BRDB chairman, partners in RM1.5bn takeover move
Bandar Raya Developments (BRDB) chairman and main shareholder Datuk Mohamed Moiz JM Ali Moiz and partners are in the midst of a takeover of the property developer with an indicative offer of RM2.90 a share and RM1.80 a warrant via their holding company Ambang Sehati SB (ASSB). ASSB currently holds about 18.5% or 92m shares and 18.4% or 41.4m warrants in BRDB as of 24 April 2012. (Malaysian Reserve)
AQRS gets RM141m road upgrading job from PWD
Gabungan AQRS, which is set to be listed on the local bourse today, said it has received a letter of acceptance from the Public Works Department (PWD) for a RM141m turnkey contract for road upgrading works in Negeri Sembilan. The contract, awarded to AQRS’ wholly owned subsidiary, Gabungan Strategik SB, is expected to be completed by end-2014. (Malaysian Reserve)
Selangor plans RM1bn to address water woes
The Selangor government plans to spend an estimated RM1bn to increase the capacity of the water treatment plants under its ambit by about 50%, a move that will see sufficient supply of water until 2020. Selangor Menteri Besar Tan Sri Khalid Ibrahim said the state government is seeking preliminary proposals to increase the capacity of the water treatment plants by using the containerised treatment technology which he described as cheaper and faster to implement. (Financial Daily)
PM launches RM26bn financial district
PM Datuk Seri Najib Razak yesterday launched the city’s new financial district, called the Tun Razak Exchange (TRX), which has an indicative gross development value of RM26bn. In appreciation of the contribution by Malaysia’s second PM Tun Abdul Razak who was his father, Najib said TRX, renamed from the Kuala Lumpur International Financial District (KLIFD), is expected to attract over 250 global companies and is slated to become a global centre for international finance, trade and services. (Financial Daily)
KJCF sells 60% stake in KJCPV
Kian Joo Can Factory (KJCF) has signed a deal to dispose of its 60% shareholding in Kian Joo Canpack (Vietnam) Co Ltd (KJCPV) to its JV partner Nihon Canpack Co Ltd of Japan (NCP Japan) for USD9.3m (RM29.3m). The disposal is expected to be completed by the end of next month. NCP Japan holds a 40% stake in KJCPV, which is involved in the contract packing of coffee, tea and fruit juices in Vietnam Binh Duong Province. (StarBiz)
Refiners upset over move to boost tax-free CPO exports
The government will increase the duty-free quota for crude palm oil (CPO) exports by another 2m tonnes, a move widely frowned upon by palm oil downstream players, who have been hoping for the government to scrap the quota as they said it lowered the industry's competitiveness and reduced national revenue. The plight of local downstream palm oil industry players was felt more following Indonesia's review of its export tax structure last year to boost its own refining industry. Palm Oil Refiners Association of Malaysia (Poram) chief executive officer Mohammad Jaaffar Ahmad has appealed to the government to re-consider its decision. (BT)
Maybank: Confident of keeping BII stake. Maybank is optimistic that it will be able to keep its controlling stake in Bank Internasional Indonesia (BII) despite the recent change in bank ownership rules in Indonesia. Maybank, which bought BII in 2008, currently owns 97.3% of Indonesia's eighth largest lender. BII yesterday reported a solid 61% jump in net profit for the first half of this year. Two weeks ago, Indonesia's central bank issued new rules limiting ownership in domestic banks at 40%. However, it said it would allow waivers if the owners were listed banks that maintained high levels of corporate governance and were in sound financial health. (Source: Business Times)
YTL: Opens resort off Sabah. YTL Hotels has started operating the first of its two planned luxury resorts on islands off Borneo. The diversified group started operating the Gaya Island Resort on July 1, YTL's first luxury property which it also owns in Sabah and Sarawak. The resort, built at an estimated cost of MYR75m, offers a total of 120 villas and a two-bedroom suite. Gaya Island Resort general manager Jeffrey Mong said the resort is targeting guests from the UK, Europe, Australia, Japan, Hong Kong, Singapore and Malaysia. The resort is expecting to garner an average room rate of above USD350 (MYR1,102) and an average occupancy of over 50% in its first year of operation. (Source: Business Times)
Property: PM launches MYR26b financial district. PM Datuk Seri Najib Razak yesterday launched the city's new financial district, called the Tun Razak Exchange (TRX), which has the indicative GDV of MYR26b. TRX, renamed from the Kuala Lumpur International Financial District (KLIFD), is expected to attract over 250 global companies and is slated to become a global centre for international finance, trade and services. With 1Malaysia Development Bhd as the master developer, the TRX will be build on a 60-acre land off Jalan Tun Razak and will take 15 years to complete. (Source: The Edge Financial Daily)
Regulations: GST unlikely to be in 2013 Budget. The 2013 Budget is not likely to introduce the goods and services tax (GST), said Deputy Finance Minister Datuk Donald Lim Siang Chai. Prime Minister and Finance Minister Datuk Seri Najib Razak is scheduled to table the 2013 Budget in Parliament on September 28. The GST Bill was tabled initially for reading in Parliament in December 2009 but its second reading was postponed. Critics of the GST proposal say the government should first address revenue leakages and wastage before introducing new taxes to boost its income. Lim then went on to say tax incentive proposals submitted by trade bodies, lobby groups and the public are being scrutinised by his ministry. (Source: Business Times)
IHH Healthcare: Gets green light to delist Turkey unit
IHH Healthcare’s plan to delist its unit Acibadem Saglik Hizmetleri ve Ticaret AS (ASH) on the Istanbul Stock Exchange, has been approved by the Capital Market Boards of Turkey. IHH, which bought a 60% stake in Acibadem, has a voluntary tender offer for the balance publicly traded shares of the latter on the stock exchange. It has been decided that the offer price would be applied during the voluntary tender offer transaction to shareholders of Acibadem Saglik Yatirimlari Holdings A.S. Almond Holdings A.S. per B class Acibadem share, with a nominal value of 24.90 Turkish Lira. Transactions on the voluntary tender offer will be realised between Aug 3 and Aug 16. (Bernama)
Bandar Raya Developments: To get takeover offer from major shareholder
Bandar Raya Developments (BRDB) is close to getting a takeover offer from its major shareholder, Ambang Sehati Sdn Bhd, at an indicative price of RM2.90 per share and RM1.80 per warrant. BRDB said Ambang Sehati was in the midst of finalizing the financing, including the procuring the necessary approvals for the funding for a potential takeover. (Financial Daily)
SP Setia: Says 90% of its Sky Peak Residences apartments already taken
SP Setia has already sold 90% of its latest serviced apartments in Johor, the Sky Peak Residences. General Manager of Setia City Development Sdn Bhd, Ricky Yeo, said the 32-storey apartment project, built along a resort hotel concept, had received encouraging response from buyers. Setia City Development is a subsidiary company of SP Setia. Yeo said about 10 to 15% of the apartment buyers were Singaporeans while the remaining were from Johor Bahru. The GDV of the high-end apartments is RM250m, involving the development of 482 units sized from 900 sq ft to 1,500 sq ft. The units are priced from RM400,000 to RM600,000, depending on their sizes. (Bernama)
Sarawak Plantation: To gain RM5.7m from land disposal
Sarawak Plantation is set to gain estimated RM5.7m, or 2 sen per share, from the disposal of 65 parcels of land measuring 23,340 sq m (251,230 sq ft) in Kemena district in Bintulu, Sarawak for RM7.2m cash. In announcement to Bursa Malaysia on Monday, Sarawak Plantation said its wholly-owned subsidiary Sarawak Plantation Property Holdings Sdn Bhd had entered into a sale and purchase agreement with Everlasting Prosperity Sdn Bhd. (Financial Daily)
Property: Bidding process for RRI land to start by year-end
The prequalification process for bids for the Rubber Research Institutes of Malaysia (RRI) land in Sungai Buloh, Selangor, will start by the end of this year, says a source close to the Employees Provident Fund (EPF). The source said EPF would call for the prequalification bids as soon as it gets the government's nod for the proposed development of the land. He said the pre-qualification bids would be opened to developers who meet the requirements. EPF is the land owner and master developer of the project. It is buying 890ha of the available 1,215ha RRI agricultural land from the Federal Government for over RM2bn. (Business Times)
Property: PM launches RM26bn financial district
Prime Minister Datuk Seri Najib Razak on Monday launched the city’s new financial district, called Tun Razak Exchange (TRX), which has an indicative GDV of RM26bn. He said TRX is expected to attract over 250 global companies and is slated to become the global centre for international finance, trade and services. With 1Malaysia Development Bhd (1MDB) as the master developer, the TRX will be built on a 60-acre (24ha) land off Jalan Tun Razak and will take 15 years to complete. (Financial Daily)
Utilities: Selangor plans RM1bn to address water woes
The Selangor government plans to spend an estimated RM1bn to increase the capacity of the water treatment plants under its ambit by about 50%, a move that will see sufficient supply of water until 2020. Selangor Menteri Besar Tan Sri Khalid Ibrahim said the state government is seeking preliminary proposals to increase the capacity of water treatment plants by using the containerized treatment technology which he described as cheaper and faster to implement. He is expected to make an announcement on the matter next month. In addition, Khalid said the state has views from consultants and even experts from UN on the viability of the technology and suitability for the region. (Financial Daily)
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