Business Times (Malaysia) articles from August 2010

Business Times (Malaysia) archives from August 2010

Maxis posts Q2 profit of RM532m.(Financial report)
August 31, 2010... Byline: Goh Thean Eu MAXIS Bhd, the country's largest mobile operator, registered a 10 per cent decline it is second quarter net profit, due mainly to a one-off spending in its Fifa 2010 World Cup campaign and handset subsidies. It also...

Bursa ends highest since Feb 2008.
August 31, 2010... THE Malaysian stock market recorded its highest close in recent years as the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) closed at 1,422.49, the highest ever recorded since February 2008. Analysts attributed the...

'Banks likely to be against mortgage proposal'.
August 31, 2010... Byline: Adeline Paul Raj BANKS may not be in favour of a potential move by Bank Negara Malaysia (BNM) to tighten mortgage lending rules unless it is limited to just high-end properties, analysts say. It was reported that the central bank...

Penang records growth in air, sea cargo in H1.
August 31, 2010... Byline: Marina Emmanuel THE first sixth months of the year saw an increase in air and sea cargo shipped out of Penang compared to the corresponding period in 2009. Statistics compiled by Penang-based Socio-Economic and Environmental...

Samsung Eng wins US$770m Petronas deal.
August 31, 2010... PETRONAS Carigali Sdn Bhd has awarded a US$770 million (RM2.4 billion) contract to Samsung Engineering to build an oil and gas terminal in Sabah. The plant, which will produce 300,000 barrels of oil and 1.25 billion cubic feet of gas per day,...

Dealers upset over Unisem warrants trade cancellation.
August 31, 2010... LOCAL stock traders and remisiers were upset yesterday after Bursa Malaysia Bhd announced that trades for Unisem (M) Bhd warrants over a one-hour period in the afternoon session had been cancelled. "This is very unfair. So, now the gains that...

MAHB will not rush KLIA2 construction.
August 31, 2010... Byline: Jeeva Arulampalam MALAYSIA Airports Holdings Bhd (MAHB) says the process of building the new permanent low-cost carrier terminal, now known as KLIA2, has taken time due to extensive tender process and it not wanting to compromise on...

Amtek confident of returning to profitability next year.
August 31, 2010... Byline: Hamisah Hamid AMTEK Holdings Bhd says it is confident of being profitable again in the year ending June 30 2011, after several years of losses. Amtek still expects to report a loss in the financial year just ended but has projected...

Follow-through rebound likely.
August 31, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia extended their technical rebounds yesterday. Overall declining counters outpaced advancing counters by 377 to 334. The FBM Kuala Lumpur Composite Index (FBM KLCI) rebounded from its...

Toyota: Malaysia not affected.
August 31, 2010... UMW Toyota Motor Sdn Bhd says all Toyota Corolla models sold by it are not affected by the voluntary recall in the US. This was confirmed by its principal Toyota Motor Corp, UMW Toyota said in a statement yesterday, It was reported that US-based...

BCorp scraps tie-up plan.
August 31, 2010... BERJAYA Corp Bhd has scrapped plans to form a strategic alliance with Kim Eng Holdings Ltd. BCorp yesterday said the two companies had mutually agreed to discontinue discussions on the prospect of Kim Eng becoming a strategic investor in its...

Sapura terminates dealership.
August 31, 2010... SAPURA Resources Bhd says wholly-owned Sapura Auto Sdn Bhd has ended its BMW and MINI dealership. Sapura Auto had sealed a deal with BMW Malaysia Sdn Bhd to mutually terminate the previous dealer agreements, Sapura told Bursa Malaysia yesterday....

EONCap shareholders' meet on Sept 27.
August 31, 2010... EON Capital Bhd told Bursa Malaysia yesterday that it will hold a special shareholders' meeting on September 27 to get their approval on the takeover offer by Hong Leong Bank Bhd. In a separate filing, the company said Bank Negara Malaysia's...

IOI to ride on China's strong palm oil demand.
August 30, 2010... Byline: Ooi Tee Ching CHINA is one of IOI Corp Bhd's top five palm oil markets and executive chairman Tan Sri Lee Shin Cheng sees stronger demand in the years ahead. China, with 1.3 billion people, is the largest vegetable oil consumer in...

UDA aims to enhance its property value.
August 30, 2010... Byline: Ben Tan GOVERNMENT-owned UDA Holdings Bhd's priority for the long term is to enhance the value of its properties with an optimum Bumiputera and non-Bumiputera mix of buyers and tenants to ensure their appreciation. Newly-minted UDA...

New chairman to rejuvenate UDA.
August 30, 2010... Byline: Ben Tan IN LESS than three months after he took over as chairman of UDA Holdings Bhd, Datuk Nur Jazlan Mohamed has been busy trying to pump in new ideas and set the company moving in a sustainable direction. The businessman and...

Timing it right for ringgit policy review.
August 30, 2010... Byline: Rupa Damodaran WILL Malaysia allow the ringgit to resume trade beyond its shores? Bank Negara Malaysia's recent relaxation of several foreign exchange rules seems to suggest it is heading that way. But most currency analysts do not...

Bursa likely to pick up steam again.
August 30, 2010... Byline: Adeline Paul Raj THE stock market is likely to correct early this week before picking up steam again later as investor sentiment remains positive on the back of last week's strong corporate earnings. The stock benchmark index, FTSE...

Associates' debt may be turned into equity.
August 30, 2010... Byline: Jeeva Arulamapalam LOW-COST carrier AirAsia Bhd may convert debt owed by its associates into equity when they seek listing, its chief said. Group chief executive officer Datuk Seri Dr Tony Fernandes said that AirAsia's current...

Attracting private investments.
August 30, 2010... Byline: Datuk Seri Mustapa Mohamed THE years 2008 and 2009 have been tough for the global economy. The sub-prime crisis originating from the US had a major impact on the world economy and a number of countries in Europe, and of course the US,...

Keeping an eye on changing China mart.
August 30, 2010... Byline: David L. Cunningham Jr DURING the recent economic downturn, China along with governments around the world unleashed massive economic stimulus programmes. Since then, the global economy has been showing encouraging signs of recovery,...

Price trend likely to stage renewed rebound.
August 30, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia staged their follow-through rebounds last week, bucking the consolidation trend on regional stock markets. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) continued to stay...

Immediate resistance at 1,450 level.
August 30, 2010... Byline: Bernard THE spot month contract on FTSE Bursa Malaysia Derivatives closed at 1,414 last Friday with open interest of 10,566 contracts. It finally broke the 1,400 level effortlessly. Volume was moderate throughout the whole episode....

FBM KLCI correction imminent.
August 30, 2010... Byline: Kaladher Govindan WHILE blue chips extended gains a second week sparked by better-than-expected second quarter earnings to sustain a breakout rally on the benchmark index to a fresh 30-month high, lower liners and small cap stocks...

Sime Darby shares boosted by relief buying.
August 28, 2010... Byline: Zaidi Isham Ismail SHARES of Sime Darby Bhd rose to a two-month high as investors think the worst may be over for the conglomerate which booked some RM2.1 billion in provisions for fiscal 2010. Their optimism were also buoyed by...

China stocks battle with perception issues.
August 28, 2010... Byline: Kang Siew Li WITH net profit growth of 23 per cent last year and forecast growth of 20 per cent this year and 30-40 per cent next year, plus a targeted dividend payout ratio of 20 per cent in 2010, Multi Sports Holdings Ltd should...

Nazir heading for Oxford.
August 28, 2010... TOP banker Datuk Seri Nazir Razak will head for the UK to further his knowledge in Islamic finance at the prestigious Oxford Centre for Islamic Studies (OCIS), but will continue to helm the CIMB Group. Nazir, who has been chief of the...

Bintulu Port Q2 net profit surges on lower spending.(Financial report)
August 28, 2010... BINTULU Port Holdings Bhd (BPHB) says its second quarter net profit surged more than 70 per cent and it expects 2010 numbers to be better. Bintulu Port, ultimately owned by state oil firm Petroliam Nasional Bhd, posted a net profit of RM33.3...

Celcom Axiata expects to sustain earnings growth.
August 28, 2010... Byline: Jeeva Arulampalam MOBILE operator Celcom Axiata Bhd expects to maintain double-digit earnings growth in the second half of the year. "It's a beautiful time of year, especially now that it is the Ramadan month. We have a strong...

UEM Land Q2 earnings up more than sixfold.(Financial report)
August 28, 2010... UEM Land Holdings Bhd, a property developer, said second quarter net profit jumped more than sixfold to RM40.3 million, mainly due to gains from its disposal of Touch 'n Go Sdn Bhd. The company made a gain of RM25.6 million from selling its...

MTD Capital buys back all its shares.
August 28, 2010... Byline: Goh Thean Eu MTD Capital Bhd, the country's second largest toll road builder, has made the rare move of buying all of the allocated shares under a buyback scheme. It is believed to have spent some RM138 million this year to buy the...

Bright outlook for Innerspace business.
August 28, 2010... Byline: Lynn Omar INNERSPACE System Bhd, a manufacturer of decorative lightings, wants overseas businesses to make up half of its total revenue within the next 12 months. Innerspace executive director Kwan Yoon Sin is confident of...

Sino Hua-An returns to profitability in Q2.
August 28, 2010... Byline: Hamisah Hamid SINO Hua-An International Bhd was back in the black in its second quarter to June 30 2010 with a net profit of RM4.8 million against a net loss of RM13.3 million a year ago. The better performance was attributed to...

Pantech earmarks RM250m for new plant.
August 28, 2010... Byline: June Ramlee PANTECH Group Holdings Bhd will spend RM250 million to set up a manufacturing plant in Pasir Gudang, Johor, says its top executive. Executive chairman and group managing director Datuk Jimmy T.L. Chew said the plant is...

Benefits of Asean-China pact not fully tapped.
August 28, 2010... MALAYSIA'S exports to China under a regional free trade pact have quadrupled over the last three years, but this could rise further if exporters make full use of the Asean-China Trade in Goods Agreement (ACFTA). International Trade and...

Power Root shops in Indonesia.
August 28, 2010... POWER Root Bhd, a beverage manufacturer, has bought the Garden Shopping Arcade in Central Park Indonesia for RM1.7 million, to expand its operations there. The seller is PT Sun International Capital. The deal was done in cash and it was...

Cooling in China won't hurt exports.
August 28, 2010... IN A report titled "RAM revised up growth outlook to 7.4 per cent", economist Kristina Fong said the impact of a "cooling growth" in China should not have an adverse impact on Malaysia's exports of intermediate goods and not as reported. We are...

Scicom proposes bonus issue.
August 28, 2010... SCICOM (MSC) Bhd is proposing a bonus issue of 26.93 new shares on the basis of one bonus share for every 10 existing shares. "After due consideration, the board is of the view that the proposed bonus issue is the most appropriate avenue of...

Hovid sells Carotech shares to reduce loan.
August 28, 2010... HOVID Bhd said it has sold 80 million Carotech Bhd shares, or an 8.77 per cent stake, for RM5.6 million, to help reduce its loan owing to Affin Investment Bank Bhd. Last year, Hovid accepted a term-loan facility of RM20 million from Affin...

Index likely to extend winning streak.
August 28, 2010... Byline: S.N. Lock THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded for the major part of the week. It continued to stay above its critical resistance of 1,400 when it closed at 1,411.05 yesterday. The FBM KLCI...

PacificMas drops stake sale plan.
August 28, 2010... PACIFICMAS Bhd has scrapped plans to sell its stake in The Pacific Insurance Bhd to Singapore's Great Eastern Group. It did not say why talks broke down. However, it has selected Canadian insurer Fairfax Asia Ltd as the new buyer and plans to...

Solid Q2 signals record year for local banks.
August 28, 2010... Byline: Adeline Paul Raj BANKS, as expected, turned in solid report cards in the second quarter, pointing to full year that could see record earnings for the industry as loans continue growing and provisions fall. Analysts believe...

CIMB posts best quarterly, six-month results.(Financial report)
August 27, 2010... Byline: Adeline Paul Raj THE country's second largest banking group, CIMB Group Holdings Bhd, posted a record quarterly net profit in the April-June period and is positive on its prospects for the rest of the year. Net profit in the second...

Sime Darby set for revamp after Q4 loss.(Financial report)
August 27, 2010... Byline: Ooi Tee Ching SIME Darby Bhd, a merger of three entities just three years back, is set to be restructured again to improve governance after the conglomerate posted its second straight quarterly loss. It will have six subsidiaries...

Affin, HK partner plan first Islamic bank in China.
August 27, 2010... AFFIN Holdings Bhd and its foreign partner, Hong Kong's The Bank of East Asia Ltd, have submitted a proposal to the China Banking Regulation Authority (CBRA) to open China's first Islamic bank. "CBRA is currently still studying the regulation...

A welcome relief from Sime.
August 27, 2010... Byline: Zaidi Isham Ismail THE assurance that Sime Darby Bhd has provided all it can for existing projects was a welcome relief to investment analysts yesterday. Malaysia's third biggest listed group by market value reported a net profit...

Selangor Dredging bullish on sales.
August 27, 2010... Byline: Sharen Kaur SELANGOR Dredging Bhd expects future earnings to improve as it aims to launch several new projects in Klang Valley and Singapore worth a combined RM1 billion over the next two years. Its unbilled sales of RM650 million...

EON drives DRB-HICOM Q1 profit.(Financial report)
August 27, 2010... DRB-HICOM Bhd, a banking and automotive group, more than tripled its first quarter net profit mainly due to gains from making a car distributor a wholly-owned unit. The group, which also provides operation and maintenance services to a power...

Mah Sing meets RM1b full-year sales target in 7 months.(Financial report)
August 27, 2010... PROPERTY developer Mah Sing Group Bhd says its second-quarter net profit rose by more than a quarter and it has met its RM1 billion full-year sales target in just seven months. The group has now set a new sales target of RM1.5 billion as it...

F&N to buy 23pc of Cocoaland.
August 27, 2010... Byline: Kamarul Yunus FRASER and Neave Holdings Bhd (F&N), Malaysia's largest soft drinks manufacturer and distributor, has agreed to acquire a 23.08 per cent stake in Cocoaland Holdings Bhd for RM54.6 million to expand in the food...

AirAsia may consider aerobridges at new LCCT.
August 27, 2010... Byline: Jeeva Arulampalam BUDGET carrier AirAsia Bhd may consider using aerobridges at the new permanent low-cost carrier terminal (LCCT) to aide passenger convenience, says its chief. "MAHB (Malaysia Airports Holdings Bhd) has given us a...

Supermax Q2 net profit surges 78pc to RM46m.(Financial report)
August 27, 2010... THE world's second largest rubber glovemaker Supermax Corp Bhd says its second-quarter net profit has surged 78 per cent and is confident of the future despite some concerns. Top of the list of worries is the cost of latex, its main raw...

Xidelang expects sports shoe sales to equal apparel's.
August 27, 2010... Byline: Jeeva Arulampalam XIDELANG Holdings Ltd, a sports shoes and apparel maker from China, expects an equal sales contribution from its sports shoes and sports apparel this year. Sales from its sports apparel, accessories and equipment...

Public Mutual to launch Indonesia fund.
August 27, 2010... PUBLIC Mutual Bhd, Malaysia's largest private unit trust company with nearly RM40 billion worth of funds, is launching a new fund called Public Indonesia Select Fund (PINDOSF) on September 1. The fund invests in a diversified portfolio of...

KFCH to invest RM2.5m in new RasaMas outlets.
August 27, 2010... Byline: Azlan Abu Bakar KFC Holdings (Malaysia) Bhd (KFCH) plans to set up five new RasaMas restaurants in 2011 with investments totalling RM2.5 million. KFCH director for integrated poultry and food manufacturing Azizah Abdul Rahman said...

Firm plans to spend Euro4.5m more on ARN.
August 27, 2010... Byline: Presenna Nambiar TNT, Netherlands-based express and mail company, plans to spend Euro4.5 million (RM17.95 million) over two years to build its road transportation fleet and security system, as part of its development plans for its...

RHB Cap: Buy, target price RM7.80.
August 27, 2010... MAYBANK Investment Bank (MIB) Research has kept its "buy" call on RHB Capital Bhd but raised the stock's target price by 18 per cent to RM7.80, closer to the valuations of the lender's more liquid peers. "Shareholding moves have returned,...

Hock Seng Lee: Buy, target price RM1.78.
August 27, 2010... OSK Research Sdn Bhd has upgraded Hock Seng Lee Bhd (HSL) to a "buy", saying the Sarawak-based builder's recent share price weakness provide sufficient upside to warrant that call. Its target price, kept at RM1.78, represents a 20 per cent...

Scomi Group: Hold, target price RM0.45.
August 27, 2010... AMRESEARCH Sdn Bhd has downgraded Scomi Group Bhd to "hold" from "buy" on expectations that its earnings this year will come in lower than expected. It recently turned in a first-half net profit of RM17 million, which was way below what the...

KFCH: Outperform, target price RM13.07.
August 27, 2010... RHB Research Institute has kept its "outperform" call on KFC Holding Bhd (KFCH) and raised the target price slightly to RM13.07 from RM12.97 despite some hiccups in the group's store openings in India. KFCH's original plan was to open 12...

Malaysia to woo more European investments.
August 27, 2010... Byline: Rupa Damodaran EUROPE'S debt crisis is an opportunity for Malaysia to lure more European investments, said Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir. "We've been keenly pursuing prospective...

TNB's bonus issue.
August 27, 2010... TENAGA Nasional Bhd (TNB) has proposed a 1-for-4 bonus issue involving 1.12 billion new shares to help boost trading in its shares. It also plans to double its authorised share capital to RM10 billion, comprising 10 billion shares. Its stock...

Kossan may stage follow-through rebound.
August 27, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia resumed their prior technical rebounds yesterday after a short and brief consolidation on Wednesday. Overall advancing counters outpaced declining counters by 353 to 333. The FTSE Bursa...

Olympia scraps plan.
August 27, 2010... OLYMPIA Industries Bhd has scrapped plans to sell Menara Olympia, a property under subsidiary Dairy Maid Resort & Recreation Sdn Bhd for RM30.2 million, after the buyer decided to withdraw. It will refund the RM3.02 million deposit to Jelita...

'Taiwan promotes cheap, quality medical treatment'.
August 27, 2010... Byline: Cheryl Yvonne Achu MALAYSIANS should consider medical treatment in Taiwan as the country offers quality services and reasonable fees. "The quality and medical services there are very advanced with modern equipment among others,"...

Genting profit hits RM739m.(Financial report)
August 27, 2010... GENTING Bhd, a gaming operator, says second quarter net profit more than tripled to RM739 million, mainly helped by strong performance from its hospitality and leisure division. Its second quarter sales almost doubled to RM4.09 billion from...

Oil joint venture.
August 27, 2010... DAYA Materials Bhd unit OCI Energy Sdn Bhd has entered into a 51-49 per cent joint-venture agreement with Sheffield Offshore Services Pte Ltd and Ascent Offshore (Singapore) Pte Ltd to set up Daya OCI-Ascent Sdn Bhd. The JV is to enable the...

Yusof joins Goldman.
August 27, 2010... DATUK Yusof Annuar Yaacob, the group chief financial officer of Axiata Group Bhd, will leave the group at the end of November this year. He will join US investment bank Goldman Sachs as the managing director for Goldman Sachs Corporate Finance...

Masterskill to buy land.
August 27, 2010... MASTERSKILL Education Group Bhd says wholly-owned Masterskill (M) Sdn Bhd will buy nine plots of freehold land for RM30.04 million to build the group's flagship university campus. The land in Kajang measures a total of 19.77 hectares. The...

Cocoaland, F&N request share suspension.
August 26, 2010... COCOALAND Holdings Bhd and Fraser & Neave Holdings Bhd (F&N) have requested for the suspension of their shares on Bursa Malaysia pending an announcement. Cocoaland said it will announce the proposed subscription by a strategic investor...

BJD completes sale of 4.4ha of land in PJ.
August 26, 2010... HO Hup Construction Company Bhd said its subsidiary Bukit Jalil Development Sdn Bhd (BJD) has completed the sale of a 4.4 ha land in the Petaling District to Permata Juang (M) Sdn Bhd for RM19.41 million. Ho Hup has told its lawyers to withdraw...

Supermax may stage minor rebound.
August 26, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia paused to consolidate their recent rebound gains yesterday. Its losers outpaced gainers by 585 to 186. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell from its...

Adopt open source software, SMEs told.
August 26, 2010... Byline: Zurinna Raja Adam OPEN source technology solutions provider Red Hat Asia Pacific Pte Ltd hopes more small and medium size enterprises (SMEs) will adopt open source software. "This will help them to save operating expenses and offer...

MMC Corp-Zelan venture to bid for 10MP projects.
August 26, 2010... MMC Corp Bhd has formed a joint venture with Zelan Bhd to prepare and submit tenders for infrastructure projects under the 10th Malaysia Plan. MMC and Zelan will respectively hold 60 per cent and 40 per cent in MMC Zelan Sdn Bhd, MMC said in...

Provisional liquidators for Kenmark Industrial.
August 26, 2010... MESSR Mak Kum Choon and Yeoh Siew Ming from Deloitte Corporate Solutions Sdn Bhd have been appointed as provisional liquidators of Kenmark Industrial Co (M) Bhd following a court order. This comes after Export-Import Bank of Malaysia Bhd's...

Panasonic has no plans to move to China.
August 26, 2010... PANASONIC has clarified that it has no plans to shift production of some "heavy" products from China to Malaysia as stated in a Business Times report headlined "Panasonic plans to manufacture more heavy products here" on Saturday. Panasonic is...

Project rollout too slow, say builders.
August 26, 2010... Byline: Ooi Tee Ching THE government has to roll out projects faster to achieve the targeted average growth rate of 5 per cent a year over the next five years, says Master Builders Association of Malaysia (MBAM). "In the last four...

CIMB first in region with foreign cash ATMs.
August 26, 2010... Byline: Adeline Paul Raj CIMB Bank is giving money changers a run for their money with automated teller machines (ATMs) that dispense foreign currencies. Yesterday, it became the first bank in the region to offer customers the convenience...

Three sectors drive IJM Q1 earnings.
August 26, 2010... Byline: Ooi Tee Ching IJM Corp Bhd's first quarter net profit rose 27 per cent to RM90.05 million as its property, plantation and infrastructure businesses performed better. The group benefited from higher palm oil prices, property sales...

A tale of two Gentings.
August 26, 2010... Byline: Francis Fernandez IT WAS a tale of two Gentings yesterday as Genting Bhd shares rose on optimism over its Singapore casino while disappointed investors sold Genting Malaysia Bhd (GenM) over a related party deal. Genting Bhd rose 1...

AmInvestment sees potential in agri funds.
August 26, 2010... Byline: Zaidi Isham Ismail AS THE world population keeps on increasing and demand for food becomes more insistent, shortages, such as of wheat in India and Australia and sugar in China, present opportunities for investments. AmInvestment...

Second quarter net profit falls to RM18.6m.(Financial report)
August 26, 2010... OSK Holdings Bhd said its second quarter net profit more than halved due to lower operating income and a RM11 million impairment losses on private debt securities. The group registered a net profit of RM18.6 million for the financial period...

ARMB eyes RM200m commercial assets.
August 26, 2010... Byline: Sharen Kaur AXIS REIT Managers Bhd (ARMB) plans to buy a cluster of commercial assets worth more than RM200 million in Petaling Jaya and Shah Alam to expand its portfolio. Chief executive officer Stewart LaBrooy said it will place...

Frontken Q2 profit strong, to build up Philippine ops.(Financial report)
August 26, 2010... Byline: Lynn Omar FRONTKEN Corp Bhd, a surface treatment provider, posted strong second quarter results and plans to build up business in the Philippines after making Singapore a stable earnings contributor. The group, 22 per cent held by...