Highlights : Primus suit dismissed, Joint agreement on RM5bn aluminium smelting plant, HELP on the way to seeing up to 20% increase in revenue, Sime Darby Motors targets to sell 60,000 cars in 2011, SEGi 1Q net profit surges 90.5% to RM18.12m, Eversendai IPO to fund growth in India

Primus suit dismissed
The suit by Primus Pacific Partners Ltd's Malaysian unit against certain shareholders and directors of EON Capital Bhd (EON Cap) over the proposed sale of the latter to Hong Leong Bank (HLB) has been dismissed with costs. In his 100-page decision which took about one-and-a-half hours to deliver, Judicial Commissioner Varghese George Varughese held that petitioner Primus (M) SB had failed to prove the so-called complaints that formed the foundation of the petition against nine board members of EON Cap and three entities controlled by Rin Kei Mei and Tan Sri Tiong Hiew King, who are the shareholders in the banking group. He also ruled that the petitioner was not entitled to any relief sought. (StarBiz) Please see accompanying report

Joint agreement on RM5bn aluminium smelting plant
Gulf International Investment Group Holdings SB, headed by local tycoon Tan Sri Syed Mokhtar Al-Bukhary and UAE-based business leader Mohamed Ali Rashed Alabbar, has entered into a JV agreement with Aluminium Corp of China to develop a USD1.6bn (RM5bn) aluminium smelting plant in Sarawak. The JV company, Smelter Asia SB, will develop, own and operate the private aluminium smelting plant with an annual capacity of 370,000 tonnes. The smelter will be located in Samalaju Industrial Park, 60km from Bintulu and some 180km from the Bakun hydroelectric dam. The park has been earmarked by the state government for heavy industries under the Sarawak Corridor of Renewable Energy master plan. (StarBiz) Please see accompanying report

HELP on the way to seeing up to 20% increase in revenue
HELP International is upbeat on achieving a yearly increase in revenue of 15%-20% based on its current performance, eventually doubling its revenue in six years. HELP, which owns and operates HELP University College, reported a revenue of RM105.2m for its financial year ended 31 Oct 2010, up 8.9% from RM96.6m previously. “We have consistently been achieving similar figures for many years, so we will be able to achieve that figure in the years to come. In six years, the revenue will double because the percentage is compounded,” said HELP president and co-founder Datuk Dr Paul Chan. (Malaysian Reserve)

Sime Darby Motors targets to sell 60,000 cars in 2011
Sime Darby Motors may venture into new markets including Indochina as it seeks new opportunities. Executive vice president Datuk Lawrence Lee said on 28 Apr, the company sold 35,000 cars in 1H2011 and for the full year, targets to sell 60,000 units, up from 57,000 in 2010. He said there could be supply issues in 2H2011 following the aftermath from the recent tsunami in Japan, although the company is managing the issue as to not fall short of the market demand. (Financial Daily)

SEGi 1Q net profit surges 90.5% to RM18.12m
SEG INTERNATIONAL net profit for the first quarter ended 31 Mar 2011 surged 90.5% to RM18.12m from RM9.51m a year earlier due to the increase in student enrolments at its institutions. Revenue for the quarter rose to RM68.47m from RM52.29m in 2010. EPS was 7.35 sen, while net assets per share was 77.2 sen. SEGi said on Thursday, 28 Apr that it recorded marked improvement in student numbers and profitability in the previous year and the current quarter. “This trend is expected to continue in 2011 and the foreseeable future as the group has put in place a firm foundation and strategy for sustainable growth. “Quality niche academic programmes will be introduced continually by the group backed by a strong management and academic team,” it said. (Financial Daily)

Eversendai IPO to fund growth in India
Local steel and power plant installation contractor Eversendai Corp SB plans to utilise EM83m of the proceeds raised in its upcoming IPO for its operations in India. In a preliminary prospectus posted yesterday on the Securities Commission’s website, the company noted that RM50m would go towards the acquisition establishment of a fabrication facility in India with a fabrication capacity of 36,000 MT per annum. The company intends to invest another RM33m to increase the capacity of its Indian plant to 50,000 MT per annum. The facility will be located in Tamil Nadu or Andhra Pradesh in India, and will be established two years from its IPO. (Financial Daily)