effective June 7, 2012. MAHB said Bashir was appointed MD in 2003 and has been the driving force behind its steady growth and in transforming MAHB into one of the most successful GLC in the country. (Financial Daily)
AirAsia has proposed a first and final single tier dividend of 5 sen per share for the financial year ended Dec 31, 2011 to be paid in cash on July 20, 2012. AirAsia said the dividend was subject to shareholders‟ approval at its forthcoming annual general meeting. The single-tier dividend is tax exempt in the hands of the shareholders. (Financial Daily)
Brahim Holding Bhd, an in-flight catering services provider, expect its sugar refinery plant in Sarawak to be operational by 2014 and generate about RM250m in revenue, annually. Executive Chairman Datuk Ibrahim Ahmad said the group had allocated RM130m to invest in the sugar manufacturing plant and machinery. "In line with our food portfolio, we have ventured into the sugar refinery sector and we are building our plant on a 12 hectare piece of land in Demak Laut, Sarawak, to cater for the East Malaysian market. We expect the plant to begin commercial operations by 2014 with an initial production of about 100,000 metric tonnes per annum," he told reporters after the group's annual general meeting. "Upon the completion of our Sarawak plant, we will be the first sugar producer in East Malaysia and our study shows that the demand capacity for sugar there stood at 330,000 tonnes and 1.6 million tonnes for nationwide demand," he said. (BT)
Brahim’s Holdings executive chairman Datuk Ibrahim Ahmad Badawi has sidestepped questions on a re-negotiation of its controversial catering agreement with Malaysia Airlines (MAS), while hinting at possible talks. In 2003, its subsidiary LSG SkyChefs-Brahims (LSGB) signed an agreement with MAS for the exclusive right to supply and provide in-flight catering and cabin handling services to MAS at both the Penang airport and the Kuala Lumpur International Airport in Sepang for 25 years. LSGB is 70%-owned by Brahim's-LSG Sky Chefs Holdings and 30%-owned by MAS. At the unveiling of MAS' business plan in December 2011, its management specified a re-negotiation of contracts as a component of its recovery plan. The contract between LSGB and MAS has long come under fire for the exclusivity as well as the long-term nature of the deal. (BT)
Navis Capital is not concerned if minority shareholders reject its offer to privatise SEG International (SEGi). However, Navis prefers SEGi to be taken private. “Those who want to sail along for the ride, as long as they do it with their eyes wide open and recognize the change in the strategic direction and possibly the volatility in the short-term performance of the group,” said Nicholas Bloy, managing partner of Navis. As Navis‟ plans for SEGi involve overseas expansion, which will be capital-intensive, Bloy said SEGi may see some short-term compression in terms of earnings per share. (Financial Daily)
The issuance of the temporary operating licence (TOL) to Lynas (M) Sdn Bhd has been postponed pending a decision on an appeal by Science, Technology and Innovation Minister Maximus Ongkili. Three parties has submitted their appeals to the minister on the TOL approval and pending the decision on the appeal, the minister had instructed to defer the issuing of TOL to Lynas. (Bernama)
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