Thursday, June 7, 2012

20120607 1048 Malaysia Corporate Related News.

MMHE plans RM1.9bn capex on yard optimization project
Malaysia Marine & Heavy Engineering (MMHE) is embarking on a RM1.9bn capital expenditure over the next four years on a yard optimization programme, to increase efficiency. For this year, MMHE plans to spend RM300m on the optimization programme. In addition, MMHE is also planning on topping up its orderbook to RM4bn, taking into account its bid for contracts in Turkmenistan, the Thai-Malaysia Joint Development Area and Kebabangan, East Malaysia. (Malaysian Reserve)

MISC ‘not exiting’ NCB Holdings
MISC president and CEO Datuk Nasarudin Md Idris said the national carrier is not looking to sell its 15.7% stake in port operator NCB Holdings. Speculation of MISC selling its block has been rife, especially after the shipping giant announced its intention to exit the liner business in late November last year. (Financial Daily)

Catalytic growth – UEM Land’s Nusajaya to be driven by new projects
For UEM Land Holdings’ fledgling Nusajaya region, the next stage in its growth will be driven by new catalyst projects that are expected to be unveiled soon. “We have concocted and put on the ground the initial catalysts, but we cannot live on what has been successful in the past, so new projects will be developed,” managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim told StarBiz. (StarBiz)

Atlan to dispose of property for RM12.5m
Atlan Holdings Bhd’s (AHB) wholly-owned subsidiary, United Sanoh Industries SB has entered into a sale and purchase agreement to dispose of a piece of freehold industrial land comprising a single-storey warehouse in Klang, Selangor to Vibrant Advanced Products SB for RM12.5m. In an exchange filing on Tuesday, the company said that the gross proceeds arising from the proposed disposal will be utilized for security for banking facilities and working capital. (Malaysian Reserve)

Guan Chong one step closer to SGX secondary listing
Regional cocoa processor Guan Chong is nearing its goal of secondary listing on the Main Board of the Singapore Exchange (SGX) after it received the necessary approvals from the relevant authorities in Malaysia. In a statement yesterday, Guan Chong said the group obtained the green light for its corporate exercise from the Securities Commission Malaysia and Singapore Exchange last week. (Malaysian Reserve)

Magna Prima plans MYR832m mixed property project in Shah Alam. Magna Prima Bhd's unit is acquiring 20 acres of land in Bandar Shah Alam for MYR100m for a proposed mixed residential and commercial project with a total gross development value (GDV) of MYR832m. It said on Tuesday that Magna Ecocity Sdn Bhd (MESB) had signed a conditional sale and purchase agreement with PCM Bina Sdn to purchase the land. (Source: The Star)

Oil & Gas: Petronas awards contract for fist floating LNG facility. Petroliam National Berhad (Petronas) has awarded a contract for the engineering, procurement, construction, installation and commissioning (EPCIC) for its first commercial floating liquefied natural gas (FLNG) facility in Malaysia to a consortium of companies, comprising Technip France S.A., Technip Geoproduction (M) Sdn Bhd and Daewoo Shipbuilding & Marine Engineering Co. (Source: The Edge)

BToto to spin off Sports Toto in MYR6b deal. Berjaya Sports Toto Bhd (BToto) is proposing to spin off its 100% stake in Sports Toto Malaysia Sdn Bhd (STM) and list it as a business trust on the Singapore Exchange. BToto said on Tuesday that it would divest STM to the STM-Business Trust for MYR6b (SGD2.43b). (Source: The Star)

The full start-up Gumusut-Kakap deepsea oilfield has been delayed to 2H13 from 2012, an official at Petronas said yesterday. Construction of the floating production facility for the field has taken longer than expected, said Datuk Wee Yiaw Hin, executive vice-president for exploration and production at Petronas. "There has been some delay because we want to get fabrication complete so that when we roll out we are not faced with a lot of offshore work," Wee told reporters on the sidelines of an industry event. "Therefore I think 2013 instead of 2012 ... sometime in the third or fourth quarters." The company aims for 25,000 to 30,000 bpd early production from the field in the fourth quarter 2012 through linking some wells already drilled to another platform, Wee said. Royal Dutch Shell operates the project and holds a 33% stake. ConocoPhillips has a 33% stake, Petronas holds 20% and Murphy Oil 14%. (Reuters)

United Malayan Land Bhd (UMLand) has appointed Chia Lui Meng as its new group CEO with effect from Monday, succeeding Pee Tong Lim, whose tenure ended in February when he retired. Chia, who was the CEO of Malton Bhd and adviser to the group managing director of Naza TTDI Sdn Bhd, will be responsible for the strategic direction and overall management and operations of the UMLand group. (BT)

MISC CEO Datuk Nasarudin Md Idris said the national carrier is not looking to sell its 15.7% stake in port operator NCB Holdings. Speculation of MISC selling its block has been rife, especially after its intention to exit the liner business. There has been widespread speculation that Tan Sri Syed Mokhtar Al-bukhary is looking at taking control of NCB Holdings, but this remains unsubstantiated. The port operator’s largest shareholder is Permodalan Nasional Bhd. (Financial Daily)

Malaysia Airports (MAHB) has appointed Tan Sri Dr Wan Abdul Aziz Wan Abdullah as its new chairman effective June 7. The new chairman, who is currently holding directorships in 10 public companies and institutions, has been also appointed chairman of the Board Procurement Committee, Board Finance and Investment Committee and Board Risk Management Commiittee of MAHB. (Bernama)

The Penang Municipal Council should revise its guidelines on hillslope development and land usage, said Tanjung Bungah residents association member Datuk Dr Leong Yueh Kwong. This was in view of the many landslides on the island lately, he said. "Until the guidelines are revised, there should be temporary halt on all hillslope projects," said Dr Leong. He said the guidelines on land use should also be reviewed. "There are many development projects in the north-east district covering areas like Paya Terubong, Air Itam and Tanjug Bungah, which cause daily traffic congestion,. Very soon, we will reach a point where it will not be possible to travel to Batu Ferringhi because it will take too long to get there," he said. (The Star)

Firefly will introduce weekly scheduled charter service between Kuala Lumpur and Christmas Island in Australia from July 7 this year. The airline said the services will be available every Saturday, departing Kuala Lumpur at 9.20am and arriving in Christmas Island at 10.55am, while the return flight leaves Christmas Island at 11.55am and arrives in Kuala Lumpur at 3.30pm. Firefly will utilise its B737-400 aircraft, which has a seating capacity of 162, on this route. The new services are a collaboration between the airline and Sunwise Nominees Pty Ltd doing business as Christmas Island Air. Besides the new services to Christmas Island, Firefly said it is also operating twice weekly scheduled charter services between Malacca and Penang utilising its ATR72-500 turboprop aircraft and weekly charter services to Nanning direct from Kuala Lumpur and via Penang utilising its B737-400 aircraft. The airline also offers ad-hoc charters. Clients are mainly from corporate companies who book the entire aircraft for their company outings and corporate incentive programmes. (Bernama)

Masterskill Education Group Bhd (MEGB) has denied that it is a takeover target of two government-linked funds, but hinted that it may consider selling stakes in its campus branches to interested parties. Discussions with at least two parties had begun for such a collaboration but they were not Khazanah Nasional Bhd or Ekuiti Nasional Bhd, said group CEO Datuk Seri Edmund Santhara. “We do not see anything wrong in owning just 51% of our Kuching branch or 70% of the Johor Baru branch. This is a partnership or collaboration that we may just consider,” he said. Speaking after the company’s annual general meeting at the group’s main campus in Cheras here yesterday, Edmund added that the new partners must add value to its business.(BT)

UDA Holdings Bhd is seeking an initial RM100m in compensation from the Treasury or MRT Corp Bhd for the 150 tenants of Bukit Bintang Plaza (BB Plaza) who will be affected by the construction of the Bukit Bintang underground station. UDA chairman Datuk Nur Jazlan Mohamed said while it is willing to "sacrifice" for the MRT project, it would hamper the company's business and its agenda to provide space for bumiputra retailers in the city. On plans to sell BB Plaza to MRT Corp or to redevelop the mall, Jazlan said: "We are in discussions now, but it doesn't mean we'll sell. UDA's managing director Ahmad Abu Bakar said company's recurring revenue from BB Plaza is RM20m to RM25m per year, or 25% of the its total revenue. (The Sun Daily)

Keretapi Tanah Melayu (KTMB) hopes to increase its six-car trains from the present 17 to 38 by September this year as part of its efforts to bolster its commuter service, KTM Commuter services general manager Mohd Hider Yusoff said. "This would further reduce the 'waiting time' for passengers from the present 15 minutes during peak times to 10 minutes and would enhance customer satisfaction is our main priority, he said. (Malaysian Reserve)

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