PT Lion Grup signed a joint venture agreement with National Aerospace & Defence Industries (Nadi) to form Malindo Airways. Being a low-cost carrier, Malindo Airways is expected to give a good fight to AirAsia. Nadi will hold 51% equity interest in the JV, while Lion Grup owns the remaining 49%. Lion Grup runs Lion Air in Indonesia. Rusdi Kirana, president of PT Lion Grup, said that Malindo Airways is not meant to be in direct competition with AirAsia and Malaysian Airlines (MAS) domestically."Malindo will serve the middle between a low-cost model and a full service model. Our pricing will be as competitive as AirAsia but all our flights will be equipped with in-flight entertainment system, WiFi, and passengers can make and receive calls when on board," said Rusdi. The airline will start operations in May 2013, out of the new KLIA2 terminal with 12 B737-900ER planes. The new airline plans to add 12 aircraft each year and targets to have a fleet of 100 planes in a decade. By 2015, Malindo will receive five B787-8 Dreamliners to serve long haul routes such as Europe and Australia. Tan Sri Tony Fernandes has welcomed the new low-cost airline in Malaysia, dismissing talk the new budget carrier is a potential threat to AirAsia. He said the formation of Malindo Airways clearly indicates the growing importance of budget carriers, particularly in Malaysia and the Asean region, in tandem with the Asean Open Skies Policy which will come into force in 2015. (Financial Daily, Bernama)
Tenaga Nasional Bhd (TNB) wants to nearly triple the revenue of its non-regulated business to RM5bn from RM1.8bn. Regulated business includes the sale of electricity to public and private users. TNB's non-regulated business includes maintenance of power plants, equipment manufacturing, provision of cable services and other operational activities within the generation, transmission and distribution segments. TNB CEO Datuk Azman Mohd said the non-regulated business can be carried out here as well as overseas where TNB may have presence in the future. These include India, Iraq, Bangladesh and North African countries.(BT)
The Works Ministry hopes the 2013 Budget will introduce tax incentives for heavy machinery and automation in the construction industry. "This will help the construction industry move towards greater mechanisation and automation, and reduce foreign labour dependency," Works Minister Datuk Seri Shaziman Abu Mansor said. The 2010/2011 Economic Report states that out of the 1.8m registered migrant workers in Malaysia, some 16% are employed in the construction sector. There are plenty of opportunities driven by the Economic Transformation Programme (ETP). There is the MRT projects worth RM36.6bn, and the refinery and petrochemical integrated development (Rapid) project in Pengerang, Johor, that is worth RM62bn. (BT)
Berjaya Corp Bhd's 80% owned unit Bermaz Motor Sdn Bhd has signed a joint venture agreement with Mazda Motor Corp to undertake a manufacturing programme in Malaysia. Bermaz announced its plans to commission the assembly of Mazda CX-5 SUV at a plant owned by Inokom Corp Sdn Bhd in Kulim, Kedah, in 2013. Prior to this, the company commissioned the assembly of the Mazda 3 sedan at the same facility. (Financial Daily)
Shareholders of Glenealy Plantations (M) Bhd will receive a special dividend of 52.75 sen per share as a sweetener to Samling Global Ltd's offer to privatise the company. The dividend would amount to RM60.1m that the company would need to fork out from the RM95m odd it had in cash reserves as at June 30, 2012. (StarBiz)
IJM Land Bhd is undertaking a property development via a joint venture with Amona Development Sdn Bhd in the Kerinchi/Pantai Dalam corridor here. It said its unit, Murni Lapisan Sdn Bhd had inked a JV agreement with Amona to develop about 234,000sqm (57.8 acres) of leasehold land. The joint venture shall be known as Amona-Murni Lapisan JV. Amona had on June 21, entered into a privatisation agreement with the landowner Datuk Bandar Kuala Lumpur to build residential and commercial units on the site. Under the JV, Amona and Murni Lapisan would make available funds in proportion to the profit sharing ratio of 60:40 to pay for all costs of the project.This would include payments to Datuk Bandar, comprising of the project land value and the minimum guaranteed profit of RM331m, or RM391m for the project land value and the minimum guaranteed profit if project land value to be paid within three years from the date of the PA. (Starbiz)
Boustead Holdings Bhd’s subsidiary Boustead Naval Shipyard Sdn Bhd has been awarded a RM70m job from the defence ministry. The company received a letter of award for the supply and delivery of spare parts, maintenance services and training for the Navy over three years. A formal contract agreement between the government and Boustead Naval Shipyard will be signed at a later date, (BT)
Bursa Malaysia Securities has approved the listing and quotation of Pesona Metro Holdings Bhd's 463.8m shares which will replace the soon-to-be delisted Mithril Bhd. The proposed restructuring scheme involved the issuance of new Pesona Metro shares, a 5-into-1 share capital reduction of Mithril and the consolidation of Mithril shares. After the consolidation of the Mithril shares, they would be exchanged for Pesona Metro shares. (Starbiz)
PAAB will start the development of the controversial RM3bn Langat 2 water treatment plant by issuing its first tender document today for the building of the plant despite the protracted talks over the project between the Federal Government and the Selangor state government. The tender, which will be the biggest package estimate d at RM1.2bn will be for the construction and completion of the 1,130MLD Langat 2 water treatment plant, which is the most important component of the Langat 2 project. The Selangor state government has been reluctant to issue a development order for the treatment plant. The Federal Government would still pursue the project although there was no development order from the Selangor government. (Star)
Axiata issues CNY sukuk valued at RM489m
Axiata Group announced yesterday it is issuing a two-year sukuk valued at RMB1bn (RM489m). This is the first time that the company is issuing sukuk in the Chinese currency. The sukuk has a coupon rate of 3.75% payable semi-annually. It will be listed on both Bursa Malaysia and Singapore stock exchange on 19 Sept. (Malaysian Reserve)
Crest Builder: Targets MYR200m-400m in new contracts. Construction firm Crest Builder Holdings Bhd aims to secure MYR200m to MYR400m worth of new contract by the end-2012, and to commerce the development of its two mixed use high-rise property projects with a total value of MYR2.4b in 2013. (Source: The EdgeDaily)
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