Business Times (Malaysia) articles from April 2002

Business Times (Malaysia) archives from April 2002

Index up 2.5 points.
April 15, 2002... THE MSC IT INDEX closed at 196.227 points, a decrease of 2.502 points from 198.729 points the previous trading day reports www.MSCTimes.com. This represents an decrease of 1.26 per cent over the previous trading day with the market...

PPSC set to expand further.
April 15, 2002... Byline: Helena Fernz WHEN PPSC Industries Sdn Bhd's chief executive officer (CEO), Giancarlo Maccagno, says the company is "working non-stop to make an impact on the global pipecoating business", it is not a statement to be taken...

Siemens optimistic of achieving 20pc growth.
April 15, 2002... Byline: Hamisah Hamid GERMAN technology giant Siemens, which recorded RM2.4 billion turnover in Malaysia last year, is optimistic to achieve 20 per cent growth this year in view of anticipated strong economic recovery in the second half...

Universal Brokers push ahead with expansions (HL).
April 15, 2002... Byline: Norzuhaira Ruhanie CHALLENGES currently faced by the stockbroking industry have not deterred some Universal Brokers (UBs) from proceeding with their expansion plans and new business ventures. A weak stock market throughout...

Be competitive or lose out to others, PSA advised.
April 15, 2002... Byline: Jose Barrock THE Port of Singapore Authority (PSA) should improve competitiveness by reducing its rates if it does not want to lose further business to Johor's Port of Tanjung Pelepas (PTP), a local shipping line official said....

Air France to increase flights to Asian destinations.
April 15, 2002... Byline: the end of the third quarter, traffic had dropped 6.5 per cent while AIR France has joined the list of airlines increasing flights to major Asian destinations as demand improves amid economic recovery. The additional flights...

Tell Malaysia's story in the boardrooms abroad.
April 15, 2002... Byline: Hardev Kaur MALAYSIA, which was considered a "pariah" not too long ago and condemned for its unorthodox policies, is now on the radar screens of fund managers and analysts. Rating agencies Standard and Poor's, Moody's and...

Some PN4 firms likely to miss revamp deadline.
April 15, 2002... Byline: Nuryushida Laily Yusof AS MARKET and economic conditions improve, Practice Note 4/2001 (PN4) companies will generally find it easier to regularise their financial positions, but not all of them will meet the year-end deadline....

Aetna Universal to increase investment in equities.
April 15, 2002... Byline: Habhajan Singh AETNA Universal Insurance Bhd, currently preparing to change its name to ING Insurance Bhd, is also raising the equity portion of its investment portfolio. In the past few weeks, it is understood the country's...

Kurnia Insurans gets MARC A flat rating.
April 15, 2002... KURNIA Insurans Malaysia Bhd, Malaysia's largest general and motor insurer, has been accorded a single A flat rating by the Malaysian Rating Corp Bhd (MARC) for its general insurance strength. MARC said the rating reflects the company's...

Puncak Niaga still in talks on RM2b pipes project.
April 15, 2002... Byline: Adie Suri Zulkeflli PUNCAK Niaga Holdings Bhd, a water treatment plant operator, is still in talks with the Selangor State Government on a RM2 billion contract to replace some 6,000km of water pipes. Chairman Tan Sri Rozali...

Killinghall trims Southern Bank stake.
April 15, 2002... Byline: Ayu Musa Kamal INVESTMENT holding company Killinghall, the single largest shareholder of Southern Bank Bhd, has trimmed its stake in the bank, a move to possibly ease the company's cash flow. Killinghall has short-term debts...

IOI, Lee return to court to face Palmco minorities.
April 15, 2002... Byline: Norzuhaira Ruhanie AFTER a nine-month tussle with Sime Darby Bhd for control of Palmco Holdings Bhd, IOI Corp Bhd and owner Tan Sri Lee Shin Cheng will return to court today to face minority shareholders of the oleochemcal maker....

SMIS Corp to be listed on second board.
April 15, 2002... CAR parts manufacturer SMIS Corp Bhd will be listed on the second board of the Kuala Lumpur Stock Exchange tomorrow under the "Industrial Products" sector.

Cagamas bonds assigned AAA rating.
April 15, 2002... RATING Agency Malaysia Bhd (RAM) has assigned a long-term rating of AAA to Cagamas Bhd's issue of aggregate nominal value of RM1.83 billion fixed- rate bonds. RAM said the rating reflected the high quality of Cagamas' assets and adherence to...

APL Hotel restructures banking facilities.
April 15, 2002... ASIA Pacific Land Bhd's subsidiary, APL Hotel Sdn Bhd, has restructured its existing RM130 million banking facilities. The repayment of the banking facilities has been rescheduled from year 2002/2006 to year 2005/2013, the company told the...

Pasdec Holdings returns to the black.
April 15, 2002... PROPERTY developer Pasdec Holdings Bhd returned to the black with a net profit of RM11.6 million for the year ended December 31 2001 after posting a loss of RM1.8 million in the previous year. This was achieved on a lower turnover of RM68.5...

KLSE publicly reprimands Long Huat.
April 15, 2002... TIMBER-based Long Huat Group Bhd has been publicly reprimanded by the Kuala Lumpur Stock Exchange (KLSE) for failing to immediately announce legal actions taken against the company, some of which dated as far back as 1998. The company has...

Malaysia stands to benefit from higher oil prices.
April 15, 2002... Byline: Sadna Saifuddin A RISE in global oil prices would not have a direct impact on the Malaysian economy, but higher prices for a sustained period could boost to the country's coffers. According to economists, as a net oil...

MBM proposes rights to enhance liquidity.
April 15, 2002... Byline: Azlan Abu Bakar MBM Resources Bhd (MBM) is proposing a two-for-three bonus issue to enhance the liquidity of the company's shares on the Kuala Lumpur Stock Exchange (KLSE). In a statement to the KLSE last Thursday, RHB Sakura...

Halim vying for utility, infrastructure jobs in Pakistan.
April 15, 2002... Byline: Zety Fazilah Baharuddin FORMER Renong Bhd executive chairman Tan Sri Halim Saad is preparing to invest, in his personal capacity, in infrastructure and utility projects in Pakistan this year. "The proposal will be submitted...

Tanjong hopes to open 50 new outlets.
April 15, 2002... Byline: Adeline Paul Raj TANJONG PLC may see its earnings enhanced by as much as 5 per cent if it is allowed to open 50 new outlets in Sarawak, as has been widely speculated in the market late last week. The betting company's share...

Hotel operators find water rates too expensive.
April 15, 2002... LOCAL hotel operators have found their profit margins squeezed by huge water bills that have increased by 60 per cent since April last year. The Malaysian Association of Hotels (MAH) said the 60 per cent increase in water rates for...

Rafidah: Promote greater use of national ports.
April 15, 2002... Byline: Zaidi Isham Ismail MALAYSIA's port operators can help reduce the country's recurring services deficit by developing a complete logistic chain that can serve the needs of companies operating here. The services deficit in the...

Regulators more serious in making firms accountable.
April 15, 2002... Byline: Ishun P. Ahmad INVESTORS are encouraged by the positive development in corporate governance by regulators the Kuala Lumpur Stock Exchange (KLSE) and Securities Commission, particularly their increased transparency in dealings and...

Market still strong despite cut in weighting by MSCI.
April 15, 2002... Byline: Fred Tam WEEK-on-week, the benchmark Kuala Lumpur Stock Exchange Composite Index (KLCI) rose by 14.79 points or 1.94 per cent to close at 776.21 on a weekly volume not seen since two years ago. Besides the Jakarta and the...

Can index sustain performance?
April 15, 2002... Byline: Bernard AN ARTICLE ago we anticipated correctly that the Kuala Lumpur Stock Exchange Composite Index (KLCI) would test the upper resistance at 766 level. Well, it did just that and went beyond to test our medium-term...

Investors turn attention to laggard stocks (HL).
April 11, 2002... Byline: Adeline Paul Raj INVESTORS are snapping up laggard lower-liners amid rising interest in the stock market as reflected in year-high volumes chalked up this week. Analysts said blue-chips appear to have lost a little bit of...

Islamic bank funding boost for Asiaspace.
April 11, 2002... Byline: Malcolm Rosario ASIASPACE DotCom Sdn Bhd has secured several hundred million ringgit in financial backing from a local Islamic banking institution. "Bank Islam or Bank Muamalat is believed to be the company's main source of...

SC: Trading in Gensoil shares could have been manipulated.
April 11, 2002... Byline: Shahriman Johari TRADING in the shares of General Soil Engineering Bhd (Gensoil), a construction and engineering company, could have been manipulated, forcing the Securities Commission (SC) to ask for its suspension. The SC...

No time for smugness.
April 11, 2002... ASIAN economies must not be too excited about what one after another international agency are saying of late, for the first time in months painting - almost in a synchronised fashion - a suddenly much brighter outlook for the region. The...

Business as usual in Umno politics.
April 11, 2002... Byline: Shamsul Akmar THE editors of Harakah must be having a lot of fun. If not, they wouldn't have launched the second round of an Internet poll on whom its readers feel is most trusted to succeed Datuk Seri Dr Mahathir Mohamad as the...

Texchem expects US$1b turnover from Asean.
April 11, 2002... Byline: Sharifah Arfah TEXCHEM Resources Bhd, a diversified investment holding group, is targeting US$1 billion (US$1 = RM3.80) in turnover from the Association of South-East Asian Nations (Asean) market by 2010. Chief executive...

MAHB optimistic of govt nod for service charge increase.
April 11, 2002... Byline: Ayu Musa Kamal MALAYSIA Airports Holdings Bhd (MAHB) will likely get an increase in its passenger service charges, its executive director of finance Rosman Abdullah said. The group submitted in October a proposal to the...

Economic uptrend expected to continue.
April 11, 2002... Byline: Sadna Saifuddin THE encouraging economic trend, reflected by February's industrial output, is expected to be sustained in coming months, judging by the positive developments locally and worldwide. National Economic Action...

KNM to invest RM40m in China ops.
April 11, 2002... Byline: Rizalman Hammim KNM Steel Sdn Bhd will invest RM40 million over the next five years to expand its operations into China and take advantage of the country's big market for oil and gas and petrochemical industries. "China's...

Semiconductor shares expected to trend higher.
April 11, 2002... Byline: Debra Moreira SHARE prices of semiconductor stocks fell yesterday despite forecast that sales will expand and prices will stabilise. Analysts, however, are optimistic that trading interest in the sector will pick up with...

PNB records more Bumi investors.
April 11, 2002... Byline: Sadna Saifuddin PERMODALAN Nasional Bhd (PNB) has recorded an increase in the number of Bumiputeras investing in the company's various unit trust schemes. Group chief executive Datuk Hamad Kama Piah Othman said to date,...

Taliworks, Yiked to undertake water supply project in Kedah.
April 11, 2002... TALIWORKS Corp Bhd and Kedah State nominee, Yiked Holdings Sdn Bhd, will form a joint venture company to undertake the implementation of a recently awarded RM120 million water supply contract in central Kedah. In an announcement to the...

Interest in IPOs likely to continue to be on upside.
April 11, 2002... Byline: Rizalman Hammim THE interest in initial public offerings (IPOs) is expected to continue to be on the upside considering the good showing by new listings in the first quarter of the year. One of the reasons for this is that...

CIMB acts as agent in proceedings.
April 11, 2002... COMMERCE International Merchant Bankers Bhd (CIMB) is acting as an agent and not a lender in the winding-up proceedings against light rail operators Sistem Transit Aliran Ringan (STAR) and Projeck Usahasama Transit Aliran Ringan Automatik Sdn...

StanChart confirms VSS offer to strengthen position.
April 11, 2002... Byline: Habhajan Singh STANDARD Chartered Bank Malaysia Bhd, which registered a lower pre-tax profit of RM26 million last year, has confirmed moves to offer selected staff a voluntary retrenchment package. As reported earlier by...

New appointments at Proton.
April 11, 2002... PERUSAHAAN Otomobil Nasional Bhd (Proton) has appointed Abu Hassan Kendut as non-executive chairman of the company. The company has also appointed Lieutenant General (R) Datuk Seri Mohamed Daud Abu Bakar and Datuk A. Razak Ramli as...

Jusco ties up with Unitem to open retail academy.
April 11, 2002... Byline: Norzuhaira Ruhanie JAYA Jusco Stores Bhd will open the first local retail academy in a partnership with Universiti Terbuka Malaysia (Unitem). The academy is located near Jusco's head office in Bandar Baru Wangsa Maju, Kuala...

SC gives RM250,000 grant to Badan Pengawas.
April 11, 2002... Byline: Shikin Shuriani Shukor THE Securities Commission (SC) has given a RM250,000 grant to Badan Pengawas Pemegang Saham Minoriti Bhd to assist in the set up of the minority shareholders body. SC chairman Datuk Ali Abdul Kadir...

KL Glass invests in plant expansion.
April 11, 2002... Byline: Shikin Shuriani Shukor KUALA Lumpur Glass Manufacturers Co Sdn Bhd (KL Glass) expects to improve efficiency and productivity with its RM10.8 million investment in plant expansion. KL Glass, a subsidiary of F&N Holdings Bhd,...

RM5.76b unutilised funds in 2001: Report.
April 11, 2002... Byline: Sadna Saifuddin UNUTILISED funds, which are either administered or funded by the central bank, totalled RM5.76 billion as at end of last year, out of which RM4.24 billion or 73.6 per cent are from the unutilised amount of...

BAE Systems unveils chemical agent detector.
April 11, 2002... THE integrated defence solutions division of BAE Systems is using the four-day Defence Services Asia 2002 (DSA2002) Exhibition and Conference as a platform to promote its Joint Chemical Agent Detector (JCAD) to the armed forces and...

Malaysia buys air defence systems worth over RM1b.
April 11, 2002... MALAYSIA will boost its air defence capabilities following the purchase of two air defence missile system packages in deals worth over RM1 billion. The Defence Ministry yesterday sealed two contract agreements for the purchase of two air...

Klibor futures close mixed.
April 11, 2002... THREE-month Kuala Lumpur Interbank Offered Rates (Klibor) futures prices closed mixed on the Malaysia Derivatives Exchange. At the close, June 2002 contract was down one tick to 96.82. September 2002 and December 2002 increased by one...

Topping up pre-paid credit through SMS.
April 11, 2002... QUIKNET Com and 724 Solutions have developed a solution to make refilling mobile phones' pre-paid credit easier. The solution utilises a short message service (SMS) to interact with users' banks to top up to refill the pre-paid mobile...

IT index closes lower.
April 11, 2002... THE MSC IT Index closed at 199.867, decreasing 0.4 point from 200.627 the previous trading day, reports www.MSCTimes.com . This represents a fall of 0.2 per cent over the previous trading day with the market capitalisation of the MSC IT...

'Reward employees with variable pay'.
April 11, 2002... Byline: Rizalman Hammim MALAYSIAN companies are now rewarding their employees based on their potential, performance responsibility and competency rather than the years of service. "There is a shift among Malaysian companies towards...

Majority of firms in KLSE Finance Index report higher earnings.
April 10, 2002... Byline: Nuryushida Laily Yusof MORE than half of the companies making up the Kuala Lumpur Stock Exchange Finance Index reported improved net earnings for the final quarter of 2001 year-on-year. And this positive performance is...

Banks likely to opt for capability-based alliances (HL).
April 10, 2002... Byline: Maisara Ismail RISING cost of mergers and acquisitions (M and As) will see Malaysian financial institutions steering clear of traditional unions involving whole organisations, say experts. Instead, in the second round of...

Breach of rules reason for suspension of trading in Gensoil?
April 10, 2002... Byline: Shahriman Johari THE Kuala Lumpur Stock Exchange (KLSE) yesterday suspended trading in shares of General Soil Engineering Bhd, a construction and engineering company, over a possible breach of certain regulations. Acting on a...

Confronting frivolity in the IT age.
April 10, 2002... Byline: Rashid Yusof WE ARE in the throes of the SMS (short message service) phenomenon as a subsidiary of the information technology (IT) revolution. The next general election may feature opinion polls, political messages, tirades,...

Malaysia's new realism towards English.
April 10, 2002... Byline: Abdullah Ahmad A SLIP of the tongue (in any language) is a boo-boo which raises eyebrows and often leads to embarrassment as well. Of course, a written mistake is more devastating than the oral gaffe. President George W. Bush...

CAHB to develop 3rd core business.
April 10, 2002... Byline: Nuryushida Laily Yusof COMMERCE Asset-Holding Bhd (CAHB), a major player in Malaysia's retail banking and merchant banking industries, now plans to develop a "reputable" franchise for the group's third business pillar comprising...

MLNG Tiga secures US$1.6b Japan gas deal.
April 10, 2002... MALAYSIA LNG Tiga Sdn Bhd (MLNG Tiga) clinched a US$1.6 billion (US$1 = RM3.80) deal to supply up to 480,000 tonnes of liquefied natural gas (LNG) per year to Japan Petroleum Exploration Co Ltd (Japex). Both companies signed a Sale and...

TRI re-strategises cellular equipment purchases.
April 10, 2002... Byline: Malcolm Rosario TECHNOLOGY Resources Industries Bhd (TRI) is stirring up a mini storm in its engineering division as the company's management re-strategises the procurement aspects of its cellular equipment needs. "The...

Electronics to see 10pc growth.
April 10, 2002... Byline: Ayu Musa Kamal MALAYSIA'S electronics sector is expected to experience a growth of between 5 per cent and 10 per cent this year. Malaysian American Electronics Industry chairman CB Teh said orders increased during the first...

Turning to security matters.
April 10, 2002... SINCE the end of the Cold War, defence spending has been relegated to the lower rungs of Malaysia's list of priorities. The nation was at peace - and by any standards still is - while the economy was humming along very nicely, up till the...

Resorts' share price breaks RM10 barrier.
April 10, 2002... Byline: Foo Eu Jin RESORTS World Bhd's share price broke the RM10 barrier early this month, coming in as one of the top performers on the 100-stock Kuala Lumpur Stock Exchange Composite Index, analysts say. "The resorts and theme...

Venture into new areas, E and E industry told.
April 10, 2002... Byline: Hamisah Hamid MALAYSIA's electrical and electronics (E and E) industry, which is experiencing a labour shortage, has been urged to venture into new areas to develop a new competitive advantage. In making the call,...

Flexibility in hiring of foreign labour sought.
April 10, 2002... MAKERS of electrical and electronics products seek greater flexibility in the area of hiring foreign labour so that they are better prepared to handle more orders during good times. The Electrical and Electronics Association of Malaysia...

Country View expects to achieve RM370m sales.
April 10, 2002... PROPERTY developer Country View Bhd, en route to a listing on the Kuala Lumpur Stock Exchange (KLSE) main board, expects to achieve sales of RM370 million in the next five years. Executive chairman Datuk Mohamed Al Amin Abdul Majid said...

Army to receive 22 units of ACVs from Nov.
April 10, 2002... THE Malaysian army will start receiving 22 units of ACV vehicles (ACV300) from this November, with the whole 211 units slated to be delivered by early 2004, Defence Minister Datuk Seri Mohd Najib Razak said. Of the total, he said 146...

Five more companies join RealRewards programme.
April 10, 2002... LOYALTY card RealRewards' manager, Electronic Commerce Technology, has added another five companies as its corporate clients. The five comprise Tenaga Nasional Bhd, American International Group, Habib Jewels, Menara Kuala Lumpur and...

3 firms get RM382m deals from Mindef.
April 10, 2002... THREE manufacturing companies secured contracts totalling RM381.7 million to supply defence equipment to the Ministry of Defence (Mindef). The ministry signed three letters of acceptance (LOA) with the companies for the respective...

Klibor futures end mixed.
April 10, 2002... THREE-month Kuala Lumpur Interbank Offered Rates (Klibor) futures prices closed mixed on the Malaysia Derivatives Exchange yesterday. The futures market saw six contract months traded. At the close, June 2002, March 2003, June 2003...

Positive sentiment to continue today.
April 10, 2002... Byline: Norzuhaira Ruhanie THE positive trading sentiments on the Kuala Lumpur Stock Exchange yesterday may continue today with some profit-taking on selected stocks, dealers said yesterday. "Investors were influenced with the...

Index rises 1.6pc.
April 10, 2002... THE MSC IT Index closed at 200.637 points yesterday, increasing by 3.244 points from 197.383 on Monday. This represents a rise of 1.64 per cent over the previous trading day with the market capitalisation of the MSC IT Index increasing by...

I-Berhad, Guthrie to develop smart homes.
April 10, 2002... HOME appliances maker I-Berhad and plantation-based Kumpulan Guthrie Bhd have formed a strategic alliance to develop smart homes. A smart home allows houseowners to apply the latest technologies in the information, communications and...

Mutiara Damansara offers a wider choice in housing designs.
April 10, 2002... Byline: Kang Siew Li HOMEBUYERS can only look forward to more bungalow units and bungalow lots launches at Mutiara Damansara in Petaling Jaya, as it has already completed launching of its other landed properties such as terraced houses...

Several shipping lines express interest in PTP.
April 10, 2002... Byline: Jose Barrock SEVERAL shipping lines have expressed interest to sign terminal service pacts with Port of Tanjung Pelepas (PTP). "PTP's marketing is very aggressive, we have approached all large shipping lines, but so have all...

Amim to seek additional funds to assist industry.
April 10, 2002... Byline: Jose Barrock THE Association of Marine Industries of Malaysia (Amim) plans to meet the Finance Ministry (MOF) to seek additional funds from the Government to further assist the industry. Vice president Datuk Mohd Nor Abdul...

Sime not able to equity account Palmco profits? (HL).
April 9, 2002... Byline: Shahriman Johari QUESTIONS have been raised as to whether Sime Darby Bhd will be able to equity account profits made by Palmco Bhd after the apparent rejection by IOI Corp Bhd of the conglomerate's request for board...

China's CPO purchases prove disappointing.
April 9, 2002... Byline: Zaidi Isham Ismail CHINA has bought only about 300,000 tonnes of crude palm oil (CPO) in the first three months of the year, which is well below expectations. Malaysia is disappointed with the small amount of imports so far,...

Manufacturing output poised to rebound quicker than expected.
April 9, 2002... Byline: Sadna Saifuddin MALAYSIA'S manufacturing output may rebound sooner than expected based on data released yesterday. Economists were encouraged by the turnaround in the Industrial Production Index (IPI) for February, which...

PNS to sell Pernas to Restu Setia.
April 9, 2002... Byline: Sharifah Arfah PERBADANAN Nasional Bhd (PNS) has agreed to sell its entire controlling stake in Pernas International Holdings Bhd to privately-owned Restu Jernih Sdn Bhd, a company classified as dormant by the Registrar of...

Currents across the Causeway.
April 9, 2002... IT MAY not be so much a case of the water supply issue being a constant thorn in Singapore-Malaysia bilateral relations that Prime Minister Goh Chok Tong wants the republic to seek alternative sources. More than that, Singapore is perhaps...

No need to compete for Indian projects: CIDB.
April 9, 2002... Byline: Rizalman Hammim THE Construction Industry Development Board (CIDB) wants to ensure that Malaysian contractors are not competing with each other for projects in India. "We are beginning to outbid each other for projects in...

PUC makes impressive debut.
April 9, 2002... Byline: Debra Moreira PUC Founder (MSC) Bhd, the first stock listed on the Mesdaq Market following Malaysian Exchange of Securities Dealing and Automated Quotation (Mesdaq)'s merger with the Kuala Lumpur Stock Exchange (KLSE) on March...