20121219 1006 Malaysia Corporate Related News.

Petronas Chemicals: Looking to 'fertilise' growth in new markets. Petronas Chemicals Group Bhd (PChem) president and chief executive officer Abd Hapiz said that petrochemical players had not established their presence in the newly opened Asean economies because they did not know to whom to go in the markets, and also perhaps the industry was not mature enough yet. That said, PChem is looking to expand overseas as its exporting markets are focused around the Asia-Pacific. Hapiz said PetChem could look into Myanmar as a new market as soon as next year. (Source: Business Times)

O&G: MYR1b for Pengerang water project. A total of MYR1b is needed to develop commercial infrastructure for the supply of raw water in the Pengerang Integrated Petroleum Complex (PIPC). Johor Petroleum Development Corp chief executive Mohd Yazid Jaafar said the National Economic Council will bear 10% of the cost of the water supply infrastructure, while the remaining will either come from the state government or via privatisation. The infrastructure will include building underground piping that will provide raw water needed for commercial use in the 8,800-hectare PIPC. (Source: Business Times)


TNB to invest RM9.7bn in next 5 years to boost capacity
TNB will invest RM9.7bn in new capacity over the next five years to meet Malaysia’s electricity demand, which is expected to grow by 3.5% to 4.6% p.a. during the period. TNB is currently building two hydroelectric projects in Hulu Teregganu, Terengganu and Ulu Jelai, Pahang. It is also constructing a biomass plant in Jengka, Pahang and a coal-fired power plant in Manjung, Perak. In a statement yesterday, the Energy Commission announced that it will float an open tender to develop two coal-fired power plants with total capacity of 3,000MW. (Malaysian Reserve)

MAS acquires 36 new turboprop aircraft from ATR for RM3bn
MAS yesterday acquired 36 new ATR 72-600 aircraft for RM3bn from ATR, the turboprop manufacturer based in Toulouse, France. MAS group CEO and MD Ahmad Jauhari Yahya said ATR had already committed to delivering three turboprop aircraft next year, another five the following year and six in 2015. Ahmad Jauhari said an advantage of the turboprop operation is its ability to turn around very quickly, in less than 30 mins, translating into increased flight frequencies. (Malaysian Reserve) Please see accompanying report.

Prestariang gets O&G training job
Prestariang has received an approval letter from the Finance Ministry to provide training and certification to O&G graduates. The deal is worth RM4.8m. Prestariang said the Professional Skill Set for O&G Industry Programme will be conducted for 360 university graduates, diploma and certificate holders for three months. It said the programme would be conducted by Prestariang in collaboration with industry partners and professional certified trainers. (Financial Daily) Please see accompanying report.

Bina Puri concession cancelled
Bina Puri Holdings has announced that the National Highway Authority (NHA) of Pakistan has terminated the concession agreement with its unit Bina Puri Pakistan (Pte) Ltd. The company said that the concession agreement, which was terminated on 10 Dec, was for the construction of a 136-km long motorway described as the “conversion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway (M-9)” and valued at RM864m. The company also announced that Bursa Malaysia had rejected Bina Puri's application for the proposed acquisition of PT Power. (StarBiz)

BLand unit to acquire land from Selangor Turf Club
Berjaya Land’s (BLand) unit, Selat Makmur SB, has proposed to acquire 99.06ha of leasehold land in Sungai Besi from Selangor Turf Club for RM640m. BLand said the acquisition included all existing buildings and structures erected and had also proposed to acquire about 303.514ha of freehold land in Sungai Tinggi from Berjaya City SB. The company had also proposed to appoint Berjaya City as the turnkey contractor to carry out the construction of the new turf club for RM605m. (StarBiz)