Barefoot Investor: Media Highlights : Contract to Malakoff to build 1,000MW power plant expected soon, MSM Malaysia IPO set to raise RM800m, PAAB buys Selangor water bonds for RM5.8bn, Petronas buys Canadian shale gas assets worth RM3.32bn, Kretam to buy up stakes of three companies for RM512m, Petra Energy....

Contract to Malakoff to build 1,000MW power plant expected soon
Malakoff Corp Bhd, owned by MMC Corp Bhd, is expected to be awarded a contract to build a 1,000MW coal-fired power plant soon, said sources. According to sources, the plant will have a 15-year concession to sell the power at a rate of 25 sen per kwh to Tenaga Nasional Bhd (TNB). “MMC has yet to receive the award letter but the decision has been made already, based on tender submissions,” said one source. In August, the Energy Commission had awarded a concession to TNB to develop a 1,000MW coal-fired power plant on its existing power plant site in Manjung Perak. (StarBiz)

MSM Malaysia IPO set to raise RM800m
MSM Malaysia Holdings Bhd's (MSM) initial public offering (IPO) is poised to raise around RM800m for the sugar producer and its holding company. MSM's listing on Bursa Malaysia's Main Market, slated for 28 June, involves offering up to 234.56m shares to retail and institutional investors. Some RM370m of the RM800m proceeds will go to MSM parent Felda Global Ventures Holdings SB (FGVH), while another RM422m will go directly to MSM's coffers. FGVH, which now has a 48.68% stake in MSM, is selling off 15.6% of its MSM shares for some RM370m. The RM422m, meanwhile, will arise from MSM's existing shares. MSM will also sell a portion of its shares to institutional investors at between RM3.30 and RM3.50 per share. The final retail price, after completion of the institutional book building, will be at a slight discount from the initial RM3.38 retail price or 97% of the institutional price. (BT)

PAAB buys Selangor water bonds for RM5.8bn
The government's water asset management company, Pengurusan Aset Air Bhd (PAAB), has bought 99.6% of Selangor's water debts for RM5.8bn. The offer, which was made on 20 May, confirms a Business Times report that the federal government was poised to make an offer to buy over Selangor water debts on the said date. The acquisition of the bonds brings PAAB one step closer to taking over Selangor water assets, a deal that has dragged on for two years now. The takeover offer was made via special purpose vehicle, Acqua SPV Bhd. It was to resolve the bond woes of five water concessionaires in Selangor. They are Syarikat Bekalan Air Sungai Selangor SB, Syarikat Pengeluar Air Sungai Selangor SB, Puncak Niaga SB, Titisan Modal SB and Viable Chip SB. (BT)

Petronas buys Canadian shale gas assets worth RM3.32bn
Petroliam Nasional Bhd (Petronas), via its wholly-owned subsidiary Petronas International Corp Ltd (PICL), has signed an agreement with Canada-based Progress Energy Resources Corp to acquire 50% of the latter's interest in shale gas assets worth CAD1.07bn (RM3.32bn). In a statement yesterday, Petronas said the agreement was signed to develop the Altares, Lily and Kahta shale gas assets in north-eastern British Columbia.
“The assets included in the transaction cover approximately 150,000 gross working-interest acres of land with an estimated contingent gas resource of more than 15trn cu ft. The assets will be operated by Progress,” said Petronas. It said the proposed acquisition would mark Petronas' maiden entry into Canada and would allow for accelerated upstream growth that could potentially advance a liquefied natural gas (LNG) export value proposition in that country. (StarBiz)

Kretam to buy up stakes of three companies for RM512m
Kretam Holdings Bhd is acquiring three companies for RM511.5m to expand its oil palm cultivation business and venture further downstream. It has proposed to buy the entire equity interests in Abedon SB, Green Edible Oil SB (GEO) and Palm Products International Alliance SB (PPIA) in a move that will see its plantation landbank increase to 23867ha from 17793ha. The proposed acquisition is “synergistic” to Kretam’s existing oil palm cultivation activities and would provide an alternative source of income, it said in an exchange filing yesterday. (Malaysian Reserve)

Petra Energy, Labuan Shipyard sign MoU
Petra Energy Bhd’s wholly-owned subsidiary Petra Resources SB has signed a memorandum of understanding (MoU) with Labuan Shipyard & Engineering SB (LSE) to use the latter’s shipyard facilities at Victoria Harbour in Labuan for Petra Resources’ fabrications activities. Under the MoU, both parties may explore areas for cooperation on the leasing of fabrication yards, fabrication works and storage facilities as well as commercial ventures in oil and gas sector, it said in a statement. (BT)


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