CIMB Daybreak - 28 April 2015
Source: CIMB Daybreak - 28 April 2015
RHB
Capital Bhd (RHBCap) has appointed Datuk Khairussaleh Ramli as CEO
RHB Capital Bhd (RHBCap) has appointed
Datuk Khairussaleh Ramli as CEO and managing director with effect from May 5,
2015, following the approval of Bank Negara Malaysia. Khairussaleh takes over
the reins from Kellee Kam, who will be leaving RHBCap soon. Khairussaleh joined
the group in December 2013 as deputy group managing director and managing
director of RHB Bank Bhd. He will continue to hold his position as managing
director of RHB Bank. (Sun)
The above does not surprise us as we
have highlighted in our report dated 13 Feb 15 that Dato' Khairussaleh Ramli
(DKR) is the most likely candidate to replace Kellee Kam as the Group MD of RHB
Capital. DKR has a strong working experience in Maybank previously as its Group
CFO and the President Director of Bank Internasional Indonesia, Maybank's unit
in Indonesia.
Bursa
Malaysia has launched a new listing information
network system, Bursa Link
Bursa Malaysia has launched a new
listing information network system,
Bursa Link, and an online listing enquiry service, AskListing@Bursa, for the
marketplace. Bursa said in a statement that the new eServices would serve as
channels for it to move all enquiries for listed issuers online as well as
digitise the disclosure and submission processes. (StarBiz)
QL
Resources Bhd clarified it was not investing in property developer Sunsuria Bhd
QL Resources Bhd clarified it was not
investing in property developer Sunsuria Bhd. The investment was made by its
substantial shareholders CBG Holdings Sdn Bhd and Farsathy Holdings Sdn Bhd.
The agro-food manufacturer, in its exchange filing yesterday, said the
investment was done through the shareholders' private investment company called
Ruby Technique Sdn Bhd that bought a 5% stake in Sunsuria. QL Resources
directors Chia Song Kun, Chia Seong Fatt and Chia Seong Pow are deemed
interested via their shareholdings in CBG and Farsathy pursuant to section 6A
of the Companies Act, 1965. (Malaysian Reserve)
International
roaming will be phased out upon integration of the Asean Economic Community
(AEC)
International roaming will be phased
out upon integration of the Asean Economic Community (AEC), said Axiata Group
Bhd president and chief executive officer Datuk Seri Jamaludin Ibrahim.
Jamaludin said he is not worried that AEC integration would pose a threat to
Axiata as it has already established its presence in the Asean region ahead of
the regional integration. (Financial Daily)
Malaysian
palm oil continues to be the main source of import for South Korea
Malaysian palm oil continues to be the
main source of import for South Korea, with 374,000 tonnes of the commodity
imported last year, said Minister of Plantation, Industries and Commodities,
Datuk Amar Douglas Uggah Embas. He said this was equivalent to 85% of the total
palm oil imported by the country. He said refined, bleached and deodorised
(RBD) palm oil was the main palm product imported at 157,000 tonnes, followed
by palm olein and palm stearin at 77,000 tonnes and 73,000 tonnes,
respectively.
• "Palm oil is mainly used by
food manufacturing industries and therefore it is easy to see why palm oil
imports into (South) Korea is envisaged to grow in the future in tandem with
the population growth and increased disposable income," Uggah said. Other
than the food sector, he said, palm oil could also be used in various sectors
in the South Korean market.
• "The South Korea government's
plans to increase the biodiesel blend to 2.5% will give opportunities for
Malaysia to provide palm-based biodiesel or palm methyl ester for
blending," he said. (Bernama)
Palm oil shipments rose 5.6% from
856,474 tons in March. 1-25, according to
Intertek Testing Services (Bloomberg)
Indonesia sets crude palm oil base price for
May at US$600/mt, Trade
Ministry publishes palm oil export tax
on website on Monday. (Bloomberg)
The
Ministry of International Trade and Industry (Miti) has initiated a preliminary
investigatio
The Ministry of International Trade
and Industry (Miti) has initiated a preliminary investigation into imports of
cold rolled stainless steel (CRSS) and pre painted/painted/colour-coated steel
coils, from several countries, including China and Vietnam, which could result
in the imposition of anti-dumping duties. (Financial Daily)
Malaysia
Steel Works (KL) Bhd (Masteel) will delay the release of its audited financial
statement (AFS)
Malaysia Steel Works (KL) Bhd
(Masteel) will delay the release of its audited financial statement (AFS) for
the year ended Dec 31 2014 as the external auditors require more information to
complete the audit works. The steel players said it is working with the
external auditors to finalize the audit expeditiously and expected its AFS 2014
to be released on or before May 11 2015. (Malaysian Reserve)
The
High Speed Rail (HSR) link between Kuala Lumpur and Singapore could miss its
2020 deadline by two years
The High Speed Rail (HSR) link between
Kuala Lumpur and Singapore could miss its 2020 deadline by two years, according
to Singapore's Business Times. Citing unnamed sources, the paper said 2022 may
be a more realistic deadline as there were many unresolved issues in the
project. It added that the EPC contract for the project may be awarded on a
negotiated basis but said this had yet to be confirmed. (Financial Daily)
Prasarana
Malaysia Bhd has a budget of RM1bn for land acquisitions for the LRT3 project
Prasarana Malaysia Bhd has a budget of
RM1bn for land acquisitions for the LRT3 project. Prasarana group managing
director Azmi Abdul Aziz said so far, the company has yet to spend the money
from this allocation. The company is currently on the lookout for land
acquisitions. Updating on the LRT3 status, Azmi said the alignment process of
the RM9 billion project is currently being finalised. He said Prasarana, which
oversees the project, is in the process of choosing the project delivery
partners. (NST)
Two out
of the four independent directors of REDtone International Bhd have rejected
the takeover offer
Two out of the four independent
directors of REDtone International Bhd have rejected the takeover offer
launched by Berjaya Corp Bhd (BCorp) for the telecommunications company, as
they feel the offer price of 80 sen a share is too low. The rejection by the
two independent directors echoes the move by the Sultan of Johor, who is the
single largest shareholder with 134 million REDtone shares or 20.13%, to
decline the offer much earlier before the independent advice was out. The board
comprises 10 directors, of whom four are independent. The two directors who
rejected BCorp’s offer were senior independent director Mathew Thomas Vargis
Mathews and independent director Jagdish Singh Dhaliwal. The remaining two
independent directors are Datuk Mohd Zaini Hassan and Avinderjit Singh.
(StarBiz)
Carimin
Petroleum has entered into collaboration agreements (COAs) with Makamin
Offshore Saudi Ltd Co
Carimin Petroleum has entered into
collaboration agreements (COAs) with Makamin Offshore Saudi Ltd Co (MOS) and
Petro Allied International DMCEST (PAI) to explore opportunities in Saudi
Arabia, the Middle East, Southeast Asia and Australia.
• Under the exclusive COAs, Carimin
will provide its expertise in hook-up and commissioning services; topside major
maintenance; subsea inspection, repair and maintenance services, including
chartering of marine vessels; and the provision of professional manpower. MD
Mokhtar Hashim said said the COAs leverage not only on the parties' respective
competencies and track records, but also on their knowledge of the target
regional markets.
• "These COAs will catapult
Carimin onto the international scale, complementing our track record thus far
in serving oil and gas majors mainly in Malaysia", he said. (Bernama)
Real
estate investment trust (REIT) Amanah Harta Tanah PNB (AHTP) is proposing to
acquire a three-storey mall in Seremban
Real estate investment trust (REIT)
Amanah Harta Tanah PNB (AHTP) is proposing to acquire a three-storey mall in
Seremban for RM240m. Pelaburan Hartanah Nasional Bhd (PHNB), the REIT manager,
that a conditional sale and purchase agreement with Mydin Mohamed Holdings Bhd
had been signed to acquire the property, which sits on a 13.38-acre freehold
plot. (StarBiz)
Mydin
Mohamed Holdings Bhd MD Datuk Wira Ameer Ali Mydin says he will continue to tap
into Malaysia's REIT market
Mydin Mohamed Holdings Bhd MD Datuk
Wira Ameer Ali Mydin says he will continue to tap into Malaysia's real estate
investment trust (REIT) market through its build-and-sell strategy, which has
seen many of the homegrown shopping tycoon's properties changing hands for a
clean sum. "It has been our policy to build a hypermarket, complete it and
and then sell it to a REIT. We then take a long-term lease and run the
building," Ameer said. He said REITs see value in Mydin properties as a
source of recurring income, which coincides with their long-term investment
goals. (Malaysian Reserve)
Construction
firm Pesona Metro Holdings Bhd has further entrenched its position in the
concession business
Construction firm Pesona Metro
Holdings Bhd has further entrenched its position in the concession business by
entering into a sale of shares agreement with Semarak Korporat Sdn Bhd (SKSB)
to acquire a 90% equity stake in Selasih Asli Sdn Bhd (SASB) for RM60m. This
would be the company’s second acquisition, after it bought SEP Resources Sdn
Bhd for RM29.15m last Dec.SEP Resources has a 22-year concession with
University Malaysia Perlis (UniMAP) valued at some RM600m, which was first
announced in Feb 2014. SASB, a special-purpose vehicle, was incorporated to
enter into a concession agreement with the relevant authorities for the design,
development and maintenance of student hostels at a tertiary-level institution
in Peninsular Malaysia. (StarBiz)
Agrobank
has opened 46 AgroAgent outlets nationwide
Agrobank has opened 46 AgroAgent
outlets nationwide as of now since its services were launched last December in
its efforts to provide banking services in the rural areas. CEO Datuk Wan Mohd
Fadzmi Wan Othman said Agrobank wanted to open 336 outlets by year-end to
ensure that its basic banking services were made available to rural communities
as soon as possible. "Our goal is to make AgroAgent as the effective
banking solution to tackle difficulties faced by those in rural areas seeking
financial institution facility," he said. (Bernama)
Borneo
Oil Bhd is undertaking a corporate exercise involving the issuance of rights
shares and free warrants
Borneo Oil Bhd is undertaking a
corporate exercise involving the issuance of rights shares and free warrants
which it targets to raise at least RM223.3m. Borneo Oil said on Monday the
corporate exercise involved a right issue of up to 2.37bn rights shares at an
indicative issue price of 10 sen with up to 1.186bn free Warrants C. The rights
issue would on the basis of six rights shares for every one existing share held
and the free warrants would be one warrant for every two rights shares
subscribed for. (StarBiz)
Malaysia
Smelting Corp (MSC) is positive on its financial results ending Dec 15
Malaysia Smelting Corp (MSC) is
positive on its financial results ending Dec 15 mostly driven by the smelting
business. CEO Chua Cheong Yong said the smelting segment would continue to be
profitable this year while the mining business would be price-related. “The
mining business is more sensitive to the tin price. The production levels of
smelter and mining would be maintained, but the mining division’s profitability
will depend much on the tin price,” he said.
• Chua said with the current tin price
at US$15,800 per tonne, MSC’s mining division is likely to struggle, although
the smelter business would continue to be profitable. (BT)
The
development of Asian Aerospace City's (AAC) first phase is currently 80%
completed
The development of Asian Aerospace
City's (AAC) first phase is currently 80% completed and the second phase of the
aerospace industry hub is expected to begin construction by end of this year.
"Our intention is to have a training infrastructure side by side with the business
and commercial phase. Currently we are setting up the hangers for Malaysian
Institution of Aviation Technology which is within Phase 1 of the entire
development. Phase 1 is currently 80% completed. We are looking to kick start
Phase 2 by end of this year, said AAC's COO Zulkifri Othman at the Kuala Lumpur
International Aerospace Business Convention yesterday. (Malaysian Reserve)
Source: CIMB Daybreak - 28 April 2015
