20121122 1024 Malaysia Corporate Related News.

Star Publications (M) Bhd group managing director Ho Kay Tat has resigned from the company, effective 30 Nov 2012. In a statement by Star Ho said, "I have gained a lot in the two years I have served this company and am grateful to have been part of a successful and fast expanding media organisation." Star said Ho is leaving to join another company. Ho's role and portfolio would be managed by executive vice-chairman Datuk Vincent Lee and executive editor/group chief editor Datuk Seri Wong Chun Wai. (BMSB, Financial Daily)

Petroliam Nasional Bhd (Petronas) has proposed a public offering of shares in  Progress Energy Resources Corp if it gets the Canadian government's approval for its US$5.2bil takeover, Bloomberg reported.  The news wire said on Wednesday the public offering of shares could be done in five years as a concession to the Canadian government. The report said the proposal might also allay shareholders concerns over Progress Energy's future. Bloomberg reported that making Progress Energy shares available to Canadian investors would also give the country regulatory oversight over the company. (Starbiz)

At least two more lines are being planned to complement the  Sungai Buloh-Kajang mass rapid transit (MRT) system in the Klang Valley. Deputy Transport Minister Datuk Abd Rahim Bakri said the government is currently identifying the possible routes for the two lines. "This (Sungai Buloh-Kajang MRT) is only the beginning as two more lines are being identified and planned for future development," he said. (BT)

Scomi Engineering Bhd, a division of Scomi Group Bhd, is bidding for a new 20km monorail line in Sao Paulo in Brazil and expects to bid for 12 more monorail projects in the country by next year. On projects in India, its president Suhaimi Yaacob said Scomi will bid for a RM5bn 50km Chennai monorail line tender in the first quarter next year. (Malaysian Reserve)

Bolton Bhd aims to achieve RM1bn in sales by 2014 from RM600m currently, said executive chairman Tan Sri Azman Yahya. "Currently the company has RM619m gross development value (GDV) of on-going projects and RM3.5 bn GDV of upcoming sales," he said.  Meanwhile, the 50:50 partnership with Mobuild will see Bolton entering Sabah to build 500 units of luxury condominiums and landed villas with a GDV of RM480m in Kota Kinabalu. The project, on a 4.2ha plot, is expected to be launched in the first half of 2013. Going forward, Azman said Bolton is vying for strategic land deals in Penang and Kota Baru to develop high-rise residentials. (BT)

Property developer, UM Land is to develop a mixed commercial and residential project in Medini, Iskandar Malaysia with a gross development value of RM1.4bn. The proposed development in the southern development region will include townhouses, apartments, service apartments/small office house office (SOHO), hotels, retail promenade with food and beverages outlets and a specialty retail centre. "The project is still in planning stage and it is expected to commence in 3Q-4Q2013," group CEO Charlie Chia said. (Bernama)

Tan Sri Tony Fernandes and Dato Kamaruddin Meranun, through their investment vehicle Tune Air, have been steadily building up their stake in AirAsia  from 23.06% at end-Sep to 24.91% currently. Tune Air has been accumulating shares in the low-cost carrier since Sept 27, purchasing over 50m shares at prices between RM2.85 and RM3.21 per share. (Financial Daily)

Khazanah Nasional placed out more than 8% in  Malaysia Airports (MAHB) yesterday, reducing its stake to almost 41% in the dominant airport operator of the country. The exercise was broken into two blocks - with an initial block of 85m shares followed by another 25m shares. At the book closure, almost all of the shares were taken up by local funds at RM5.60 per share. (Financial Daily)

Semperit AG Holding has completed the acquisition of all shares and warrants of Mr. Low Bok Tek and certain shareholders. Semperit has now secured a stake in Latexx Partners Berhad of more than 83% on a diluted basis of 274.7m shares (post potential exercise of all warrants) and more than 80% based on an undiluted basis of 222.7m shares. Semperit intends to start the necessary steps for delisting as soon as practicable after the end of the offer period, which ends on 23 Nov 2012. (Semperit)

Alois Hofbauer has been appointed as the Managing Director of  Nestle (Malaysia) Bhd,  and the Head of the Malaysia/Singapore region. Alois is currently the Managing Director of Nestle Lanka PLC, Sri Lanka. Following the appointment of Alois, Peter Vogt, the current Managing Director of Nestle Malaysia, and the Head of the Malaysia/Singapore region, will transfer to a new position within the Nestle group. 31st January 2013 is the effective date of the transfer. Alois will assume Vogt’s duties from the 1st of February 2013. (Edge)

Texchem Resources Bhd plans to invest RM30m to establish 59 Sushi King outlets in the Asean region by 2017. "In 2017, there will be 59 Sushi King outlets overseas and if we add the ones we have in Malaysia, there will be 160 Sushi King outlets," its chairman Tan Sri Fumihiko Konishi said. (StarBiz)

Samsung will make Malaysia its largest operations centre outside South Korea by 2015, said Samsung SDI chief executive officer and president Park Sang Jin. The industrial ecosystem in Malaysia supported by political stability, local workforce and an economy focused on value-added activities have helped to maintain the company's operational costs in the country, he said. (BT)

ELK-Desa Resources Bhd, one of the major independent hire-purchase financiers for used motor vehicles, expects its business to do well next year.The wholly-owned unit of Unico Desa Plantations Bhd is en route to a listing on the Main Market of Bursa Malaysia on Dec 18. Its executive director Lim Keng Chin said the company's business will see positive growth next year, without giving figures. "We expect to grow the portfolio. Right now we have 20,471 hirers," he told reporters after its initial public offering (IPO) launch at Menara MIDF here yesterday.The IPO exercise is expected to raise RM29m, the bulk of which would be used for expansion plans and working capital. (BT)