Sime Darby Bhd aims to increase its plantation landbank to 1m hectares in the next three years, eyeing land expansion in Indonesia and Africa, said group CEO Dato' Mohd Bakke Salleh. Presently, the group has 878,794 ha in Malaysia, Indonesia and Liberia. Of this, 522,000 ha is planted with oil palm and around 350,000 is unplanted. On the other hand, Bakke believes there is still upside in CPO prices and is of the opinion that prices should be able to "firm up". (Financial Daily)
Sime Darby Plantation Sdn Bhd and its partner, Tenaga Nasional Bhd , have decided to move forward together to conduct a feasibility study on the potential of a biogas project. "It is subject to further details to be agreed upon by the parties," said Sime Darby Bhd in updating the status of the agreement to Bursa Malaysia after Mitsui & Co Ltd withdrew as a consortium member in early this year. (BT)
Telekom Malaysia (TM) is optimistic of hitting the target of 1.34m premises passed and 98 exchange areas for its High Speed Broadband (HSBB) under the Public-Private Partnership (PPP) programme by year-end. Its Group CEO Datuk Seri Zamzamzairani Mohd Isa said TM has rolled out HSBB to close to 1.26m premises covering 81 exchange areas. Zamzamzairani said after the end of the PPP agreement, TM will be focusing on its HSBB services in areas outside of the PPP on a demand-driven basis. TM's HSBB has been made available in Terengganu, Penang, Kedah, Johor, Melaka, Negeri Sembilan and Perak. (Bernama)
AirAsia Bhd may sign an order for as many as 100 Airbus SAS aircraft at next month's Berlin airshow after reporting an 11-fold jump in quarterly profit. Chief executive officer Aireen Omar said negotiations with Airbus are going "quire well" and the carrier would like to sign the deal in Berlin. (Bloomberg)
AirAsia: Indonesia approves AirAsia purchase of Batavia Air. The Indonesian government has approved in principle the purchase of Batavia Air by Malaysian low cost airline company, AirAsia Bhd and its Indonesian partner, PT Fersino Nusaperkasa. (Source: The EdgeDaily)
Petronas gets nod for Progress Energy buy
Petroliam Nasional’s (Petronas) proposed acquisition of Canadian firm Progress Energy Resources Corp via its subsidiary Petronas Carigali Canada Ltd (Petronas Canada) has been approved by Progress Energy’s debenture holders. Under the arrangement, Progress Energy’s holders of its 5.25% convertible unsecured subordinated debentures due 31 Oct 2014 and its 5.75% Series B convertible unsecured subordinated debentures due 30 June 2016 would receive CAD22 (RM69.46) in cash per common share held. Petronas Canada had, in June, reached an agreement to acquire Progress Energy for about CAD5.5bn. (StarBiz)
Tobacco: Philip Morris hopes any tax hike will be moderate. Cigarette makers in Malaysia have, as in the last few years in the run-up to the tabling of the national budget, requested the government to be moderate in any increase in excise tax. "We have been appealing for a moderate approach to excise tax given the ongoing high presence of illicit cigarettes. From the perspective of Philip Morris Malaysia, we would consider a moderate increase as anywhere between zero to up to one sen per stick, maximum, over a one-year period," said Richard James, Philip Morris (Malaysia) Sdn Bhd's corporate affairs director. (Source: Business Times)
Ahmad Zaki Resources Bhd has won a RM174.6m project from Mass Rapid Transit Corp Bhd for the construction and completion of elevated stations and other associated works at Taman Suntex, Taman Cuepacs and Bandar Tun Hussein Onn. The date for the practical completion for the works shall be on Jun-2016. (BT)
Highway concessionaire Lingkaran Trans Kota Holdings Bhd (Litrak) will receive over RM80m in compensation from the government for postponing toll hikes. Chief financial officer Richard Lim Kim Ong said the company had received half of the cash payout in the middle of this year and the balance will come in the following year after an audit of the traffic has been conducted. According to Litrak's concession agreement, the toll rates for Lebuhraya Damansara Puchong (LDP) were scheduled for a rise on January 1 2011, but the government had decided to defer until further notice. Lim said the cash payout from the federal government will help ease the company's top line as traffic along the LDP has been almost saturated. "Revenue-wise, we are not affected because we are receiving compensation," Lim told the press after Litrak's annual general meeting here yesterday. (BT)
Top world rubber producers at the current International Tripartite Rubber Council (ITRC) meeting in Bandung, Indonesia, will need to reach full agreement on the "alert, trigger and defence" pricing mechanism to ensure natural rubber stays stable and curb the current downtrend in prices. An industry source close to the council said the outcome of the meeting in Bandung was crucial as "it will have a significant influence on the future direction of the world rubber prices which have fallen by about 30% so far this year." It is believed that Thailand suggested US$2.80 per kg while Malaysian and Indonesia wanted US$2.70 per kg as the pricing mechanism," the source added. (StarBiz)
Hibiscus Petroleum Bhd is planning to acquire an oil-producing asset, as part of its portfolio balancing strategy, with the RM130m it hopes to raise from its private placement of new convertible redeemable preference shares (CRPS) announced early this month. Substantial shareholder and managing director Dr Kenneth Pereira said the targeted asset would generate cashflow and allow the group to complement the value cycle of exploration and development assets acquired since its listing in July 2011. Dr Pereira said Hibiscus is now aggressively seeking out placees, local and foreign. Its internal rate of return target for a producing asset is 12% and 20% for development assets. (Malaysian Reserve)
HB Global Ltd has executed and entered into land use rights agreements with Juxian National Land and Resources Bureau to buy the land use rights over four parcels of land for RM48.4m. HB Global, formerly known as Sozo Global Ltd, said that the acquisition allows the company to expand its commercial duck farming, parent duck farming and duck feedstock processing plant. “This is to ensure duck meat supply security, quality of duck meat, and pricing competitiveness for expanding into the ready-to-serve duck products business,” said HB Global. (BT)
Ingenuity Solutions Bhd has yesterday received an offer from Ninetology Marketing Sdn Bhd to acquire a 39.4% stake in the company at RM0.55/share and if the deal goes through, this would trigger a mandatory general offer to acquire all the remaining shares Ninetology has not already owned in Ingenuity.The offer price, at RM0.55/share, ,represented a 39.2% premium over the last traded share price of Ingenuity at RM0.39 before the counter was suspended yesterday prior to this announcement. (Starbiz)
Pasukhas Group Bhd has received an unusual market activity (UMA) query from Bursa Malaysia on its first trading day following a 404.1% surge in its share price to RM0.61. The last done price was 5x its IPO price of RM0.12. It was the most actively traded stock on Bursa Malaysia with 67m shares changing hands, which accounted for 5.3% of the total shares traded yesterday.It is the first company to receive an UMA query on its debut in recent times.(Starbiz)
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