Sapura Crest unit gets RM1.5bn worth of PSC jobs
SapuraCrest Petroleum Bhd’s wholly-owned subsidiary, TLO Offshore Sdn Bhd, has received confirmation that it has been awarded a joint-contract for the provision of works and services to 11 Petronas production sharing contractors (PSCs) for the transportation and installation of offshore oil and gas facilities and structures from 2010 to 2012. “The price for the confirmed scope of works in 2010 is approximately RM1.5bn. Sapuracrest said the works for the PSCs were for a duration of three years, from 2010 to 2012, with options for two further extensions of one year each. (Starbiz)
Mah Sing to sell office building for RM226m
Mah Sing Group Bhd has proposed the en bloc sale of 278,182 sq ft of a 20-storey grade A commercial building, including 301 car park bays in the east wing of the Icon@Tun Razak, to T.S. Law Realty Sdn Bhd for RM226.5m cash. In a filing with Bursa Malaysia last Thursday, Mah Sing said the Icon@Tun Razak was a freehold purpose-built office building by owned its subsidiary, Star Residence Sdn Bhd. “The group pursued the proposed en bloc sale to ensure that it will be able to maintain its earnings, net assets and cashflow. “And Star Residence offers to take up the tenancy of the Icon@Tun Razak for a period of three years commencing from the actual vacant possession date, which shall correspond with the date of the sales and purchase agreement. “Star Residence intends to lease the sale property for rental income in order to offset rental payable to the purchaser,” it said. With the proposed en bloc sale, the Icon @ Tun Razak is fully sold. (Starbiz)
Petra Perdana exec director seeking to stop sale of balance stake in Petra Energy
Petra Perdana Bhd has received an interim ex-parte order by the High Court of Malaya fixing an inter-parte hearing on 11 Jan, 2010 on the application of Shamsul Saad to stop the sale of the remaining 29.59% stake in its associate, Petra Energy Bhd. In a statement to Bursa Malaysia last Thursday, Petra Perdana said the order had named the company, Tengku Datuk Ibrahim Petra Tengku Indra Petra, his wife Datin Che Nariza Hashim, two other board directors Wong Fook Heng and Tiong Young Kong and TA Securities Holdings Bhd as defendants. The order is to restrain Petra Perdana, Tengku Ibrahim, Nariza, Wong, Tiong and any agents appointed by Petra Perdana as placement agent, from divesting the remaining shares in Petra Energy until an EGM or the final disposal of the suit is held, whichever is earlier. Petra Perdana is now awaiting further details of the suit and is seeking legal advice pending further announcements. (Starbiz)
EPF may back Hong Leong’s EON bid
The Employees Provident Fund (EPF) may back a deal to merge the country’s sixth and seventh biggest banking groups if it thinks the price offered is attractive. The pension fund holds 10.7% of EON Capital Bhd (EONCap), which is being eyed for a takeover by Hong Leong Bank Bhd. “If the price is right we will consider selling” said a source close to the EPF. (BT)
Ho Hup major shareholder opposes sale
Ho Hup Construction Bhd’s second largest shareholder Lo Chee & Sons Sdn Bhd (LCS) is opposing the board’s proposed sale of two tracts of land. LCS which holds 24.7% equity stake, put up a notice to Ho Hup’s shareholders in two major newspapers urging shareholders not to support the sale, contending that the disposal price is “significantly undervalued”. The notice was published last Friday before the EGM slated to be held on Thursday during which shareholders will cast their votes on the resolution. (Financial Daily)
Hock Heng plans overseas factory
Hock Heng Stone Industries Bhd, a maker of dimension stones that is slated for a listing next year, plans to set up a factory abroad as it seeks to expand business. Low, who started the family business, could not divulge details because the company has yet to release its prospectus. It targets to complete its IPO and list shares on the Main Market by the end of March 2010.(BT)
CB Industrial refutes allegations, demands apology
CB Industrial Product Holding Bhd (CBIP) said it is at risk of losing hundreds of millions of ringgit in future jobs, due to a published report by a Chinese daily that suggests it was involved in some form of corruption. In a hastily arranged press conference in Shah Alam, CBIP managing director Lim Chai Beng said, "The truth must be told soonest possible. We need to stop the damage (to the company). "CBIP, via its subsidiary Modipalm Engineering Sdn Bhd (MESB), has demanded a retraction of the defamatory and highly damaging allegation in the said article and a full-page apology to be published by tomorrow.’’ He refuted allegations in the news reports that insinuate that its Modipalm mills are of inferior quality. According to a translation sheet provided by CBIP, the daily quoted 1Malaysia Graduates Club secretary Ezaruddin Abd Rahman as alleging there was corruption involved in Felda awarding jobs to MESB to build 11mills worth a combined RM160m. (BT)
Monday, December 28, 2009
20091228 1811 FCPO EOD Daily Chart Study.
FCPO closed : 2592, changed : +38points, volume : Higher.
Bollinger band reading : Sentiment turned slightly positive.
MACD Histrogram : recovering, buyer returned but at a small scale.
Support : 2555, middle Bollinger band level.
Resistant : upper Bollinger band, 2630 level.
Comment :
FCPO managed to trade higher despite relatively low volume transacted last Thursday and today. Daily chart wise, FCPO still trading in an uptrend market but a little doubt here about the upward momentum sustainability will be the low volume transacted. Hope that fresh buying interest will come in soon. On the other hand, both ITS and SGS cargo survey recorded a drop of 11.4% and 14.5% in crude palm oil export for the period of 1~25 Dec 2009 respectively.
When to buy : buy at support/weakness/break up with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091228 1732 FKLI EOD Daily Chart Study.
FKLI closed : 1273.5, changed : +9.5 points, volume : Higher.
Bollinger band reading : Just turned bullish.
MACD Histrogram : break above zero line, buyer rule.
Support : middle Bollinger band.
Resistant : 1276, 1283 level.
Comment :
Finally break up from the triangle with supporting volume. Further upside likely.
When to buy : buy at support/weakness/break up with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091228 1256 FKLI Mid Day Hourly Chart Study.
FKLI closed : 1272.5, changed : +8.5 points, volume : high.
Bollinger band reading : bullish with possible pullback.
MACD Histrogram : went higher and highe, buyer in charge.
Support : 1267.5, 1264.5 level.
Resistant : 1276, 1280 level.
Comment :
Bullish chart with a little overbought. With price closed above the upper Bollinger band, FKLI could take some rest before continue climbing up further. Having said that it can still potentially push up further without a rest taking today's high supporting volume into consideration.
20091228 1240 FCPO Mid Day Hourly Chart Study.
FCPO closed : 2603, changed : +49 points, volume : high.
Bollinger band reading : bullish with possible pullback.
MACD Histrogram : edging up slowly, buyer is still around.
Support : 2580, 2560 level.
Resistant : 2620, 2670 level.
Comment :
A bullish chart but near resistant level with possible pullback before marching higher.
20091228 0838 FCPO Weekly Chart Study.
FCPO ended the week 66 points lower forming a doji bar candle. Price still closed above the middle Bollinger band with the band width expanding = bullish with further upside potential. However, MACD Histrogram has stop rising and turned lower = long position trade decided to lock in profit. Overall, the chart still looks healthly for a near term uptrend with possible correction taking place. Immediate support stands at 2520, 2430 level and resistant rest at 2630 and 2670 level.
20091228 0828 FKLI Weekly Chart Study.
FKLI closed the week up 4 points with higher volume transacted compare to last week. The doji weekly candle still traded above the middle Bollinger band with the band width contraction suggesting a side way range bound upside biased market. On the other hand, the MACD Histrogram getting lower by a fraction telling us that seller has yet to leave the market. Overall, expecting a side way ranging market ahead of the last week of the year with support comes in at the 1250 and middle Bollinger band level where resistant appears at the 1270 follow by 1276 level.
Thursday, December 24, 2009
20091224 1856 FCPO EOD Daily Chart Study.
FCPO closed : 2554, changed : +54 points, volume : lower.
Bollinger band reading : neutral with side way range bound likely.
MACD Histrogram : just reverted upward slightly, buyer returned but volume just too low.
Support : middle Bollinger band, 2490 level.
Resistant : 2570, upper Bollinger band level.
Comment :
Too early to call for a resume uptrend movement due to today's thin volume traded. Expecting market to trade side way range bound waiting more volume to come back into the market for confirmation of market direction.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target
20091224 1748 FKLI EOD Daily Chart Study.
FKLI closed : 1264, changed : -0.5 point, volume : High but lower than yesterday.
Bollinger band reading : neutral, side way ranging likely.
MACD Histrogram : continue to improve, buyer still in the market.
Support : the lower upward triangle line, 1255 level.
Resistant : the upper downward triangle line, 1269.5 level.
Comment :
No break out happen today. Side way ranging likely to continue until a break out(up or down) occurs.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091224 1252 FKLI Mid Day Hourly Chart Study.
FKLI closed : 1264.5, changed : +1 points, volume : high.
Bollinger band reading : bullish with further upside potential.
MACD Histrogram : stay nearly flat with activities slightly sided to the buyer.
Support : middle Bollinger band level.
Resistant : 1266.5, 1269.5 level.
Comment :
Hourly chart wise, FKLI do looks bullish with further upside potential.
20091224 1239 FCPO Mid Day Hourly Chart Study.
FCPO closed : 2531, changed : +31 points, volume : low.
Bollinger band reading : neutral, side way range bound likely.
MACD Histrogram : improving, short position locking in partial profit.
Support : 2500, lower Bollinger band level.
Resistant : 2550, upper Bollinger band level.
Comment :
Low volume upward correction taking place. Side way range bound market likely to continue.
20091224 0938 Malaysia Corporate News.
Prime Minister Datuk Seri Najib Razak announced yesterday that the real property gains tax (RPGT) will now only be applicable to properties sold within five years of their purchase. The government will be foregoing about RM200m in revenue. He said, “This policy was also decided as the government wants to see stronger growth in the property sector next year”, adding that the decision was made following requests from the business sector and Hua Zong (Federation of Chinese Associations of Malaysia). “I have taken note of some of the requests which are reasonable, sensible and fair, and the government will give some positive considerations”, he said. He commented that the property sector had shown signs of improvement but the government felt that it required further impetus so that it could continue to grow from strength to strength. (The Sun)
Local bank consolidation may help the industry withstand new competition emerging from the issue of new banking licence to foreign banks. Institute of Bankers Malaysia Council Chairman Tan Sri Azman Hashim said consolidation was a natural process and the bank's size did not matter if it can sustain on its own. "But, in our market today, there may be one or two banks which needs to be bigger to be able to stand alone and EON Bank maybe one of it," he said. Azman said in order for Malaysian banks to compete globally it was inevitable for the local market to open up to foreign banks. (Bernama)
EON Bank will carry on with its transformation plan amid the takeover talk that involved shareholders of its holding company. "We will continue to aggressively pursue our aspirations to build 'The preferred Malaysian bank' for our customers," CEO Michael Lor said. Two major shareholders of EON Capital, the bank's holding company, this week said they were granted the central bank's approval to start discussion with Hong Leong Bank on a potential share sale. (BT)
The Sabah Land Development Board (SLDB) is developing oil palm plantations covering some 5,700 hectares in the interior district of Nabawan and also plans to set up a palm oil mill there next year. CEO Jhuvarri Majid said the state-owned agency had started land clearing and terracing at the 2,104-hectare site at Pandewan while land clearing at the 3,600-hectare land in the Nabawan Settlement Scheme area would start sometime early next year. "We have also identified a 40-hectare site for the palm oil mill, and all the necessary approvals from relevant agencies have been obtained. "We will try and start work on the mill by mid-2010," he said.
Axiata Group Bhd has its eyes set on becoming the first among equals in the regional telecommunications scene by 2015. Its journey to become a champion is split in three phases. The first phase, which has been completed, was about setting the foundations right. The second phase, which will be between 2010 and 2012, is about competing on par with its regional peers such as SingTel and Hutchison, while the third phase (2013-2015) will be about becoming the region's top mobile operator group. The company has allocated not more than RM3.5bn as capital expenditure next year, the bulk of it will be for its Indonesian operations. (BT)
Mah Sing Group’s RM2.2bn property project in Wujin District, China’s Jiangsu province, will mark the company’s foray as a serious player in the global market, said MD-cum-group chief executive Tan Sri Leong Hoy Kum. (StarBiz)
UASC's Al-Mutanabbi became the first vessel to call on the first phase of the new Red Sea Gateway Terminal at Jeddah Islamic Port (JIP). MMC Corp, which holds an associate stake in the Saudi riyal 2bn terminal (100 Saudi riyal = RM89.23), said operations started on Tuesday with the opening of its first berth. Its chief executive officer (international), Feizal Ali, said the project marked MMC's first foray into the ports and logistics business outside of Malaysia. "We are confident this project will be a success and will provide MMC with a healthy long-term recurring income," he said. JIP handles approximately 73% of Saudi Arabia's total container trade and is located close to the southern entrance of the Suez Canal. (Bernama)
Sunway Developments Pte Ltd, a unit of Sunway Holdings, has entered into a joint venture agreement with Hoi Hup Realty to set up Hoi Hup Sunway Property. The proposed joint venture would undertake a residential property development project on a parcel of freehold land in Singapore. The group said the proposed project was projected to generate an estimated gross development value of RM1.03bn. Sunway would fund its investment in the joint venture via bank borrowings and internally generated funds. (Bernama)
Scomi Group has appointed Hilmy Zaini as its country president for Brazil effective 1 Jan 10, allowing the new group to focus on the country in tailoring product offerings and exploring opportunities. Hilmy was previously Scomi Engineering president, a unit of the group which would now be helmed by Syahrunizam Samsudin, Scomi said. Syahrunizam was formerly the COO and CFO for Scomi Engineering. (Bernama)
Yoong Onn Corporation (YOC), a home linen player, aims to achieve double-digit growth for FY6/10 following better economic outlook. MD Roland Chew said the retail sector had started to improve as the impact of the global financial crisis begin to ease, giving plenty of room to increase sales. "A rebound in consumer spending and income due to the economic recovery is expected to boost sales further," he said. (Bernama)
Pulai Springs has been co-awarded the bid for a plot of development land located at Guandu District, Kunming by the Government of Kunming. (TheStar)
Permodalan Nasional Bhd (PNB) has confirmed that it has bought the 22-storey Kenanga International Building in Kuala Lumpur from Injaz AsiaEquity Property. (BT)
PNB Darby Park Executives Suites Kuala Lumpur, which is owned by Permodalan National Bhd, has won the 2009 "Best Hotel Apartment" award for offering high-quality facilities and services to travelers. (BT)
The Franchise Blueprint, which would guide the development of the industry until 2020, is due to be revealed in the second quarter of 2010. (BT)
Hai-O Marketing aims to sell 30,000 units of various products worth RM40m monthly before the end of next year. Hai-O Enterprise MD Tan Kai Hee said the company presently sold about 20,000 units of various products worth RM30m monthly. (BT)
Coastal Contracts said its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Bonafile Shipbuilders & Repairs, have collectively secured RM49.2m of contracts. (BT)
Ahmad Zaki Resources has received the letter of award from Tenaga Nasional for the Hulu Terengganu Hydroelectric Project with preliminary works valued at RM49.5m. (StarBiz)
Local bank consolidation may help the industry withstand new competition emerging from the issue of new banking licence to foreign banks. Institute of Bankers Malaysia Council Chairman Tan Sri Azman Hashim said consolidation was a natural process and the bank's size did not matter if it can sustain on its own. "But, in our market today, there may be one or two banks which needs to be bigger to be able to stand alone and EON Bank maybe one of it," he said. Azman said in order for Malaysian banks to compete globally it was inevitable for the local market to open up to foreign banks. (Bernama)
EON Bank will carry on with its transformation plan amid the takeover talk that involved shareholders of its holding company. "We will continue to aggressively pursue our aspirations to build 'The preferred Malaysian bank' for our customers," CEO Michael Lor said. Two major shareholders of EON Capital, the bank's holding company, this week said they were granted the central bank's approval to start discussion with Hong Leong Bank on a potential share sale. (BT)
The Sabah Land Development Board (SLDB) is developing oil palm plantations covering some 5,700 hectares in the interior district of Nabawan and also plans to set up a palm oil mill there next year. CEO Jhuvarri Majid said the state-owned agency had started land clearing and terracing at the 2,104-hectare site at Pandewan while land clearing at the 3,600-hectare land in the Nabawan Settlement Scheme area would start sometime early next year. "We have also identified a 40-hectare site for the palm oil mill, and all the necessary approvals from relevant agencies have been obtained. "We will try and start work on the mill by mid-2010," he said.
- He said the mill would have the capacity to process 60 tonnes of fresh fruit bunches per hour and serve the smallholders and new estates in Pandewan and the Scheme as well as other estates that would also be opened up soon.
- He said SLDB had identified land for the upcoming estates in Sinua (4,800 hectares), Lumini (3,600 hectares), Labang (2,000 hectares) and Suwatalun (2,000 hectares). "In all these areas, including Pandewan and the Scheme, SLDB would develop the land on a joint venture with the people. (Bernama)
Axiata Group Bhd has its eyes set on becoming the first among equals in the regional telecommunications scene by 2015. Its journey to become a champion is split in three phases. The first phase, which has been completed, was about setting the foundations right. The second phase, which will be between 2010 and 2012, is about competing on par with its regional peers such as SingTel and Hutchison, while the third phase (2013-2015) will be about becoming the region's top mobile operator group. The company has allocated not more than RM3.5bn as capital expenditure next year, the bulk of it will be for its Indonesian operations. (BT)
Mah Sing Group’s RM2.2bn property project in Wujin District, China’s Jiangsu province, will mark the company’s foray as a serious player in the global market, said MD-cum-group chief executive Tan Sri Leong Hoy Kum. (StarBiz)
UASC's Al-Mutanabbi became the first vessel to call on the first phase of the new Red Sea Gateway Terminal at Jeddah Islamic Port (JIP). MMC Corp, which holds an associate stake in the Saudi riyal 2bn terminal (100 Saudi riyal = RM89.23), said operations started on Tuesday with the opening of its first berth. Its chief executive officer (international), Feizal Ali, said the project marked MMC's first foray into the ports and logistics business outside of Malaysia. "We are confident this project will be a success and will provide MMC with a healthy long-term recurring income," he said. JIP handles approximately 73% of Saudi Arabia's total container trade and is located close to the southern entrance of the Suez Canal. (Bernama)
Sunway Developments Pte Ltd, a unit of Sunway Holdings, has entered into a joint venture agreement with Hoi Hup Realty to set up Hoi Hup Sunway Property. The proposed joint venture would undertake a residential property development project on a parcel of freehold land in Singapore. The group said the proposed project was projected to generate an estimated gross development value of RM1.03bn. Sunway would fund its investment in the joint venture via bank borrowings and internally generated funds. (Bernama)
Scomi Group has appointed Hilmy Zaini as its country president for Brazil effective 1 Jan 10, allowing the new group to focus on the country in tailoring product offerings and exploring opportunities. Hilmy was previously Scomi Engineering president, a unit of the group which would now be helmed by Syahrunizam Samsudin, Scomi said. Syahrunizam was formerly the COO and CFO for Scomi Engineering. (Bernama)
Yoong Onn Corporation (YOC), a home linen player, aims to achieve double-digit growth for FY6/10 following better economic outlook. MD Roland Chew said the retail sector had started to improve as the impact of the global financial crisis begin to ease, giving plenty of room to increase sales. "A rebound in consumer spending and income due to the economic recovery is expected to boost sales further," he said. (Bernama)
Pulai Springs has been co-awarded the bid for a plot of development land located at Guandu District, Kunming by the Government of Kunming. (TheStar)
Permodalan Nasional Bhd (PNB) has confirmed that it has bought the 22-storey Kenanga International Building in Kuala Lumpur from Injaz AsiaEquity Property. (BT)
PNB Darby Park Executives Suites Kuala Lumpur, which is owned by Permodalan National Bhd, has won the 2009 "Best Hotel Apartment" award for offering high-quality facilities and services to travelers. (BT)
The Franchise Blueprint, which would guide the development of the industry until 2020, is due to be revealed in the second quarter of 2010. (BT)
Hai-O Marketing aims to sell 30,000 units of various products worth RM40m monthly before the end of next year. Hai-O Enterprise MD Tan Kai Hee said the company presently sold about 20,000 units of various products worth RM30m monthly. (BT)
Coastal Contracts said its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Bonafile Shipbuilders & Repairs, have collectively secured RM49.2m of contracts. (BT)
Ahmad Zaki Resources has received the letter of award from Tenaga Nasional for the Hulu Terengganu Hydroelectric Project with preliminary works valued at RM49.5m. (StarBiz)
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