Barefoot Investor: Media Highlights : Lor resigns as group CEO of EON Bank, Motor insurance to cost more?, Tanjung Offshore wins job extension, Proton, Perodua roadmaps sought, Second coal-fired power plant award out in June

Lor resigns as group CEO of EON Bank
EON Capital Bhd (EON Cap) yesterday announced that group CEO Datuk Michael Lor of wholly owned EON Bank has resigned with immediate effect, and the resignation has been accepted by the bank. This resignation comes in the midst of EON Cap still caught in the middle of a court case involving the takeover of the bank by Hong Leong Bank Bhd (HLB). HLB has proposed to acquire the assets and liabilities of EON Cap at RM5.06bn or RM7.30 per share.(StarBiz)

Motor insurance to cost more?
Vehicle owners may have to pay more for their motor insurance premiums from next year as the Government plans to remove motor insurance tariffs in 2016. Bank Negara Malaysia, tasked to prepare the new motor insurance framework, informed this at a recent meeting with various stakeholders involved in the new scheme recently. A source who attended the meeting said that “Under the new motor insurance framework, the Government plans to gradually increase insurance premiums from 2012 onwards”.(Business Times)

Tanjung Offshore wins job extension
Tanjung Offshore has won a RM33.5m contract extension to provide three off-shore support vessels to Petronas Carigali. The extension is for one year, starting from March and July this year, it said in a statement to Bursa. The contract may be renewed further, depending on Petronas’ needs.(Business Times)

Proton, Perodua roadmaps sought
National car companies Proton and Perodua have been asked to prepare their roadmaps on how they plan to be competitive once the auto industry undergoes wide-ranging liberalization from 2015. Those plans are essential as import duties and approved permits are to be cut and removed from 2015 until the industry is fully liberalized in 2020. “At the end of the day, we want our automotive industry to remain and be competitive,” said Malaysia Automotive Institute chairman Datuk Kamaruddin Ismail.(StarBiz)

Second coal-fired power plant award out in June
The Government is likely to decide on the concessionaire for the second 1,000 megawatt (MW) coal-fired power plant in June, said Energy commission chairman Tan Sri Dr Ahmad Tajuddin Ali. He said the commission has issued the request for proposals on the plant from MMC Corp’s unit, Malakoff Corp and Jimah Energy Ventures SB. The plant would be sited either at Tanjung Bin in Johor, owned by MMC or Jimah in Negeri Sembilan, owned by Jimah Energy. (Financial Daily)


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