The Master Builders Association Malaysia (MBAM) said that local cement manufacturers have decided to raise their prices of the building materials, mirroring an earlier move by Lafarge Malayan Cement Bhd. This excludes Sarawak based CMS Cement Sdn Bhd. The association said the quantum of increase varied with companies while in terms of timeline some had imposed it yesterday while the others would soon follow. The association has received complaints from its members that this is happening. The Malaysian Competition Commission (MyCC) said it has put the cement industry under its watch list and it will keep a close eye on the developments in the sector. However, so far no party had stepped forward to lodge an official compliant with the commission. Until there is an official complaint, the MyCC will not take any investigative action or presume that anti-competitive behaviour had taken place. (Star Biz)
Mudajaya secured a contract worth RM30m to construct the entrance and exit road from the North South Highway to a site at Kampung Sungai Serai in Rawang, Selangor. The job was awarded by TPPT Sdn Bhd, a company established by Bank Negara to undertake and complete the project. The project was expected to be completed within 104 weeks from Aug 2, 2012. (BMSB, Starbiz)
The Ministry of Plantation Industries and Commodities (MPIC) has reassured palm oil industry players that the latest 2m tonnes increase in the duty-free crude palm oil (CPO) export quota is only a temporary measure aimed at stock management and ensuring the remunerative prices for local palm oil producers. "We are of the view that the development of the industry has to factor in the interest of all parties, including the producers and processors," the ministry said. The increase of quota had bring cheers to the CPO producers, but instead causing discontentment among palm oil refiners. "The ministry is concerned that due to the additional time required to address this issue, the additional window to reduce stocks through CPO duty free mechanism has to be maintained," MPIC added. (StarBiz)
India raised the benchmark import price of refined, bleached and deodorized palm olein by 118% to US$1,053 a ton, the finance ministry said today. The benchmark import price, which was unchanged at US$484 a ton since 2006, will be raised to protect the domestic refining industry, K.V. Thomas, food minister said on July 19. (Bloomberg)
Kuala Lumpur Kepong Bhd (KLK) said it plans to sell up to RM1bn worth of Islamic bonds. The company said it obtained yesterday the regulatory approval for the fund-raising exercise, which comes in the form of multi-currency Islamic medium-term notes. The programme has been assigned a preliminary long-term rating of „AA1‟ or „stable‟ outlook by RAM Rating Services Bhd, KLK added. (Reuters)
MRT Corp announced that the the Sungai Buloh-Kajang MRT Line is on schedule. The project has moved from preparatory work to active construction phase, director of strategic communications and PR Amir Mahmood Razak said. Since finalisation of the Sungai Buloh-Kajang alignment in July last year, planning, design and preparatory works for construction have been in full swing, he said. So far, 33 packages worth RM15.5bn have been awarded. He said MRT Corp would announce by year-end new projects for the SBK line, which would include train purchases, V8 viaduct and construction of stations. Deadline for phase one operations of the SBK line, that runs from Sungai Buloh to Semantan, is on December 2016. “Phase two from Semantan to Kajang will be operational in July 2017,” he said. (Starbiz)
Maybank is confident of continuing its growth momentum for this year on the back of solid economic growth regionally. President and CEO Datuk Seri Abdul Wahid Omar said the countries in which the bank currently operates in - including Malaysia, Singapore, Indonesia and others in Asean - have retained very strong economic fundamentals. "In Malaysia for example, we expect full-year growth in term of gross domestic product (GDP), at about 4.4%, Singapore to grow about 3% and Indonesia about 6%." (Bernama)
U Mobile has expanded its distribution network following a partnership deal with GCH Retail Sdn Bhd, where it will expand its ditribution channels to more than 22,000 outlets nationwide. In a statement, it said the move was a strategic initiative by the telco operator to reach out to a broader consumer market and provide greater convenience to consumers. Under the deal, the U Mobile prepaid SIM packs will be available in 151 retail outlets including Giant retail outlets, Cold Storage and Mercato supermarkets in Peninsular Malaysia, Sabah and Sarawak by end this year. (Bernama)
EPF has acquired 170.01m shares in Maxis. With the share purchase, EPF‟s stake in Maxis has now enlarged to 567.58m or 7.15%. The EPF is the second-largest stakeholder in Maxis, after Binariang GSM who holds 4.87bn shares or a 65% stake. (Malaysian Reserve)
Ho Hup Construction Co Bhd has submitted a revised regularisation plan to Bursa Malaysia that includes raising RM51m in fresh capital. The revised plan entails a capital reduction of 50 sen per share, a rights issue of new irredeemable convertible preference shares with free detachable warrants, and a scheme to repay all its debtors. The company explained that the capital reduction exercise would result in a credit of RM51m, which would be used to reduced its accumulated losses of RM146.6m. These exercises are expected to be completed by February 2013. (Financial Daily)
Seaport Terminal, which has won the contest for the privatisation of the Penang Port, has unveiled plans to immediately improve the efficient of the port, and position it as a regional port serving vessels plying routes as far away as to India and China. Datuk Mohd Sidek Shaik Osman, a director of Seaport Terminal, said the company is looking at a capital investment of RM1bn by 2017. Sidek also dismissed suggestions that Seaport Terminal would reduce Penang Port to a feeder port and that employees would be laid off after the privatisation. (Financial Daily)
Silver Bird Group Bhd has filed a suit against 10 parties, including three former principal executives and its internal and external auditors. The company is claiming RM125.03m in damages from the three executives and four private companies for causing financial irregularities towards Silver Bird and its subsidiaries. As for the internal and external auditors, Silver Bird and its subsidiaries are seeking a declaration that they have breached their duties and/or obligations towards the company and are seeking damages. It named Datuk Jackson Tan Han Kook, Ching Siew Sheong, and Lai Poh Mei as the key principal executives. (Financial Daily)
KKB Engineering, which secured a RM171m contract from Pertama Ferroalloys, is setting its eyes next on a lucrative contract to be dished out by OM Materials (Sarawak) for the construction of a manganese and ferrosilicon alloy smelting plant in Samalaju Industrial Park. KKB was awarded the project‟s RM70m site earthworks contract last year. (Star Biz)
United Plantations Bhd and Oleon NV are investing US$32m (RM99.8m) to put up a new plant to produce food emulsifiers in Pulau Indah, Klang. UniOleon Sdn Bhd, their equally-owned venture company, will make and sell food emulsifiers as early as 2014. Food emulsifiers are mainly used in the bakery, dairy and confectionary industries. In a statement, United Plantations executive director Datuk Carl Bek-Nielsen said the joint venture facilitates have access to new markets. “In this project, Oleon has partnered with United Plantations, which is the driving force in Malaysia on sustainable palm oil and whose plantations all meet the criteria of the Roundtable on Sustainable Palm Oil,” he said. Oleon NV is Europe‟s largest oleochemical group with total capacity of 500,000 tonnes a year of fatty acids, esters and dimers production. It is a member of the French oilseed financial group Sofiprotéol. (BT)
Konsortium Abass to issue RM138m sukuk
Kumpulan Perangsang Selangor’s subsidiary, Konsortium Abass SB, plans to issue Islamic Bonds worth RM138m to refinance existing financing facilities. The company said it has mandated Maybank Investment Bank as the principal adviser, lead arranger and lead manager. The tenure of the sukuk is up to nine years from the date of issuance. (BT)
Amcorp unit in pact to buy London property
Amcorp Properties's wholly-owned subsidiary, Old Burlington Ltd, has entered into a shareholders' agreement with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd, to purchase a freehold property in London. In a filing to Bursa Malaysia, Amcorp Properties said following the agreement, the maximum funding commitment to be made by Old Burlington is STG23.75 million (RM117.6 million) as its share. (BT)
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