Business this week (4-8 May)

8 May
- Securities Commission chairman Datuk Seri Zarinah Anwar unveils Bursa Malaysia’s new board structure to position the local bourse as a competitive capital-raising destination for local and foreign companies when it comes into effect on Aug 3.
- Securities Commission approved one Chinese company for listing on the Bursa Malaysia, with another under way.
- Proton Holdings Bhd’s unit Proton Edar Sdn Bhd will take over all the sales and service dealers currently under Edaran Otomobil Nasional Bhd

7 May
- Trading volume on Bursa Malaysia surged to 3.36 billion shares, the highest since February 2007.
- Sunrise Bhd posted a net profit of RM30.57 million in its third quarter ended March 31 (3Q09), up 48% from RM20.64 million a year earlier..
- Telekom Malaysia Bhd shareholders approved the company’s RM3.5 billion capital repayment plan and RM382 million dividend payout, which means that shareholders will receive a total of RM3.88 billion in June when the two exercises are completed.
- Sarawak Energy Bhd and Brunei government to explore the possibility of connecting their power systems for the purpose of energy exchange or transaction.
- Bank Negara’s international reserves rose to RM320.4 billion (US$87.7 billion) as at April 30 from RM320.124 billion on April 15.
- Citibank Bhd posted net profit of RM772million for the financial year ended Dec 31, 2008, up 30.6% from the RM591 million a year ago, boosted by its markets business and consumer banking.

6 May
- Weststar Group, a local outfit controlled by “AP king” Datuk Seri Syed Azman Syed Ibrahim, is acquiring UK-based van maker LDV Group Ltd from Russian carmaker GAZ for £1. The group will have to assume an estimated £60 million (RM319.13 million) worth of liabilities in LDV’s books upon completion of the acquisition.
- HSBC has committed RM200 million in new funds to ensure Malaysia's small- and medium-sized businesses continue to have access to appropriate credit through the current financial and economic crisis.
- Southern Steel Bhd posted net loss of RM65.47 million in the first quarter ended March 31, a sharp contrast from the net profit of RM96.37 million a year ago as a sharp contraction in steel demand and prices weighed on its revenue.
- Bank Negara expects 2009 to likely be a difficult year for most countries as the world enters the third year of this financial crisis, due to a synchronised recession in the advanced economies.
- Maxis Communications Bhd is investing nearly RM1.6 billion into its networks, including its high-speed 3G network, this year.
- Axiata Group’s offer of 4.69 billion rights shares to existing shareholders recorded 99.3 % subscription rate.

5 May
- Sime Darby Bhd’s proposed acquisition of Ramunia Holdings Bhd’s 68-ha fabrication yard in Teluk Ramunia, Johor will allow it to boost its capability to tap into the global market for fixed platforms worth US$80 billion (RM281.6 billion) over the next five years.
- Guinness Anchor Bhd will allocate RM30 million for capital expenditure in the next financial year ending June 2010.
- Small and medium-sized enterprises say reduction in corporate tax rate and electricity tariff will benefit them more to overcome economic crisis, instead of the two economic stimulus package.

4 May
- Malaysian Airline System Bhd appoints former Prime Minister Tun Abdullah Ahmad Badawi as adviser to national carrier.
- The Shimizu Corp-led consortium, which includes IJM Corp Bhd and UEM Builders Bhd, has finally won the bid to undertake the tunnelling job worth RM1.3 billion for the Pahang-Selangor raw water transfer project.
- Sime Darby Bhd makes formal offer to take over Ramunia Holdings Bhd for total purchase consideration of RM232 million.
- Syarikat Prasarana Negara Bhd invited locally incorporated companies to submit the “expression of interest” to participate in the RM7 billion extension and upgrading of the KL light rail transit system project.
- Fraser & Neave Holdings Bhd posted a net profit of RM53.28 million in the second quarter ended March 31, 2009, up 11.2% from RM47.91 million a year ago.