Barefoot Investor: Financial Highlights : PLUS privatization on track, MRCB enters into MoU with Korean union, Bank Muamalat, Pos Malaysia in talks to widen network, Eversendai bags RM139m job in Qatar, Press Metal offers Sumitomo stake in second smelter, GAB to cut back exports to cope with rising costs

PLUS privatization on track
The privatization of the country’s largest toll road operator, PLUS Expressways, is set to be concluded by this Sept, and minority shareholders will receive full cash payment. They will receive and advance payment of 15 sen, in the form of an interim dividend to be paid on 29 July 2011, and RM4.45 when the transaction is completed for a total of RM4.60 per share. (Financial Daily)

MRCB enters into MoU with Korean union
Malaysian Resources Corp (MRCB) has signed a strategic alliance memorandum of understanding (MoU) with the Korean Teachers Credit Union (KTCU) to collaborate on potential future property projects. The KTCU is a Korean government guaranteed welfare agency, with the aim of protecting the welfare and livelihood of teachers and employees in the country’s education system. The KTCU currently invests in two real estate funds for two projects in MRCB’s KL Sentral development, namely Tower 2 Lot G and Q Sentral, with a total investment value of RM660m. (Financial Daily)

Bank Muamalat, Pos Malaysia in talks to widen network
Bank Muamalat Malaysia is in talks with Pos Malaysia to explore potential avenues to strengthen the bank’s presence by leveraging on the national postal company’s national network. Bank Muamalat CEO Datuk Redza Shah Abdul Wahid said Pos Malaysia would offer a natural extension to the bank’s operations with its extensive postal network in the country. (Financial Daily)

Eversendai bags RM139m job in Qatar
Construction and structural steel firm Eversendai Corp’s unit has clinched a RM139m contract from Qatar Petroleum to construct superstructures for Phase 4A of the Nakilat Shipyard in Qatar. In a filing to Bursa Malaysia yesterday, Eversendai said its subsidiary, Eversendai Engineering Qatar WLL (EV Qatar), will be involved in constructing the building’s superstructures. These include an energy centre building, a main super yacht finishing hall and the hall’s annexing paint shop and workshop. (Financial Daily)

Press Metal offers Sumitomo stake in second smelter
Press Metal (PMB) has offered Japan's Sumitomo Corp a stake in its second aluminum smelter in Samalaju, Sarawak, to help fund the project. Other parties have expressed interest in the second plant but PMB is giving Sumitomo the first option because it is already partnering the Japanese firm in its first smelter. Last Sept, Sumitomo took a 20% stake in PMB's subsidiary, Press Metal Sarawak SB (PMS), which is building a 120k tonnes per year plant in Mukah with a total investment of RM60.4m. (BT)

GAB to cut back exports to cope with rising costs
Guinness Anchor (GAB) says rising material cost is forcing it to significantly scale down exports of selected brands but it is not likely to hike prices as a result. MD Charles Ireland said the company will begin cutting down certain export stock-keeping units or SKU next month. About 20-30% of GAB's 150 SKUs is for the export and duty-free market but contributions from these segments have been flat. It is learnt that GAB's export and duty-free segment contribute just over 10% to the group. (BT)


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