Axiata Group: Strong response to Celcom Axiata's Sukuk
Celcom Axiata Bhd has successful priced its Sukuk issuance of RM5bn in nominal value -- of which RM3bn received a final book of RM10bn via book building process and the remaining RM2bn was allocated to strategic investors. It said on Wednesday the RM3bn attracted strong investor demand comprising asset management companies, financial institutions, insurance companies, and corporate organisations. The remaining RM2bn was privately allocated to strategic investors in eight, nine and 10-year tranches. Celcom Axiata said the RM5bn Sukuk was the largest rated Sukuk Murabahah issuance based on a tawarruq arrangement in the Malaysian debt capital market to date. Celcom Axiata chief executive officer Datuk Seri Shazalli Ramly said the demand for the Sukuk was overwhelming, which coupled with the highest credit rating achievable, indicated the capital market's confidence in Celcom and its long-term business sustainability. (StarBiz)
AMMB Holdings has no plan to acquire banks outside Malaysia as the group’s partnership
with its major shareholder, Australia and New Zealand Banking Group (ANZ), is sufficient for its reach abroad, said group MD Ashok Ramamurthy. Given the uncertainties of the global economic front, Ashok said AMMB targets a substantial slower compound annual growth rate (CAGR) of 9% to 12% between 2013 and 2015 compared with a CAGR of 22.1% between 2007 and 2012. (Financial Daily)
DRB-Hicom: May sell insurance unit
DRB-Hicom’s insurance arm, Uni.Asia Capital Sdn Bhd (UAC), might see the entry of another strategic stakeholder following DRB-Hicom’s intention to divest its stake, potentially further reshaping the country’s insurance industry. In filling with Bursa Malaysia, the company via CIMB Investment Bank Bhd announced that Gadek (M) Bhd, a wholly-owned subsidiary of DRB-Hicom, had received expressions of interest from certain parties to explore the possibility of acquiring an equity interest in Uni.Asia General Insurance Bhd (UAG) and Uni.Asia Life Assurance Bhd (UAL). DRB-Hicom has received approvals from Bank Negara to commence negotiations with parties in relation to the possible disposal of equity interest in UAG and UAL. UAG and UAL are 68.1% and 100% respectively owned by UAC, which in turn is a 51% subsidiary of Gadek. The remaining 49% is held by United Overseas Bank (M) Bhd (UOB). (StarBiz)
Parkson Holdings: Parkson Retail Asia to open maiden store in Yangon by March
Parkson Retail Asia Ltd, a unit of Parkson Holdings will open its maiden department store in Yangon, Myanmar, by March 31 next year to tap the under-served middle to upper income segment of the retail market. Parkson, in a statement to Bursa Malaysia said that together with its wholly-owned unit Parkson Myanmar Co Pte Ltd, has signed a memorandum of agreement with Yoma Strategic Holdings Ltd and First Myanmar Investment Co Ltd (FMI) to establish a JV entity to operate department stores in Myanmar. The deal will see Parkson Myanmar holding the majority 70% in the JV company, 20% by Yoma and the remaining 10% by First Myanmar. The first Parkson department store, with an estimated size of 43,000 sq ft, will be located at the FMI Centre in the Pabedan township of Yangon. The area is home to two largest shopping areas in Myanmar. (Business Times)
Eversendai Corporation: In talks for MRT steel jobs
Eversendai Corporation is talking to the awardees of the Mass Rapid Transit (MRT) Sungai Buloh-Kajang Line to undertake some of the steel jobs dished out in the RM30bn rail project. Founder and Chairman Datuk A.K. Nathan said there were immense opportunities for the steel fabricator to tap into as most of the MRT stations and all the depots would be built in steel. Nathan said the MRT, Malayia's biggest infrastructure project, would complement Eversendai's target to increase contribution of the Malaysian business to the group's overall turnover. (Business Times)
George Kent: Gives RM50.88m bank guarantee to Prasarana
George Kent has furnished a bank guarantee of RM50.88m to Syarikat Prasarana Negara Bhd as the performance bond to undertake the Ampang Light Rail Transit (LRT) contract. In a statement on Wednesday, George Kent executive director Ir Dr Cheong Thiam Fook said the payment clearly debunked mischievous allegations, that the company lacked the financial muscle to undertake the 44-month national infrastructure project. (Business Times)
Yinson Holdings: All set for US$737m contract
Yinson Holdings on Wednesday received approval from its shareholders on a proposal to for JV with regard tom implementation of a US$737m (RM2.31bn) contract. The company had secured the contract in June this year from PetroVietnam Technical Services (PTSC). (Financial Daily)
Stemlife: Acquires Tonik Asia for RM43.5m
Stemlife is acquiring Tonik Asia Group Sdn Bhd for RM43.5m from Option Circle Sdn Bhd and HSC Healthcare Sdn Bhd. In a filing to Bursa Malaysia, it said the acquisition would partly be satisfied by cash and with the issuance of 52,631,579 new StemLife shares at RM0.38 per share. The group also proposed a one-for two-bonus issue of 82.5m new Stemlife shares. (Business Times)
Handal Resources: Bags RM11m Carigali Hess job
Handal Resources has secured its fifth contract of the year from Carigali Hess Operating Company Sdn Bhd, worth RM11m. Handal's wholly-owned subsidiary, Handal Offshore Services Sdn Bhd, was awarded the Letter of Agreement to undertake integrated crane services for Carigali's offshore facilities for three years effective immediately. Since the beginning of the year, Handal Offshore has landed maintenance and refurbishments contracts with ExxonMobil Exploration and Production Malaysia Inc, Petrofac E&C Sdn Bhd, Talisman Malaysia Ltd and Petronas Carigali Sdn Bhd Peninsular Malaysia Operations, totalling almost RM350m. (Business Times)
Sentoria Group: To develop resort in Kuantan
Sentoria Group will develop a resort called Global Heritage South in Kuantan, Pahang, with a gross development value of over RM300m. The development will include two and threestorey resort villas, a clubhouse and a boutique hotel. Its subsidiaries will sit on a 44.6ha. The project will span over three years. (Business Times)
Glove: Thailand, Indonesia, Malaysia agree moves to boost rubber
Thailand, Indonesia and Malaysia, representing about 70% of global natural-rubber supply, agreed steps to boost prices, said Yium Tavarolit, chief secretary of the International Rubber Consortium Ltd. The measures will be announced by ministers on Thursday, said Yium, who declined to give details. Global supply and demand for natural rubber is in balance, with no surplus, he said in an interview after a one-day meeting in Bangkok. State agencies from the 3 countries and an exporter representative from Thailand participated. (Bloomberg)
Multi-Purpose looks to divest non-gaming assets and pay back shareholders
Multi-Purpose has proposed to divest its non-gaming assets into MPHB Capital for RM905.3m, to be satisfied by cash and shares. The latter’s shares will be offered to investors at RM1 each. It will also pay shareholders an estimated RM0.485 per share from the proceeds of the offer for sale via a capital repayment exercise. After the exercise, the company will be a pure numbers forecast operator (NFO) and undertake a name change to Magnum. MPHB Capital will also assume RM77.6m of Multi-Purpose’s debt. (Financial Daily)
Media Chinese to float travel business
Media Chinese (MCIL) is proposing to float the shares of its travel and travel-related businesses, which had net assets of USD2m and FY12 PBT of USD2.5m, on the Growth Enterprise Market (GEM) in Hong Kong, with the company still remaining as a 75% shareholder. The size, structure, offer price and proceeds to be raised from the share offering will be finalised at a later stage. The proceeds will be utilised to expand MCIL’s travel business operations and other travel-related products. (Financial Daily)
Tabung Haji ups shareholding in TH Heavy Engineering by 25%
Lembaga Tabung Haji (LTH) has increased its shareholding in TH Heavy Engineering by almost 25% by buying shares in open trading to have a “comfortable level of control” of the company. In a filing yesterday, LTH had acquired 130.11m shares at RM0.40 a piece. With the acquisition, it now holds a 32% stake in the company. The reason the shareholding stops at 32% is to prevent a triggering of a mandatory general offer, MD and CEO Nor Badli Mohamad Alias said. (Malaysian Reserve)
1MDB’s RM2.3bn power plant purchase raises eyebrows
1MDB’s proposed RM2.3bn purchase of Genting’s 17-year-old power asset is deemed to be enough to construct a new power plant, several industry executives and consultants said. However, a source familiar with the company defended the proposed sale price due to the “high upside potential” of the acquisition. The rule of thumb for the costing of a new power plant is calculated at USD1m per MW. Hence, a 720MW facility would cost in the region of RM2.2bn, close to what 1MDB is paying for the 17-year-old power asset. (Malaysian Reserve)
Autos: Asean the sixth biggest auto market by 2018. ASEAN is set to become the sixth biggest automotive market globally by 2018, research firm Frost & Sullivan said. By then, vehicle sales in the region will almost double to nearly 4.7m units from 2.4m last year. Frost & Sullivan research manager for Asia Pacific automotive practice Vijayendra Rao said as a region, it had become more significant in the last few years due to the implementation of Asean Free Trade Agreement in 2010 and healthy rivalry among member countries to attract foreign investments. (Source: Business Times)
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