Business This Week (Mar 23 - 27)

27 March
- RAM Ratings has reaffirmed its long- and short-term ratings of AA3 and P1 respectively for Gamuda Bhd’s RM900 million worth of Islamic bonds.
- Malaysian Rating Corporation (MARC) announced plans to embark on new initiatives including syariah compliance ratings by the second half of this year.

26 March
- Gamuda Bhd's net profit for 2Q ended Jan 31, 2009 fell 45% from a year earlier to RM49.06m.
- Mutiara Goodyear Development Bhd's net profit fell 60% to RM2.11m in 3Q ended Jan 31, 2009, from RM5.22m a year earlier as revenue fell 78% to RM16.76m from RM75.72m.
- Unicorn International Islamic Bank Malaysia Bhd posted maiden full-year net profit of RM812,546 for the year ended Dec 31, 2008.
- The Securities Commission granted Khazanah Nasional Bhd an exemption to carry out a mandatory take-over offer on the remaining shares of TM International after the latter's proposed RM5.25 billion rights issue.

25 March
- RAM Holdings predicted that the country is likely to see a weak recovery by 2H this year as confidence returns to the equity market and demand begins to stabilise.
- Kencana Petroleum Bhd’s net profit rose 25.7% to RM27.25m in 2Q ended Jan 31, 2009 from RM21.68m a year earlier.
- LCL Corporation Bhd received permission from the Securities Commission to defer its proposed renounceable rights issue.
- Dijaya Corporation Bhd obtained the Securities Commission’s approval for a time extension up to Sept 27 to implement its proposed rights issue.

24 March
- TM International Bhd’s issue of the rights shares had been fixed at RM1.12 per share, which is a discount of 50.9%, as they seek to raise gross proceeds of RM5.25bn.
- Selangor Properties Bhd’s net profit plunged 96% to RM1.75m in 1Q09 from RM43.16m a year earlier.
- Can-One Bhd entered into a share-sale agreement with Kian Joo Holdings to buy a 32.9% stake in Kian Joo Can Factory Bhd (KJCF) for RM241.12m.
- Pos Malaysia Bhd proposed a first and final dividend of 10 sen per share less 25% tax in respect of the year.
- Datuk Fateh Iskandar Mohamed Mansor appointed as Glomac Bhd CEO.
- CIMB Bank Bhd named the sole winner in Asia for “Best Retail Banking Branch Innovation Award” by The Asian Banker.
- Paragon Union Bhd’s managing director (MD) Quah Ban Hoo and three independent directors have resigned from their posts ahead of an EGM to remove them.

23 March
- RHB Research Institute said the productivity decline in the manufacturing sector quickened to 15.1% y-o-y compared with a fall of 12.4% in December.
- CIMB Research maintains underperform call on SP Setia at RM3.02 and a target price of RM2.30.
- Kenanga Investment issued two cash-settled structured warrants last week — Commerz-CF and Genting-CO.
- Penang’s Tatt Giap Group investing RM25m to produce a new line of larger diameter welded stainless steel pipes under its Superinox brand.
- Deloitte KassimChan tendered their resignation as auditors of Talam Corporation Bhd and Kumpulan Europlus Bhd.