Khazanah shortlists 3 for stake in Pos
Khazanah Nasional has shortlisted three companies to buy its 32.21% stake in Pos Malaysia, the country's sole national postal service company, people familiar with the tender process said yesterday. Business Times understands that the shortlisted parties will make a second and final presentation today. The three are DRB-HICOM, Nationwide Express Courier Services and a joint venture between Amanah Reit and loss-making Malaysia Pacific Corp. While most of the bids were based on cash and how they can leverage on Pos Malaysia's landbank, it is understood that one of the bids involves injecting a bank into the postal company. It is further understood that the shortlisted candidates for the stake had bid between 2.2 times and three times of Pos Malaysia's book value per share, which stood at RM1.54 as at end-December 2010. (Business Times)
NCB seeks licence renewal
Port operator NCB Holdings last week submitted a proposal for the renewal of its port licence and has hinted its concerns on the issue. The proposal comes two years before the licence expires in 2013. NCB Holdings chairman Tun Ahmad Sarji Abdul Hamid said the proposal was submitted after an exhaustive study on the merits of its case was conducted by external consultants. "There is some concern on the renewal of the licence. Once people know it is subject to a renewal, there may be other contenders. Nothing's wrong with being prudent and cautious," he said after the company's annual general meeting (AGM) yesterday. Ahmad Sarji declined to reveal details of its proposal, and only said that its current licence was for a period of 25 years. (Business Times)
Boustead buys 51% of MHS for RM100m
Boustead Holdings has bought a 51% stake in helicopter and aircraft charter services provider MHS Aviation Bhd for RM100m to strengthen its involvement in the oil and gas industry. Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said the acquisition will boost the group's bottomline on a long term basis. (Business Times)
Smartag to start Thailand project
Smartag Solutions, en route to a listing on the ACE Market of Bursa Malaysia Securities on April 18, plans to implement its land checkpoint project in Thailand next month, its chief executive officer, Lim Peng Keong, said yesterday. He said Smartag, a radio frequency identification (RFID) solutions provider, had signed an agreement with Netbay Co Ltd to implement RFID container tracking systems at key Customs checkpoints in Thailand. (StarBiz)
Maju eyes toll-road, rail jobs in Indonesia
Maju Holdings SB has shown interest in the development of toll-road and monorail system in North Sumatra through collaboration with the Indonesian government. Maju Holdings group executive chairman Tan Sri Abu Sahid Mohamed, who met with Indonesian President Susilo Bambang Yudhoyono here, had discussed the matter yesterday, according to a report quoting Senator Rahmat Shah. “The president welcomes the good intentions,” he said in the report posted on the Indonesian president’s official website. (StarBiz)
Bracing for the Competition Act
The Competition Act, which will come into force on 1 Jan, could have a major bearing on how businesses operate in Malaysia, especially for those with currently monopolistic or oligopolistic industry positions. The Competition Act was passed in May 2010, gazetted in 1 Jan 2012. It will have two major prohibitions. – anti-competitive agreements and abuse of dominant positions. (Financial Daily)
Masterskill to collaborate with Kinta Medical Centre
Masterskill Education Group and Kinta Medical Centre SB have agreed to jointly undertake academic research and development in physiotherapy. The set-up of of Masterskill-KMC Physiotherapy Centre will be located on KMC’s premises. Masterskill would bear the operational expenses of the physiotherapy centre, while profits will be shared equally for five years. It added that capital and investment outlay would not exceed RM500,000 and would be financed with its internal funds. (Financial Daily)
Action plan on Johor Corp’s debts
Top officials at Johor Corp are planning to meet soon to decide on the best plan of action on how to deal with its debt issues. “Among the plans are to get an independent view on pending deals, its assets and liabilities and to help it decide on the best way forward,” a banking source explained. (StarBiz)
Azman: No plans to sell AMMB stake
AMMB Holdings' chairman and major shareholder Tan Sri Azman Hashim has denied rumors that he plans to sell his stake in the country's fifth largest banking group. Rumors had been rife that Azman, 71, who holds a 16.7% stake through his vehicle AmCorp Group, was looking to sell and that Australia and New Zealand Banking Group (ANZ) might be an interested buyer. ANZ is already a strategic shareholder in AMMB with a 23.8% stake. (Business Times)
Total vehicle sales down 0.7% to 40,387 units in February
Total vehicle sales in February declined by 0.7% to 40,387 units from the 40,654 units recorded in the same month last year, and was 26.0% lower than the previous month. The MAA said the short working month in February and a seasonal trend caused sales growth to slow. YTD, sales rose by 4.3% to 95,168 units compared with 91,276 units in the same period last year. (Bernama)
Salcon clinches 30-year concession for treatment plant
Salcon’s wholly owned subsidiary Salcon Changzhou (HK) Ltd has clinched a 30-year concession right for RMB60m from Changzhou City Tian Ning District Diao Zhuang Street Office of Jiangsu province in China to acquire, upgrade, operate and maintain a wastewater treatment plant on a transfer-operate-transfer basis in Changzhou. (Financial Daily) Please see accompanying report
Iris aborts JV to build biomass power plant
Iris Corp and WRP Asia Pacific have mutually terminated the JV agreement to develop, construct, operate and own a new biomass power plant, which had an estimated cost of RM135m, on a designated site owned or to be owned by WRP. The termination stemmed from reasons that WRP and the JV company were unable to conclude the leasing of the land to the JV company and the non-finalisation of the power purchase agreement between the JV company and WRP. (Financial Daily)
United Nations backs no-fly zone, strikes in Libya
The United Nations Security Council voted 10 to 0 supporting the use of "all necessary measures" including the use of a no-fly zone to protect civilians and rebel forces in Libya from forces loyal to Gadhafi. Russia and China, which held veto powers, abstained from the vote, along with three other council members. The passing of the measure is expected to lead to UN-backed military strikes in Libya within hours, according to sources. (MarketWatch.com)
US stocks reclaim part of recent decline
US stocks made a broad, sharp rebound Thursday, ending three straight days of losses, as economic data and an upbeat forecast from FedEx helped the market shift its focus from Japan’s nuclear crisis to the domestic recovery. Dow ended up 161.29 points, or 1.4%, to 11,774.59, with 24 of its 30 components gaining. It was the Dow’s biggest one-day gain in two weeks. (MarketWatch.com)
New credit card rules out today
Bank Negara Malaysia will today announce new credit card guidelines to address concerns over rising household debt. Industry insiders said the new measures could include capping or reducing credit limits and limiting the number of cards for those in the lower income group. Currently, banks are free to set credit limits, based on their risk management practices. (Business Times)
Cypark in talks to win 'landfills into renewable energy parks' job
Cypark Resources is in talks with the Government to close, upgrade and convert 32 more non-sanitary landfills into renewable energy (RE) parks, a project that could involve an investment of some RM1bn. Besides the 32 landfills, it also plans to invest about RM500m to turn 16 landfills into RE parks, according to its CEO Daud Ahmad. (Business Times)
Karambunai unit inks agreement with China Central Asia
Karambunai’s wholly-owned subsidiary, Karambunai Resorts SB, has signed a joint venture agreement with China Central Asia (CCA) to develop the RM1bn first phase of the Karambunai Integrated Resort City in Kota Kinabalu. CCA would inject a seed capital of USD100m as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings and the development of a commercial beachfront centre. (StarBiz)
Faber proposes balance sheet clean-up exercise
Faber has proposed a balance sheet clean-up exercise that will involve a par value and share premium reduction to address its accumulated losses of RM422m. The par value reduction proposes to cancel 75 sen of every RM1 share’s par value whilst the share premium reduction will involve the reduction of its entire share premium of RM116m. (Malaysian Reserve)
Parkson may foray into Indonesia
Parkson Holdings may foray into Indonesia via the opening of its department stores in the populous republic. It had entered into an exclusivity agreement with PT Tozy Bintang Sentosa to negotiate a possible collaboration between the two parties to develop and expand Parkson department stores in Indonesia. (Financial Daily)
UMW secures RM127m Petronas Carigali drilling job
UMW Holdings’ subsidiary UMW Standard Drilling SB has been awarded a RM127m contract for the provision of its Naga 3 jack-up drilling rig to Petronas Carigali for its operations within Malaysian waters. (Malaysian Reserve)
OCI Bhd will be removed from the Official List of Bursa Securities with effect from 9am, Monday, March 21.
The company said on Thursday, March 17 it had received a letter from the regulator, dated March 16 about the removal of the entire issued and paid up capital of OCI.
(theedgemalaysia.com)
Blue chips on Bursa Malaysia fell at the start of trade on Thursday, March 17 as investors stayed cautious following the overnight fall on Wall Street and the earlier plunge of Japan stocks.
At 9.16am, the FBM KLCI was down 7.99 points to 1,484.45. Turnover was 72.34 million shares valued at RM72.23 million. Losers hammered gainers 263 to 38 while 80 stocks were unchanged.
MSC was the top loser, down 16 sen to RM3.89, F&N 14 sen to RM15.52, CIMB 12 sen to RM7.88 and MISC shed 10 sen to RM7.45. Mudajaya lost nine sen to RM4.51.
(theedgemalaysia.com)
Timber-related stocks advanced on Thursday, March 17 on expectations of an increase in demand for products following the earthquake in Japan last Friday.
At 11.10am, Ta Ann jumped 26 sen to RM5.24, Jaya Tiasa up 10 sen to RM5.20 and WTK added four sent to RM1.58.
AmResearch has maintained its overweight rating on the timber sector and its buy call on Ta Ann and Jaya Tiasa, with fair values of RM6.30 and RM6 respectively.
The research house said that the Ta Ann management informed it that there had been no supply disruption so far to Japan.
“Orders are placed once or twice in a month. Its shipments go through Osaka, south of Tokyo in the central-southern region, which was not affected by the tsunami,” it said.
Meanwhile, MIDF Research in a note March 17 said local timber companies will be the main beneficiary when Japans starts to rebuild the earthquake disaster areas as Malaysia is their largest plywood exporter accounting for 48% of Japan’s total plywood.
Japan imports more than 50% of the total plywood for its consumption, it said.
“We believe the main beneficiary will be WTK and Ta Ann since these companies exposure to the Japan market is about 80-90% of their plywood sales.
“Between them, WTK has greater leverage since it is a pure timber company compared to Ta Ann whose earnings mainly comes from CPO with its plywood division registering loss due to the usage of more costly eco-friendly raw material sourced from its Tasmanian operation.
Lingui is the other beneficiary as it has close to 50% exposure to Japan’s plywood sales, it said. (theedgemalaysia.com)
US stocks slide on Japan concern, Yen reaches post-WWII high
US stocks sank, erasing the 2011 gain for the Standard & Poor’s 500 Index, and Treasuries rallied as Japan’s nuclear crisis worsened. The yen rose to a post-World War II high versus the dollar on speculation investors will buy the currency to fund rebuilding projects. Equities extended their retreat as US Nuclear Regulatory Commission Chairman Gregory Jaczko told lawmakers that all the water has drained from the spent-fuel pool at a crippled atomic reactor north of Tokyo and high levels of radiation have been released. The United Nations’ nuclear agency planned to call an emergency meeting to discuss the crisis and said the three reactor cores containing fuel are damaged. (Bloomberg)
SEGi named to lead ECCE project
SEG International (SEGi) has been appointed by the Government to lead the development of integrated early child care education (ECCE) under the National Key Economic Area. SEGi told Bursa Malaysia yesterday it would lead the initiative in training and developing early childhood and childcare practitioners. It will also play a lead role in coordinating the establishment of teacher training centres that provide pre- and in-service ECCE courses recognized by Malaysian Qualifications Agency. (StarBiz)
Pharmaniaga gets 10-year govt deal
Pharmaniaga has signed a 10-year concession deal with the Government for the privatization of the medical lab and store. The deal was signed with the Ministry of Health and it covers the right and authority to buy, store, supply and distribute the approved products to the public sector customers. The agreement starts from 1 Dec 2009 until 30 Nov 2019. (BT)
SingPost rules out Pos stake
Singapore Post (SingPost) is not bidding for Khazanah Nasional's 32.2% stake in Pos Malaysia and will also not buy any more shares in courier company GD Express Carrier (GDEX). The postal company, valued at SGD2.2bn (RM5.36bn), on 15 March boosted its stake in GDEX to 27% from 5% as it seeks to expand in the region. The deal raised eyebrows as it was done a day before Khazanah's tender deadline for Pos Malaysia. (Business Times)
Tomei acquires Goldheart operations
Tomei Consolidated is buying the retail operations of Goldheart in Malaysia for RM5.6m. In a statement to Bursa Malaysia, the company said the deal will help it expand and improve its market share in the retail jewellery industry. TCB and its assignee will enter into a fresh agreement or novation agreement with the landlord of the existing retail outlets to continue Goldheart retail operations in Malaysia. (Business Times)
Shin Yang resumes services to N-E Asia
Shin Yang Shipping Corp said its international shipping services serving the Northeast Asia route have resumed operations. “It has resumed to all other Japanese ports save for Sendai Port which was affected by the massive 8.9 magnitude earthquake and tsunami which struck Japan last Friday” it said. (Business Times)
SINGAPORE: Brent crude rose 0.5 percent towards $117 on Thursday, March 10 after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting what could be longer-term damage on the country's exporting capacity.
Gaddafi's forces struck an oil pipeline leading to Es Sider and dropped bombs on storage tanks in the Ras Lanuf oil terminal area in the eastern section of Libya that is rebel-controlled. Rebels said government forces also hit an oil pipeline leading to Sidrah.
"The large explosions and enormous columns of smoke from storage tanks and other facilities in Ras Lanuf, close to the Es Sider terminal, are perhaps more than merely symbolic," Barclays Capital oil analysts headed by Paul Horsnell said.
"They represent a final fading of any residual realistic hope that the outage of Libyan oil could prove to be anything other than prolonged."
Brent crude for April gained 60 cents to $116.54 a barrel at 0224 GMT after soaring almost $3, or 2.5 percent, on Wednesday, from as low as $112.16. They reached a 2-1/2-year high of $119.79 on Feb. 24.
U.S. crude gained 44 cents to $104.82, after touching a 2-1/2-year peak of almost $107 earlier this week.
On Wednesday, U.S. crude fell after stockpiles at the pricing point for benchmark West Texas Intermediate at Cushing, Oklahoma, surged 1.7 million barrels to a record of almost 40.3 million barrels, according to the U.S. Energy Information Administration.
That caused the discount of WTI to European marker Brent to widen to almost $12 a barrel from about $8 the previous day.
Total U.S. crude inventories rose 2.5 million barrels last week, the EIA said, dwarfing the forecast for an increase of just 400,000 barrels in a Reuters poll. The weekly inventory data also showed drawdowns for gasoline and distillates were bigger than expected, reflecting improving demand.
Confirming previous non-Libyan estimates, Shokri Ghanem, chairman of Libya's National Oil Corp, said that production has been cut to about half a million barrels per day from 1.6 million bpd by the war, as many foreign and local workers have left oil fields.
Libyan oil trade has been paralyzed as banks decline to clear payments in dollars due to U.S. sanctions, though Austrian energy group OMV said it had been buying small amounts of Libyan crude oil and would continue to do so.
"It appears that most of Libya's bridges with OECD countries in particular are already aflame or may have already been burned," Barclays Capital said.
"One can now easily imagine circumstances in which Libya's previously very short-haul exports of crude oil become very long-haul indeed."
A Libyan insurgent said rebels had retaken the heart of the closest city to the capital from forces loyal to Gaddafi on Wednesday evening in some of the fiercest fighting in almost three weeks of clashes.
Saudi Arabia has increased production to 9 million bpd, almost 1 million bpd above its current OPEC target. The kingdom says it currently holds spare capacity of 3.5 mln bpd.
Still, an OPEC delegate said on Wednesday that the group saw no need for an emergency meeting to discuss raising output.
Saudi Shi'ites staged another small protest in the kingdom's Eastern province, defying a ban on demonstrations, but Foreign Minister Prince Saud al-Faisal said dialogue, not protest, was the best way to bring about change.
Saudi Arabia's ruling family has mobilised the power of its conservative religious establishment to prevent a wave of uprisings against Arab autocrats from roaring into its kingdom, home to more than a fifth of the world's known oil reserves. - Reuters
Additional RM4bn in subsidies if petrol price not adjusted
The government may have to fork an additional RM4bn on subsidies if no adjustments are made to petrol prices, Prime Minister Datuk Seri Najib Tun Razak said. That would be an addition to the RM10bn in subsidies allocated for this year. "Whether there is a need to adjust petrol prices, it will depend on inflation," he added. (Bernama)
Foreign interest still at 30% for commercial banks
There is no change to the Banking and Financial Institutions Act 1989 ruling that keeps the foreign shareholding in commercial banks at 30%, said Prime Minister Datuk Seri Najib Razak. However, he added that applications by foreign strategic shareholders to raise their stakes in local commercial banks would be evaluated on a case-by-case basis. (Financial Daily)
Tata keen to work with Proton on Nano car
Indian carmaker, Tata Motors, which manufactured the world's cheapest car, Nano, has expressed interest to enter the Malaysian market by working along with Proton. "Mr (Ratan) Tata is keen to work with Proton again. About seven or eight years ago there were some joint discussions to manufacture cars but nothing came out of it. Now our automotive policy is more liberal and there are new opportunities," Deputy Prime Minister Tan Sri Muhyiddin Yassin said. (Bernama)
Pos divestment by 12 April
The divestment by Khazanah Nasional of its 32.2% stake in Pos Malaysia will be completed by 12 April, the date of Invest Malaysia 2011, parties familiar with the process said. According to other sources, bidders are being given the opportunity to meet with the management of Pos and to seek all necessary information from them. Following this process, bidders will be allowed to make adjustments to their bid by 15 March. (StarBiz)
No request from foreign lenders for EONCap stake talks
Bank Negara Malaysia has not received any application from any foreign banks to start negotiations with EON Capital to take a stake in it, according to its governor Tan Sri Zeti Akhtar Aziz. More than a week ago, a business weekly quoted sources as saying that China Construction Bank may seek Malaysian central bank approval to begin negotiations with EON Capital. (Business Times)
OSK Investment Bank enters MoU with Japan's Okasan Securities
OSK Investment Bank has entered into a MoU with Okasan Securities, the sixth largest integrated securities company in Japan, to cooperate in cross-border trading, advisory and fund raising opportunities between Asean and Japan. Its CEO, U Chen Hock, said the MoU would pave the way for both parties to foster cooperation and development in relation to capital markets particularly in Malaysia, Indonesia, Singapore and Japan. (Bernama)
Shares of UZMA BHD surged to a high of RM2.29 in the morning session on Thursday, March 3 after it secured a RM200 million contract from Petroliam Nasional Bhd.
At 12.02pm, it was trading at RM2.16, up three sen with 187,700 shares done.
Uzma said the long term service contract is to provide a low pressure system (LPS) for Petronas’ domestic upstream operations.
The contact will include supplying its equipment, manpower and consultancy for the LPS units for three years, with effect from Feb 18 this year to Feb 17, 2014.
Petronas has the option to further extend the contract for a further two years.
(theedgemalaysia.com)
SYDNEY: Crude oil prices held near 2-1/2 year peaks on Thursday, March 3 as worries about supply disruption persisted given ongoing unrest in Libya, but upbeat U.S. economic news and a firmer Wall Street helped Asian stocks find a steadier footing.
Both U.S. crude and Brent crude prices edged up as Libyan rebels repulsed a land and air offensive by Muammar Gaddafi's forces and the defiant leader warned foreign powers of "another Vietnam" if they intervened.
Markets worry the growing instability in key Middle East oil producing countries could signal another threat to global supplies. Bank of America/Merrill Lynch analysts argue the oil shock from Libya ranks as the eighth largest supply shock since 1950.
"The stability of the region has gone through a major shock and the ripples are going to be felt for a while," said Carl Larry, president of Oil Outlooks and Opinions based in Houston.
Gold, often sought in times of heightened geopolitical tensions and as an inflation hedge, traded at around $1,433 an ounce , within striking distance of a record high just above $1,440.
Tokyo's Nikkei average rose 0.5 percent, following a more than 2 percent fall on Wednesday, while stocks elsewhere in Asia gained 0.6 percent.
"It's too early to be optimistic because concerns about rising oil prices will likely persist," Masumi Yamamoto, a market analyst at Daiwa Securities Capital Markets, cautioned.
"But investors might have oversold yesterday, so they may buy back stocks with good fundamentals."
South Korea's KOSPI was among the best performers in the region, advancing 1.6 percent, a day after plumbing a three-month low.
Nomura analysts said they were turning more cautious on Korea, worried the country's policy management could leave the economy with a much higher inflation rate and more catch up to do later. They also cited relative competition from Japanese companies as the won appreciates and oil prices strengthened.
U.S. crude rose 0.2 percent to $102.47 a barrel, not far from the recent peak at $103.41, while Brent crude was also 0.2 percent higher at $116.63, closing in on the Feb. 24 high near $120.
Wall Street eked out small gains on Wednesday with the S&P 500 index ending 0.2 percent higher after the Federal Reserve's Beige Book suggested economic activity picked up in 2011 and a private survey pointed to strong private-sector hiring.
The private-sector jobs report bodes well for the influential non-farm payrolls data due on Friday.
In the currency market, the euro was a touch softer after rallying to near four-month highs against the dollar. But the single currency is expected to stay supported ahead of the European Central Bank policy meeting.
Markets are wary the ECB will sharpen its anti-inflation rhetoric, reinforcing views the ECB will raise interest rates before the U.S. Federal Reserve.
Still, some analysts warn the rally in the euro will probably fizzle after the meeting.
"There has been a lot of hype in the market on the ECB for some time, so I expect the euro to lose steam pretty much regardless of what the ECB does today," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
The euro last traded at $1.3857 , having climbed as high as $1.3890. The dollar index , which tracks its performance against a basket of major currencies, was little changed on the day at 76.690, hovering near the overnight low of 76.529, its lowest since early November 2010. - Reuters
Petronas capex may hit RM275bn
Petroliam Nasional (Petronas) expects to spend up to a whopping RM275bn as its capital expenditure (capex) for the next five years, its chief says. The average capex of RM50bn to RM55bn a year is higher than what Petronas traditionally spent, which was around RM30bn to RM40bn a year. Petronas, which announced its third-quarter results in Kuala Lumpur yesterday, said it expects net profit for the year ending March 2011 to breach RM90bn. The higher capex is essential to cope with rising costs, upgrade asset integrity, enhance yield of existing or legacy assets, drive growth and venture into more challenging and green field plays such as enhanced oil recovery, deep-water and unconventional hydrocarbons. (Business Times)
Transmile appeals against delisting
Transmile Group has submitted an application to Bursa Malaysia to appeal against the latter's decision to delist the company, and to seek an extension of time to submit its regularisation plan. Transmile was supposed to submit the plan to the Securities Commission or Bursa Malaysia for approval by 22 Feb. On 23 Feb, the company told Bursa that it had until 2 March to submit an appeal to the latter. Meanwhile, the trading of Transmile shares will be suspended effective from March 2011 but the removal of the securities from the official list of Bursa Securities on 7 March will be deferred, pending the decision on the appeal. (StarBiz)
Carmaker may export Malaysia-assembled Mazda3
Mazda Motor Corp, which is upbeat on sales growth in Malaysia, is considering exporting locally-assembled Mazda3 to the region in the future. Managing executive officer and general manager (overseas sales division) Yuji Nakamine said the sales and production expansion in Malaysia and other Asean markets is part of Mazda's mid-term initiatives to achieve 1.7m unit sales in five years' time. He said currently, the assembly of Mazda3 CKD (completely knocked down) units in Malaysia is for the local market. "But, in the future, if we have good operations here, increase in localisation, reduction in cost and improvement in quality, we may have an opportunity to export from Malaysia (Business Times)
RM105m for Naza-Peugeot Asean project
Naza Group, together with French partner automotive giant Peugeot, will soon commit more than RM100m to their programme in Asean. Code-named the "Asean Project", it aims to introduce at least one new Peugeot model a year until 2015. It is learnt that Naza, through its Peugeot franchise holder Nasim SB and Naza Automotive Manufacturing SB (NAM), will spearhead the project. A source close to the project revealed that the programme will involve the manufacture and assembly of several new models that may include a sports utility vehicle for the Asean market to complete the Peugeot vehicle line-up from 2013 onwards. "The move is in line with Naza's five-year continuity plan with Peugeot and is estimated to involve about RM105m of investment over the period. "This new direction will see at least 60,000 units of cars, including the C-segment T73 sedan, being rolled out of NAM's plant in Gurun, Kedah, for the next five years beginning next year," the source told Business Times. (Business Times)
SP Setia buys Cyberjaya land for RM420m
Property developer SP Setia Bhd has bought 108.5ha of prime freehold land in Cyberjaya's flagship zone for RM420.4m from Setia Haruman SB. The land will be developed as Setia Eco Glades project by Setia Eco Villa, a joint-venture company between SP Setia which holds 70%, and Setia Haruman, 30%. SP Setia president and chief executive officer Tan Sri Liew Kee Sin said the project would be a mixed residential and commercial development. “It is expected to have a gross development value of RM3bn,” he told a press conference after a signing ceremony between SP Setia and Setia Haruman. (Business Times)
Uzma secures RM200m Petronas contract
Uzma’s subsidiary, Uzma Engineering SB, has been awarded a contract estimated at RM200m with Petronas. Its unit now has secured a long term service agreement to provide a low pressure system (LPS) for Petronas’ domestic upstream operations. (Financial Daily)
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