CIMB Daybreak - 22 April 2015
GKENT (3204), VSOLAR (0066), EKIB (7189), MPAY (0156), PESONA (8311), BIOHLDG (0179), BOILERM (0168), IJM (3336), YEELEE (5584), MATRIX (5236), ECOFIRS (3557), CIMB (1023), RHBCAP (1066), CYPARK (5184), AAX (5238),
Hiring downtrend in second half of 2015, says survey
April 22, 2015 11:28:00 am
Employers in Malaysia are expected to reduce hiring of new employees in the second half of the year, citing a lack of right candidates for specific positions as the biggest hurdle, a survey by hiring has found. The Job Outlook Q2 2005 survey revealed that 41% of 930 respondents admitted they would be hiring less in the second half of the year, an increase of 27% from last year, when only 14% said the same. Respondents of the survey were human resources personnel, managers and senior managers from 21 different industries and various company sizes. “A staggering 69% disclosed that their biggest hurdle would be finding the right candidate for a specific position,” the report said when the employers were asked about their challenges in recruiting for 2015. (Malaysian Insider) Source: CIMB Daybreak - 22 April 2015...
Johor asks Bank Negara to study housing needs
April 22, 2015 11:22:00 am
The Johor state government has requested Bank Negara to review housing loan policies to enable buyers own homes worth more than RM140,000 in Iskandar Malaysia. State housing and local government executive committee chairman, Datuk Abdul Latif Bandi, said such move was needed to help developers overcome the difficulty in selling their housing projects and excess houses. “The problem is that banks don’t give out loans.“Even though the buyers command salary of RM10,000 a month, the banks will not release loans so long as they see the buyers having other debt-paying commitments. “Hence, Bank Negara has to study the housing needs,” he said. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
Construction Of MRT Reaches 61.9 Per Cent
April 22, 2015 11:22:00 am
The construction of the Mass Rapid Transit (MRT) project has reached 61.9%, said MRT Corp CEO, Datuk Seri Shahril Mokhtar. He said the construction of the tunnel has also been completed and the underground work, including the building of the station, has reached 76%, which exceeded the target of 74%. "This progress was achieved due to the efficiency and close cooperation of the workers," he said. (Bernama)Source: CIMB Daybreak - 22 April 2015...
One tanker attacked in Southeast Asia every 2 weeks: Piracy watchdog
April 22, 2015 11:21:00 am
Pirates attack one small coastal oil tanker every two weeks in the waters off Southeast Asia, which remained the world's piracy hotspot in the first quarter, the International Maritime Bureau said Tuesday. Southeast Asia saw 38 pirate attacks from January to March or 70% of the global total of 54, according to the latest quarterly report by the bureau's Kuala Lumpur-based Piracy Reporting Centre. The 54 global incidents represented a 10% increase over 1Q14, the report said. Most Southeast Asian attacks involved "armed gangs targeting small coastal tankers to steal their cargoes of fuel", typically by syphoning it to another waiting vessel. (AFP)Source: CIMB Daybreak - 22 April 2015...
Govt to allocate RM15bn for green tech under 11MP
April 22, 2015 11:21:00 am
The government is allocating more than RM15bn in the 11th Malaysia Plan (11MP) as part of a game-changing move to introduce green technology initiatives into the economy. Director-General of the EPU Datuk Seri Dr Rahamat Bivi Yusoff said about RM3bn RM4bn annually has been set under the 11MP to create environmentally-sustainable development. The 11MP, outlining the economic growth plans between 2016 and 2020, will be announced in May. (BT)Source: CIMB Daybreak - 22 April 2015...
LRT extension job to lift George Kent earnings
April 22, 2015 11:20:00 am
George Kent expects the acceleration of works at the RM1.1bn Ampang Light Rail Transit, or LRT line extension project, to boost its earnings for FY16. Executive director Bernie Ooi said the company is also in discussions with Prasarana Malaysia on “order variations”, which may result in more revenue from the project. “The discussions are on potential changes or additions to the project’s scope of works,” he said.The project, which it is working on with consortium partner Lion Pacific Sdn Bhd, is the major contributor to its engineering division. The project’s deputy director Jonathan Goddard said it is 60% completed. Ooi said the company has an order book of RM1.5bn. “From the order-book, we expect to burn about RM400m-500m each year. As for our tender book, we have RM10bn.” (Star)Source: CIMB Daybreak - 22 April 2015...
Petronas Carigali has presented the outstanding vendor awards (OVA) to 23 local and international oil and gas service companies
April 22, 2015 11:19:00 am
Petronas Carigali Sdn Bhd, the upstream arm of Petronas has presented the outstanding vendor awards (OVA) to 23 local and international oil and gas service companies for their exceptional performance and delivery for 2014. With the OVA, Petronas accords recognition for excellence in 15 different categories with emphasis on exemplary performance, reliability, responsiveness as well as commitment to implement high standards in health, safety and development. (BT)Source: CIMB Daybreak - 22 April 2015...
VSolar sealed an agreement with Eastasia Group
April 22, 2015 11:18:00 am
VSolar Group Bhd, a Bursa Malaysia-listed company, has sealed an agreement with Eastasia Group Co Ltd of Japan to provide engineering, procurement and construction (EPC) solutions for the renewable energy sector. VSolar has been licensed by the Japanese group to use its intellectual property and expertise for the development of solar farms using EPC design methodology. "The collaboration will expand the business offering and capabilities of VSolar in th renewable energy sector to include EPC, making VSolar a one-stop solution provider of solar technology in the country. (BT)Source: CIMB Daybreak - 22 April 2015...
Malaysia To Spearhead Biorefinery Industry In Palm Oil Based Chemicals - Ewon
April 22, 2015 11:17:00 am
Malaysia will become a pioneer in producing high value oleo derivatives such as specialty chemical, olefins, saturated methyl ester and methyl ester sulfonate from palm oil. The bio-based technology that could be used to produce plastic and nylon products, would be developed through the world’s first Integrated Biorefinery Complex at the Palm Oil Industry Cluster (POIC) located in Lahad Datu. Science, Technology and Innovation Minister Datuk Dr Ewon Ebin said the project, one of the three trigger projects in Sabah and Sarawak, has been approved by the Bioeconomy Transformation Programme (BTP) Steering Committee. “A total of RM2 bn will be invested for the project… and in terms of technology we are the first and leading country in the biorefinery,” he told reporters. (Bernama)Source: CIMB Daybreak - 22 April 2015...
Petronas to deliver LNG cargo from world's first floating facility in early 2016
April 22, 2015 11:16:00 am
The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in 1Q16. The 365m long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2m tonnes per annum, would be completed by March 2016. Petronas vice-president and venture director LNG Projects (Domestic) Abdullah Karim said that the gas supplies will likely be used for domestic consumption. "We are still optimistic about this. Our projection number is not for oil prices at US$110. Even today with prices at US$62 or so, it's still viable for Petronas," he said. Abdullah said PFLNG1, with an expected lifespan of between 20 and 25 years, would save Petronas around US$500m compared with a land-based facility. (Reuters)Source: CIMB Daybreak - 22 April 2015...
Emas Kiara has bagged S$8.67m sub-contract
April 22, 2015 11:14:00 am
Emas Kiara Industries Bhd has bagged a S$8.67m (RM23.32m) sub-contract for a Changi Airport job in Singapore. In a filing with the stock exchange, Emas Kiara said it had entered into a sub-contract agreement with Penta Ocean Construction - Civil Tech Joint Venture, which is the main contractor for the land preparation works for airport development awarded by the Ministry of Transport, Singapore. The main contract is for a period of 70 months commencing on Nov 23, 2014 while the installation of PVD shall commence on Dec 15, 2014. (Sun)Source: CIMB Daybreak - 22 April 2015...
ManagePay is UnionPay third party service provider
April 22, 2015 11:13:00 am
Electronic payment solutions provider ManagePay Systems Bhd’s wholly-owned subsidiary, ManagePay Resources Sdn Bhd (MRSB), has registered as a UnionPay third party service provider. ManagePay said MRSB received a letter of notification from UnionPay International Co Ltd on the registration. Upon registration, the electronic payment solutions provider will be responsible for switching and gateway services, system operation and product management of UnionPay card issuance in Malaysia, Myanmar, Thailand, Singapore and Indonesia.UnionPay is a bankcard association based in the People’s Republic of China. Deemed as China’s own version of Visa and MasterCard, UnionPay card is most widely used in the mainland and among Chinese tourists. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
Putrajaya Perdana and Pesona Metro securing RM2.1bn highway concession?
April 22, 2015 11:11:00 am
Putrajaya Perdana Bhd, alongside Pesona Metro Holdings Bhd, is on the verge of securing a highway concession in the Klang Valley worth over RM2.1bn, marking the start of both companies diversifying their business portfolio away from a heavy reliance on the construction industry. The highway, with a 55-year concession period, will give both companies recurring income and beef up their order books. The highway is also expected to form the backbone of the return of Putrajaya Perdana as a listed entity to Bursa Malaysia.Putrajaya Perdana was taken private in 2010 as part of the privatisation of UBG Bhd by Petro Saudi International. Apart from Putrajaya Perdana, UBG was also the parent company of Loh & Loh Corp Bhd. Petro Saudi International is also the same company that had entered into a joint-venture (JV) agreement on an oil and gas venture with 1Malaysia Development Bhd in 2009 for some US$700m. Datuk Rosman Abdullah took over Putrajaya Perdana from UBG in 2012 through his private company Cendana Destini Sdn Bhd. The highway concession will be held through Putrajaya Perdana’s wholly owned subsidiary Putra Perdana Expressways Sdn Bhd, of which some 30% is in the midst of being acquired by Pesona Metro. Sources added that Pesona Metro would be awarded some 30% of the construction works for this highway concession. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
Bioalpha issued UMA query by Bursa Malaysia
April 22, 2015 11:11:00 am
Newly-listed Bioalpha Holdings Bhd has been issued an unusual market activity by Bursa Malaysia Securities yesterday for the recent rise in price and volume of the company's shares. Its share price had risen 107.5% to 41.5 sen yesterday from its issue price of 20 sen. Bioalpha had recently commenced trading on the ACE market of Bursa Malaysia, closing at 27 sen or 35% higher on its first trading day on April 13. (Sun)Source: CIMB Daybreak - 22 April 2015...
Boilermech inks deal with Aussie firm
April 22, 2015 11:10:00 am
Boilermech Holdings Bhd has entered into a 15-year agreement with Australia-based Commonwealth Scientific and Industrial Research Organisation (CSIRO) for the commercialisation of the latter’s patents, patent applications and know-how. The agreement would focus on CSIRO technology that can enhance oil extraction from oil palm fruit in return for technology transfer fee to be paid to the Australian firm. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
Penang land sold within the IJM group for RM402.8mil
April 22, 2015 11:08:00 am
IJM Properties Sdn Bhd’s subsidiary Aura Hebat Sdn Bhd will acquire 32.8 acres within the The Light Waterfront development in Penang for RM402.8m and turn it into an integrated waterfront mixed-use development. The development would comprise a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre with a total GFA of about 4.1m sq ft, excluding carparks.IJM Properties’ unit The Light Waterfront Sdn Bhd had bought a 50% equity interest in Aura Hebat, a 50:50 JV between IJM Properties’ unit The Light Waterfront Sdn Bhd (TLW) and Perennial Penang Pte Ltd, for RM1. Aura Hebat will acquire the property from Jelutong Development Sdn Bhd, an 80%-owned subsidiary of IJM Properties. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
Yee Lee takes over Red Bull distributorship from F&N
April 22, 2015 11:07:00 am
Fast-moving consumer products distributor Yee Lee Corp Bhd is once again the distributor for the Red Bull energy drinks in Malaysia and this time on an exclusive basis. It will be the sole distributor of the drinks here from Aug 1, 2015, taking over from beverage maker Fraser & Neave Holdings Bhd.On March 27, F&N told the local bourse that it would not be renewing the terms of its original agreement with Allexcel Trading Sdn Bhd inked in February 2010 as both were unable to reach an agreement on the changes in commercial terms. The parties then agreed to a transition period of six months, from April 1 to Sept 30, 2015 during which F&N will hand over the exclusive dealership to Allexcel Trading in phases. In a filing with Bursa Malaysia yesterday, Yee Lee said its wholly owned subsidiary Yee Lee Marketing Sdn Bhd had entered into a distribution partnership agreement with Allexcel Trading on the same day. The agreement sees the appointment of Yee Lee Marketing as Allexcel's exclusive distributor to market, distribute and sell Red Bull Gold, Red Bull Sugarfree and Red Bull Bottle energy drinks in Malaysia. The agreement is for a period of five years commencing from Aug 1, 2015 (initial term) and shall automatically be renewed for further periods of two years upon each anniversary thereof (subsequent terms) unless or until rescinded or terminated by either party giving to the other party a written notice at least three months prior to the expiry date of the initial term or subsequent terms," the filing read. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
Matrix Concepts Holdings buys 5.8 acre Puchong land for RM95m cash
April 22, 2015 11:06:00 am
Matrix Concepts Holdings Bhd has proposed to acquire a 5.8 acre (2.35ha) land cum approved residential development project in Puchong, Selangor for RM95m. The purchase from vendor IRDK Ventures Sdn Bhd is the group's second land banking in the Klang Valley, following its acquisition of a parcel near the Putra World Trade Centre in Kuala Lumpur in December 2013, said Matrix Concepts in a statement yesterday.According to Matrix Concepts, the new land is located beside Setiawalk, and the group intends to enhance the development project's residential density with a gross development value of more than RM500m. "The new acquisition in Puchong not only allow us to further tap the Klang Valley's rapid urbanisation and corresponding population growth, but also gives us an affordable entry point to a highly-success township," said chairman Datuk Mohamad Haslah Mohamad Amin. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
Ecofirst's unit to buy RM62m land in Gombak
April 22, 2015 11:06:00 am
Ecofirst Consolidated Bhd's (ECB) wholly-owned subsidiary Ecofirst Development Sdn Bhd plans to buy a 101,550 sq m land in Ulu Kelang, Gombak for RM62.8m. Yesterday, Ecofirst Development entered into an option agreement with Harta Villa Sdn Bhd, a wholly-owned subsidiary of Tan & Tan Developments Bhd, which in turn is a wholly-owned subsidiary of IGB Corp Bhd in relation to the proposed acquisition. (Sun)Source: CIMB Daybreak - 22 April 2015...
CIMB Thai Bank Q1 net profit down on higher provisions
April 22, 2015 11:04:00 am
CIMB Thai Bank PCL posted a 70.4% drop in net profit to 130.6m baht (RM14.7m), for its first quarter ended March 31, 2015 (1QFY15), mainly due to a 117.6% year-on-year (y-o-y) increase in provisions. "The higher provisions are reflective of a weaker environment leading up from the slower economic conditions," said CIMB Thai president and chief executive officer Subhak Siwaraksa in a statement. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
MOF suggests forensic audit on 1MDB
April 22, 2015 11:03:00 am
A forensic audit on 1Malaysia Development Berhad’s (1MDB) financial statements was proposed to be carried out by the National Audit Department, Dewan Negara was told. "The forensic audit, which is a more thorough report on its financial statements can be done if there is a need," said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah when winding up the debate on the motion of thanks on the Royal Address by the Yang di-Pertuan Agong in Dewan Negara. (NST)Source: CIMB Daybreak - 22 April 2015...
OCBC upbeat on Eurozone Index Beta Fund's long-term performance
April 22, 2015 11:03:00 am
OCBC Bank (Malaysia), the exclusive distributor of the newly-launched series of funds managed by RHB Asset Management, is upbeat on the RHB-OSK Eurozone Index Beta Fund's long-term performance. The Beta funds, Malaysia's first series of single Exchange Traded Fund (ETF)-based products, are designed to track the performance of their underlying index as closely as possible. OCBC Vice-President Research and Content, Wealth Management, Michael Lai said he was optimistic over the Eurozone Index Beta Fund, due to the European Central Bank's effort in stimulating growth by launching an aggressive sovereign-bond purchase program. (Bernama)Source: CIMB Daybreak - 22 April 2015...
RAM Ratings: RHB Restructuring A Proactive Move
April 22, 2015 11:02:00 am
RAM Ratings has viewed RHB Capital's proposed corporate restructuring as a proactive move in light of the impending changes in Bank Negara Malaysia's (BNM) regulations. The BNM discussion paper, Capital Adequacy Framework for Financial Holding Companies (Banking Groups), issued last October, requires financial holding companies (FHCs) to have minimum capital-adequacy requirements, similar to banks. RAM Ratings said the proposed BNM framework is aimed at ensuring that FHCs are adequately capitalised to support their group-wide risks, and address the multiple gearing of capital and excessive leverage within the respective financial groups. (Bernama)Source: CIMB Daybreak - 22 April 2015...
Cypark landfill project will add RM2bil to revenue
April 22, 2015 11:02:00 am
Cypark Resources Bhd expects its waste-to-energy project in Ladang Tanah Merah (LTM), Negri Sembilan, to generate RM2bn in revenue over the 25-year concession period. Group chief executive officer Datuk Daud Ahmad said that revenue from the project would come in progressively, with full revenue recognition starting from 2017. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
AirAsia X agrees to compensate passengers after Australia scheduling snafu
April 22, 2015 11:01:00 am
Malaysian budget airline AirAsia X Bhd said yesterday it will compensate travellers inconvenienced by its decision to quit direct flights to the Australian city of Adelaide after authorities received a "significant number" of complaints. In a statement on its website, the carrier said it has now reimbursed travellers forced to cancel, rebook on other airlines or make their own way to other Australian cities to catch its flights after it quit the South Australian state capital in January.The airline added that it has also compensated passengers affected when it sold flights between the Australian city of Melbourne and Denpasar, Indonesia, from December, before it had obtained Australian regulatory clearance. That also forced customers to change their flights. "There actions by Airasia X led to a significant number of consumer complaints about significant delays in receiving refunds and concerns over the treatment of out-of-pocket expenses incurred," the Australian Competition and Consumer Commission said in a statement yesterday. AirAsia X said it will process any future claims within 14 days. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
GKENT (3204), VSOLAR (0066), EKIB (7189), MPAY (0156), PESONA (8311), BIOHLDG (0179), BOILERM (0168), IJM (3336), YEELEE (5584), MATRIX (5236), ECOFIRS (3557), CIMB (1023), RHBCAP (1066), CYPARK (5184), AAX (5238),
April 22, 2015 11:28:00 am
Employers in Malaysia are expected to reduce hiring of new employees in the second half of the year, citing a lack of right candidates for specific positions as the biggest hurdle, a survey by hiring has found. The Job Outlook Q2 2005 survey revealed that 41% of 930 respondents admitted they would be hiring less in the second half of the year, an increase of 27% from last year, when only 14% said the same. Respondents of the survey were human resources personnel, managers and senior managers from 21 different industries and various company sizes. “A staggering 69% disclosed that their biggest hurdle would be finding the right candidate for a specific position,” the report said when the employers were asked about their challenges in recruiting for 2015. (Malaysian Insider) Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:22:00 am
The Johor state government has requested Bank Negara to review housing loan policies to enable buyers own homes worth more than RM140,000 in Iskandar Malaysia. State housing and local government executive committee chairman, Datuk Abdul Latif Bandi, said such move was needed to help developers overcome the difficulty in selling their housing projects and excess houses. “The problem is that banks don’t give out loans.“Even though the buyers command salary of RM10,000 a month, the banks will not release loans so long as they see the buyers having other debt-paying commitments. “Hence, Bank Negara has to study the housing needs,” he said. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:22:00 am
The construction of the Mass Rapid Transit (MRT) project has reached 61.9%, said MRT Corp CEO, Datuk Seri Shahril Mokhtar. He said the construction of the tunnel has also been completed and the underground work, including the building of the station, has reached 76%, which exceeded the target of 74%. "This progress was achieved due to the efficiency and close cooperation of the workers," he said. (Bernama)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:21:00 am
Pirates attack one small coastal oil tanker every two weeks in the waters off Southeast Asia, which remained the world's piracy hotspot in the first quarter, the International Maritime Bureau said Tuesday. Southeast Asia saw 38 pirate attacks from January to March or 70% of the global total of 54, according to the latest quarterly report by the bureau's Kuala Lumpur-based Piracy Reporting Centre. The 54 global incidents represented a 10% increase over 1Q14, the report said. Most Southeast Asian attacks involved "armed gangs targeting small coastal tankers to steal their cargoes of fuel", typically by syphoning it to another waiting vessel. (AFP)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:21:00 am
The government is allocating more than RM15bn in the 11th Malaysia Plan (11MP) as part of a game-changing move to introduce green technology initiatives into the economy. Director-General of the EPU Datuk Seri Dr Rahamat Bivi Yusoff said about RM3bn RM4bn annually has been set under the 11MP to create environmentally-sustainable development. The 11MP, outlining the economic growth plans between 2016 and 2020, will be announced in May. (BT)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:20:00 am
George Kent expects the acceleration of works at the RM1.1bn Ampang Light Rail Transit, or LRT line extension project, to boost its earnings for FY16. Executive director Bernie Ooi said the company is also in discussions with Prasarana Malaysia on “order variations”, which may result in more revenue from the project. “The discussions are on potential changes or additions to the project’s scope of works,” he said.The project, which it is working on with consortium partner Lion Pacific Sdn Bhd, is the major contributor to its engineering division. The project’s deputy director Jonathan Goddard said it is 60% completed. Ooi said the company has an order book of RM1.5bn. “From the order-book, we expect to burn about RM400m-500m each year. As for our tender book, we have RM10bn.” (Star)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:19:00 am
Petronas Carigali Sdn Bhd, the upstream arm of Petronas has presented the outstanding vendor awards (OVA) to 23 local and international oil and gas service companies for their exceptional performance and delivery for 2014. With the OVA, Petronas accords recognition for excellence in 15 different categories with emphasis on exemplary performance, reliability, responsiveness as well as commitment to implement high standards in health, safety and development. (BT)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:18:00 am
VSolar Group Bhd, a Bursa Malaysia-listed company, has sealed an agreement with Eastasia Group Co Ltd of Japan to provide engineering, procurement and construction (EPC) solutions for the renewable energy sector. VSolar has been licensed by the Japanese group to use its intellectual property and expertise for the development of solar farms using EPC design methodology. "The collaboration will expand the business offering and capabilities of VSolar in th renewable energy sector to include EPC, making VSolar a one-stop solution provider of solar technology in the country. (BT)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:17:00 am
Malaysia will become a pioneer in producing high value oleo derivatives such as specialty chemical, olefins, saturated methyl ester and methyl ester sulfonate from palm oil. The bio-based technology that could be used to produce plastic and nylon products, would be developed through the world’s first Integrated Biorefinery Complex at the Palm Oil Industry Cluster (POIC) located in Lahad Datu. Science, Technology and Innovation Minister Datuk Dr Ewon Ebin said the project, one of the three trigger projects in Sabah and Sarawak, has been approved by the Bioeconomy Transformation Programme (BTP) Steering Committee. “A total of RM2 bn will be invested for the project… and in terms of technology we are the first and leading country in the biorefinery,” he told reporters. (Bernama)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:16:00 am
The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in 1Q16. The 365m long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2m tonnes per annum, would be completed by March 2016. Petronas vice-president and venture director LNG Projects (Domestic) Abdullah Karim said that the gas supplies will likely be used for domestic consumption. "We are still optimistic about this. Our projection number is not for oil prices at US$110. Even today with prices at US$62 or so, it's still viable for Petronas," he said. Abdullah said PFLNG1, with an expected lifespan of between 20 and 25 years, would save Petronas around US$500m compared with a land-based facility. (Reuters)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:14:00 am
Emas Kiara Industries Bhd has bagged a S$8.67m (RM23.32m) sub-contract for a Changi Airport job in Singapore. In a filing with the stock exchange, Emas Kiara said it had entered into a sub-contract agreement with Penta Ocean Construction - Civil Tech Joint Venture, which is the main contractor for the land preparation works for airport development awarded by the Ministry of Transport, Singapore. The main contract is for a period of 70 months commencing on Nov 23, 2014 while the installation of PVD shall commence on Dec 15, 2014. (Sun)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:13:00 am
Electronic payment solutions provider ManagePay Systems Bhd’s wholly-owned subsidiary, ManagePay Resources Sdn Bhd (MRSB), has registered as a UnionPay third party service provider. ManagePay said MRSB received a letter of notification from UnionPay International Co Ltd on the registration. Upon registration, the electronic payment solutions provider will be responsible for switching and gateway services, system operation and product management of UnionPay card issuance in Malaysia, Myanmar, Thailand, Singapore and Indonesia.UnionPay is a bankcard association based in the People’s Republic of China. Deemed as China’s own version of Visa and MasterCard, UnionPay card is most widely used in the mainland and among Chinese tourists. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:11:00 am
Putrajaya Perdana Bhd, alongside Pesona Metro Holdings Bhd, is on the verge of securing a highway concession in the Klang Valley worth over RM2.1bn, marking the start of both companies diversifying their business portfolio away from a heavy reliance on the construction industry. The highway, with a 55-year concession period, will give both companies recurring income and beef up their order books. The highway is also expected to form the backbone of the return of Putrajaya Perdana as a listed entity to Bursa Malaysia.Putrajaya Perdana was taken private in 2010 as part of the privatisation of UBG Bhd by Petro Saudi International. Apart from Putrajaya Perdana, UBG was also the parent company of Loh & Loh Corp Bhd. Petro Saudi International is also the same company that had entered into a joint-venture (JV) agreement on an oil and gas venture with 1Malaysia Development Bhd in 2009 for some US$700m. Datuk Rosman Abdullah took over Putrajaya Perdana from UBG in 2012 through his private company Cendana Destini Sdn Bhd. The highway concession will be held through Putrajaya Perdana’s wholly owned subsidiary Putra Perdana Expressways Sdn Bhd, of which some 30% is in the midst of being acquired by Pesona Metro. Sources added that Pesona Metro would be awarded some 30% of the construction works for this highway concession. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:11:00 am
Newly-listed Bioalpha Holdings Bhd has been issued an unusual market activity by Bursa Malaysia Securities yesterday for the recent rise in price and volume of the company's shares. Its share price had risen 107.5% to 41.5 sen yesterday from its issue price of 20 sen. Bioalpha had recently commenced trading on the ACE market of Bursa Malaysia, closing at 27 sen or 35% higher on its first trading day on April 13. (Sun)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:10:00 am
Boilermech Holdings Bhd has entered into a 15-year agreement with Australia-based Commonwealth Scientific and Industrial Research Organisation (CSIRO) for the commercialisation of the latter’s patents, patent applications and know-how. The agreement would focus on CSIRO technology that can enhance oil extraction from oil palm fruit in return for technology transfer fee to be paid to the Australian firm. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:08:00 am
IJM Properties Sdn Bhd’s subsidiary Aura Hebat Sdn Bhd will acquire 32.8 acres within the The Light Waterfront development in Penang for RM402.8m and turn it into an integrated waterfront mixed-use development. The development would comprise a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre with a total GFA of about 4.1m sq ft, excluding carparks.IJM Properties’ unit The Light Waterfront Sdn Bhd had bought a 50% equity interest in Aura Hebat, a 50:50 JV between IJM Properties’ unit The Light Waterfront Sdn Bhd (TLW) and Perennial Penang Pte Ltd, for RM1. Aura Hebat will acquire the property from Jelutong Development Sdn Bhd, an 80%-owned subsidiary of IJM Properties. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:07:00 am
Fast-moving consumer products distributor Yee Lee Corp Bhd is once again the distributor for the Red Bull energy drinks in Malaysia and this time on an exclusive basis. It will be the sole distributor of the drinks here from Aug 1, 2015, taking over from beverage maker Fraser & Neave Holdings Bhd.On March 27, F&N told the local bourse that it would not be renewing the terms of its original agreement with Allexcel Trading Sdn Bhd inked in February 2010 as both were unable to reach an agreement on the changes in commercial terms. The parties then agreed to a transition period of six months, from April 1 to Sept 30, 2015 during which F&N will hand over the exclusive dealership to Allexcel Trading in phases. In a filing with Bursa Malaysia yesterday, Yee Lee said its wholly owned subsidiary Yee Lee Marketing Sdn Bhd had entered into a distribution partnership agreement with Allexcel Trading on the same day. The agreement sees the appointment of Yee Lee Marketing as Allexcel's exclusive distributor to market, distribute and sell Red Bull Gold, Red Bull Sugarfree and Red Bull Bottle energy drinks in Malaysia. The agreement is for a period of five years commencing from Aug 1, 2015 (initial term) and shall automatically be renewed for further periods of two years upon each anniversary thereof (subsequent terms) unless or until rescinded or terminated by either party giving to the other party a written notice at least three months prior to the expiry date of the initial term or subsequent terms," the filing read. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:06:00 am
Matrix Concepts Holdings Bhd has proposed to acquire a 5.8 acre (2.35ha) land cum approved residential development project in Puchong, Selangor for RM95m. The purchase from vendor IRDK Ventures Sdn Bhd is the group's second land banking in the Klang Valley, following its acquisition of a parcel near the Putra World Trade Centre in Kuala Lumpur in December 2013, said Matrix Concepts in a statement yesterday.According to Matrix Concepts, the new land is located beside Setiawalk, and the group intends to enhance the development project's residential density with a gross development value of more than RM500m. "The new acquisition in Puchong not only allow us to further tap the Klang Valley's rapid urbanisation and corresponding population growth, but also gives us an affordable entry point to a highly-success township," said chairman Datuk Mohamad Haslah Mohamad Amin. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:06:00 am
Ecofirst Consolidated Bhd's (ECB) wholly-owned subsidiary Ecofirst Development Sdn Bhd plans to buy a 101,550 sq m land in Ulu Kelang, Gombak for RM62.8m. Yesterday, Ecofirst Development entered into an option agreement with Harta Villa Sdn Bhd, a wholly-owned subsidiary of Tan & Tan Developments Bhd, which in turn is a wholly-owned subsidiary of IGB Corp Bhd in relation to the proposed acquisition. (Sun)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:04:00 am
CIMB Thai Bank PCL posted a 70.4% drop in net profit to 130.6m baht (RM14.7m), for its first quarter ended March 31, 2015 (1QFY15), mainly due to a 117.6% year-on-year (y-o-y) increase in provisions. "The higher provisions are reflective of a weaker environment leading up from the slower economic conditions," said CIMB Thai president and chief executive officer Subhak Siwaraksa in a statement. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:03:00 am
A forensic audit on 1Malaysia Development Berhad’s (1MDB) financial statements was proposed to be carried out by the National Audit Department, Dewan Negara was told. "The forensic audit, which is a more thorough report on its financial statements can be done if there is a need," said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah when winding up the debate on the motion of thanks on the Royal Address by the Yang di-Pertuan Agong in Dewan Negara. (NST)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:03:00 am
OCBC Bank (Malaysia), the exclusive distributor of the newly-launched series of funds managed by RHB Asset Management, is upbeat on the RHB-OSK Eurozone Index Beta Fund's long-term performance. The Beta funds, Malaysia's first series of single Exchange Traded Fund (ETF)-based products, are designed to track the performance of their underlying index as closely as possible. OCBC Vice-President Research and Content, Wealth Management, Michael Lai said he was optimistic over the Eurozone Index Beta Fund, due to the European Central Bank's effort in stimulating growth by launching an aggressive sovereign-bond purchase program. (Bernama)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:02:00 am
RAM Ratings has viewed RHB Capital's proposed corporate restructuring as a proactive move in light of the impending changes in Bank Negara Malaysia's (BNM) regulations. The BNM discussion paper, Capital Adequacy Framework for Financial Holding Companies (Banking Groups), issued last October, requires financial holding companies (FHCs) to have minimum capital-adequacy requirements, similar to banks. RAM Ratings said the proposed BNM framework is aimed at ensuring that FHCs are adequately capitalised to support their group-wide risks, and address the multiple gearing of capital and excessive leverage within the respective financial groups. (Bernama)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:02:00 am
Cypark Resources Bhd expects its waste-to-energy project in Ladang Tanah Merah (LTM), Negri Sembilan, to generate RM2bn in revenue over the 25-year concession period. Group chief executive officer Datuk Daud Ahmad said that revenue from the project would come in progressively, with full revenue recognition starting from 2017. (StarBiz)Source: CIMB Daybreak - 22 April 2015...
April 22, 2015 11:01:00 am
Malaysian budget airline AirAsia X Bhd said yesterday it will compensate travellers inconvenienced by its decision to quit direct flights to the Australian city of Adelaide after authorities received a "significant number" of complaints. In a statement on its website, the carrier said it has now reimbursed travellers forced to cancel, rebook on other airlines or make their own way to other Australian cities to catch its flights after it quit the South Australian state capital in January.The airline added that it has also compensated passengers affected when it sold flights between the Australian city of Melbourne and Denpasar, Indonesia, from December, before it had obtained Australian regulatory clearance. That also forced customers to change their flights. "There actions by Airasia X led to a significant number of consumer complaints about significant delays in receiving refunds and concerns over the treatment of out-of-pocket expenses incurred," the Australian Competition and Consumer Commission said in a statement yesterday. AirAsia X said it will process any future claims within 14 days. (Financial Daily)Source: CIMB Daybreak - 22 April 2015...
