Several China-based automotive companies have expressed interests to tie up with local players to fast track their presence into Malaysia based on expectations that the revised National Automotive Policy (NAP) would liberalise the local automotive sector. A source familiar with the matter said priority would be given to companies with energy efficient vehicles (EEVs) capabilities - an area that the Government is emphasising to turn the country into an EEV hub.
“There are a number of players from China that are keen to tie up with Malaysian car companies. But not all can adhere to the Government's EEV standards,” the source told StarBiz. According to earlier reports, policies under the revised NAP are expected to include initiatives that would turn Malaysia into an EEV hub and liberalise the below 1,800cc segment to make it more attractive for new players. (Starbiz)
Steel players will make their views known to the International Trade and Industry Ministry (Miti) on Thursday regarding the findings of the study undertaken by Boston Consulting Group to resolve the long-standing issues plaguing the industry. The study would likely cover competitiveness, the existing steel policy, import and export duties, and the influx of cheaper imports. (Star Biz)
In yet another sign of the impending slowdown in the high-end property market, Sunway Bhd is deferring the launch of some of its projects worth RM500m that were initially slated to take off this year. The projects are related to Sunway Geo@Sunway South Quay and Sunway Velocity. The former has a GDV of RM1.85bn and the latter RM3bn. (Financial Daily)
MMC Corp Bhd plans to take Johor's water concessionaire, Aliran Ihsan Resources Bhd (AIRB), private in a deal valued at RM181.1m or RM1.84/share. AIRB, which is 62.8%-controlled by MMC, is the third largest supplier of treated water in the country.Its core subsidiaries are Southern Water Corp Sdn Bhd, Southern Water Technology Sdn Bhd, Southern Water Engineering Sdn Bhd and Aliran Utara Sdn Bhd. These companies are involved in the operation, maintenance and management of water treatment plants, rehabilitation of water treatment plants and construction of water works. The offer price of RM1.84 by MMC is a five per cent premium on AIRB's closing price of RM1.75 last Friday.(BT)
Four potential buyers, including Prudential and Manulife, have made it through the second stage of bidding for Aviva’s insurance business in Malaysia in a deal worth about US$500m. Aviva is selling its 49% stake in an insurance joint venture with CIMB Group as part of a global retreat. Potential buyers are attracted by CIMB’s 320 branches and the ability to sell insurance products to the bank’s customers. Also, CIMB could sell a significant portion of its 51% stake, allowing a new owner to control the business. (Star Biz)
Boustead Holdings’s subsidiary Mecuro Properties plans to raise RM900m in bonds, involving seven different classes of bonds consisting of four classes of senior bonds and three classes of guaranteed bonds. Mecuro Properties has received the preliminary ratings of the proposed issuance from RAM Rating Services. The assigned preliminary ratings are AAA, AA2 and A1 for the Senior Bonds whilst the Guaranteed Bonds have been assigned preliminary ratings of AAA(fg) and AA2(bg). (BT)
Coastal Contracts Bhd has secured sales orders worth RM446m for 10 offshore support vessel (OSV) units, its biggest orders since February last year Its executive chairman Ng Chin Heng said the latest contracts would "significantly" strengthen the group's vessel sales order book. Including the new contracts, the group now has about RM583m worth of vessel sales orders awaiting delivery to customers up to 2013. (BT)
Tan Sri Vincent Tan's beachfront project Lido Boulevard, thought to be abandoned, will start site mitigation works this week.It is estimated the entire development will have a gross development value of RM4bn.Overlooking the Strait of Johor, Lido Boulevard is an integrated residential and commercial waterfront development that spans 2.4km along the Tebrau Strait coastal line.The development starts right after the abandoned JB Waterfront City, Lot One, and ends just before the Marine Department. Little has been heard of the project after a portion of land which had been reclaimed caved in, resulting in the loss of a life in November 2010."We had to have a complete revamp after the whole incident. We took a bit more time to be more careful," Central Malaysian Properties Sdn Bhd (CMP) chief executive officer Khoo Boo Teng told BT recently. (BT)
Gamuda Land has purchased 4.86-acre free-hold land in Kelana Jaya for RM95m. It intends to develop the commercial plot into a mixed project of retail and office suits for RM600m. The average selling price for the residential component is RM750 per sq ft while the retail shops are estimate at RM800 per sq ft. The planning and content of this development is anticipated to be revealed in early 2014. (Star Biz)
Lysaght Galvanized Steel Bhd’s wholly-owned subsidiary, Lysaght Marketing Sdn Bhd, has been awarded additional works worth RM22.7m by Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd. Lysaght said the additional works pertained to its four existing subcontracts for the supply, fabrication, delivery, installation and handing over of antenna poles for the latter. (Starbiz)
Airod to spend RM170m on expansion into civil aircraft sector
Aircraft maintenance, repair and overhaul (MRO) company Airod SB will spend RM170m this year on expanding its civil aircraft capabilities as part of its plan to shift focus away from military contracts. Airod, a subsidiary of te National Aerospace & Defence Industries SB (NADI) has taken the decline in global military spending as an opportunity to expand its civil aircraft MRO business, Airod chief executive officer Datuk Kamil Aziz told reporters in Kuala Lumpur yesterday. The on-site facilities include a RM40m hangar, which upon its completion at the end of July, will be able to fit two narrow-body aircraft. The company is also drawing plans for a new engine overhaul facility. (Malaysian Reserve)
EPF takes up 54.93m shares in Parkson
The Employees Provident Fund (EPF) has acquired 54.93m shares of RM1 each in Parkson Holdings on 4 July 2012. The retirement fund said in a statement the nominees include Amundi Malaysia SB, Hwang-DBS (Malaysia) and Malayan Banking. Upon acquisition, EPF will be the fifth largest shareholder of Parkson, with 5.02% stake, after the Government of Singapore Investment Corp, Amsteel Mills SB, Jem Cheng Heng and the largest shareholder, Narajaya SB with a 300.3m shares or a 27.5% stake. (Malaysian Reserve)
Lifeline for Megasteel in the works
The much-awaited report on the restructuring of the steel industry has proposed that the financially strapped Megasteel SB be given at least another 12 months to put its house in order. The report, prepared by Boston Consulting Group (BCG) and commissioned by the Ministry of International Trade and Industry (MITI), suggested a deadline of mid-2013 for Megasteel to record positive cash flow by forming strategic collaborations with foreign partners and improving operational efficiency. Megasteel, the only flat steel producer in the country, has come under fire from industry players claiming that the hot rolled coils (HRCs) it produces are not priced competitively and have quality issues. (Financial Daily)
AirAsia: To offer more flights during Raya
AirAsia will increase its flight frequencies for selected cities to cater for the increase in demand during the festive period of Hari Raya Aidilfitri. The low cost airline said the extra flights will be offered from August 15 to August 26. Among the destinations to enjoy the extra flights will be Kota Bharu (from 8 times to 9 times daily), Bintulu (from 2 times to 3times daily) and Medan from 5 flights to 7. These extra flights are available for booking now until July 15, with prices going as low as RM92 (one way). This year, Hari Raya is expected to fall on August 19. (Bernama)
Genting Bhd: Singapore to amend casino law
It was recently reported that the Singapore government, via the Casino Regulatory Authority (CRA) as well as its trade, home affairs, finance, and community development ministries, announced a slew of improvements to the 6-year-old Casino Control Act. It is now seeking feedback from the public starting yesterday till Aug 6. The key proposals included raising the maximum fine allowable for disciplinary action taken against casino operators to 10% of gross gaming revenue from the current SG$1m limit. Another proposal involved junket operators, also known as “international market agents” (IMA), where the CRA would have the power to set a cap on the commission payable to them by the casino companies.(StarBiz)
Guan Chong: Commissions 2nd Batam line
Guan Chong has commissioned a second production line at its plant in Batam, which takes the group's total annual capacity to 200,000 metric tonnes. It said the new 60,000 metric tonnes line brings the Batam facility's yearly output to 120,000 metric tonnes. The company also has a cocoa grinding plant in Pasir Gudang which is capable of producing up to 80,000 metric tonnes a year. MD and CEO Brandon Tay Hoe Lian said commissioning of the second production line marked a new corporate milestone for the group. He said aside from cocoa grinding facilities, the new line would also provide powder pulverising and butter deodorising capabilities. (Business Times)
KPJ Healthcare: Unit in Indonesian deal
KPJ Healthcare said its wholly-owned subsidiary, Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), has entered into a related party transaction to acquire up to 80% equity interest in PT Khidmat Perawatan Jasa Medika (PT KPJ Medika) in Indonesia for a total cash consideration of RM15.8m. KPJ said that KPJSB had already signed a conditional sale of shares agreement with Johor Corp, a major shareholder of KPJ, yesterday in relation to the proposed acquisition, which was expected to be completed by 4Q CY2012. (StarBiz)
Muhibbah Engineering: Bid to wind up APH heads to court
Asia Petroleum Hub’s (APH) main contractor on Monday issued a public notice that it will next week commence a winding up petition against the troubled company. This comes as APH’s appointed receiver and manager, PricewaterhouseCoopers (PWC), is seeking to carve out its assets for a restructuring scheme. Muhibbah Engineering is an unsecured creditor of APH. (Financial Daily)
Astral Asia: Unit secures grant for park development
Astral Asia has secured a government grant via its wholly-owned subsidiary Tasja Development Sdn Bhd to facilitate the phase one development of the Kuantan Hi-Tech Park.Astral said that Tasja had already signed the agreement with the Government and Bank Pembangunan Malaysia for a facilitation fund of RM57.5m for the phase one development of the 2,433.68-acre integrated industrial park. It added that work on the park was expected to start early next year. Tasja is to be the developer of the Kuantan Hi-Tech Park phase one project while Syarikat Ladang LKPP Sdn Bhd (SLLKPP) was to provide land for the development. SLLKPP is 65%-owned by Astral and 35% by the Pahang state government agency Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang. (StarBiz)
Hong Leong Bank: Hong Leong Bank to tap growing Gen Y market. Hong Leong Bank (HLBB) wants to capture a slice of the growing Generation Y (Gen Y) market with the launch of its sub brand mach by Hong Leong Bank yesterday. HLBB will invest MYR40m in the next two years to open 20 new branches for its new brand, said group MD Datuk Yvonne Chia at the launch yesterday. (Source: The EdgeDaily)
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