20120829 1013 Malaysia Corporate Related News.

New fiscal policies may be introduced in Budget 2013 to curb house price increases as the existing policies "have not been very effective", said Housing and Local Government Minister  Datuk Seri Chor Chee Heung. He said house prices have soared, and in some cases, doubled in the last two years, raising widespread concerns that house ownership is out of reach for most Malaysians.  Despite the government reviewing the real property gains tax (RPGT) by increasing the rate of properties disposed within two years from 5% to 10% and Bank Negara Malaysia announcing the implementation of a maximum loan-to value ratio, he said there is still a feeling that the government "has not done enough".  Chor reiterated the need to review fiscal policies which were not designed to sabotage developers but with the view of ensuring a sustainable property market which does not suffer from asset bubbles and that household debts remain at healthy levels. (Malaysian Reserve)

A RM1.3bn suit by NV Asia against a unit of soon-to-be-listed satellite TV provider  Astro Malaysia Holdings is likely to go into arbitration after the Federal Court disallowed the plaintiff leave to appeal against two concurrent lower court decisions that arbitration should be the preferred course of action rather than trial in open court. Even so, Astro didn't walk away complete winners. The Federal Court allowed NV Asia, the plaintiff, leave to appeal against the dismissal of an injunction that it had sought to prevent the satellite TV operator from selling its B.yond satellite dishes - used for high-definition broadcasts -to consumers on the grounds that Astro had allegedly used confidential information supplied by NV Asia without any compensation. In an immediate response dated Aug 16 by NV Asia to the SC, the plaintiff said it had given "strict" instructions to its lawyers to "immediately commence" arbitration proceedings against Astro subsidiary Measat Broadcast Network Systems to recover the RM1.3bn "in the unlikely event that the Federal Court does not grant leave". In 2010, NV Asia filed a RM1.3bn suit against Measat and another private firm for breaching a "non-disclosure agreement" pertaining to the use of its rain fade technology in the satellite television operator's B.yond dish. NV Asia claimed that the technology that made the dishes possible was theirs. The RM1.3bn claim is based on "loss of potential profits". (SBT)

While moving upstream into rubber plantations may have caught on with rubber glove makers such as Top Glove Corp Bhd and Kossan Rubber Industries Bhd, not all agree it is a good move. Top Glove and Kossan have either acquired or indicated the intention to acquire rubber plantation land in Indonesia.  Supermax Corp Bhd, however, has made it clear it will not be moving upstream. "You drink milk every morning but that doesn't mean you have to buy a new cow. We are rubber glove entrepreneurs, not rubber planters," said managing director Datuk Seri Stanley Thai.  Thai said moving upstream is extremely risky while Top Glove executive director  Lim Cheong Guan said moving upstream would mitigate volatility of future rubber prices and enlarge the company's earnings base.(Financial Daily)

IOI Group's  chief says the property development landscape in Malaysia will undergo massive changes and there is a high possibility of the industry consolidating through mergers and acquisitions (M&A). IOI Group executive director Datuk Lee Yeow Chor says there will be a major shift to commercial development and more retirement and nursing homes, private community centres, and performing arts theatres will come on stream. "Property development will become more and more a property redevelopment business with a lot of old buildings being replaced with new towers. There will be a lot more old buildings undergoing refurbishment. Lee expects some developers to fade away and be replaced with smaller players who will have big ideas through M&A. (BT)

Sime Darby Healthcare, a subsidiary of the Sime Darby Group, has launched a new mobile phone application that allows users to find and make appointments with its doctors using their iPhone. "The impetus to develop the iPhone app was based on data that showed finding a doctor is one of the primary reasons people visit the hospital's website, and that more people were accessing their website through mobile phones," the company said. (BT)

IJM Corp is hopeful of clinching new contracts worth some RM4bn from the West Coast Expressway (WCE) project, CEO/MD Datuk Teh Kian Ming said. “We're hoping this (WCE) project will come soon. We are hoping to take on 70% of the civil works. It will boost our orderbook if we get the contracts. Our current book stands at RM3.7bn, of which RM3.4bn are from local projects,” he said.  He  said the stretch between Banting, Selangor, and Taiping, Perak, would take five years to be completed. The first three years of works will take place in the Selangor stretch. He said KEuro would be the one awarding the contracts. “It (the signing of concession agreement) will probably be sometime in end-September. To me, everyday will be one day closer,” he added. (Starbiz)

Trading in the shares of  United Malayan Land Bhd (UM Land) will be suspended with effect from Sept 5.The suspension follows the unconditional take-over offer by Seleksi Juang Sdn Bhd and persons acting in concert with it (PACS) for a cash consideration of RM2.50 per share.Based on valid acceptances as at 5pm on Monday, the offeror and its PACS held 283.6m UM Land shares, or 94.0% of the total issued and paid-up share capital (excluding treasury shares). As the offeror does not intend to maintain the listing status of UMLand, trading would be suspended immediately upon the expiry of five market days from Monday. (Starbiz)

Maxis  has launched its latest Maxis Centre at the  Kuala Lumpur International Airport (KLIA), offering a range of products and services to serve the diverse needs of the airport users. The telecommunications company said the centre will serve KLIA's domestic and international travellers, about 25,000 employees from both aeronautical and non-aeronautical industries within the airport, tourists, as well as neighbouring townships in Sepang, Nilai and Cyberjaya. Customers at Maxis Centre KLIA will enjoy a variety of services such as activating IDD roaming, data services, phone settings, top-up, or perform any last minute purchases or obtain value-added services before their flights. (Bernama)

Digi expanded and upgraded its electronic flexible payment platform infrastructure to 14,000 new customer touch points nationwide. Its unit DiGi Telecommunications Sdn Bhd said these touch points went live on Tuesday, reaching to customers in rural and suburban areas in Malaysia. "The new flexi e-load system can also support bill payment by postpaid customers; enabling them to make advance or deposit payments, and transact outstanding balance payments for terminated accounts via DiGi's network of dealers," it said. DiGi Telecommunications also said postpaid customers could also request for their outstanding bill balance as well as unbilled amount to settle their bills at participating DiGi dealer outlets. Its head of product development Chuah Teong Hooi said the new system was to extend its dealership touch points in areas where its customer base had grown. (StarBiz)

At least two more airlines – Ethiopian Airlines and Zest Air – are expected to fly into Malaysia in late Oct after four made their debut earlier in 2012. The four are Bangkok Airways, Philippines’ Airphil Express, Indonesia’s Mandala Airlines and AirAsia Philippines. Both airlines will fly into KL International Airport. (Star Biz)

Bonia Corp Bhd's founder Chiang Sang Sem launched a takeover offer of RM204.9m, or RM2.04/share, for the leatherwear firm after he and his family increased their stake past 33 per cent yesterday. The mandatory offer came after Chiang - who is also executive chairman of the group - and his son Chiang Fong Yee bought some 35m shares (or a 17.4% stake) in the company via Freeway Team Sdn Bhd at RM2.04/share yesterday. This increased the stake held by them and parties acting concert to about 50.2% from just under 33% before. (BT)

AutoAir Holdings Bhd has received the approval from the Ministry of International Trade and Industry on the proposed conditional takeover offer by group managing director Datuk Liew Choo. Last month, Liew, who owns more than 25% stake in the company, launched a conditional takeover offer for the remaining 74.6% stake at RM0.23 cash/share. (BT)

Grand-Flo Solution Bhd gets green light from Bursa Malaysia Securities Bhd for the transfer of entire enlarged issued and paid-up share capital and outstanding warrants from the ACE Market to Main Market. (BT)