Thursday, January 17, 2013

20130117 0944 Malaysia Corporate Related News.

IJM Corp's entry into Scomi Group has enabled Scomi to obtain a RM118m bridging loan which was used as an interim measure to settle part of a debt obligation of RM200m. Scomi had RM200m MTN facility that had been extended several times and finally fell due on Oct 12, 2012. In Sep 12, it repaid RM57.9m. Proceeds from the share placement to IJM Corp and the amount from the bridging loan were utilised to fully settle the debt obligation due on Oct 12 last year. Scomi is calling for an EGM on Jan 31, seeking shareholder support for the proposed convertible bond issue. The proceeds from the bonds will be used to settle the remaining RM61m due from the bridging loan and a sum of RM46m to be used for working capital. (Financial Daily)

SP Setia has introduced a four-year programme as an incentive for its staff and management personnel to stay with the company. The proposed "long-term incentive programme" (LTIP), stretches beyond a typical employee share option scheme and includes a share grant plan that will reward staff with shares for zero consideration. This is in view of the anticipated departure of company founder and CEO Tan Sri Liew Kee Sin two years from now. Speculation had it that some within the management rank may start a new venture with Liew. And for those who may not join Liew, there needs to be fresh incentives to discourage them from joining other property firms. The LTIP will involve the issuance of new shares of up to 15% of the company's paid-up capital. It will be tabled for approval by SP Setia shareholders in a coming meeting. The LTIP includes an employee share grant plan (ESGP) that will see selected employees and executive directors being awarded shares for
zero consideration. There are two plans under the ESGP: the restricted share plan and the performance share plan. (Financial Daily)

Proton Holdings Bhd has been mandated to raise its annual production to 500,000 units in five years by its parent DRB-Hicom Bhd. "Moving forward, it is going to be challenging, and it will be difficult. Competition is going to get harder and tougher, cost will be higher and this also applies to Proton," said DRB-Hicom managing director Datuk Seri Mohd Khamil Jamil. He added the company was looking to build that volume from the export market, and deemed it fundamental to the survival and growth of Proton. Currently, Proton manufactures about 150,000 units of cars annually. (StarBiz)

Bank Muamalat Malaysia Bhd is awaiting approval on a collaboration deal that will allow it to offer Islamic banking services through post office counters by the third quarter of the year. Bank Muamalat chief executive officer Datuk Mohd Redza Shah Abdul Wahid said the deal with sister company  Pos Malaysia Bhd, which is awaiting regulatory approvals, would provide the bank a substantially wider reach through more than 1,000 post office service counters nationwide. Under the same alliance, Bank Muamalat will also offer Pos Malaysia services through its counters. (Malaysian Reserve)

DiGi aims to grow its online business by 30% this year, mainly driven by the increasing trend of online shopping among consumers. Its online store, DiGi Store Online, allows customers to buy new mobile devices for their existing plans, sign up to a new plan and reload prepaid airtime, among others. The portal also allows non-DiGi customers to buy devices by signing up to a plan -via a new DiGi number or porting from their existing number. (BT)

Salcon secured a RM110m contract from the Energy, Green Technology and Water Ministry's sewerage services department to build the sewerage pipes network in Klang. The scope of works covers sewage rationalisation within the South Klang sub-catchment located in Klang. Contract duration is 48 months, starting from Jan 2013 to Jan 2017. (Starbiz)

Westports Malaysia Sdn Bhd, which is reportedly eyeing an initial public offering (IPO) worth US$500m this year, said it has yet to make any firm plans regarding the matter. While admitting that the terminal operator is considering an IPO, its CEO Ruben Emir Gnanalingam said it has not decided when or where to go public. He said Westports Malaysia is looking at various fund raising options, including an IPO. "Yes, we may (consider an IPO), but we don't know when. We are still discussing the matter (with the bankers)," Ruben said. (Sun)

KNM Group Bhd has revised the expected date for the listing of subsidiary Borsig on the Singapore Stock Exchange from the first quarter to third quarter of the year. Chief financial officer  Richard Voon said the company has not completed the paperwork to list Borsig earlier. "Our plans to have the listing early part of this year was not tenable as we have to have the audited accounts and other documentations ready before listing and this is more likely that we can make it happen in the later part of the year," he said. (Malaysian Reserve)

DRB-Hicom: MYR11b projects will make it a major player in property market. DRB-Hicom Bhd's planned MYR11b property projects over the next 36 months will catapult the conglomerate to be among the larger players in the property market. "The land that we have in DRB-Hicom spans from Rebak Island in Kedah right down to Johor and sites in between. We still have about 800 acres more to be developed in Tanjung Malim, which is part of the Proton plant, and also 350 acres to be developed in Rebak Island, Kedah," said Datuk Mohamed Razeek Md Hussain Maricar, chief operating officer of services and property. (Source: The Star)

Oil & Gas: PETRONAS to launch contract bids for two fields next month. The next round of risk-service contract (RSC) bids by PETRONAS will be launched in February, and the fields of Tembikai and Chenang will once again be up for grabs, said sources. One to two other new marginal oilfields would likely be included to make the RSC offering more attractive. The source added that PETRONAS has a prequalified bid list for the fields of Tembikai and Chenang, and the players include Australia-based Hydra Energy Holdings Pty Ltd, Tap Oil Ltd and AWE Ltd. Hydra Energy's local partner is said to be Daya Materials Bhd. (Source: The Star)

Tradewinds: Buys over planter. Tradewinds Plantation Bhd has taken full control of Northern Integrated Agriculture Sdn Bhd with the purchase of the remaining 30% stake for MYR24m. (Source: Bursa Malaysia)

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