CIMB Daybreak - 24 April 2015
IREKA (8834), NCB (5509), CCB (2925), GHLSYS (0021), MAHSING (8583), ECOWLD (8206), MUHIBAH (5703), SKPETRO (5218),
Utusan sells stake in Swan for RM32mil
April 24, 2015 11:43:00 am
Utusan Melayu (M) Bhd is selling its entire 40% stake in Swan Malaysia Sdn Bhd to Schwan-Stabilo Schwanhauser Finanzholding GMBH for RM31.8m. (StarBiz)Source: CIMB Daybreak - 24 April 2015...
Gadang gets shareholder nod to buy land in Semenyih
April 24, 2015 11:42:00 am
Gadang Holdings Bhd has obtained shareholders' approval for its proposal to buy 25.43 ha of freehold land in Semenyih from Sementar Properties Sdn Bhd for RM95.8m in cash. Managing director Ling Hock Hing told Bernama the acquisition by its indirect wholly-owned subsidiary Crimson Villa Sdn Bhd would enable Gadang to build a mixed development of residential units and shop offices.“This project is targeted to be launched by end-2015 with a minimum estimated gross development value of RM450m, and we are looking to increase the value," he said after the company’s EGM here yesterday. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
“Possible irregularities” found in Scanwolf Bhd's projects
April 24, 2015 11:42:00 am
Scanwolf Bhd has appointed PKF Covenant to conduct an investigative review on the group following the discovery of possible irregularities in implementing several development projects. In a filing with Bursa Malaysia, the plastics and property industry player said the appointment was based on the findings of “insufficient measures, severe discrepancies and possible irregularities in the implementation of the development projects." These were discovered during a review over the management, operation and practice of certain projects and their contract management processes. “These findings have prompted concerns of the board of directors of Scanwolf about the possible lapses in corporate governance in these projects as well as the group’s other activities,” it said. (Starbiz)Source: CIMB Daybreak - 24 April 2015...
Top execs remand for 3 days, no impact on business: Icon Offshore
April 24, 2015 11:41:00 am
Icon Offshore does not expect the remand of its CEO and COO to have any financial or operational impact to the group. In reply to Bursa Malaysia query, it said this is because its deputy CEO Captain Hassan Ali continues to be responsible for the day-to-day management of the company as well as the coordination of the administrative and business activities of the group. “In the absence of the CEO, Capt Hassan, as the deputy CEO, has assumed the functions of the CEO with effect from 22 Apr, in addition to his existing responsibilities.In light of the development, our company has engaged our stakeholders, namely our customers and lenders, to appraise them of the matter and at the same time, provide assurance to our stakeholders that it is business as usual for our group under the stewardship of our deputy CEO,” it said. On the duration of the remand, the company said it had been informed by the legal counsel representing the CEO and COO that it is for three days until 24 Apr. (Star) Source: CIMB Daybreak - 24 April 2015...
Thumbs up for CLIQ’s Kazakhstan oil field acquisition
April 24, 2015 11:41:00 am
CLIQ Energy's proposed acquisition of a 51% stake in a special purpose vehicle (SPV) in Kazakhstan for US$117.3m (RM426.5m) is “fair and reasonable”, according to Deloitte Corporate Advisory Services Sdn Bhd, an independent valuation expert appointed for the purchase. CLIQ, a special purpose acquisition company which aspires to become a global exploration and production firm, had earlier proposed to acquire two oil-producing blocks in the Karazhanbas Northern Field concession area from Phystech Firm LLP. CLIQ said Deloitte estimated the range of fair market values of the 51% equity interest to be between US$112.6m and US$124.4m. The SPV will later seek a listing on the Kazakhstan Stock Exchange. (Star)Source: CIMB Daybreak - 24 April 2015...
Ireka sees early 2015 Aseana investment returns
April 24, 2015 11:39:00 am
Aseana Properties Ltd, a London-listed property developer in which Ireka Corp Bhd has a 23% stake, plans to sell off some of its property assets and return capital to shareholders as early as this year, said Ireka group MD Lai Voon Hon. The proposal is pending the approval from Aseana's shareholders at the forthcoming EGM in June this year. He expects Ireka to realise some of the capital returns from its investment in Aseana over the next few years when the latter begins to dispose of some of its property assets. (Financial Daily)Source: CIMB Daybreak - 24 April 2015...
Khazanah firm on its turnaround plan for MAS
April 24, 2015 11:37:00 am
Khazanah Nasional Bhd, the owner of Malaysia Airlines, is firm on its decision to reduce the number of the airline’s employees by 6,000 people, even as it gives more time to incoming chief executive officer (CEO) Christoph Mueller to choose his team. The plan to retrench more than 25% of MAS’ workers is being protested by the airline’s workers’ unions. (StarBiz)Source: CIMB Daybreak - 24 April 2015...
Kontena Nasional Bhd turnaround seen by mid-2016
April 24, 2015 11:37:00 am
NCB Holdings Bhd’s unit, Kontena Nasional Bhd (KNB), is expected to break even and turn around by middle of 2016, said group MD Abi Sofian Abdul Hamid. He said the loss-making logistics and haulage unit of NCB, which had undergone an intensive business restructuring and remodelling beginning November 2014, had shown some positive results.“KNB’s losses in financial year 2013 was at RM70m and in 2014 we managed to bring it down to about RM55m,” Abi Sofian told Bernama. He said among the actions taken was to cease operations of its non-core cross-border business, giving more focus on strengthening its core competency of container haulage and increase asset utilisation. “With assets of 350 prime movers and more than 1,000 trailers, in the last three months, KNB has managed to increase its asset utilisation from 50% to 70%,” he said. On the group’s prospects this year, Abi Sofian said he was confident it would be positive following a good performance of its other unit, Northport Corp Bhd, besides the improvement made in KNB. (Starbiz) Source: CIMB Daybreak - 24 April 2015...
Big profit jump for Mercedes dealer Cycle & Carriage Bintang
April 24, 2015 11:36:00 am
Cycle & Carriage Bintang Bhd was off to a good start in 2015, with net profit for the first quarter ended March 31 rising 271% year-on-year to RM6.64m on revenue of RM263.12m. The country’s largest dealer of Mercedes-Benz motor vehicles attributed the profit jump to a moderation in margin pressure. “Overall consumer confidence softened in the first quarter of the year due to the uncertainties surrounding the implementation of the goods and services tax in April 2015, the weakening of the ringgit and the fall in crude oil prices,” the company told Bursa Malaysia on Thursday . (Starbiz)Source: CIMB Daybreak - 24 April 2015...
Edra Global Energy is seeking a new promoter to take over from 1MDB?
April 24, 2015 11:35:00 am
Edra Global Energy Bhd is seeking a new promoter to take over from 1MDB and undertake the former's listing, said sources, adding that a Middle Eastern consortium might be interested. Bringing in a new promoter to lead the listing exercise means 1MDB will first dispose of most, if not all, of its stake in Edra to another party that will in turn take Edra for listing. (Financial Daily) Source: CIMB Daybreak - 24 April 2015...
1MDB's absence at Invest Malaysia 2015 is a huge letdown
April 24, 2015 11:34:00 am
1MDB's absence at Invest Malaysia 2015 is a huge letdown as most of investors' negative perceptions of Malaysia stem from the debt-laden strategic development company, said CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak. "1MDB is not a systemic issue, but I don't think it is helpful that 1MDB is not here, I don't know the reason. It declined to participate and I'm disappointed because it would have been an important element of Invest Malaysia, given the backchatter on the topic". Datuk Seri Nazir made these remarks to reporters on the sidelines during Invest Malaysia yesterday. (Financial Daily) Source: CIMB Daybreak - 24 April 2015...
GHL Systems signed TPA services agreement with CIMB Bank
April 24, 2015 11:31:00 am
GHL Systems Bhd, which has just signed a third-party acquisition (TPA) services agreement with CIMB Bank Bhd, aims to acquire 3,000 to 4,000 merchants on behalf of the bank in the first year. The payment service provider said in a statement that it would enable the merchants to accept payments from the various international card associations. The deal represents GHL’s first TPA agreement with a Malaysian bank. (Starbiz)Source: CIMB Daybreak - 24 April 2015...
Airasia Leases Aircraft For US$1.920 Million To Airasia India
April 24, 2015 11:29:00 am
AirAsia Bhd has entered into an agreement to lease its Airbus A320-200 aircraft with the serial number MSN 4070 for six months to AirAsia (India) Pte Ltd for US$1.92m (US$320,000/month) on 23 April 2015. AirAsia had previously entered into two other leasing transactions with AirAsia India in relation to aircraft, with serial numbers MSN 5824 (from 11 December 2014) and MSN 3448 (from 23 January 2015), said AirAsia in its filing to Bursa Malaysia. It said AirAsia India is expected to pay US$19.849m for MSN 5824 over a 60-month period (US$330,825/month), and US$10.033m for MSN 3448 over 36 months (US$278,688/month). (Bursa Malaysia)Source: CIMB Daybreak - 24 April 2015...
Mah Sing's hungry
April 24, 2015 11:29:00 am
Armed with unbilled sales of RM5.3bn, zero gearing and cash of RM1.4bn, Mah Sing Group Bhd is on the prowl for suitable land bank and joint ventures (JVs) with the Government on the development of its land in the Klang Valley. Group managing director Tan Sri Leong Hoy Kum said the group had been building up its war chest in preparation of bigger things and was on the lookout for bigger investments, especially in prime areas in the city. “Cash is king, and it is moments of crisis that we see opportunities. We are ready to take advantage of opportunities,” Leong said. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
Eco World targets to list firm’s SPAC in 3Q15
April 24, 2015 11:27:00 am
Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin is targeting to list the firm’s special purpose acquisition company (SPAC) in the third quarter of this year, pending an approval from the Securities Commission (SC). “There are many regulations we have to follow. We are the pioneer in the property SPAC space, it is very challenging but we hope to receive the approval from the SC in June this year,” he said. The SPAC (Eco World International Bhd), which Eco World Development will own a 30% stake, was reportedly looking to raise RM1.87bn from investors. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
Muhibbah eyes RM1bil worth of jobs in Pengerang
April 24, 2015 11:27:00 am
Muhibbah Engineering (M) Bhd is tendering for RM1bn worth of jobs in Pengerang, Johor to bolster its current order book of RM2.05bn, made up mostly of infrastructure, oil and gas and port projects. Group finance director Shirleen Lee said the group was tendering for the Refinery and Petrochemical Integrated Development (Rapid) contracts and it was also planning to bid for the Mass Rapid Transit 2 (MRT2) line contracts. “It would take some time for the contract to be awarded. It could be between the end of this year and early next year,” she said. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
SapuraKencana to be reinstated in SC shariah-compliant list?
April 24, 2015 11:24:00 am
SapuraKencana Petroleum has submitted its application to the Securities Commission (SC) to be reinstated in the shariah-compliant list, p resident and group CEO Tan Sri Shahril Shamsuddin said to reporters after the company’s presentation at Invest Malaysia. The company recently converted US$2.3bn of its conventional loans into Malaysia’s largest Islamic facility with no change in terms and rates and at a minimum paperwork charge. SapuraKencana was dropped from the list in the SC's Nov 2014 review. Please refer to our note from the company's presentation at Invest Malaysia. From May 2, employers renewing foreign worker permits need not pay RM35 for MyEG services, said Datuk Dr Wee Ka Siong. The Minister in the Prime Minister's Department said the Cabinet decided this two days ago. According to him, the Government would bear the cost by paying MyEG their service fee from the RM125 levy collected from employers. Dr Wee also said that over-the-counter renewals at Immigration departments would be continued. (StarBiz)Please refer to our note for further details. Source: CIMB Daybreak - 24 April 2015...
IREKA (8834), NCB (5509), CCB (2925), GHLSYS (0021), MAHSING (8583), ECOWLD (8206), MUHIBAH (5703), SKPETRO (5218),
April 24, 2015 11:43:00 am
Utusan Melayu (M) Bhd is selling its entire 40% stake in Swan Malaysia Sdn Bhd to Schwan-Stabilo Schwanhauser Finanzholding GMBH for RM31.8m. (StarBiz)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:42:00 am
Gadang Holdings Bhd has obtained shareholders' approval for its proposal to buy 25.43 ha of freehold land in Semenyih from Sementar Properties Sdn Bhd for RM95.8m in cash. Managing director Ling Hock Hing told Bernama the acquisition by its indirect wholly-owned subsidiary Crimson Villa Sdn Bhd would enable Gadang to build a mixed development of residential units and shop offices.“This project is targeted to be launched by end-2015 with a minimum estimated gross development value of RM450m, and we are looking to increase the value," he said after the company’s EGM here yesterday. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:42:00 am
Scanwolf Bhd has appointed PKF Covenant to conduct an investigative review on the group following the discovery of possible irregularities in implementing several development projects. In a filing with Bursa Malaysia, the plastics and property industry player said the appointment was based on the findings of “insufficient measures, severe discrepancies and possible irregularities in the implementation of the development projects." These were discovered during a review over the management, operation and practice of certain projects and their contract management processes. “These findings have prompted concerns of the board of directors of Scanwolf about the possible lapses in corporate governance in these projects as well as the group’s other activities,” it said. (Starbiz)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:41:00 am
Icon Offshore does not expect the remand of its CEO and COO to have any financial or operational impact to the group. In reply to Bursa Malaysia query, it said this is because its deputy CEO Captain Hassan Ali continues to be responsible for the day-to-day management of the company as well as the coordination of the administrative and business activities of the group. “In the absence of the CEO, Capt Hassan, as the deputy CEO, has assumed the functions of the CEO with effect from 22 Apr, in addition to his existing responsibilities.In light of the development, our company has engaged our stakeholders, namely our customers and lenders, to appraise them of the matter and at the same time, provide assurance to our stakeholders that it is business as usual for our group under the stewardship of our deputy CEO,” it said. On the duration of the remand, the company said it had been informed by the legal counsel representing the CEO and COO that it is for three days until 24 Apr. (Star) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:41:00 am
CLIQ Energy's proposed acquisition of a 51% stake in a special purpose vehicle (SPV) in Kazakhstan for US$117.3m (RM426.5m) is “fair and reasonable”, according to Deloitte Corporate Advisory Services Sdn Bhd, an independent valuation expert appointed for the purchase. CLIQ, a special purpose acquisition company which aspires to become a global exploration and production firm, had earlier proposed to acquire two oil-producing blocks in the Karazhanbas Northern Field concession area from Phystech Firm LLP. CLIQ said Deloitte estimated the range of fair market values of the 51% equity interest to be between US$112.6m and US$124.4m. The SPV will later seek a listing on the Kazakhstan Stock Exchange. (Star)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:39:00 am
Aseana Properties Ltd, a London-listed property developer in which Ireka Corp Bhd has a 23% stake, plans to sell off some of its property assets and return capital to shareholders as early as this year, said Ireka group MD Lai Voon Hon. The proposal is pending the approval from Aseana's shareholders at the forthcoming EGM in June this year. He expects Ireka to realise some of the capital returns from its investment in Aseana over the next few years when the latter begins to dispose of some of its property assets. (Financial Daily)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:37:00 am
Khazanah Nasional Bhd, the owner of Malaysia Airlines, is firm on its decision to reduce the number of the airline’s employees by 6,000 people, even as it gives more time to incoming chief executive officer (CEO) Christoph Mueller to choose his team. The plan to retrench more than 25% of MAS’ workers is being protested by the airline’s workers’ unions. (StarBiz)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:37:00 am
NCB Holdings Bhd’s unit, Kontena Nasional Bhd (KNB), is expected to break even and turn around by middle of 2016, said group MD Abi Sofian Abdul Hamid. He said the loss-making logistics and haulage unit of NCB, which had undergone an intensive business restructuring and remodelling beginning November 2014, had shown some positive results.“KNB’s losses in financial year 2013 was at RM70m and in 2014 we managed to bring it down to about RM55m,” Abi Sofian told Bernama. He said among the actions taken was to cease operations of its non-core cross-border business, giving more focus on strengthening its core competency of container haulage and increase asset utilisation. “With assets of 350 prime movers and more than 1,000 trailers, in the last three months, KNB has managed to increase its asset utilisation from 50% to 70%,” he said. On the group’s prospects this year, Abi Sofian said he was confident it would be positive following a good performance of its other unit, Northport Corp Bhd, besides the improvement made in KNB. (Starbiz) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:36:00 am
Cycle & Carriage Bintang Bhd was off to a good start in 2015, with net profit for the first quarter ended March 31 rising 271% year-on-year to RM6.64m on revenue of RM263.12m. The country’s largest dealer of Mercedes-Benz motor vehicles attributed the profit jump to a moderation in margin pressure. “Overall consumer confidence softened in the first quarter of the year due to the uncertainties surrounding the implementation of the goods and services tax in April 2015, the weakening of the ringgit and the fall in crude oil prices,” the company told Bursa Malaysia on Thursday . (Starbiz)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:35:00 am
Edra Global Energy Bhd is seeking a new promoter to take over from 1MDB and undertake the former's listing, said sources, adding that a Middle Eastern consortium might be interested. Bringing in a new promoter to lead the listing exercise means 1MDB will first dispose of most, if not all, of its stake in Edra to another party that will in turn take Edra for listing. (Financial Daily) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:34:00 am
1MDB's absence at Invest Malaysia 2015 is a huge letdown as most of investors' negative perceptions of Malaysia stem from the debt-laden strategic development company, said CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak. "1MDB is not a systemic issue, but I don't think it is helpful that 1MDB is not here, I don't know the reason. It declined to participate and I'm disappointed because it would have been an important element of Invest Malaysia, given the backchatter on the topic". Datuk Seri Nazir made these remarks to reporters on the sidelines during Invest Malaysia yesterday. (Financial Daily) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:31:00 am
GHL Systems Bhd, which has just signed a third-party acquisition (TPA) services agreement with CIMB Bank Bhd, aims to acquire 3,000 to 4,000 merchants on behalf of the bank in the first year. The payment service provider said in a statement that it would enable the merchants to accept payments from the various international card associations. The deal represents GHL’s first TPA agreement with a Malaysian bank. (Starbiz)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:29:00 am
AirAsia Bhd has entered into an agreement to lease its Airbus A320-200 aircraft with the serial number MSN 4070 for six months to AirAsia (India) Pte Ltd for US$1.92m (US$320,000/month) on 23 April 2015. AirAsia had previously entered into two other leasing transactions with AirAsia India in relation to aircraft, with serial numbers MSN 5824 (from 11 December 2014) and MSN 3448 (from 23 January 2015), said AirAsia in its filing to Bursa Malaysia. It said AirAsia India is expected to pay US$19.849m for MSN 5824 over a 60-month period (US$330,825/month), and US$10.033m for MSN 3448 over 36 months (US$278,688/month). (Bursa Malaysia)Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:29:00 am
Armed with unbilled sales of RM5.3bn, zero gearing and cash of RM1.4bn, Mah Sing Group Bhd is on the prowl for suitable land bank and joint ventures (JVs) with the Government on the development of its land in the Klang Valley. Group managing director Tan Sri Leong Hoy Kum said the group had been building up its war chest in preparation of bigger things and was on the lookout for bigger investments, especially in prime areas in the city. “Cash is king, and it is moments of crisis that we see opportunities. We are ready to take advantage of opportunities,” Leong said. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:27:00 am
Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin is targeting to list the firm’s special purpose acquisition company (SPAC) in the third quarter of this year, pending an approval from the Securities Commission (SC). “There are many regulations we have to follow. We are the pioneer in the property SPAC space, it is very challenging but we hope to receive the approval from the SC in June this year,” he said. The SPAC (Eco World International Bhd), which Eco World Development will own a 30% stake, was reportedly looking to raise RM1.87bn from investors. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:27:00 am
Muhibbah Engineering (M) Bhd is tendering for RM1bn worth of jobs in Pengerang, Johor to bolster its current order book of RM2.05bn, made up mostly of infrastructure, oil and gas and port projects. Group finance director Shirleen Lee said the group was tendering for the Refinery and Petrochemical Integrated Development (Rapid) contracts and it was also planning to bid for the Mass Rapid Transit 2 (MRT2) line contracts. “It would take some time for the contract to be awarded. It could be between the end of this year and early next year,” she said. (StarBiz) Source: CIMB Daybreak - 24 April 2015...
April 24, 2015 11:24:00 am
SapuraKencana Petroleum has submitted its application to the Securities Commission (SC) to be reinstated in the shariah-compliant list, p resident and group CEO Tan Sri Shahril Shamsuddin said to reporters after the company’s presentation at Invest Malaysia. The company recently converted US$2.3bn of its conventional loans into Malaysia’s largest Islamic facility with no change in terms and rates and at a minimum paperwork charge. SapuraKencana was dropped from the list in the SC's Nov 2014 review. Please refer to our note from the company's presentation at Invest Malaysia. From May 2, employers renewing foreign worker permits need not pay RM35 for MyEG services, said Datuk Dr Wee Ka Siong. The Minister in the Prime Minister's Department said the Cabinet decided this two days ago. According to him, the Government would bear the cost by paying MyEG their service fee from the RM125 levy collected from employers. Dr Wee also said that over-the-counter renewals at Immigration departments would be continued. (StarBiz)Please refer to our note for further details. Source: CIMB Daybreak - 24 April 2015...
