Financial News -3rd Nov 2010

3rd Nov 2010

Uzma subsidiary gets RM15m O&G contract extension
UZMA BHD ’s subsidiary has secured a RM15 million contract from an oil and gas company for the extension of a low pressure system (LPS) service. Uzma said on Tuesday, Nov 2 that Uzma Engineering Sdn Bhd’s contract would include the supply of equipment, manpower and consultancy.
(Source: Financial Daily)

Unisem 3Q net profit doubles to RM51.53m
UNISEM (M) BHD saw its earnings doubled to RM51.53 million in the third quarter ended Sept 30, 2010 (3Q10) from RM25.83 million a year ago but cautioned about a moderate decline in 4Q due to inventory adjustment in the industry. It said on Tuesday, Nov 2 that revenue climbed 30.7% to RM370.69 million from RM283.52 million.
(Source: Financial Daily)


Boustead to raise RM1bil for acquisitions, reduce borrowings
Boustead Holdings Bhd will raise up to RM1bil via a guaranteed medium term notes programme largely for acquisitions and to pare down borrowings, said deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin. “The initial funding will be about RM600mil, the balance will be issued at a later stage as and when we require the funds,” he said.
(Source: Star Biz)


Steel association members to invest RM5bil
The nine members of the newly-formed Malaysia Steel Association (MSA) will invest RM5bil in the next three years to boost their capacity by 3.2 million tonnes a year.
“This will make us one of the biggest steel manufacturers in the Asean region,” its president Tan Sri William Cheng said. MSA members had to-date invested about RM14.5bil in the local steel industry, he said at the
launching of the association yesterday.
(Source: Star Biz)


Futures Kuala Lumpur Index
FKLI were traded lower in Tuesday morning. At the opening, Nov10 contract lose 2.50 points to 1511.50 and Dec10 contract slipped 3.50 points to 1511.50. At midday, the spot-month FKLI futures dropped 5.00 points to close at 1509.00 points.

At the close, the FKLI ended lower with the spot-month FKLI contract weaken by 5.50 points to close at
1508.50 points. Turnover was lower at 2862 lots compared to 5488 lots in the previous trading day.
Open interests increased to 20742 contracts from 20213 contracts previously. The underlying FBM KLCI index dropped 3.09 points to 1506.57 at the close.

Futures Crude Palm Oil
FCPO benchmark of Jan11 contract opened at RM3086 per ton on Tuesday. At the close of Tuesday, Nov10 contract added RM8.00, Dec10 contract gained RM8.00, Jan11 contract lose RM2.00, and Feb11 contract unchanged RM0.00.
Volume declined to 12,719 lots from 14,307 lots a day ago, while open interests maintained to 71,293 contracts from 71,293 contracts previously.