July 31
- Prime Minister Datuk Seri Najib Razak launches the Amanah Saham 1Malaysia fund managed by Permodalan Nasional Bhd (PNB) today. The 10 billion unit fund is a fixed price equity priced at RM1 per unit, the biggest PNB fund so far.
- The board of GOH BAN HUAT BHD [ GBH 1.400 0.040 (2.941%) ] has recommended shareholders reject the RM1.25 offer made by low-key major shareholder Tan Sri Robert Tan Hua Choon.
- Stockbroking and property development group TA ENTERPRISE BHD [ TA 1.090 0.010 (0.926%) ] intends to continue its hotel-buying spree, expecting to acquire at least one hotel property a year for the next two to three years in addition to building two hotels in Kuala Lumpur.
July 30
- Citigroup Inc chief executive officer Vikram Pandit is on a whirlwind tour to the three key regions to bolster stakeholder confidence.
- Cycle & Carriage Bintang Bhg posted net profit of RM19.89 million for the second quarter ended June 30, down 63.6% from RM29.97 million a year ago. Revenue was RM123.8 million versus RM154.04 million a year ago. It declared a special dividend of RM1.20 per share and an interim dividend of five sen per share.
- The People’s Bank of China will use market tools to control lending growth and affirmed a “moderately loose” monetary policy to support the nation’s economic recovery.
- Petronas is buying Union Carbide Corporation ‘s entire interest in the Optimal Group of Companies for US$600 million (RM2.12 billion). Union Carbide is a subsidiary of Dow Chemical Co.
July 29
- Asian markets retreated as the Shanghai Composite Index fell by 5% on reports that China’s two biggest state-owned commercial banks were restricting their lending.
- Temasek Holdings Pte lost more than S$ 40 billion in asset value and may allow public investment for the first time, after the aborted appointment of Charles Goodyear.
- Bank Negara Malaysia kept the overnight policy rate at 2% at the Monetary Policy Committee meeting, saying that there were signs that the global and local economies were stabilising.
- Padi Beras Nasional Bhd (Bernas) has sought to allay concerns after Hong Kong-based Wang Tak Co. Ltd, emerged as the single largest shareholder in the national rice distributor with 31.36% stake. Bernas said Wang Tak’s stake, comprising of 147.51 million shares, did not alter the control and management structure at Bernas.
Jul 28
- Carlsberg Brewery Malaysia Bhd is acquiring its Singaporean counterpart for RM370 million cash.
- Rolls-Royce will build or extend four factories in Britain and open a new plant in Singapore.
- The Ho family, who are controlling shareholders of JOHN MASTER INDUSTRIES BHD [ JMI 0.840 -0.045 (-5.085%) ], will be retaining the company through offers for RM78.5 million of assets and liabilities from Yoon Foong Garments Sdn Bhd. The company also proposed the acquisition of a China-based fabric maker that will eventually control 51% of JMI.
July 27
- Sabah and Sarawak emerged as the immediate beneficiaries after Prime Minister Datuk Seri Najib Razak defined a series of targets under his 1Malaysia campaign.
- Shares of MULTI-PURPOSE HOLDINGS BHD [ MPHB 1.720 0.000 (0.000%)Stock Summary Time & Sales Historical Prices Business Summary Announcement] (MPHB) and Tanjong plc rose almost 3% as investors hope that policy makers will initiate more measures in the numbers forecast operations industry, such as MPHB subsidiary Magnum Corp Sdn Bhd receiving approval to introduce a new four-digit jackpot game.
- TA Enterprise Bhd entered into an agreement to purchase Swissotel Merchant Court, continuing its property acquisition spree.
2009年7月31日星期五
2009年7月19日星期日
2009年7月17日星期五
Business this week (13-17 July)
July 17
- WCT Bhd has secured four contracts worth RM766.48 million from Medini Iskandar Malaysia Sdn Bhd (MIMSB) for infrastructure works in Medini Iskandar Malaysia, Johor. WCT said the project was expected to be completed by July 2011, and the contracts were expected to contribute positively to the earnings and net assets of the group for the financial years 2009 to 2011.
July 16
- Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), a 40% associate of Gamuda Bhd and a 30% associate of Kumpulan Perangsang Selangor Bhd (KPS), has received a third offer from the Selangor state government in the latter’s proposed takeover of the state’s water-related assets.
However, the third offer saw no change to the offer price of RM2.975 billion and other key terms, except that the state government had agreed to retain Sungai Harmoni Sdn Bhd and Gamuda Water Sdn Bhd as the operations and maintenance (O&M) operators of Sungai Selangor Water Supply Scheme phase 1 (SSP1) and phase 3 (SSP3), respectively, upon the same terms and conditions as those signed between Splash and the operators in January 2000.
- Sarawak Energy Bhd raised RM1.45 billion in financing facilities for the proposed 944mW hydroelectric plant in Sarawak. They comprised of a syndicated murabahah tawarruq facility of RM1.15 billion and syndicated term loan facility of RM300 million.
- The manufacturing sector recorded lower sales value in May, down RM12.8 billion from RM49.5 billion from a year ago, according to the Statistics Department. The total number of workers in the sector fell to 935,761 workers from 101,3715 a year ago.
- China’s GDP growth in the second quarter rose 7.9% due to massive fiscal and monetary stimulus.
- The Malaysian Institute of Economic Research revised downwards its GDP outlook for the country to a contraction of 4.2% from 2.2% because of declines in macroeconomic indicators, fragile confidence and dismal sectoral indices.
- Johor Land Bhd (JLand) will be delisted from the Main Board of Bursa Malaysia Securities on Tuesday following a voluntary takeover offer by Damansara Assets Sdn Bhd and Johor Corporation for all the remaining ordinary shares of RM1 each not already owned by them at RM1.55 cash a share.
July 15
- Public Bank Bhd and Bank of China (Malaysia) have established a yuan trade settlement service cooperation between them to facilitate Malaysia’s yuan trade settlement with China. With the tie-up, Public Bank becomes the first bank in Malaysia apart from Bank of China (Malaysia) that is ready to offer the yuan trade settlement service.
- Malayan Banking Bhd (Maybank) has appointed Takaful Malaysia chairman Tan Sri Dr Hadenan Jalil, former banker Datuk Seri Ismail Shahudin and Southern Steel Bhd group managing director Datuk Dr Tan Tat Wai as new independent directors.
- Magna Prima Bhd (MPB) is acquiring parcels of freehold and leasehold land measuring a total of 9.04 hectares in Gombak, Selangor for RM40.53 million cash to undertake a RM130 million mixed development project.
- It is acquiring the land from Seri Dinar Project Development Sdn Bhd. MPB said the estimated gross development value (GDV) or sales value of the proposed project was RM130 million, of which the gross profit margin was expected to be about 20%.
- China National Petroleum Company (CNPC) and Saudi Aramco may take a strategic stake in Merapoh Resources Corporation Sdn Bhd (MRCSB), which will own the country’s largest refinery with a capacity of 350,000 barrels per day (bpd).
Merge Energy Bhd will be uplifted from classification as an amended Practice Note 17 company, says Bursa Malaysia Securities Bhd.
July 14
- Bumiputra-Commerce Holdings Bhd’s subsidiary CIMB Islamic Bank Bhd has extended a RM1.5 billion loan to the National Higher Education Fund Corporation (PTPTN) in the latter’s first commercial financing arrangement as it looks to reduce its reliance on government funding. The government-guaranteed Islamic loan was for a tenure of 10 years, with the profit rate being “slightly higher” than the interest rate of Malaysian Government Securities.
- AmBank (M) Bhd is expecting RM75 million or more new deposit from its latest structured deposit offering, the AmMomentum Select Islamic Negotiable Instrument of deposit (NID-i). The bank is confident that this latest structure deposit is ideal for investors seeking a safe haven for investment.
- The Securities Commission has approved of Tan Sri Tan Hua Choon’s proposed takeover of ceramics sanitary ware manufacturer Goh Ban Huat Sdn Bd.
- United Malacca Bhd (UMB) is acquiring 10,102ha of land in Kinabatangan, Sabah for RM240 million to expand its plantation operations. The company said on July 14 the acquisition involved two parcels of land from Borneo Glow Sdn Bhd.
July 13
- CIMB Investment Bank Bhd has become the first underwriter of an initial public offering (IPO) to exercise a “green shoe” option and price stabilisation mechanism, a Securities Commission (SC) regulation that has been in place since January 2008.
Both mechanisms were enabled by the coming into force of the SC’s Capital Markets and Services (Price Stabilisation Mechanism) Regulations 2008, which is aimed at stabilising the share price of a company post-IPO.
- Kannaltec Bhd’s subsidiary Obtec Sdn Bhd suspended broad band services to 345 Selangor state agencies following stalled negotiations on subscription agreements.
- The Malaysian Rubber Glove Manufacturers' Association (MARGMA) is urging the authorities to expedite the approval of foreign workers for glovemakers who are currently facing an acute labour shortage.
- MARGMA president KM Lee said most glove manufacturers were hard pressed to meet the shipment dates of their customers' orders and the delivery lead times had now stretched to between two and three months instead of the usual one month.
- WCT Bhd has secured four contracts worth RM766.48 million from Medini Iskandar Malaysia Sdn Bhd (MIMSB) for infrastructure works in Medini Iskandar Malaysia, Johor. WCT said the project was expected to be completed by July 2011, and the contracts were expected to contribute positively to the earnings and net assets of the group for the financial years 2009 to 2011.
July 16
- Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), a 40% associate of Gamuda Bhd and a 30% associate of Kumpulan Perangsang Selangor Bhd (KPS), has received a third offer from the Selangor state government in the latter’s proposed takeover of the state’s water-related assets.
However, the third offer saw no change to the offer price of RM2.975 billion and other key terms, except that the state government had agreed to retain Sungai Harmoni Sdn Bhd and Gamuda Water Sdn Bhd as the operations and maintenance (O&M) operators of Sungai Selangor Water Supply Scheme phase 1 (SSP1) and phase 3 (SSP3), respectively, upon the same terms and conditions as those signed between Splash and the operators in January 2000.
- Sarawak Energy Bhd raised RM1.45 billion in financing facilities for the proposed 944mW hydroelectric plant in Sarawak. They comprised of a syndicated murabahah tawarruq facility of RM1.15 billion and syndicated term loan facility of RM300 million.
- The manufacturing sector recorded lower sales value in May, down RM12.8 billion from RM49.5 billion from a year ago, according to the Statistics Department. The total number of workers in the sector fell to 935,761 workers from 101,3715 a year ago.
- China’s GDP growth in the second quarter rose 7.9% due to massive fiscal and monetary stimulus.
- The Malaysian Institute of Economic Research revised downwards its GDP outlook for the country to a contraction of 4.2% from 2.2% because of declines in macroeconomic indicators, fragile confidence and dismal sectoral indices.
- Johor Land Bhd (JLand) will be delisted from the Main Board of Bursa Malaysia Securities on Tuesday following a voluntary takeover offer by Damansara Assets Sdn Bhd and Johor Corporation for all the remaining ordinary shares of RM1 each not already owned by them at RM1.55 cash a share.
July 15
- Public Bank Bhd and Bank of China (Malaysia) have established a yuan trade settlement service cooperation between them to facilitate Malaysia’s yuan trade settlement with China. With the tie-up, Public Bank becomes the first bank in Malaysia apart from Bank of China (Malaysia) that is ready to offer the yuan trade settlement service.
- Malayan Banking Bhd (Maybank) has appointed Takaful Malaysia chairman Tan Sri Dr Hadenan Jalil, former banker Datuk Seri Ismail Shahudin and Southern Steel Bhd group managing director Datuk Dr Tan Tat Wai as new independent directors.
- Magna Prima Bhd (MPB) is acquiring parcels of freehold and leasehold land measuring a total of 9.04 hectares in Gombak, Selangor for RM40.53 million cash to undertake a RM130 million mixed development project.
- It is acquiring the land from Seri Dinar Project Development Sdn Bhd. MPB said the estimated gross development value (GDV) or sales value of the proposed project was RM130 million, of which the gross profit margin was expected to be about 20%.
- China National Petroleum Company (CNPC) and Saudi Aramco may take a strategic stake in Merapoh Resources Corporation Sdn Bhd (MRCSB), which will own the country’s largest refinery with a capacity of 350,000 barrels per day (bpd).
Merge Energy Bhd will be uplifted from classification as an amended Practice Note 17 company, says Bursa Malaysia Securities Bhd.
July 14
- Bumiputra-Commerce Holdings Bhd’s subsidiary CIMB Islamic Bank Bhd has extended a RM1.5 billion loan to the National Higher Education Fund Corporation (PTPTN) in the latter’s first commercial financing arrangement as it looks to reduce its reliance on government funding. The government-guaranteed Islamic loan was for a tenure of 10 years, with the profit rate being “slightly higher” than the interest rate of Malaysian Government Securities.
- AmBank (M) Bhd is expecting RM75 million or more new deposit from its latest structured deposit offering, the AmMomentum Select Islamic Negotiable Instrument of deposit (NID-i). The bank is confident that this latest structure deposit is ideal for investors seeking a safe haven for investment.
- The Securities Commission has approved of Tan Sri Tan Hua Choon’s proposed takeover of ceramics sanitary ware manufacturer Goh Ban Huat Sdn Bd.
- United Malacca Bhd (UMB) is acquiring 10,102ha of land in Kinabatangan, Sabah for RM240 million to expand its plantation operations. The company said on July 14 the acquisition involved two parcels of land from Borneo Glow Sdn Bhd.
July 13
- CIMB Investment Bank Bhd has become the first underwriter of an initial public offering (IPO) to exercise a “green shoe” option and price stabilisation mechanism, a Securities Commission (SC) regulation that has been in place since January 2008.
Both mechanisms were enabled by the coming into force of the SC’s Capital Markets and Services (Price Stabilisation Mechanism) Regulations 2008, which is aimed at stabilising the share price of a company post-IPO.
- Kannaltec Bhd’s subsidiary Obtec Sdn Bhd suspended broad band services to 345 Selangor state agencies following stalled negotiations on subscription agreements.
- The Malaysian Rubber Glove Manufacturers' Association (MARGMA) is urging the authorities to expedite the approval of foreign workers for glovemakers who are currently facing an acute labour shortage.
- MARGMA president KM Lee said most glove manufacturers were hard pressed to meet the shipment dates of their customers' orders and the delivery lead times had now stretched to between two and three months instead of the usual one month.
2009年7月10日星期五
Business this week (6 July to 10)
July 10:
- Supermax Corp Bhd posted net profit of RM25.78 million for the second quarter ended June 30, 2009. This was a 90% increase from the RM13.52 million a year ago “as a result of management focus on extracting greater efficiency from its wholly owned manufacturing facilities and higher contribution from its overseas distribution centres”
- Datuk Seri Panglima Andrew Sheng and Datuk Dr Zainal Aznam Mohd Yusof have been appointed as members of the board of the National Economic Action Council (NEAC), which is chaired by Tan Sri Amirsham Abdul Aziz who was appointed in May.
- China-based Xingquan International Sports Holdings Ltd, made a strong debut on the Bursa Malaysia on July 10, opening at RM1.83, a a premium of 12 sen above the retail offering of RM1.71 while for institutions it was three sen above the offer price of RM1.80.
- The new Central Banking Act for Bank Negara Malaysia was passed by the Dewan Rakyat and has been sent to the Dewan Negara for further action. BNM governor Tan Sri Dr Zeti Akhtar Aziz said on July 10 the new Act represented the culmination of more than two years’ work to address many of the issues and challenges whhich central banks were confronted with in the 21st century.
July 9:
- Reclusive corporate figure Tan Sri Robert Tan Hua Choon, who is not known for speaking out in the media but has been in the spotlight lately, yesterday broke his silence over his apparent hostile takeover bid for Goh Ban Huat Bhd (GBH). His takeover offer for GBH is being resisted by the Goh family, the founding and major shareholders who own 17% of the ceramic sanitary ware maker.
- AirAsia Bhd expects its newly launched low-cost courier, Redbox, to contribute RM25 million to RM30 million revenue to the group next year. Group chief executive officer Datuk Seri Tony Fernandes said the courier service, which offers on average 50% lower shipment rates than the market’s, was targeted at small- and medium-sized enterprises and individual customers.
- IJM Corp Bhd has proposed to raise RM700 million via a commercial paper and medium-term notes (CP/MTN) programme to refinance borrowings as well to subscribe to Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) debt securities and its unit IJM Plantations Bhd’s (IJMP) rights issue with warrants. IJM Corp also proposed a renounceable rights issue of up to 134.93 million warrants on the basis of one warrant for every 10 shares held, after its earlier proposed two-for-five bonus issue of up to 385.52 million new shares.
- Perusahaan Otomobil Kedua Sdn Bhd (Perodua) expects sales of its cars to reach 158,000 units this year and approach its historic high of 167,000 units next year. Perodua expected demand for new cars to pick up ahead of year-end festivities and the upcoming launch of its multi-purpose vehicles (MPV) this November, said Ahmad Suhaimi Mohd Anuar, director of sales at Perodua Sales Sdn Bhd (PSSB).
- Malaysian consumers living in the Klang Valley, Penang, Johor Bahru and Ipoh are less interested in purchasing a new vehicle in the coming year, according to a survey conducted by Synovate Motoresearch. The survey showed 56% of those polled plan to keep on using their current cars or motorcycles while 48% would not mind buying a used or certified car if there was a warranty from a manufacturer or authorised dealer.
July 8:
- Bank Negara Malaysia's policy will focus on giving access to financing for now it but does not rule out another round of overnight policy rate (OPR) cut. BNM governor Tan Sri Dr Zeti Akhtar Aziz said the central bank would, at this point, focus on giving access to financing, given that the country's interest rates were already in historical lows.
- IJM Plantations Bhd (IJMP) has proposed to raise a total of RM336.56 million via a renounceable rights issue of 160.27 million new shares of 50 sen each, together with 80.13 million new warrants, at an issue price of RM2.10 per rights share.
- T Ananda Krishnan, one of the country’s richest men, has denied any interest in buying Newcastle United Football Club or had sent representatives to explore or conclude such a deal.
Usaha Tegas Sdn Bhd, his privately held company, said: “There is in fact no truth or foundation to this story. Krishnan has not expressed an interest in purchasing Newcastle United Football Club, has not sent any delegation to Newcastle to engage in such talks or authorised any representatives to negotiate on his behalf and is not considering any such purchase.”
July 7:
- Syarikat Takaful Malaysia Bhd (STMB) hopes to beat the industry's growth rate of 20%-25% per annum to help realise its target of capturing at least 50% share of the takaful industry's total assets within two years.
- Berjaya Land Bhd (BLand) has placed out a 3.18% stake comprising 40 million shares of 10 sen each in numbers forecast operator Berjaya Sports Toto Bhd (BToto) at RM4.75 per share for a total of RM190 million cash to partly redeem RM848.1 million worth of bonds.
BLand said its major shareholder Tan Sri Vincent Tan Chee Yioun had also concurrently placed out a total of 15.6 million shares in BToto, thus reducing his direct interest to 54.5 million shares representing a 4.34% stake in BToto. No detail of Tan’s transaction price was disclosed.
- Sunway Holdings Bhd’s interest in acquiring the local concrete plants, quarries and asphalt factories owned by HeidelbergCement AG may have waned, after the latter raised the indicative sale value for these assets to US$250 million (RM885 million) from US$200 million. Sources familiar with the deal said that HeidelbergCement, a heavy building materials manufacturer based in Germany, has recently upped the assets’ selling price following the emergence of three other interested bidders. The debt-laden German group was looking at exiting from Malaysia and hence was putting its local assets up for sale.
- EON Capital Bhd’s banking arm, EON Bank Bhd, is working with MyKad payment solution provider ePetrol Holdings Sdn Bhd to launch a cashless payment programme using the MyKad by year-end, the banking group’s head of cards and unsecured lending, Aaron Tan, said.
- Malaysian Airline System Bhd (MAS) will suspend its thrice-weekly services from Kuala Lumpur to New York via Stockholm and vice versa effective October due to a drop in demand. MAS said on July 7 the last flight from Kuala Lumpur to New York will be on Sept 30 while the last flight departing New York will be on Oct 1 and Stockholm on Oct 2.
July 6:
- The Port Klang Authority (PKA) has been instructed by the Ministry of Finance (MoF) to resume the payment of RM660 million owing or due by the end of the month to Kuala Dimensi Sdn Bhd-related (KDSB) companies for work done at the Port Klang Free Zone (PKFZ). After a board meeting upon the intervention of the MoF, PKA immediately made a payment of RM360 million, which fell due on June 30, to two of the companies while the remaining RM300 million will be paid out by the end of the month to the other two.
- The Johor state government is compulsorily acquiring a 4.62ha vacant parcel of land in Plentong, Johor Bahru, from Tebrau Teguh Bhd subsidiary Bayou Bay Development Sdn Bhd (BBDSB) for RM17.77 million. Tebrau Teguh said BBDSB had received a notice from the Johor Bahru land administrator for the compulsory acquisition and had accepted the offer with an objection on the valuation of the land.
- DFZ Capital Bhd is acquiring duty-free retail company Seruntun Maju Sdn Bhd (SMSB) for RM13 million cash to increase its business at the Malaysia-Thai border. DFZ said it had, on July 3, entered into a share sale agreement with SMSB’s vendors to acquire the entire stake, or 1.5 million shares of RM1 each, in the company. The acquisition, which will be funded via internal funds, is expected to be completed in the third quarter ending Nov 30, 2009.
- The new 30-stock FBM KLCI started off on a lacklustre note, in line with most regional markets weighed down by weaker commodity prices and the downbeat US employment data released last week. European markets also started off on a negative note with the London FTSE 100 and the DAX Index shedding about 1.5% in early trade, dragged down by worries that an economic recovery might be some way off.
- Datuk Seri Najib Razak’s unfolding structural reform programme, if implemented effectively alongside much needed fiscal policy adjustments, could play an important role in reshaping the country’s medium-term competitiveness. Moody’s Investors Service said the timely reforms would help boost Malaysia’s growth potential and overall sovereign creditworthiness, while the government drew up specific fiscal strategies and policy reforms to limit and reverse, the growing government debt overhang.
- AirAsia Bhd is seeking shareholders’ approval for its plan to extend financial assistance to PT Indonesia AirAsia (IAA) and Thai AirAsia Co Ltd (TAA) totalling RM355 million and RM248 million, being net amount owing to AirAsia as at Dec 31, 2008 by the two associated companies.
- Great Eastern Life Assurance Malaysia Bhd is seeking to secure one of the two family takaful licences to be issued by Bank Negara Malaysia. Great Eastern director and chief executive officer Koh Yaw Hui said yesterday its strong channels and bancassurance business, via holding company Oversea-Chinese Banking Corporation Ltd (OCBC), would provide it a strong platform to launch products for the takaful market, if it was successful in securing the licence.
- Supermax Corp Bhd posted net profit of RM25.78 million for the second quarter ended June 30, 2009. This was a 90% increase from the RM13.52 million a year ago “as a result of management focus on extracting greater efficiency from its wholly owned manufacturing facilities and higher contribution from its overseas distribution centres”
- Datuk Seri Panglima Andrew Sheng and Datuk Dr Zainal Aznam Mohd Yusof have been appointed as members of the board of the National Economic Action Council (NEAC), which is chaired by Tan Sri Amirsham Abdul Aziz who was appointed in May.
- China-based Xingquan International Sports Holdings Ltd, made a strong debut on the Bursa Malaysia on July 10, opening at RM1.83, a a premium of 12 sen above the retail offering of RM1.71 while for institutions it was three sen above the offer price of RM1.80.
- The new Central Banking Act for Bank Negara Malaysia was passed by the Dewan Rakyat and has been sent to the Dewan Negara for further action. BNM governor Tan Sri Dr Zeti Akhtar Aziz said on July 10 the new Act represented the culmination of more than two years’ work to address many of the issues and challenges whhich central banks were confronted with in the 21st century.
July 9:
- Reclusive corporate figure Tan Sri Robert Tan Hua Choon, who is not known for speaking out in the media but has been in the spotlight lately, yesterday broke his silence over his apparent hostile takeover bid for Goh Ban Huat Bhd (GBH). His takeover offer for GBH is being resisted by the Goh family, the founding and major shareholders who own 17% of the ceramic sanitary ware maker.
- AirAsia Bhd expects its newly launched low-cost courier, Redbox, to contribute RM25 million to RM30 million revenue to the group next year. Group chief executive officer Datuk Seri Tony Fernandes said the courier service, which offers on average 50% lower shipment rates than the market’s, was targeted at small- and medium-sized enterprises and individual customers.
- IJM Corp Bhd has proposed to raise RM700 million via a commercial paper and medium-term notes (CP/MTN) programme to refinance borrowings as well to subscribe to Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) debt securities and its unit IJM Plantations Bhd’s (IJMP) rights issue with warrants. IJM Corp also proposed a renounceable rights issue of up to 134.93 million warrants on the basis of one warrant for every 10 shares held, after its earlier proposed two-for-five bonus issue of up to 385.52 million new shares.
- Perusahaan Otomobil Kedua Sdn Bhd (Perodua) expects sales of its cars to reach 158,000 units this year and approach its historic high of 167,000 units next year. Perodua expected demand for new cars to pick up ahead of year-end festivities and the upcoming launch of its multi-purpose vehicles (MPV) this November, said Ahmad Suhaimi Mohd Anuar, director of sales at Perodua Sales Sdn Bhd (PSSB).
- Malaysian consumers living in the Klang Valley, Penang, Johor Bahru and Ipoh are less interested in purchasing a new vehicle in the coming year, according to a survey conducted by Synovate Motoresearch. The survey showed 56% of those polled plan to keep on using their current cars or motorcycles while 48% would not mind buying a used or certified car if there was a warranty from a manufacturer or authorised dealer.
July 8:
- Bank Negara Malaysia's policy will focus on giving access to financing for now it but does not rule out another round of overnight policy rate (OPR) cut. BNM governor Tan Sri Dr Zeti Akhtar Aziz said the central bank would, at this point, focus on giving access to financing, given that the country's interest rates were already in historical lows.
- IJM Plantations Bhd (IJMP) has proposed to raise a total of RM336.56 million via a renounceable rights issue of 160.27 million new shares of 50 sen each, together with 80.13 million new warrants, at an issue price of RM2.10 per rights share.
- T Ananda Krishnan, one of the country’s richest men, has denied any interest in buying Newcastle United Football Club or had sent representatives to explore or conclude such a deal.
Usaha Tegas Sdn Bhd, his privately held company, said: “There is in fact no truth or foundation to this story. Krishnan has not expressed an interest in purchasing Newcastle United Football Club, has not sent any delegation to Newcastle to engage in such talks or authorised any representatives to negotiate on his behalf and is not considering any such purchase.”
July 7:
- Syarikat Takaful Malaysia Bhd (STMB) hopes to beat the industry's growth rate of 20%-25% per annum to help realise its target of capturing at least 50% share of the takaful industry's total assets within two years.
- Berjaya Land Bhd (BLand) has placed out a 3.18% stake comprising 40 million shares of 10 sen each in numbers forecast operator Berjaya Sports Toto Bhd (BToto) at RM4.75 per share for a total of RM190 million cash to partly redeem RM848.1 million worth of bonds.
BLand said its major shareholder Tan Sri Vincent Tan Chee Yioun had also concurrently placed out a total of 15.6 million shares in BToto, thus reducing his direct interest to 54.5 million shares representing a 4.34% stake in BToto. No detail of Tan’s transaction price was disclosed.
- Sunway Holdings Bhd’s interest in acquiring the local concrete plants, quarries and asphalt factories owned by HeidelbergCement AG may have waned, after the latter raised the indicative sale value for these assets to US$250 million (RM885 million) from US$200 million. Sources familiar with the deal said that HeidelbergCement, a heavy building materials manufacturer based in Germany, has recently upped the assets’ selling price following the emergence of three other interested bidders. The debt-laden German group was looking at exiting from Malaysia and hence was putting its local assets up for sale.
- EON Capital Bhd’s banking arm, EON Bank Bhd, is working with MyKad payment solution provider ePetrol Holdings Sdn Bhd to launch a cashless payment programme using the MyKad by year-end, the banking group’s head of cards and unsecured lending, Aaron Tan, said.
- Malaysian Airline System Bhd (MAS) will suspend its thrice-weekly services from Kuala Lumpur to New York via Stockholm and vice versa effective October due to a drop in demand. MAS said on July 7 the last flight from Kuala Lumpur to New York will be on Sept 30 while the last flight departing New York will be on Oct 1 and Stockholm on Oct 2.
July 6:
- The Port Klang Authority (PKA) has been instructed by the Ministry of Finance (MoF) to resume the payment of RM660 million owing or due by the end of the month to Kuala Dimensi Sdn Bhd-related (KDSB) companies for work done at the Port Klang Free Zone (PKFZ). After a board meeting upon the intervention of the MoF, PKA immediately made a payment of RM360 million, which fell due on June 30, to two of the companies while the remaining RM300 million will be paid out by the end of the month to the other two.
- The Johor state government is compulsorily acquiring a 4.62ha vacant parcel of land in Plentong, Johor Bahru, from Tebrau Teguh Bhd subsidiary Bayou Bay Development Sdn Bhd (BBDSB) for RM17.77 million. Tebrau Teguh said BBDSB had received a notice from the Johor Bahru land administrator for the compulsory acquisition and had accepted the offer with an objection on the valuation of the land.
- DFZ Capital Bhd is acquiring duty-free retail company Seruntun Maju Sdn Bhd (SMSB) for RM13 million cash to increase its business at the Malaysia-Thai border. DFZ said it had, on July 3, entered into a share sale agreement with SMSB’s vendors to acquire the entire stake, or 1.5 million shares of RM1 each, in the company. The acquisition, which will be funded via internal funds, is expected to be completed in the third quarter ending Nov 30, 2009.
- The new 30-stock FBM KLCI started off on a lacklustre note, in line with most regional markets weighed down by weaker commodity prices and the downbeat US employment data released last week. European markets also started off on a negative note with the London FTSE 100 and the DAX Index shedding about 1.5% in early trade, dragged down by worries that an economic recovery might be some way off.
- Datuk Seri Najib Razak’s unfolding structural reform programme, if implemented effectively alongside much needed fiscal policy adjustments, could play an important role in reshaping the country’s medium-term competitiveness. Moody’s Investors Service said the timely reforms would help boost Malaysia’s growth potential and overall sovereign creditworthiness, while the government drew up specific fiscal strategies and policy reforms to limit and reverse, the growing government debt overhang.
- AirAsia Bhd is seeking shareholders’ approval for its plan to extend financial assistance to PT Indonesia AirAsia (IAA) and Thai AirAsia Co Ltd (TAA) totalling RM355 million and RM248 million, being net amount owing to AirAsia as at Dec 31, 2008 by the two associated companies.
- Great Eastern Life Assurance Malaysia Bhd is seeking to secure one of the two family takaful licences to be issued by Bank Negara Malaysia. Great Eastern director and chief executive officer Koh Yaw Hui said yesterday its strong channels and bancassurance business, via holding company Oversea-Chinese Banking Corporation Ltd (OCBC), would provide it a strong platform to launch products for the takaful market, if it was successful in securing the licence.
2009年7月3日星期五
Business this week (29 June to 3 July)
July 3
- Speculative-grade corporate defaults in the US reached 119, spanning from the end of 2008 to June 2009.
- Malaysian American Electronics Industry forecasts members to record RM54.6 billion sales this year by, down 27.5% from a year ago in line with projected sales contractions of more than 20%.
- US fund Harris Associates LP bought more Media Prima Bhd shares. It acquired 5.02 million shares on June 26 and 30, raising total stake to 101.44 million shares or 11.88%.
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- July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
July 1
- Selangor is still in talks with two out of four water concessionaires – Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) and Syarikat Bekalan Air Sdn Bhd (Syabas) – in its efforts to consolidate the state’s water assets.
- Khazanah Nasional Bhd's overall portfolio per for 1H ended June 30, 2009 saw its total realisable asset value of portfolio rising to RM85 billion, up RM15.5 billion from RM69.5 billion as at Dec 31, 2008.
- Tenaga Nasional Bhd has deferred its RM400 million power plant in Perai, Penang, to match supply with the projected demand slowdown, which fell by 3.7% so far this year.
- Proton Holdings Bhd’s multi-purpose vehicle (MPV) Exora sales hit 5,000 units and has 14,000 orders since its mid-April launch. Monthly production for the MPV about 3,300 currently.
July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
June 30
- The government scrapped the 30% bumiputera equity ownership requirement for public-listed companies (PLCs) but maintained a “macro target” of 30% for the community, with immediate effect.
- The KL Composite Index ended the second quarter (2Q) of the year up 23.23%, the highest quarterly gain since 1999 when it surged 61.31%.
- Potential investors buying up to 20% of AirAsia Bhd under the low-cost carrier’s proposed share placement exercise will not be those who have already invested in its sister airline AirAsia X.
June 29
- Bank Pembangunan Malaysia Bhd recorded net profit of RM1.07 billion for its financial year ended Dec 31, 2008, attributed to better performance and exceptional income from the divestment of SME Bank, which saw net interest income rising by RM236.0 million from RM441.4 million in 2007 to RM677.3 million in 2008.
- Telekom Malaysia Bhd (TM) has commenced physical work on the National High-speed Broadband network (HSBB) in 22 TM exchange areas, which will provide the areas access in the initial rollout of HSBB service.
- Speculative-grade corporate defaults in the US reached 119, spanning from the end of 2008 to June 2009.
- Malaysian American Electronics Industry forecasts members to record RM54.6 billion sales this year by, down 27.5% from a year ago in line with projected sales contractions of more than 20%.
- US fund Harris Associates LP bought more Media Prima Bhd shares. It acquired 5.02 million shares on June 26 and 30, raising total stake to 101.44 million shares or 11.88%.
-
- July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
July 1
- Selangor is still in talks with two out of four water concessionaires – Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) and Syarikat Bekalan Air Sdn Bhd (Syabas) – in its efforts to consolidate the state’s water assets.
- Khazanah Nasional Bhd's overall portfolio per for 1H ended June 30, 2009 saw its total realisable asset value of portfolio rising to RM85 billion, up RM15.5 billion from RM69.5 billion as at Dec 31, 2008.
- Tenaga Nasional Bhd has deferred its RM400 million power plant in Perai, Penang, to match supply with the projected demand slowdown, which fell by 3.7% so far this year.
- Proton Holdings Bhd’s multi-purpose vehicle (MPV) Exora sales hit 5,000 units and has 14,000 orders since its mid-April launch. Monthly production for the MPV about 3,300 currently.
July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
June 30
- The government scrapped the 30% bumiputera equity ownership requirement for public-listed companies (PLCs) but maintained a “macro target” of 30% for the community, with immediate effect.
- The KL Composite Index ended the second quarter (2Q) of the year up 23.23%, the highest quarterly gain since 1999 when it surged 61.31%.
- Potential investors buying up to 20% of AirAsia Bhd under the low-cost carrier’s proposed share placement exercise will not be those who have already invested in its sister airline AirAsia X.
June 29
- Bank Pembangunan Malaysia Bhd recorded net profit of RM1.07 billion for its financial year ended Dec 31, 2008, attributed to better performance and exceptional income from the divestment of SME Bank, which saw net interest income rising by RM236.0 million from RM441.4 million in 2007 to RM677.3 million in 2008.
- Telekom Malaysia Bhd (TM) has commenced physical work on the National High-speed Broadband network (HSBB) in 22 TM exchange areas, which will provide the areas access in the initial rollout of HSBB service.
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