TM has set up a task force to carry out an investigation over news that telecommunications equipment maker Alcatel-Lucent gave bribes to its staff to win a contract. On Tuesday, Alcatel-Lucent and 3 of its subsidiaries had to pay more than USD137m in fines and penalties to settle US charges.
According to court documents, Alcatel agents paid bribes to officials in Malaysia to obtain or retain a telecommunications contract worth USD85m. (Business Times)
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Sealink International has secured contracts for the sale of 3 offshore support vessels for a total consideration of about RM70m. The 3 vessels are expected to be delivered within the first quarter of 2011. (Financial Daily)
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Mitrajaya’s wholly owned subsidiary, Pembinaan Mitrajaya SB, yesterday was awarded a RM53.5m contract for the construction of a hangar at Subang Airport. Construction will commence from 1 Jan 2011 for a period of 10
months. (Financial Daily)
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Honda Malaysia SB and UMW Toyota Motor SB have recorded combined bookings of nearly 1,500 units for their Honda Insight and Toyota Prius hybrid models respectively in the span of less than 3 months. The bookings, if they were to materialize into sales, would represent a significant jump compared with just the 297 total hybrid units sold in the whole of 2009. (StarBiz)
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JAKS subsidiary gets RM201m building job
JAKS Resources’ subsidiary has won a RM201m construction contract for a commercial development in Petaling Jaya, Selangor, from MNH Global Assets Management SB. The commercial development of Phase 1-5 Commercial Block of 15-storey and 4-storey basements by JAKS SB (JSB) is due to be completed by March 2012. MNH Global Assets is wholly owned by Island Circle Development (M) SB, a major shareholder of JAKS Island Circle SB, which in turn is majority owned by JSB. (Business Times)
SunCity acquires land in Johor for expansion
Sunway City’s wholly owned subsidiary Asli Budimas SB has entered into an agreement with Bukit Ledang Development SB to purchase approximately 64.6 acres of land for RM134.52m in tandem with its expansion plan in Johor. According to its announcement to Bursa Malaysia, the acquisition will provide SunCity an estimated GDV of RM932m when the land in Plentong, which is strategically located within the Iskandar Malaysia development region, is fully developed. The land price works out to RM47.78 per sq ft. (Financial Daily)
Sime to build pilot bio-ethanol plant
Sime Darby Plantation SB is partnering Japan's Mitsui Engineering and Shipbuilding Co Ltd to build and operate a bio-ethanol demonstration plant, which will convert empty oil palm fruit bunches into bio-ethanol. Sime Darby officials said the plant would cost about USD10m (RM30.9m). Bio-ethanol is used as fuel for cars and unlike bio-diesel, which is a blend of palm oil and diesel, it is made from plantation waste. The bio-ethanol plant will use fruit bunches as the main raw material, which is abundant and available throughout the year, Sime said in a statement. The collaboration is being undertaken by Sime Darby Research SB, the research and development arm of Sime Darby Plantation. The joint-venture plant will be built next to Sime Darby Plantation's Tennamaram palm oil mill at Bestari Jaya in Selangor. (Business Times)
PNB mum on talk of potential mergers
Permodalan Nasional Bhd (PNB) was mum on speculation of mergers among its property companies or the relisting of its wholly-owned property group Island & Peninsular Group SB (I&P). "We will make the necessary announcements when the time comes," president and group chief executive Tan Sri Hamad Kama Piah Che Othman told reporters yesterday. There have been reports that major property groups like SP Setia and Sime Darby Property could be persuaded to merge. PNB is the single biggest shareholder in SP Setia and it also controls Sime Darby. As for the I&P group, it is the result of a merger with sister companies Petaling Garden and Pelangi. All three were once listed before being taken private by PNB in July 2007. The group now has a combined landbank of about 2,200ha in the Klang Valley and Johor, and has developed property projects over 35 townships such as Bukit Damansara, Bandar Kinrara, and Alam Damai (Business Times)
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