Felda Global Ventures Holdings Bhd (FGV) is reorganising the 88 subsidiaries in its stable into four clusters to make it leaner and more efficient. FGV president and chief executive officer Datuk Sabri Ahmad said the restructuring was part of the group’s 40-point initiatives to be implemented 100 days after its listing two months ago. The clusters are plantations, downstream, sugar and Felda Holdings Bhd. The latter is FGV’s associate company. “The clusters, however, will not be listed on their own in the future,” Sabri said, adding that only FGV and MSM would remain as the listed entity. (BT)
Bloomberg survey shows that palm oil stockpiles in Malaysia probably climbed the most in 10 months in July to 1.87m tonnes from 1.7m tonnes in June as output increased and exports fell, easing supply concerns as a drought cuts US soybean yields. The Malaysian Palm Oil Board is set to release the official data this Friday. (Malaysian Reserve)
The condition of U.S. soybean crops deteriorated as the worst drought in 56 years caused damage across the Midwest. US Department of Agriculture reported about 39% of soybeans were rated poor to very poor as of yesterday, more than the 37% of a week earlier. “There were some areas that got rain, but it was later in the weekend, so I don’t think it was picked up on this report,” said an industry source. (Bloomberg)
From 2006 to 30 Jun 2012, Iskandar Malaysia had received RM95.5bn cumulative committed investments in various sectors with RM41.35bn or 43% already realised. Of the total, RM58.95bn or 62% were from domestic investors. Since 2006, the manufacturing sector took the top spot with RM32.71bn, with the property sector came in second at RM29.80bn. Investment in other sectors include utilities (RM9.52bn), government (RM7.31bn), petrochemicals (RM5.10bn), ports and logistics (RM3.74bn), tourism (RM2.03bn), education (RM1.55bn), healthcare (RM1.60bn), creative (RM0.40bn) and others (RM1.69bn). Last year, Iskandar Malaysia managed to record RM15.3bn investments of its projected RM15bn target. This year, it is looking at a RM20bn target. In the first six months of 2012, Iskandar Malaysia had secured RM10.67bn new investments. Therefore, it would not be impossible to achieve this year's target, Iskandar Regional Development Authority (Irda) CEO Datuk Ismail Ibrahim said. (Starbiz)
The aggressive expansion of Singapore Airlines’ (SIA) short-haul premium unit SilkAir is expected to heighten competition for Malaysian Airline(MAS). SilkAir’s recent orders for 68 new aircraft, to be delivered between 2014 and 2021, will eventually boost its current fleet of 21 planes to 89. There is a possibility of SilkAir dominating SIA’s route network of less than four hours flight radius in Asia. (Financial Daily)
After gaining approval from shareholders to proceed with the merger exercise, K&N Kenanga Holdings expects a 30-40% in cost synergies post-merging with ECM Libra. The integration cost for the two entities was about RM260m. The company had engaged with Boston Consulting Group in the integration. (Star Biz)
KYM Holdings Bhd may axe its plan to venture into iron ore mining in Aceh, Sumatra, after the government there imposed an export ban on the product, a key official said. KYM COO Allan Chin Kong Yaw said the plan would also now require a bigger investment than estimated after the government wanted the venture to process the raw materials in Aceh instead. “The government says we can’t export the iron ore. It wants us to process the raw materials there and that will require huge investments from us,” he said. Chin told BT recently that KYM would seek legal advice on the matter. “We hope to find a solution. There is a huge potential in Aceh. But if we think the venture is not viable because of the huge investments needed, we will not proceed,” Chin said.(BT)
Willoglen MSC’s unit Willoglen Services Pte Ltd has won a contract worth RM9.7m to upgrade an integrated security and operation surveillance system infrastructure for substations and security command centre. (BT)
Uzma Bhd's subsidiary has secured a RM62m contract from Talisman Malaysia Ltd to supply of chemical and related services over five years.Its subsidiary Malaysian Energy Chemical & Services Sdn. Bhd had received the letter of award for the contract, which was retroactive from July 6 this year and until July 5, 2017. The contract has four extension options of one year each. (Starbiz)
TH Heavy Engineering Bhd's issuance of 265.m rights shares under its regularisation plan, recorded a subscription rate of 99.5%. As of July 27, the total valid acceptance was 263.7m shares. "In view that the rights shares have been undersubscribed, all applications for the excess rights shares are successful," it said. TH Heavy Engineering said that 89.7m unsubscribed rights shares would be allotted to applicants who applied for 88.4m excess rights shares. (Starbiz)
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