CIMB acquires fourth Aussie commercial building for RM182m
CIMB Bank has acquired yet another commercial building in Brisbane, Australia. The building at 150 Charlotte Street, Brisbane was purchased for AUD56m (RM182m) from Australia’s Stockland Trust. The purchase was made through CIMB TrustCapital Advisors (CIMB-TCA), who manages CIMB TrustCapital Australian Office Fund No 1 (CIMB-TCA AOF1). The acquisition is CIMB-TCA AOF1’s fourth acquisition in Australia since it entered the market in early 2011. (Malaysian Reserve)
The withdrawal of CIMB Bank from a restructuring scheme to revive Asia Petroleum Hub is likely to lead to a face-off between the bank and the contractors. Muhibbah Engineering has expressed its disappointment. “…We were looking forward to the deal. Now we will have to ensure that our interest is not compromised.” It said. Bankers close to ZAQ construction, the managing contractor of the APH project, said that the company will go ahead with its plan to wind APH up to recover the RM419.7m owed to it. Another source said that the reasoning for transferring the project into an SPV is to speed the restructuring process, but this will not go down well with ZAQ and Muhibbah as it will leave limited room for the to recover the amount owed to them. There are also plans to tender the APH project to the highest bidder, but with APH bogged down with legal suits, its difficult for a new party (investor) to come in. (Edge Weekly)
Maybank fully committed to Singapore operations
Malayan Banking Bhd is fully committed to its operations in Singapore, said president and chief executive officer Datuk Seri Abdul Wahid Omar. The bank currently has 22 branches in Singapore, which is about 5% of the Singapore market. The bank is also seeking clarification regarding the terms set by the Monetary Authority of Singapore for foreign banks that fall under the Qualifying Full Bank (QFB) programme to establish a local subsidiary for retail operations. (Malaysian Reserve)
EP Manufacturing expects an excess of RM100m in revenue
If the proposed takeover of Maju Expressway SB materializes, EP Manufacturing Bhd (EPMB) expects an excess of RM100m in revenue in 2013, said its executive chairman, Hamidon Abdullah. He added that EPMB, an automotive systems and components manufacturer, is hopeful for the deal to go through, as the company has done its due diligence but understands that there are policy issues at hand. (Malaysian Reserve)
Tokio Marine aims for top five
Tokio Marine Life Insurance (M) Bhd aims to be a top five insurance company, growing its business organically through doubling its manpower and expanding its bancassurance distribution channel in the next three to five years. The Japan-based insurance company plans to grow its new agents from about 2,500 agents to 5,000 while growing its bancassurance business to contribute 50% of its revenue. The company has invested RM1.7m in staff training this year while its tie-up with RHB Bank for its bancassurance business will be propelled via RHB’s own expansion strategy. (StarBiz)
MAA seeks exemption from Competition Act
The Malaysian Automotive Association (MAA) is seeking an exemption from complying with the Malaysian Competition Act 2010 after some of its members stopped submitting their vehicle registration figures to the association. A local automotive news report on Wednesday claimed that several car companies, most notably Mercedes-Benz Malaysia and BMW Group Malaysia, had stopped submitting their figures, citing the competition act as a reason. (StarBiz)
Broad plan to clinch top position
After spending more than six years rebuilding its foundation, Celcom Axiata, the country’s second largest mobile operator, believes it now has what it takes to clinch pole position. Its chief executive officer Datuk Seri Shazalli Ramly in a recent interview said that they are already number one in some segments so moving forward, they just need to continue to do things smart. He added that the group hopes to secure the top position in five years. (BT)
AirAsia has LCCT back-up plan
AirAsia Bhd will likely shift to its other hubs in Malaysia should the budget carrier decide not to move to the new low-cost carrier terminal, KLIA2. Newly-appointed AirAsia chief executive officer Aireen Omar said that there is a backup plan in case KLIA2 is not built as per the airline’s requirements that emphasise on safety, security as well as cost effectiveness. (BT)
Three weeks ago, Australian billionaire James Packer flew into KL for a dinner meeting with Genting's chieftian Tan Sri Lim Kok Tay. What transpired at the session isn't clear, but one financial executive who confirms the dinner engagement between the two gaming magnates dimisses any speculation of any joint bid for Echo, which owns Sydney's only casino and three others in Queensland. He also says that whatever designs Genting may have on the Australian casino won't happen overnight. Gaming is tightly regulated and the laws in Australia are strict. Genting group's Lim and his corporate lieutenants are scheduled to hold talks this week with Australia's gaming regulators in Queensland and New South Wales. The outcome of these meetings will shape Genting's corporate stratgy for Echo, which bankers close to the group say could either culminate in a full-blown takeover of remain a portfolio investment to be sold down the road for a profit. (EdgeWeekly)
Malaysia Airlines’ (MAS) brand new A380 fleet will be fuelled by Petron Corp, the oil and gas arm of San Miguel Corp, in which Mirzan Mahathir sits as one of its directors. MAS inked a special six-month deal with Petron. The new deal will be used as a launch pad for joint brand promotions by the two companies. (Malaysian Insider)
After spending more than six years rebuilding its foundation, Celcom Axiata believes it now has what it takes to clinch pole position. "I believe being number one is a realistic target, it's achievable, but I don't want to go out and shout about being number one. I don't want the market leader to react," said Celcom CEO Datuk Seri Shazalli Ramly. "In some segments, we are already number one. Moving forward, we just need to continue doing things smart. Hopefully, we would be able to secure the top position in five years." The company's ability to grow consistently was driven by a few factors, including fixing its billing system, segmented marketing strategy, focusing on mobile broadband and tieing up with mobile virtual network operators on market segments it is weak at. Besides tying up with mobile virtual network operators and implementing segmented marketing strategy, the company has also upgraded its network based on the Single RAN platform - a move that potentially translates to lower operating costs. It also means that as soon as the government awards the 4G spectrum, Celcom will be able to quickly launch its 4G services to the market. "While segmented marketing strategy based on demographics has been effective, our next approach is to segment the market based on behaviour and personality. When you do that, it is easier to penetrate the products into consumers," he explained. (BT)
The much awaited Boston Consulting Group’s (BCG) four month study and its recommendations to enhance the competitiveness of the country’s RM40bn steel sector is completed and has been submitted to the International Trade and Industry Ministry (MITI) for further action. The study will help to speed up MITI’s next course in formulating an effective mechanism to address the issues, disputes and challenges faced by the sector. (Starbiz)
Yik Sook Ling has been appointed the new CFO in Public Bank Bhd. She has 22 years of working experience in area of auditing, accounting and finance. She started her career with Arthur Andersen and subsequently assumed the role of finance controller, Vice President of Finance, and Finance Director of various commercial organisations and financial institutions. The former CFO, Chang Siew Yen has been promoted as Senior GM, handling a wider area of responsibilities. (BMSB)
UMW Holdings is now building up its drilling assets to drive the division to profitability. This will be categorised as the core business under the O&G division. UMW acquired a jack-up rig from Standard Drilling PLC for US$214m. The rig will be completed and delivered by February 2013, adding to UMW’s total fleet of three oil rigs. UMW has the option to purchase another rig priced at US$212m. The new rig does not have a charter yet but is confident that UMW will land a contract soon. (Financial Daily)
The Port of Tanjung Pelepas (PTP) is investing RM1.4bn over the next three years in new cranes, electrifying existing rubber-tyred gantries (RTGs) and building new berths. “The industry is continuously evolving and shipping lines continue to build largest vessels to achieve economies of scale. Ports will therefore need to deploy bigger capacity cranes,” said PTP chairman Datuk Mohd Sidik Shaik Osman. Sidik said the port was on track to handle 8m teus for the full year 2012. (Star Biz)
Datuk Clement Hii Chee Kok is considering building up his stake in SYF Resources Bhd, but is tightlipped if there will be a second offer to take SEG International Bhd (SEGi) private. "I don't know if there will be another offer, as I am just a party acting in concert," Hii, told BT in an interview. While Hii was reserved about SEGi, he was much more candid on SYF, a furniture maker, which seems to have turned around financially.(BT)
MAHB: 6.9% growth in KLIA first-quarter passenger movement
Kuala Lumpur International Airport (KLIA) recorded a 6.9% growth in passenger movement to 9.6m in 1Q CY2012 from 8.9m in the previous corresponding quarter. MAHB COO Datuk Abdul Hamid Mohd Ali said the company is on track to achieve the target of 40m passengers for KLIA by the end of 2012. The airport served 37.7m passengers in 2011, an increase of 10.7% against 34.1m in 2010. He said the growth was attributed by factors such as an increase in flight frequencies, commencement of new routes from airline partners and the airline's incentive initiative, which included low landing charges for aircraft. (StarBiz)
Tradewinds Corporation: To redevelop Crowne Plaza & Kompleks Antarabangsa
Tradewinds Corp (TCB) confirmed last Friday that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6bn mixed development project. The company said it will redevelop the 2.8 hectare land on its own, and not via a JV as reported previously. The project comprising grade A+ offices, serviced apartments and retail space, is scheduled to be completed in 7 years. Chief Executive Officer Shaharul Farez Hassan said the project will be funded by bank loans and debt equity, with a ratio of 70:30. Crowne Plaza is a 35-storey hotel with over 500 rooms while Kompleks Antarabangsa is a 21-storey office building. The project once completed, will reportedly, be known as the Tradewinds Centre. (Bernama)
Starhill REIT: Revalues “The Residences”
Starhill REIT has carried out a revaluation of The Residences which is housed under its portfolio of assets to comply with Clause 10.03 of the Securities Commission's REIT Guidelines. The trust told Bursa Malaysia that the revaluation had been carried out by Azmi & Co Sdn Bhd, an independent professional valuer, on June 8 and would increase the net asset value per unit from RM1.151 to RM1.155 per unit after incorporation of a revaluation surplus of RM5m. (StarBiz)
Green Packet: To place out to strategic investor
Green Packet current private placement exercise will result in the entry of a new major shareholder, according to group MD and CEO CC Puan. He said the main aim of the private placement is to be able to form a strategic partnership and not fundraising. (Financial Daily)Kelington Group: Aims for bigger share of China’s light emitting diodes market Kelington Group (KGB), which installs ultra-high purity gas and chemical infrastructure, is eyeing more opportunities in China's light emitting diodes (LED) market. Group president and COO Ong Weng Leong said the company already had LED jobs in China but expected to capitalise further on the growth prospects there. Ong said the company had also done jobs for companies in Malaysia, but felt that the prospects were nowhere near as great as China. According to reports, the 2010 Chinese lighting market reached US$12.2bn (RM39bn) in 2010, accounting for 15.4% of the global market share, buoyed by continued economic growth and infrastructure expansion. Reports claim that the Chinese lighting market share is expected to rise to 18.3% in 2015, with the total Chinese market value reaching US$20bn. Ong said the demand for LED lights was spurred by international events such as the 2008 Olympics. (Bloomberg)
TSR Capital: Optimistic of winning more MRT jobs
TSR Capital’s wholly-owned construction arm, TSR Bina Sdn Bhd, is optimistic that it would win two mass rapid transit (MRT) packages for the construction of multi-storey car park and maintenance of depots. TSR Capital COO Datuk Wan Abdul Razak Ismail said as TSR Capital is one of the 12 pre-qualified contractors, chances are high that they will get some MRT packages that are yet to be handed out. (Financial Daily)
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