Business this week (17 - 21 August)

August 21

- MALAYAN BANKING BHD [] (Maybank) has appointed Sreesanthan Eliathamby, Datuk Johan Ariffin, Cheah Teik Seng and Alister Maitland as its new independent directors. It said the appointments would take effect from Aug 26 and bring to more than half the number of independent directors on the Maybank board.

- TELEKOM MALAYSIA BHD [] posted a net profit of RM265.97 million in the second quarter ended June 30, 2009 from RM273.17 million a year ago. Revenue was RM2.13 billion, up 0.9% from RM2.11 billion a year ago, it said on Aug 21. Earnings per share were 7.6 sen compared with 7.9 sen.

- Automotive-oil and gas company UMW HOLDINGS BHD []’s second quarter net profit dropped 47.6% to RM79.43 million from RM151.73 million a year ago, as spending by consumers and industrial sectors shrank.

- The Securities Commission (SC) wants a stiffer fine as a deterrent for former Megan Media Holdings Bhd (MMHB) employee Kok Hen Sen @ Kok Liew Sen for abetting the company to submit false revenue figures of over RM1 billion. The SC had on Aug 21 filed an appeal against the Kuala Lumpur Sessions Court's sentence on Kok after he pleaded guilty to furnishing false information on the revenue.

- The Small and Medium Industries Development Corporation (SMIDEC), which was renamed as SME Corp, will start operations on Sept 1 with current chief executive officer (CEO) Datuk Hafsah Hashim and chairman Datuk Mohamed Al-Amin Abdul Majid in charge of the operations as the government steps up its focus on developing SMEs, according to Deputy Prime Minister Tan Sri Muhyiddin Yassin.



August 20

- YTL CORPORATION BHD []’s net profit was halved to RM75.97 million year-on-year in the fourth quarter ended June 30, 2009 due to deferred RM443 million tax charge, while its full-year profit was up 12% to RM863.12 million, aided by two important acquisitions in Singapore.

- Asia’s recovery from the global recession, which will be led by China, India, Vietnam and Indonesia, may be threatened by a resurgence in inflation and higher interest rates, according to Standard and Poor.

- The Public Accounts Committee has found an “unusual” debt financing agreement between the four special purpose vehicles (SPVs) set up to raise funds for the Port Klang Free Zone (PKFZ) project, Kuala Dimensi Sdn Bhd (KDSB) and client PKFZ Sdn Bhd, where the bond was issued by the SPVs of privately-owned KDSB which were in a contract to help the government develop the PKFZ.

- PLUS EXPRESSWAYS BHD [] toll compensation recoverable from the government increased to RM2.18 billion as at June 30 this year from RM1.91 billion as at end-December 2008. Net profit for the 2Q ended June 30 increased to RM281.33 million from RM266.04 million a year ago.

- AFFIN HOLDINGS BHD [] posted a 44% increase in net profit of RM89.82 million in the second quarter ended June 30, 2009, from RM62.36 million a year ago, due to higher net interest income while there was decline in loan loss provision. Revenue fell 9% to RM490.6 billion from RM539.07 billion. Earnings per share were 6.01 sen compared with 4.18 sen.



August 19

- Unlisted motor trading, automotive franchisee and property development conglomerate Naza Group is likely to take over consturction oufit KUMPULAN JETSON BHD [] as the group is said to have purchased a large stake in Kumpulan Jetson, marking its entry into the listed company arena.

- Malaysian Aica (Maica) Bhd’s successful hire purchase business which buoyed its earnings in the fiscal year of 2009, is linked to Spanco Bhd, which supplies vehicles to the local civil service.

- Exxon Mobil Corp’s “landmark” US$41 billion (RM145.14 billion) deal to supply PetroChina Gas Co with 45 tonnes of liquefied natural gas over 20 years may also ease Chinese-Australian tensions.

August 18

- Managers of Unico-Desa PLANTATION []s Sdn Bhd faced a volley of questions from minorities in a fiery AGM regarding a lawsuit filed by Soh Choo @ Soh Ai Choo alleging that Unico-Desa, via its subsidiary ELK-Desa Marketing Sdn Bhd, acquired about 9.45 million shares in parent company Unico Holdings Bhd for an allegedly written-down price of RM15.3 million which was then transferred to two related companies that in turn sold the shares to companies related to certain Uncio-Desa directors.

- Alan Greenspan predicts the US economy is probably due for strong quarters of economic growth to close out 2009, but this recovery may falter next year.

August 17

- Asian markets closed sharply lower on profit-taking yesterday weighed down by weaker US consumer confidence and concerns that markets have run ahead of fundamentals led by the Shanghai Composite Index, which has risen 58% year-to-date.

- EKRAN BHD [] is set to invest an estimated US$15million (RM 53.3 million) to US$20 million to reopen the Samal Casino Resort in southern Phillipines this year, which was closed in 2000 following the Asian financial crisis.

- Wall Street firms are resuming their recruitment for commodity traders with promises of US$1 million (RM3.55 million) in bonuses as raw material prices double.