George Kent: Bags Ampang LRT job. George Kent Bhd, a company specialising in mechanical and engineering work, has won a contract for the Ampang light rail transit (LRT) extension line project. The contract awarded by Syarikat Prasarana Negara Bhd is for engineering, procurement, construction, testing and commissioning of system works for the Ampang LRT line. (Source: Business Times)
Yinson: Will bid for more Vietnam O&G jobs. Yinson Holdings Bhd will continue to bid for new contracts in the Vietnamese O&G sector despite already having a MYR3.5b order book. Chairman and managing director Lim Han Weng said the company was confident of securing a part of projects worth USD400m which would be in the offing in Vietnam in the next 2 - 3 years. He said the company's first floating, storage and offloading (FSO) vessel worth US150m would be launched at a shipyard in South Korea next month. Lim said this would be followed by the USD400m production, floating, storage and offloading (PFSO) in Singapore either in the third or the fourth-quarter of next year. (Source: The Star)
MMC Corp: We'll steer Penang Port towards China-India routes. Seaport Terminal Sdn Bhd, the successful bidder for the privatisation of Penang Port, is poised to position the country's oldest port as the provider of shipping services to vessels plying the eastern and western routes of China and India respectively. "We will provide enough depth for vessels plying these routes as our study on the port's capabilities has convinced us that Penang Port is not in a position to compete with the likes of the Port of Singapore, Port of Tanjung Pelepas or Klang Port," Seaport Terminal port director Datuk Mohd Sidik Shaik Osman told Business Times. (Source: Business Times)
SILK Holdings: Gets Petrofac job. Silk Holdings Bhd has secured a MYR24m contract from Petrofac (Malaysia-PM304) Ltd, to provide an anchor-handling tug supply vessel. The contract commences immediately and is for 12 months, with an extension period of 12 months which is exercisable at the discretion of Petrofac. (Source: Bursa Malaysia)
Market: EPF buys MYR2.2b blue chip stocks. Over the past two months, the benchmark index rose by 3.3 per cent to 1,632.54, from 1,580.67 in June. EPF has turned net buyers of blue chip stocks, acquiring an estimated MYR2.2 b worth of stocks over the past two months.Analysts said that the latest accumulation spree has helped the benchmark FTSE Bursa Malaysia KLCI to achieve its all-time high of 1,645 points on July 18. Among notable purchases over the past two months include net buys of over 103 million shares in Maybank worth at least MYR893.5M, 42 million Axiata Group Bhd shares worth at least MYR223.44m, and over 80 million Telekom Malaysia shares worth over MYR441m. (Source: Business Times)
IPO: Risda eyes Bursa listing. The Rubber Industry Smallholders Development Authority (Risda) is reportedly eyeing an initial public offering but will have to get approval from the Government on the move due to the differing ownership structure of the land compared with Felda Global Ventures Holdings Bhd. According to information obtained from the Risda website, the land assets are managed by wholly owned subsidiary Estet Pekebun Kecil Sdn Bhd. Estet Pekebun Kecil manages about 78,000ha of oil palm and rubber plantations in Peninsular Malaysia. Risda also owns a 70% stake in Risda Plantation Sdn Bhd with the remainder equity being owned by Koperasi Pekebun Kecil Getah Nasional Bhd. (Source: The Star)
Media: Eight companies will fight for digital terrestrial television contract. Only 8 out of 60 companies that collected tender documents for the digital terrestrial television (DTTB) infrastructure build-up submitted their bids at the close of the tender last week, the 8 are said to be Astro Productions, Celcom Axiata Bhd, Sapura Group, iMedia, Packet One Networks (P1), REDtone International Bhd, DTV, and Puncak Semangat Sdn Bhd. The tender bid is for the building of a common integrated infrastructure for all the free-to-air TV stations to migrate to provide digital TV nationwide. The whole project is likely to cost over MYR1b. The company that wins will also have to supply set top boxes which could cost as much as MYR300m. (Source: The Star)
Autos: More opt for bikes amid tough car loan ruling. The Malaysia Motorcycle and Scooter Dealers Association is optimistic that the industry can achieve sales of 600,000 units this year against 542,000 units last year. Its chairman Wee Hong said the number of motorcycles and scooters registered between January and June 2012 rose to 315,714 units from 281,517 units in the same period last year. "The increase is in line with the growing number of buyers who opt to buy motorcycles as the new guidelines on financing makes it difficult for them to get car loans approved," he said. (Source: Business Times)
AirAsia: CEO said Batavia deal is still on while regulators asked for more details
AirAsia’s acquisition of PT Metro Batavia is still on track despite possible review over the deal due to ownership concerns, said AirAsia CEO Aireen Omar. Meanwhile, AirAsia and its partner PT Fersindo Nusaperkasa were required by the Business Competition Supervisory Commission (KPPU) of Indonesia to give details on their controlling stake in Batavia Air. The Jakarta Post reported that the agency wanted to make sure that AirAsia would not violate Indonesia's 1999 Law on unlawful business practices and it also feared that AirAsia would control more than 50% of domestic market from the acquisition of Batavia Air. KPPU head Tadjuddin Noer Said said the agency will annul the acquisition if it has the potential to stop other carriers from growing in the country's aviation industry. He added that the agency wanted to determine whether the acquisition of Batavia Air was prompted by the possibility of the company going bankrupt or driven by AirAsia's intention to expand its Indonesian presence ahead of Asean Open Sky policy in 2015. (Financial Daily, Business Times)
K&N Kenanga Holdings: To spend up to RM250m on integration costs
K&N Kenanga Holdings expects to spend RM200m to RM250m in terms of integration costs once the deal to take over ECM Libra Financial Group’s investment banking arm is completed in November. Kenanga group MD, Chay Wai Leong said, in following the global benchmark, they should have about 30% savings over the next 3 years. (Financial Daily)
ECM Libra Financial Group: To diversify its portfolio
ECM Libra Financial Group, which will be left with some RM350m after the disposal of its investment banking unit to K&N Kenanga Holdings, is looking to acquire new businesses within and outside Malaysia to diversify its income stream. ECM Libra chairman Datuk Seri Kalimullah Hassan said the company is looking at opportunities in countries such as the UK and Myanmar. Kalimullah, who is also a shareholder of Tune Hotels, said ECM Libra may consider buying hotels abroad as there will be appreciation in foreign exchange rates and property values. (Financial Daily)
Malaysia Resources Corporation: Link with Nusa stirs excitement
Malaysian Resources Corp (MRCB) is being linked with a major property takeover deal, management changes and a RM1bn infrastructure deal although the company itself is tightlipped about its recent news flow. MRCB is controlled by the Employees Provident Fund (EPF), which has a 42.2% stake in the property and infrastructure developer. A business daily recently reported that MRCB was expected to land a RM1bn contract soon concerning the Klang Valley My Rapid Transit (MRT) project. This would substantially boost its order book, after the company won a RM1.33bn contract in August 2011 for the light rail transit extension of the Ampang line. Meanwhile, industry observers are also excited over a recent report by a financial weekly that MRCB was planning to take over private property developer Nusa Gapurna Development Sdn Bhd, which is 40% owned by EPF. The remaining 60% stake in Nusa Gapurna is held by businessman Datuk Mohamad Salim Fateh Din. (StarBiz)
KKB Engineering: Bags RM171m steel job
KKB Engineering has been awarded with a contract for the structural steel and cladding work at the proposed Ferro Alloy Complex, Bintulu, Sarawak, worth approximately RM171m. The contract was awarded by Pertama Ferroalloys Sdn Bhd, the employer of the complex. KKB Engineering said the completion time for the contract would be staggered within 15 months commencing from the third quarter of the year. (Financial Daily)
Patimas Computers: Accounts show RM21m unaccounted for
External auditors have found an accounting irregularity in Patimas Computers where RM21m of trade receivables could not be accounted for. The finding was the reason the stock was suspended on Tuesday and the company could not submit its audited financial statements for FY2012 by yesterday’s deadline. Patimas said its external auditors were unable to verify the veracity of sale and purchase transactions undertaken by Patimas with a group of customers/suppliers that owed the company approximately RM21m. (Financial Daily)
Shipping: Seaport Terminal to steer Penang Port towards China-India routes
Seaport Terminal Sdn Bhd - the successful bidder for the privatization of Penang Port - is poised to position the country's oldest port as the provider of shipping services to vessels plying the eastern and western routes of China and India respectively. Seaport Terminal port director Datuk Mohd Sidik Shaik Osman said they will provide enough depth for vessels plying these routes as their study on the port's capabilities has convinced them that Penang Port is not in a position to compete with the likes of the Port of Singapore, Port of Tanjung Pelepas or Klang Port. He said Seaport Terminal is committed to improve the services offered by Penang Port and will position the port to handle the majority of transshipment cargo. He added that they would expect the services of Penang Port to be equal to that of regional ports like Port Klang and Luang Prabang Port in Thailand. (Business Times)
Steel: Kiswire to inject RM1.8bn to bolster Malaysian operations
Kiswire Malaysia, a division of South Korea’s major steel wire producer Kiswire Ltd, will inject RM1.8bn in fresh investments in Johor as it embarks on a mission to turn Malaysia into a production hub for high-carbon steel wire products in South-East Asia. Kiswire Ltd chairman Hong Yong Chul said the capital injection was to upgrade its operations with the aim of boosting its annual production capacity. He also said the new aim is to increase annual production capacity in Malaysia from the current 200,000 tonnes to 500,000 tonnes by 2020. The 300,000-sq-ft Kota Kiswire will operate as the regional headquarters for the South Korean steel wire producer’s operations in South-East Asia. (StarBiz)
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