Business this week (July 27-31)

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.