Business Times (Malaysia) articles from April 2010

Business Times (Malaysia) archives from April 2010

Transmile: Debt issues to be resolved by year-end.
April 30, 2010... Byline: Presenna Nambiar THE management of Transmile Group Bhd, led by its managing director Liu Tai Shin, hopes to resolve its debt issues by the end of this year. The air cargo operator, whose troubles started following an accounting...

Berjaya plans US$500m Japan project.
April 30, 2010... Byline: Vasantha Ganesan THE Berjaya group is planning to develop a US$500 million (RM1.6 billion) property project in Japan, making it the second major Malaysian firm to invest in the Land of the Rising Sun in less than a month. On April...

MMC ready to spend US$1.2b on Tanjung Bin plant expansion.
April 30, 2010... Byline: Goh Thean Eu INFRASTRUCTURE and energy group MMC Corp Bhd is keen to spend as much as US$1.2 billion (RM3.9 billion) to expand its 2,100-megawatt (MW) Tanjung Bin Power Plant by another 800MW if the government is agreeable. ...

Transmile: We need closure.
April 30, 2010... TRANSMILE Group Bhd has filed civil suits against its former chief executive officer Gan Boon Aun and chief financial officer Lo Chok Ping in a move to restore its reputation in the corporate world. "We want to regain credibility and, to a...

PLUS en route to overseas opportunities.
April 30, 2010... Byline: Rupinder Singh PLUS Expressways Bhd, Southeast Asia's largest toll operator by market capitalisation, hopes to offer technical and consultancy services to highway operators overseas by early next year, its top official said yesterday....

Eversendai looking to list here.
April 30, 2010... Byline: Azlan Abu Bakar EVERSENDAI Corp Sdn Bhd, a home-grown structural steel contractor, plans to sell shares in an initial public offering (IPO) by the year-end or next year. Its group managing director Datuk A. K. Nathan said the IPO...

Petra Perdana yet to decide on stake in unit.
April 30, 2010... Byline: Adeline Paul Raj PETRA Perdana Bhd, an offshore marine services firm, has yet to decide whether to keep its 29.6 per cent stake in associate company Petra Energy Bhd. "We've not decided yet. It depends on our shareholders at the...

Glomac Bhd: Trading Buy, target price RM1.83.
April 30, 2010... OSK Research has initiated coverage on stocks of Glomac Bhd, arguing the property developer is cheap relative to rivals while earnings is expected to recover strongly. Glomac also has a more solid balance sheet now and the property market...

Ann Joo Resources: Buy, target price RM4.20.
April 30, 2010... ANN Joo Resources Bhd is expected to report improved results in its remaining three quarters due to rising steel demand, said AmResearch. It reported a first quarter net profit of RM41 million on revenue of RM474 million, accounting for 23...

Eastern Pacific Industrial Corp: Buy, target price RM1.95.
April 30, 2010... PETROLEUM supply base operator Eastern Pacific Industrial Corp Bhd (Epic) plans to build an offshore fabrication yard while plans to buy IJM Corp Bhd's West Wharf port operations are still in progress. Maybank IB Research said its good first...

Scomi bags RM60.5m jobs in Asia.
April 30, 2010... SCOMI Group Bhd, an oil and gas services provider, bagged RM60.5 million worth of jobs in Asia within the first three months of this year. In a statement issued yesterday, the group said its oilfield services business has successfully secured...

Tan is new COO of Prudential.
April 30, 2010... PRUDENTIAL Assurance Malaysia Bhd has appointed Tan Liling as chief operations officer (COO), replacing Jeffrey Yem who is now chief information officer. Reporting to the chief executive officer, Tan is responsible for the overall operation...

TH Plantations: Buy, target price RM2.
April 30, 2010... TH PLANTATIONS (THP) reported a good set of numbers for the first quarter but that was slightly below the expectations of MIDF Research. Net profit for the quarter to March 31 more than doubled to RM17.8 million while revenue rose 29 per cent...

Sunway Holdings: Buy, target price RM2.
April 30, 2010... ECM Libra has stressed its buy call on shares of Sunway Holdings Bhd after it announced the purchase of a piece of land in Taman Equine, Selangor, for RM37.8 million. This is the third parcel it has bought so far this year and it brings the...

QSR to invest RM80m this year.
April 30, 2010... Byline: Vasantha Ganesan QSR Brands Bhd, operator of Kentucky Fried Chicken (KFC) and Pizza Hut restaurant chains, will invest some RM80 million this year to open more outlets and refurbish the existing ones. It is planning to open some 40...

Silver Bird expects higher revenue from S'pore ops.
April 30, 2010... Byline: Azlan Abu Bakar SILVER Bird Group Bhd, the country's largest local bakery company, expects contribution from its Singapore business to increase to more than 20 per cent of total revenue this year, driven by aggressive marketing...

Economy may grow faster than forecast.
April 30, 2010... Byline: Rupa Damodaran BANK Negara Malaysia hinted yesterday that Malaysia's economy can grow at a faster pace than the 4.5 per cent to 5.5 per cent forecast earlier. Governor Tan Sri Dr Zeti Akhtar Aziz said there is an upside potential...

Asiasons to buy 75pc of Chaswood.
April 30, 2010... ASIASONS Capital Ltd, a Singapore-listed private equity fund, is taking control of Chaswood Resources Sdn Bhd as it seeks to expand the food and beverage company into a regional player. The company will pay RM38 million to buy 75 per cent of...

MBSB looks forward to better year.
April 30, 2010... Byline: Jeeva Arulampalam MALAYSIA Building Society Bhd (MBSB), a housing loan provider, expects higher revenue and net profit this year on stronger growth from its retail business and corporate financing. "The retail business financing...

MAA receives nod to pursue M&As.
April 30, 2010... MAA Holdings Bhd (MAAH) said it has received approval from Bank Negara Malaysia to pursue merger and acquisition activities, including a potential sale of its subsidiary Malaysian Assurance Alliance Bhd (MAA) within 12 months to further...

Bursa reprimands Golden Plus Holdings.
April 30, 2010... BURSA Malaysia Bhd has publicly reprimanded Golden Plus Holdings Bhd for failing to submit its quarterly reports since April 30 2009, annual audited report for the financial year ended December 31 2009 and annual report for the same year. Golden...

AE Multi calls off talks on BL stake.
April 30, 2010... PRINTED circuit board maker and seller AE Multi Holdings Bhd has terminated negotiations to buy a 18 per cent stake in cruise business, BL Holdings Ltd (BLHL). BLHL is the owner of Ben's Entertainment City. AE Multi had initially planned to...

Equine Capital to sell land to Safetags.
April 30, 2010... EQUINE Capital Bhd (ECB) plans to sell 6.04 acres of leasehold land Petaling, Selangor to Safetags Solution Sdn Bhd, a subsidiary of Titijaya Group, for RM19.6 million. It will use proceeds from the proposed disposal repay bank borrowings and...

Berjaya Media to pause for consolidation.
April 30, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded yesterday. Declining counters outpaced advancing counters by 363 to 347. The FTSE Bursa Malysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from its intra-day low of 1,332.81...

Hua Yang projects 2010 sales at RM300m.
April 30, 2010... Byline: Zurinna Raja Adam PROPERTY developer Hua Yang Bhd projects its annual revenue to grow to RM500 million in three to five years as it strengthens its position in the affordable housing segment. For the nine months ended December 31...

DRB-HICOM has hub plans for Suzuki.
April 30, 2010... Byline: Zuraimi Abdullah DRB-HICOM Bhd and its 40 per cent-owned Suzuki Malaysia Automobile Sdn Bhd (SMA) are working on becoming a regional hub for Suzuki Motor Corp to export Suzuki cars to other countries in Southeast Asia. DRB-HICOM...

Zeti: Our recovery cost among lowest.
April 30, 2010... Byline: Rupa Damodaran THE recovery cost incurred by Malaysia to restructure its financial sector following the crippling Asian financial crisis a decade ago was among the lowest in the world, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz...

17 qualify to bid for RM7b LRT contracts.
April 29, 2010... STATE-OWNED public transport operator Syarikat Prasarana Negara Bhd said 17 applicants have qualified to bid for contracts of about RM7 billion to extend light rail transit (LRT) lines in the Klang Valley. They include firms like Sunway...

Lityan optimistic about job offers on renewed trust.
April 29, 2010... Byline: Presenna Nambiar INFORMATION technology firm Lityan Holdings Bhd plans to double its revenue and profit this year, helped by renewed confidence in the company. "Last year was not a good year because of our Practice Note 17 (PN17)...

Govt targets growth in productivity.
April 29, 2010... Byline: Goh Thean Eu THE government aims to double investments from local and foreign companies to RM140 billion by the end of 2015, from current levels. "We expect the growth to come from manufacturing, services and financial sector. More...

Malaysia wants more Finnish technology firms to invest here.
April 29, 2010... Byline: Farrah Naz Karim MALAYSIA wants more Finnish companies well known for their technology to invest in the country. This could help Malaysia become a centre for innovation in the region, said Prime Minister Datuk Seri Najib Razak. ...

GCorp rises after major shareholder's offer.
April 29, 2010... SHARES of General Corp Bhd (GCorp) closed 1.3 per cent higher yesterday following an offer by its major shareholder, Tan Sri Low Keng Huat, to buy the assets and liabilities of the company for RM505 million. The stock ended 2 sen higher at...

Maxis sees bigger non-voice revenue.
April 29, 2010... Byline: Goh Thean Eu MAXIS Bhd, the country's leading mobile operator, expects more than half of its revenue to come from non-voice business by as early as 2012, boosted by more relevant contents and new services like the Internet Protocol...

AsiaAsia to use nasi kandar as selling point.
April 29, 2010... Byline: Marina Emmanuel PENANG'S gastranomic icon - the nasi kandar - will be the marketing channel tapped by low-cost carrier AirAsia Bhd to promote its newly launched Penang-Chennai route. Chairman Datuk Aziz Bakar said nasi kandar...

Once bitten, twice shy for Selangor Properties.
April 29, 2010... Byline: Sharen Kaur SELANGOR Properties Bhd (SPB) will stop investing in global property funds after losing money on previous bets. SPB, one of the largest landowners in Damansara Heights, Kuala Lumpur, had invested some RM300 million in...

Court: Genisys counsel must turn up on June 3.
April 29, 2010... Byline: Azlan Abu Bakar THE Federal Court told Genisys Integrated Engineers Pte Ltd (GIE) yesterday to look for a new lawyer if its lead counsel fails to turn up at the next hearing fixed for two days, starting on June 3. UEM Group Bhd was...

China's ICBC gets nod to open 4 branches here.
April 29, 2010... Byline: Adeline Paul Raj THE world's largest bank by market value, Industrial and Commercial Bank of China (ICBC), has received Bank Negara Malaysia's approval to open initially four branches in Malaysia. "The current licence allows them...

Kamarul is new Petra Energy CEO.
April 29, 2010... PETRA Energy Bhd has appointed Kamarul Baharin Albakri as its chief executive officer. Kamarul, 47, is now involved in streamlining the group's management and operational practices, mainly to enhance the management processes and continuously...

Mideast still in need of capital, says AmIslamic.
April 29, 2010... Byline: Hamisah Hamid ABU DHABI: The Middle East region is still good for fixed-income investment as it is a growing region, according to a fund manager. AmIslamic Management Sdn Bhd head of sukuk and alternative investment, Mohd Farid...

Steven's Corner director pays fine.
April 29, 2010... THE Companies Commission of Malaysia (SSM) has charged Sri Steven's Corner Holdings Sdn Bhd and its director Sathiasilan Sinnapan at the Kuala Lumpur Sessions Court for committing eight offences under the Companies Act 1965. Sathiasilan...

Bank Rakyat first quarter profit up 23pc.(Financial report)
April 29, 2010... BANK Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) saw its first-quarter profit before tax and zakat rise by 23 per cent from a year earlier to RM407.3 million. In a statement issued yesterday, the state-owned bank attributed the growth to...

Collaboration in Islamic dealings.
April 29, 2010... MALAYSIAN and UK Islamic banks have agreed to undertake greater collaboration in cross-border Islamic liquidity management transactions. The decision was made at the end of the Malaysian-UK Islamic treasurers workshop, which was held at the...

CCM upbeat on 2010 outlook.
April 29, 2010... Byline: Azlan Abu Bakar CHEMICAL Company of Malaysia Bhd (CCM), the country's largest fertiliser maker by volume, expects 2010 to be a better year, backed by a new plant and better demand. Its group managing director Datuk Dr Mohd Hashim...

Cruise terminal boost for KK.
April 29, 2010... Byline: Julia Chan TOURISM in the city will get a major boost from a proposed international cruise terminal at Kota Kinabalu Port which is currently being used as a general cargo port. Parent company of Sabah Ports Sdn Bhd, Suria Capital...

SunCity positive on sales of Australian project.
April 29, 2010... Byline: Sharen Kaur SUNWAY City Bhd (SunCity) is building logistics and distribution centres at its RM1.1 billion industrial park project in Australia and it is positive on sales. "Looking at currency appreciation, the economy is doing...

SMEs told to step up use of information technology.
April 29, 2010... Byline: Rupa Damodaran SMALL and medium enterprises (SMEs) must step up their ICT (information, communications and technology) use, said Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir. "However, the National...

Property investment unit to provide half of group's profit.
April 29, 2010... Byline: Sharen Kaur SUNWAY City Bhd's property investment division will continue to provide half of the group's net profit as new projects come on stream this year. The developer is planning to launch the RM1.5 billion Sunway Velocity...

Coway Malaysia eyes RM40m sales.
April 29, 2010... Byline: Rupinder Singh WOONGJIN Coway Co Ltd, South Korea's largest water-purifier maker, expects sales in Malaysia to almost double this year, driven by its water purifiers. "We target sales to reach RM40 million this year compared with...

Lee assumes role of KNM chairman as well.
April 29, 2010... KNM Group Bhd group managing director (MD) Lee Swee Eng has assumed the additional role of chairman following the resignation of Datuk Mohamad Idris Mansor. Lee, 54, founded KNM Group in 1990, and was appointed group MD on June 14 2003. He also...

Sunway to buy land.
April 29, 2010... SUNWAY Holdings Bhd plans to buy 33.37 acres of leasehold land in Taman Equine, Bandar Putra Permai, Selangor, from Taman Equine Riding Sdn Bhd for RM37.8 million. It intends to build semi-detached and bungalow villas on the land, which has...

UEM selling stake in Touch 'n Go to PLUS.
April 29, 2010... PLUS UEM Land Holdings Bhd is selling its 20 per cent stake in Touch 'n Go Sdn Bhd (TnG) to PLUS Expressways Bhd for RM33.4 million. The disposal is part of UEM Land's effort to focus on its core business of property development and dispose of...

Consolidation likely.
April 29, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia fell across the board yesterday on the sharp overnight pullback on Wall Street. Declining counters outpaced advancing counters by 236 to 472. The FTSE Bursa Malaysia Kuala Lumpur Composite...

Turbo-Mech to be listed tomorrow.
April 29, 2010... ROTATING equipment maker Turbo-Mech Bhd will be listed on the main market of Bursa Malaysia tomorrow. In a statement issued yesterday, the company said it will float its entire issued and paid-up capital of RM54 million comprising of 108 million...

Malaysia to hit TV screens in Arab world.
April 29, 2010... Byline: R. S. Kamini MALAYSIA will soon be in the eyes of one billion Arabic-speaking population worldwide when a programme showcasing its products and services goes on air at the end of July. Local production company Marwa Global Media...

Duped investors to get their money back.
April 29, 2010... THE Kuala Lumpur High Court has ordered the restitution of RM2.2 million to 14 Australian investors who were defrauded in the investment scam by Cambridge Capital Trading believed to be based in the UK. In a statement issued yesterday, the...

Haisan in sale, leaseback deal with Global Logistic.
April 29, 2010... HAISAN Resources Bhd has partnered Global Logistic Properties Investment Management (China) Co Ltd for the sale and leaseback of Haisan's land, building and part of the refrigeration equipments for 120 million renminbi with a lease period of not...

Investments worth RM600m at stake.
April 28, 2010... Byline: Marina Emmanuel THE shortage of staff in the northern region has reached critical levels as Malaysia could lose out on reinvestments of RM600 million from multinational corporations. These MNCs could not find enough local workers...

Zeti: Ringgit level reflects improving economy.
April 28, 2010... Byline: Rupa Damodaran THE ringgit's strength against the US dollar reflects the improving economy but the central bank would be concerned if there are "excessive" movements. "The ringgit weakened substantially in 2009, therefore we are...

Higher student numbers will HELP achieve target.
April 28, 2010... Byline: Jeeva Arulampalam HELP International Corp Bhd hopes to achieve double-digit growth for its full-year earnings, driven by rising student intake as it adds more home-grown programmes. The group saw its revenue increase 13 per cent to...

Proposal to buy out, wind up GCB.
April 28, 2010... MAJOR shareholders of diversified group General Corp Bhd (GCB), Tan Sri Low Keng Huat and Datuk Marco Low Peng Kiat, are proposing to buy out minority shareholders for RM505 million, only to wind up the business. The offer prices the company...

Minorities reject plan to privatise MBf Hlgs.
April 28, 2010... MINORITY shareholders of MBf Holdings Bhd have rejected plans by its major shareholder to take the company private for 65 sen apiece at a meeting yesterday. MBf will remain listed on the Main Market of Bursa Malaysia Securities Bhd as all...

AmResearch upgrades GDP forecast.
April 28, 2010... Byline: Rupa Damodaran AMRESEARCH Sdn Bhd has raised its growth forecast for Malaysia from 5 per cent to 8 per cent for 2010, the first local research house to upgrade its assessment of the economy this year. A strengthening domestic and...

EP Manufacturing expects to pay dividend.
April 28, 2010... Byline: Goh Thean Eu EP MANUFACTURING Bhd, a car parts maker, plans to declare a dividend to shareholders this year, its first in more than four years, helped by improving local and overseas demand. "The results will be good this year,...

Atis sees synergy in Mutiara deal.
April 28, 2010... Byline: Goh Thean Eu ATIS Corp Bhd, which is expanding its stake in property developer Mutiara Goodyear Development Bhd to over 50 per cent, expects to see significant earnings contribution from its Mutiara deal within 12 to 18 months. ...

Carlsberg, Guinness to raise product prices.
April 28, 2010... Byline: Adeline Paul Raj MALAYSIA'S two main brewers say they will raise the prices of their beer and stout products by about 3 per cent next month to offset higher costs. "The increase is industry-wide and across all categories (of...

Bursa eyes GCC banks for commodity platform.
April 28, 2010... Byline: Hamisah Hamid ABU DHABI: Stock exchange regulator Bursa Malaysia Bhd expects to attract a few large banks from the Gulf Cooperation Council (GCC) to be members of its syariah-compliant electronic commodity trading platform, Bursa Suq...

Nasim opens new 3S centre.
April 28, 2010... NASIM Sdn Bhd, distributor of the Peugeot marquee in Malaysia, has launched a 3S centre in Ampang, Kuala Lumpur, as part of its network expansion plan that will see the opening of more branches and a reduction of spare part prices by 20 per...

Islamic finance to expand role, presence in Asia.
April 28, 2010... Byline: Hamisah Hamid ABU DHABI: Islamic finance is uniquely positioned to expand its role and presence amid Asia's new phase of growth, with huge opportunities for Muslim nations to boost trade with each other. Perak regent Raja Dr Nazrin...

Property market set for substantial rebound.
April 28, 2010... Byline: Zurinna Raja Adam THE growth rate of Malaysia's property sector is expected to return to pre-crisis levels this year, on a growing economy and improved commodities market and exports. "The property market this year will improve...

Quattro West wins award.
April 28, 2010... QUATTRO West, formerly Nestle House, has won the best redevelopment award for Malaysia at the Asia Pacific Commercial Property Awards 2010 in Hong Kong on April 16. Axis REIT Managers Bhd bought the building for RM39.8 million in 2007 and...

Malaysian exports of LEDs to glow brighter.
April 28, 2010... Byline: Marina Emmanuel; Looi Sue-Chern MALAYSIAN exports of light emitting diodes (LED), which amounted to RM1.81 billion last year, are due to rise by a further 20 per cent this year. Minister of International Trade and Industry Datuk...

Perdasama KL plans mission to South Korea.
April 28, 2010... Byline: June Ramli KUALA LUMPUR-BASED Malay businessmen are planning to visit South Korea to explore joint-venture opportunities, following a pact signed between business groups of the two countries. The Kuala Lumpur Chapter of the Malay...

Are we ready to swallow bitter pills?
April 28, 2010... Byline: Hassan Ali THE true spirit of 1Malaysia is at its best after the Prime Minister's announcement of the New Economic Model (NEM). Everyone seems to have an opinion on the new model and it is heartening to observe Malaysians putting on...

Rantau Simfoni, director under probe.
April 28, 2010... THE Securities Commission is investigating the activities of Rantau Simfoni Sdn Bhd and its director Zamani Hamdan for possible breaches of securities laws in relation to the trading in futures contracts without a licence. The regulator said...

Motor insurance revamp: BNM to assess feedback first.
April 28, 2010... BANK Negara Malaysia (BNM) wants to assess the feedback on the reform of third-party motor insurance before coming up with a proposal, says governor Tan Sri Dr Zeti Akhtar Aziz. "The matter will go through a consultative process. We'll take...

Leasing deals lead Labuan FSA growth.
April 28, 2010... Byline: Rupa Damodaran LEASING transactions in the oil and gas (O&G) and aviation industries led the growth of the Labuan Financial Services Authority (Labuan FSA) last year, says its chairman Tan Sri Dr Zeti Akhtar Aziz. Assets leased...

50 SMEs to be picked for biomass project.
April 28, 2010... Byline: June Ramli THE Biomass Industries in Malaysia Sustainable Production (Biomass-SP) project will identify 50 local small and medium enterprises (SMEs) to participate in the commercialisation of biomass technology with their counterparts...

I&P busy with RM8.8b of projects.
April 28, 2010... Byline: Zuraimi Abdullah I&P GROUP Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), has some RM8.8 billion of gross development value (GDV) at its existing mixed development projects in the Klang Valley and Johor. ...

Ho Hup seeks to declare pact void.
April 28, 2010... HO Hup Construction Co Bhd has filed a suit in the Kuala Lumpur High Court in respect of the joint development agreement between Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd. The suit seeks to declare the development agreement as...

Deleum eyes RM200m-RM300m deals.
April 28, 2010... Byline: Azlan Abu Bakar DELEUM Bhd, an oil and gas service provider, expects to see continuous growth in 2010, backed by new projects and its entry into a new segment in the industry. It is bidding for contracts worth between RM200 million...

AirAsia unit gets nod for Labuan captive insurance.
April 28, 2010... AIRASIA Bhd's subsidiary AirAsia Corporate Services Ltd has received the nod to carry on a Labuan captive insurance business in, from or through tax haven Labuan. It said the primary purpose of establishing the captive insurance business was to...

Transmile files suit against former execs.
April 28, 2010... TRANSMILE Group Bhd has filed its first civil suit against its former chief executive officer, Gan Boon Aun and chief financial officer, Lo Chok Ping, after spending three years clearing up the mess left behind from an accounting scandal. The...

Notion VTec buys 60pc of Autic Mekki.
April 28, 2010... NOTION VTec Bhd, a hard disk drive manufacturer, plans to buy 60 per cent in Autic Mekki Sdn Bhd held by two individuals for RM3.4 million. Notion VTec, via its subsidiary Notion Venture Sdn Bhd (NVSB), yesterday entered into two separate...

Measat likely to consolidate.
April 28, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated within tight trading ranges yesterday. Its overall declining counters continued to outpace its advancing counters by 502 to 178. The FTSE Bursa Malaysia Kuala Lumpur Composite...