Malaysian Resources Corp (MRCB) CEO Datuk Mohamed Razeek Md Hussain Maricar has resigned from his position to join another organisation. He joined MRCB as COO in June 2009 and was promoted to the post of CEO six months later. (The Sun)
Passenger traffic recorded at airports nationwide in the first six months of the year, grew by 4%. Transport Minister Datuk Seri Kong Cho Ha said, 17.35m were domestic passengers compared with 16.82m last year. There was also a 3.14% increase for international passengers to 15.83m. The KLIA2 would help ease passenger flow and the government is also upgrading several city airports such as in Penang, Ipoh and Sibu. (Bernama)
Axiata, which holds 20% in Idea Cellular, has threatened to claim damages and drag the Indian government to international arbitration. Axiata, whose investments in India are routed through Mauritius, said it plans to initiate international arbitration against the Indian government, using the India-Mauritus bilateral trade agreement, after the Supreme Court cancelled 13 of Idea's licences. "The Supreme Court's decision to cancel 13 of Idea Cellular's licences without compensation and any further actions taken by the Republic of India to execute this decision amount to a clear violation of Axiata's rights under the Mauritius-India bilateral investment treaty," the company said in its June 6 communication to Prime Minister Manmohan Singh, telecom minister Kapil Sibal, external affairs minister SM Krishna amongst others. "If and when Idea Cellular's 13 licences are cancelled, Axiata will suffer further significant losses." In an unrelated development, the home ministry has opposed Axiata's proposal to increase its stake in Idea Cellular on security grounds. The home ministry said that an Axiata subsidiary, Multinet Pakistan operates digital optic network in Pakistan. "Further, the ownership of Multinet Pakistan by a Pak national and routing of traffic through its E-Connect in Karachi need to be considered, from the security point of view while taking a decision in the matter," the ministry of home affairs said. (Economic Times)
Celcom Axiata completed the acquisition of 51% stake in Digital Milestone Sdn Bhd (DMSB), in accordance with the Teaming Agreement on July 3 entered by Celcom and Media Broadcast GmbH. Under the agreement, they are to establish a joint-venture entity and jointly act in relation to pre-bid activities and formulation of bid for the development, supply, commissioning, marketing and operation of digital television transmission infrastructure in Malaysia via a common infrastructure provider. (BT)
Palm oil prices are to remain bullish in the next five months due to the crop-damaging weather in the United States, India's doubling of taxes on refined products and the approaching El Nino phenomenon. In promising a bright outlook for the commodity, Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said: "I don't see anything disastrous coming our way.""Prices are higher now and if the US' drought continues as expected, then there will be more demand for palm oil and prices will go up," he added. (Starbiz)
TH Plantation Bhd (THP) has accepted its major shareholder Lembaga Tabung Haji's (LTH) proposal to inject stakes from two companies for a total of RM535.64m. The move will see the pilgrims' fund increasing its holdings in the plantation company from 58.82% currently, to 70.68%. The related-party transaction will boost THP's plantation landbank by 102% to 90,671 ha and improve the age profile of its palms. Its total planted area of oil palms will also increase from 38.514 ha to 57,407 ha. (Malaysian Reserve)
AirAsia wants to opt out of all joint venture agreements with Malaysia Airlines (MAS). AirAsia decided at a board meeting last week that it would seek to terminate its agreements with MAS soon, according to the source. A termination of the memorandums of understanding (MOUs) between AirAsia Bhd and MAS would effectively wipe out the remnants of the swap deal. Two MOUs were signed on May 2, 2012 whereby one was to focus on the setting-up of a joint venture company to provide aircraft component maintenance support and repair services. Another was for the establishment of a special purpose vehicle by MAS, AirAsia, and AirAsia X to improve value for money and to increase competitiveness through procurement synergies. (BT)
Adventa Bhd has received a revised takeover offer from Aspion Sdn Bhd which will exclude the shares in two companies, Sun Healthcare (M) Sdn Bhd and Electron Beam Sdn Bhd. However, the offer price of RM2.10 per Adventa share remains unchanged. Electron Beam provides industrial and commercial sterilization services and home dialysis treatment services. (BMSB, Star Biz)
Supermax Corp Bhd is planning to manufacture natural rubber examination and surgical gloves in South America. This will give the group’s products duty-free status within the Mercosul member countries in South America. Supermax is assessing the feasibility of establishing a new glove factory which includes related facilities for processing, packaging and sterilization of gloves. (Financial Daily)
Rainfall across the northern U.S. Midwest over the next 10 days will provide some relief for the drought-stricken corn and soybean crops, but more rain is needed to stem further crop losses, agricultural meteorologists said. The midday U.S. weather outlook turned a little drier for this week, with 60 to 65% of the Midwest expected to get rain versus 80% in an earlier run. U.S. crops are suffering from the worst drought in more than 50 years, which is raising worries about the world's largest food exporter's ability to meet the needs of food processors, livestock producers and ethanol makers. The lack of rain was also drying up waterways and slowing river shipments of commodities to export ports on the Gulf of Mexico. (Reuters)
AXIS REIT Managers Bhd (ARMB) plans to raise RM270m to buy properties in the Klang Valley, Penang, and Johor. ARMB is proposing a placement of 90.8m shares in Axis Real Estate Investment Trust (Axis REIT), to raise funds for the acquisition. This will be the fifth placement for Axis REIT since its listing on the Main Board of Bursa Malaysia in 2005. The placement will increase the unit base by 20% to 544.6m (BT)
Axis REIT Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis-REIT), is looking at acquiring seven new properties this year. Its chief executive officer, Steward Labrooy, said the company has secured two properties in Penang, both logistics distribution centres in Bayan Lepas and Prai, for RM107.5m. The company has also entered into sales and purchase agreement to acquire three properties - Emerson facility in Nilai for RM27m as well as Wisma Academy and Annex in Petaling Jaya for RM85m. Labrooy said ARMB is currently under negotiation for six properties worth RM227.78m, of which it expects to complete two by year-end. The properties are a technology centre in Petaling Jaya, two industrial facilities in Port of Tanjung Pelepas, two industrial facilities in Johor and a warehouse in Shah Alam. (Bernama)
Scomi Group Bhd (SGB) has announced its proposed plan to revamp its upstream oil and gas business and part disposal of assets to Scomi Marine Bhd (SMB) for RM1.02bn. The deal will see SGB's stake in SMB rise to 65.6% from 42%. (Malaysian Reserve)
AirAsia X has teamed up with Tune Box, the digital media arm, to offer the in-flight entertainment system, Samsung Galaxy Tab 10.1, onboard all its long-haul destinations. Guests may pre-book on its website for only RM35 one way and also available for rent onboard for RM45. (Bernama)
Johor Port aims to attract more players to Tanjung Bin in its efforts to make it the new business centre for international oil traders in the region. The Finance Ministry had on May 10 this year approved the gazettement of Tanjung Bin as a free industrial zone. ATT Tanjung Bin, a 50:50 JV between Vitol and MISC, was the first company to operate in Tanjung Bin, with the capacity to store almost 1m tonnes. (Bernama)
Petronas Dagangan targets to sell 5bn litres of petrol this year
Petronas Dagangan eyes a total sale of 5bn litres of petrol this year, up 10% from last year, driven by an increase in the number of petrol pump stations. Retail Business Division Senior General Manager Akbar Md Thayoob said the group sold over 4bn litres of petrol last year. "There are 74 stations in the pipeline this year, with half already set up," he told reporters after receiving the documents for a proposed development of a petrol pump station at KM2.95 (Westbound) Plaza Tol Penchala. (StarBiz)
SapuraKencana awards 3 contracts to UAE's Al-Jaber
SapuraKencana Petroleum has awarded three contracts amounting to RM8.5m to United Arab Emirates (UAE)-based Al-Jaber Group's unit Global Process Systems (GPS) to be implemented in Sarawak's offshore in the South China Sea. The contracts are for fuel gas conditioning package, the produced water treatment package and the de-aerator column and vacuum pump skid destined for the Serendah Project, GPS said. The Serendah Project is part of the Phase II Sarawak Gas Development Project - Blocks SK309 and SK311 - being developed by Murphy Sarawak Oil Co Ltd under its Production Sharing Contract (PSC) with Petroliam Nasional, it said. (Malaysian Reserve)
Misif, Mycron Steel raise concerns
The Malaysian Iron and Steel industry Federation (Misif), the association representing downstream steel players, have raised concerns over the government's continued "protection" of Megasteel SB, the financially troubled steel company controlled by Tan Sri William Cheng. Misif said the roughly three-year grace period given to Megasteel to iron out its internal operational and financial woes would expose its members to "a vulnerable survival period". Mycron Steel and Melewar Industrial Group said the industry "is subsidizing" Megasteel by paying far higher prices for the locally produced hot-rolled coils (HRC) products. (Financial Daily)
IHH May Buy More Hospitals After Initial Offer: Southeast Asia (Source:Bloomberg)
IHH Healthcare Bhd. (IHH), which will become the world’s second-biggest health-care provider by market value when it lists today, may buy more hospitals in markets that have unmet demand, Managing Director Lim Cheok Peng said. The company raised 6.3 billion ringgit ($1.98 billion) selling shares in the Kuala Lumpur and Singapore initial public offering, the world’s third-largest this year. Lim said IHH may consider smaller acquisitions to add to its January purchase of a 60 percent stake in the owner of Turkey’s largest hospital group, Acibadem Saglik Hizmetleri & Ticaret AS, which it bought for $826 million in cash and stock. “I don’t think we are prepared to do another major acquisition like Acibadem, but if opportunities arise that fit the overall game plan, we could certainly look at it,” Lim said in a telephone interview.
Kuala Lumpur-based IHH, whose IPO was 132 times subscribed by institutions, already plans to add 67 percent more hospital beds by 2017 to capitalize on populations that are becoming richer and demanding better care. Increasing medical tourism and private health insurance coverage will drive steady demand for beds and services, said B. Kemp Dolliver, head of Asia health- care research at Religare Capital Markets Plc. “It’s going to be a stable business in an unstable world,” Dolliver, who is based in Singapore, said in a telephone interview. “There’s rising affluence in Asia and aging populations, so the demand dynamics look very promising.”
Adventa: Gets revised takeover from Aspion. Adventa Bhd has received a revised takeover offer from Aspion Sdn Bhd, which will exclude the shares in two companies - Sun Healthcare (M) Sdn Bhd and Electron Beam Sdn Bhd. Adventa said on Tuesday the offer price of MYR320.85m, or MYR2.10 per Adventa share, remained unchanged under the revised offer. The glove maker said Aspion had excluded all the shares of Sun Healthcare and the 100% stake in Electron Beam, if held at the completion date of the takeover. Earlier, Adventa had agreed to acquire 2.5 million shares or 100% of Electron Bream for MYR9m. (Source: The Star)
Brahim's: Expands into Japan. Brahim's Food Group has added a feather to its cap by expanding into Japan with the setting up of Brahim's Food Japan Co Ltd. Brahim's Food Japan (BFJ) will be the Japan branch of Brahim's Dewina Group of Companies to facilitate distribution of Brahim's products in Japan. Datuk Ibrahim Ahmad Badawi, executive chairman of Brahim's Dewina Group, said at the launching of the company last Wednesday in Tokyo that 18 products would initially be on offer for the Japanese market. They include Brahim's Malaysian Nyonya Sauce, Brahim's Spicy Tomato Sauce, and Brahim's Chicken Curry with Potatoes. (Source: Business Times)
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