Business this week (1-5 June)

5 June

- Bank Negara released a statement today saying that international reserves rose RM1 billion to RM322.5 billion as at May 29, 2009 from RM321.5 billion as at May 15.

- Three Indian public banks,Andhra Bank, Bank of Baroda and Indian Overseas Bank, have initiated a joint venture to set up a subsidiary in Malaysia with an initial investment of US$86 million (RM300 million).

- Prime Minister Datuk Seri Najib Razak said Sime Darby Bhd had been offered a multi-billion development project in China, and would be the lead contractor with the participation of other Malaysian players.

4 June

- Sime Darby Bhd and Ramunia Holdings Bhd extended the date to conclude the signing of the definitive sale and purchase agreement for Sime to acquire the latter's business and undertakings to 3 July.

- ExxonMobil appointed Hugh WA Thompson as the new chairman of its subsidiaries in Malaysia, replacing Liam M Mallon, who has been made the vice-president, engineering for ExxonMobil Production Company in Houston, Texas, US.

-PLUS managing director Noorizah Abdul Hamid announced that the government has paid the first portion of this year's compensation amounting to RM92 million to PLUS Expressways Bhd for not allowing the scheduled increase in toll rates.

-In a filing to Bursa Malaysia, DutaLand entered into a memorandum of understanding (MoU) with China-Boda Group to jointly develop two separate pieces of land in Hebei Province, China and in the Iskandar Development Region.

-Bursa Malaysia Securities Bhd issued Measat Global Bhd with an unusual market activity (UMA) query after the company's shares jumped 37 sen to RM1.58, its highest since last October. Trading in Measat shares was later suspended and resumed June 5.

-Axis Incorporation Bhd was sued by Malayan Banking Bhd for a total of RM20.97 million outstanding as at Feb 28, 2009 plus interest and cost.

3 June

-At least US$2.1 billion (RM7.31 billion) was committed by Petroliam Nasional Bhd (Petronas) and Exxon Mobil Corporation to develop seven existing oil fields off Peninsular Malaysia. It is expected that the further development of the Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tabu and Palas fields is expected to be a major boost for local oil and gas (O&G) companies and those in the supporting industries.

-Axiata Group Bhd, formerly TM International Bhd, was awarded Frost & Sullivan's 2009 Asia Pacific ICT Award for Best Telecom Group of the Year.

-Three directors of the Multimedia Development Corporation (MDec),CIMB Group chief executive Datuk Seri Nazir Razak, Westport Malaysia Sdn Bhd executive chairman Tan Sri G Gnanalingam and ECM Libra executive chairman and CEO Datuk Kalimullah Hassan have declined offers to continue serving on the board.

-Can-One Bhd received its shareholders approval to proceed with its proposed acquisition of 32.9% stake in Kian Joo Can Factory Bhd.

2 June

- LDV Group Ltd, a UK-based van maker was forced to reapply for protection from creditors after "AP King" Datuk Seri Syed Azman Syed Ibrahim pulled out from the proposal to acquire the group from Russian carmaker GAZ.

-Bursa Malaysia issued a circular stating that Kulim Bhd's warrants Kulim-WB's (2004/2009) last trading day will be on June 14, ahead of the expiry on June 30.

-Pelabuhan Tanjung Pelepas Sdn Bhd (PTP), a 70% unit of MMC Corp Bhd secured Marseilles-based main line operator CMA CGM SA (Compagnie Maritime D’Affrement-Compagnie Generale Maritime) as a customer.

1 June

-The Transport Ministry has given approval to AirAsia Bhd to fly the Penang-Chenai, India route by as early as three months. The announcement came in the midst of pending other approvals.

- Due to breach of contract for not maintaining its European cargo hub at the Frankfurt-Hahn airport for 10 years from 1999, Malaysian Airline System Bhd has been ordered to pay €6.85 million (RM33.75 million) to Advanced Cargo Logistic GmbH (ACL) in damages and interest.

-Mamee-Double Decker (M) Bhd proposed to acquire Charmille Pte Lte, which has a controlling 60% interest in the development of an oil palm plantation in central Kalimantan, from Golden Seed Holding Ltd (GSH) at an undisclosed price.

-Bursa Malaysia Bhd appointed Raja Teh Maimunah Raja Abdul Aziz as its global head of Islamic capital market as well as set up a new subsidiary, BMIS Sdn Bhd, to house the operations and business activities of the Islamic capital market for the exchange.

-Idaman Unggul Bhd announced that trading in the securities will be suspended effective Friday (June 5) until further notice.

-Ho Hup Construction Company Bhd appointed Magna Prima Bhd’s former chief executive officer Lim Ching Choy as its new group managing director.

-Parkson Holdings Bhd's wholly owned subsidiary PRG Corporation Ltd signed a share placement agreement with UBS Securities Asia Ltd for the placement of 55 million shares of HK$0.02 each in Parkson Retail Group Ltd.