Tune Talk launched an automatic top-up service for its subscribers in collaboration with global online payment company, Paypal. CEO, Jason Lo, said, "Subscribers need only to sign up for a PayPal account and link their credit or debt card. They can then set standing instructions for the top-up value ranging from RM10 to RM100 as they would in a regular online banking transaction." (Bernama)
Tune Talk plans to have 1m active subscribers and expand to 10 countries by year-end. CEO Jason Lo said the company wants to expand into Asean, eyeing countries like the Philippines, Laos and Vietnam. Currently, Tune Talk has presence in Indonesia, Cambodia, Sri Lanka and Bangladesh with about 700,000 active subscribers. "We adopt a high-volume approach. We want people to start utilising our products. So we really believe that when we capitalise on AirAsia's footprint throughout the region, slowly and surely we will see an increase in Tune Talk's relevance with regard to roaming," he said. (BT)
Malaysian Airlines (MAS) is now focusing on the plan to replace aircraft, as its priority, to enhance revenue as well as reduce operational costs, said Prime Minister Datuk Seri Najib Razak. As a strategic move towards regaining customer confidence, MAS will introduce long-haul services in utilising the Airbus A380 as a "new brand" for the airline from July 1, he added. He said MAS will join the one-world alliance at the end of this year to enhance its brand among other airline customers as well as improve the load factor with additional traffic. (Financial Daily)
Vale has placed orders for more than US$600m of port-handling equipment at China’s Dalian Huarui Heavy Industry as the construction of the miner’s transhipment centre in Malaysia enters its later stages. The equipment will be installed in Teluk Rubiah, Malaysia, where Vale is building a bulk transhipment centre that could handle up to 90m tonnes of iron ore a year. Vale’s US$1.3bn complex includes a blending centre, a pelletising plant and a port terminal, making Malaysia one of its most important marketing centres in Asia. Construction began last year and is due to be completed in late 2013 or 2014. (Lloyd’s List)
Ivory Properties Group Bhd is in talks with several parties to jointly develop certain parcels of land at its RM10bn Bayan Mutiara development. Its CEO Murly Manokharan said yesterday that Ivory hopes to seal at least one deal in three months. "We are looking for investors to jointly develop portions involving the commercial aspect of the proposed Penang World City project, such as the medical facilities and offices which are in the masterplan," he told reporters after the company's AGM. Murly said interested parties included firms from Singapore, Japan and Kuala Lumpur, but he did not name them."The Bayan Mutiara land is not for sale," he stressed, responding to a query if the company was planning to sell some of the land to individual investors. In March, Ivory shareholders gave their nod for the company to buy and develop a 41ha site in Bayan Mutiara on Penang island from the Penang Development Corp (PDC) and Chief Minister of Penang (Incorporated). The 41.5ha land, comprising 27.3ha of existing land and 14.2ha of land to be reclaimed - was sold for RM1.07bn or RM240psf and will be paid Last Nov, Ivory announced that it was entering into a 49:51 joint venture with Dijaya Corp Bhd to develop Bayan Mutiara. (BT)
Ivory Properties Group expects to see a huge jump in its revenue next year amid several projects to be launched in the second half of this year and early 2013. Its CEO Murly Manokharan, said next year would be exciting for Ivory with the Bayan Mutiara development kicking in and also its position as a turnkey builder for the project. (StarBiz)
Aeon Credit Service is aiming for double-digit growth in credit card issuance for the financial year ending Feb 20, 2013. Managing Director Yasuhiro Kasai said the company planned to launch a platinum credit card before year-end for high-end customers, apart from the present classic and golden cards. Yasuhiro said although personal financing is the biggest revenue contributor to AEON currently, used-car financing possessed a huge potential to be the company's future growth driver. He said the company also planned to open four more branch and service centres this year to expand its exposure. The centres will be located in Banting, Bangi, Gombak and Subang in Selangor. (BT)
Pacific & Orient Bhd’s unit Pacific & Orient Insurance Co Bhd has received approval from the Securities Commission to issue RM150m bonds. It had also obtained approval from Bank Negara Malaysia. (BT)
Genting, Lim units raise Echo Entertainment stakes to 7.7%
Companies linked to Genting and its chairman Tan Sri Lim Kok Thay increased their holdings in Echo Entertainment Group Ltd to 7.7% after a Hong Kong unit bought a stake in the operator of Sydney’s only casino. Genting Hong Kong Ltd bought 2.8% of Echo for AUD82.6m (RM264.4m), the company said on Monday. Genting Singapore plc last week revealed it also bought a stake, which Echo said was 4.9%. (Malaysian Reserve)
FGVH: Venture talks with Louis Dreyfus ongoing
Felda Global Ventures Holdings (FGVH)’s talks on a strategic venture partnership with Louis Dreyfus Commodities Asia (LDC) are ongoing, said FGVH group president Datuk Sabri Ahmad. The partnership is a win-win for both FGVH and LDC, in which both parties will be able to tap each other’s strengths – FGVH in its upstream and midstream activities and LDC in the downstream capabilities. (Malaysian Reserve)
KPS in deal to invest RM24m to push 2 mobile prepaid brands
Kumpulan Perangsang Selangor (KPS) plans to invest RM24m in the mobile virtual network operator (MVNO) business to expand into the voice and data telecommunication industry, its MD and CEO Suhaimi Kamaralzaman said. The investment in two phases will see its presence in two mobile prepaid brands – FRiENDi and Virgin Mobile. (M0alaysian Reserve)
AZRB bidding for several ‘big’ projects
Ahmad Zaki Resources (AZRB) is bidding for a number of new government- and private-driven projects, including the tower projects in the upmarket Kuala Lumpur International Financial District. Its MD Datuk Wan Zakariah Muda however declined to disclose the volume that the company has tendered for, only hinting the amount is “big”. (Malaysian Reserve) Please see accompanying report
Eversendai plans to acquire firms
Eversendai Corp, a specialist structural steel and power plant contractor, is buying several companies related to its core business to help achieve its RM2bn revenue target by 2016. The group, which has RM1.9bn worth of ongoing contracts in hand, is also bidding for more jobs in Southeast Asia, the Middle East and India. Group MD Datuk AK Nathan said the companies, both local and foreign, are involved in oil and gas and manufacturing will complement Eversendai’s own. (BT)
RHB Capital, OSK Holdings: Kam to head RHB-OSK IB, OSK founder Ong to be chairman
Kelle Kam, group MD of RHB Capital is tipped to head the merged investment bank unit of RHB and OSK Investment Bank while the latter’s founder, Tan Sri Ong Leong Huat will be its chairman. A source familiar with the developments said both RHB and OSK were looking for talents from the outside to head the merged entity but they were not able to find a suitable candidate outside. (Financial Daily)
Glomac: To boost sales to more than RM500m
Glomac’s sales for FY2012 is expected to be more than RM500m buoyed by strong demand in its 3 major townships. This will be the catalyst for the company to record positive growth for the year under review. The company will announce its financial results early next week. Glomac has registered about RM400m sales in FY2011. Group MD and CEO Datuk FD Iskandar said that the sales for its township development in Sungai Buloh, Rawang and Sri Saujana in Johor did very well. He said that these 3 townships contributed total sales of about RM270m as of April. He said that as of 31 Jan 2012, the company has already recorded sales of about RM343m and he is confident the company will cross the RM600m mark for 2012. (StarBiz)
Mulpha International: Eyes share buyback exercise or assets disposal
Mulpha International, which is trading at a large discount to its net tangible assets (NTA), is looking at narrowing this gap, according to executive chairman Lee Seng-Huang. He said that the board (of directors) is exploring ways to close the gap. As at March 31, Mulpha International's NTA stood at RM1.32 while its share price was 41 sen at the close Tuesday. Lee said the group would close the huge gap between its share price and NTA either through a share buyback programme or assets disposal that was above NTA. (StarBiz)
Oil & Gas: Fire at Sabah Oil and Gas Terminal
Petronas Carigali Sdn Bhd, a unit of Petonas said a fire had occurred at the site office of Se Jong M&E (M) Sdn Bhd, which undertakes the mechanical and piping works at the Sabah Oil and Gas Terminal (SOGT) in Kimanis near Kota Kinabalu. Petronas Carigali said the late morning fire was extinguished within an hour and there was no injury reported. It said Se Jong is a sub-contractor of the Samsung-Naim JV, which is the engineering, procurement, contractor and commissioning contractor for the SOGT. (Financial Daily)
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