20130109 0954 Malaysia Corporate Related News.

UEM Land Holdings has entered into two agreements to sell 43.64 acres of its land in Puteri Harbour, Johor, for RM400.8m to an investment holding and general trading company owned by well-known businessmen. The land will be sold to Liberty Bridge Sdn Bhd, a company equally-owned by MPHB MD Tan Sri Surin Upatkoon, Syarikat Pengeluar Air Selangor Holdings chairman Tan Sri Wan Azmi Wan Hamzah, KL Kepong CEO Tan Sri Dato' Seri Lee Oi Hian and UOB Kay Hian Holdings Ltd MD Wee Ee Chao. UEM Land said the sale would contribute RM240.2m to gross profit and RM180.1m to earnings. (Malaysian Reserve)

AirAsia is introducing additional frequencies to six domestic destinations and one international route this year. The additional frequencies from the Kuala Lumpur hub will be to Bangkok, KotaKinabalu, Sibu, Kuching and Johor Bahru, while the Johor Bahru hub will see additional frequencies to Kuching, Sibu, Miri and Penang. There will also be added frequencies from Penang to Kota Kinabalu and Kuching, as well as from Kota Kinabalu to Kuching. (Bernama)

Top Glove Corp Bhd will increase its glove prices by 3-5% to offset escalating higher labour costs due to the introduction of the minimum wage policy. The policy which took effect 1 Jan 2013 is likely to cause labour costs, which make up 9% of total production cost, to rise by 50%. The company said that it has already informed its customers about the product price increase. (Star Biz)

IOI Corp Bhd's 99.8%-owned subsidiary, Palmy Max Ltd, has acquired 50% stake in a jointly controlled entity, Prime Joy Investments Ltd, for a total cash consideration of RM28.26m. Prime Joy is involved in the development of residential and commercial properties in Ji Mei District, Xiamen in China. (Malaysian Reserve)

Proton Holdings Bhd is not shifting its entire manufacturing plant in Shah Alam to Proton City in Tanjung Malim. The Proton cars that are currently produced in Shah Alam will continue to be produced there, said Proton's Sector Head for Technical Operations for Shah Alam and Tanjung Malim plants, Abdul Rashid Musa on Tuesday. On Monday, Perak Menteri Besar Datuk Seri Dr Zambry Abdul Kadir was reported as saying in Tanjung Malim that the state government would revive plans to develop the township into the national automotive hub within the next five years. Zambry also said Proton would move its manufacturing operations in stages from Shah Alam to the Tanjung Malim plant.  Abdul Rashid told Bernama that only future Proton models would be considered to be manufactured at the Tanjung Malim plant.(Bernama)

US-based theme park operator Six Flags Entertainment Corp is planning to invest between RM1.2bn and RM1.5bn to set up a theme park in  Iskandar Malaysia. Sources said the theme park, which will be double the size of Legoland Malaysia and the company's first theme park in Asia, would offer more than 40 rides. Six Flags Entertainment is the world's largest amusement park corporation based on quantity of properties and fifth most popular in terms of attendance. (Starbiz)

Asia Media Group Bhd has received the green light from the Securities Commission for its proposed listing transfer from the ACE Market to the Main Market of Bursa Malaysia. (BT)

Paramount Corp Bhd will explore financing options from the capital markets for Paramount Utropolis, its RM800m integrated development in Shah Alam. Executive deputy chairman Datuk Teo Ching Quan expects to finalise the financing structure for the project by the end of this month. "We are looking at a combination of banks and capital markets," he said yesterday, at the unveiling of Paramount Utropolis. (BT)

Brahim's Holdings is expected to supply 11.1m meals a year to the Asian pilgrims and support personnel during the hajj The company is targeting a US$500m project in Saudi Arabia to supply halal meals to  Asian pilgrims performing hajj (annual pilgrimage) in Mecca. The project is an initiative of the Establishment for Southeast Asian Pilgrims (Muassasah) and comes under its food production and distribution programme for hajj pilgrims. Brahim's is preparing to submit its proposal to Muassasah this month, its director Datuk Howard Choo said. Choo  also  said Muassasah is expected to award the job, after evaluating all the proposals, next month. "This is a 20-year contract. We are expected to supply 11.1m meals a year to the Asian pilgrims and support personnel during the hajj," Choo told BT in a recent interview. (BT)

The Sabah Forestry Department has denied reports that Permaju Industries Bhd was close to securing a 80,937ha timber concession in the state.  "There is no such concession issued or going to be issued. Yayasan Sabah has not awarded such a concession and also has no authority to issue concessions, which is strictly the purview of the Forestry Department and state government of Sabah," the department's director Datuk Sam Mannan said in a statement yesterday. The reports alluded that state-controlled Yayasan Sabah was the one awarding the 30 to 60 years concession. Part of the terms of the deal will involve Permaju to help clear the land, said to be a virgin jungle area, and then plant oil palm. (BT)

Silk Holdings' 70%-owned subsidiary, Jasa Merin, has been awarded two contracts by  Petronas Carigali for the provision of two AHTS vessels worth RM251.85m. The five-year contracts were effective from Jan 1, 2013 to Dec 31, 2017. As at end 2011, Jasa Merin has a fleet of 16 vessels which includes three straight supply vessels and 13 AHTS vessels. (Malaysian Reserve)

The planned mega IPO by tycoon Tan Sri Lim Kang Hoo of Iskandar Waterfront Holdings Sdn Bhd (IWH) is looking to value the master developer at around RM5bn, causing excitement among international and local investment bankers looking to play a role in the offering. An earlier reported figure of US$300m to be raised from the exercise might be a conservative figure. IWH's proposition is that it is banking on the potential future earnings from the 1,619ha waterfront city proejct in the southern state of Johor. (Starbiz)

Minetech Resources yesterday said its wholly-owned unit, Optimis Dinamik Sdn Bhd, had received a 60-day notice to cease operation on quarry sites in Pengkalan Baru. The notice was sent by Sri Manjung Granite Quarry Sdn Bhd, the owner of the quarry sites.  The latter also required the company to dismantle and remove all machinery and vacate all buildings and structures at the quarry sites and return the sites to the owner. “Based on the advice given by the legal counsel, the company is strongly contesting the purported termination as it is wrongful and without any valid basis,” Minetech said in a Bursa Malaysia filing yesterday. (BT)