Business Times (Malaysia) articles from February 2010

Business Times (Malaysia) archives from February 2010

See Hoy Chan nursing medical ambition.
February 27, 2010... Byline: Vasantha Ganesan SEE Hoy Chan Holdings Group (SHC), controlled by the Teo family, is said to be in talks with several foreign hospital operators to jointly develop a medical centre in its highly successful Bandar Utama township in...

Sukuk issues to drive Cagamas this year.
February 27, 2010... Byline: Rupinder Singh CAGAMAS Bhd, the country's biggest buyer of home loans, plans to sell more sukuk, or Islamic bonds, and reintroduce mortgaged-backed bonds with the economy back on the recovery path. "Sukuk issuances will be a main...

AmBank plan.
February 27, 2010... IN YESTERDAY'S article titled "AmBank targets bonds to raise RM7b", it should read that its deputy group managing director and chief financial officer Ashok Ramamurthy said the bank had no merger and acquisition plans apart from that to acquire...

Lessons to be learnt from a Dubai murder.
February 27, 2010... Byline: Lokman Mansor THE January 20 murder of Hamas senior military commander Mahmoud al-Mabhouh is still in the news, more than a month after his apparent assassination by professional hitmen. The team of at least 11 people employed...

Alliance Bank must get cracking to find new CEO.
February 27, 2010... Byline: Adeline Paul Raj ALLIANCE Bank Malaysia Bhd can finally stamp "case closed" on a boardroom drama that had dragged slightly longer than most expected. The board's dispute with its chief executive offficer (CEO) Datuk Bridget Lai has...

Scomi posts 4th quarter loss on impairment charge, writedown.
February 27, 2010... SCOMI Group Bhd, a global service provider in the oil and gas industry, fell into the red in the latest fourth quarter, due to a RM227 million goodwill impairment charge and a RM14 million writedown in doubtful debts from its associate Scomi...

TATSB to launch real-time broadband.
February 27, 2010... Byline: Azlan Abu Bakar TECHNOLOGY service provider Tanjong Agas Technology Sdn Bhd (TATSB) will launch its real-time broadband at the Tanjong Agas Oil & Gas and Logistics Industrial Park in Pekan, Pahang, today. It will be officiated by...

DRB-HICOM Q3 net profit doubles to RM131m.
February 27, 2010... DRB-HICOM Bhd, one of the country's leading corporations in the automotive sector, saw its third quarter net profit rise two-fold to RM131.1 million, due to better performance from subsidiaries in the services sector and higher share of results...

AWC posts record half-year net profit.
February 27, 2010... Byline: Goh Thean Eu ENGINEERING services and integrated facility management solutions provider AWC Bhd, which completed its restructuring about a year ago, has posted record half-year net profit of RM6.14 million, thanks to higher...

FBM KLCI stages technical rebound.
February 27, 2010... Byline: S.N. Lock THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) resumed its technical rebound this week, in tandem with rebounds on the regional stock markets. It continued to stay above its critical support of 1,250 points...

Lai to quit April 1.
February 26, 2010... Byline: Adeline Paul Raj ALLIANCE Bank Malaysia Bhd's chief executive officer (CEO) Datuk Bridget Lai will leave the company on April 1, effectively putting an end to a board room saga that has lasted for over two months. Lai and the bank...

Kulim buys PNG oil palm estates for US$175m.
February 26, 2010... Byline: Ooi Tee Ching PLANTATION company Kulim (Malaysia) Bhd is paying US$175 million (RM597 million) to buy some 25,000ha of oil palm estates in Papua New Guinea from the world's largest agribusiness company, Cargill Inc, and Singapore...

AmBank targets bonds to raise RM7b.
February 26, 2010... AMBANK (M) Bhd, the country's fifth largest lender, plans to raise RM7 billion through a 30-year Senior Notes Issuance Programme, which will be used for working capital. The bond programme is said to be the first-ever issued by a local...

Maxbiz adviser to probe irregularities at units.
February 26, 2010... MAXBIZ Corp Bhd, which is involved in the manufacturing of commercial dyeing and knitting fabric, has appointed an investigation adviser to look into financial irregularities at its subsidiaries, MKK Industries Sdn Bhd and Mayford Garments Sdn...

One-off items eat into Maxis earnings.
February 26, 2010... Byline: Goh Thean Eu MAXIS Bhd, the country's biggest mobile operator, saw full-year net profit decline 7 per cent, due partly to one-off items like finance costs, listing fees and discounts given to retail investors during its initial public...

Weak sentiment dampens JCY's Bursa debut.
February 26, 2010... Byline: Ooi Tee Ching HARD disk drive component maker JCY International Bhd made a weak debut at RM1.48 on Bursa Malaysia yesterday, hit by poor market sentiment. JCY's institutional share price was RM1.60, while the retail offer price was...

Ekuinas invests RM40m in ACG.
February 26, 2010... EKUITI Nasional Bhd (Ekuinas), the private equity fund set up by the government, has made its maiden RM40 million investment in Alliance Cosmetics Group (ACG), the country's leading beauty and personal care company. The investment was made...

Malaysia Pacific targets to see profits this year.
February 26, 2010... Byline: Rupinder Singh PROPERTY developer Malaysia Pacific Corp Bhd (MPCB) is hoping to return to profitability this financial year amid plans to launch a multi-billion-ringgit project in Iskandar Malaysia, Johor. It made a net loss of...

AirAsia back in the black in fourth quarter 2009.
February 26, 2010... AIRASIA Bhd swung back into profitability in the fourth quarter of last year, thanks to lower finance costs and net gain from currency hedges of RM29 million. The budget airline has forecast better earnings for its current first quarter. ...

Gleneagles partners Firefly, Holiday Tours.
February 26, 2010... Byline: Kamarul Yunus GLENEAGLES Hospital Kuala Lumpur, a private healthcare service provider, has roped in community airline Firefly and travel agent Holiday Tours and Travel Sdn Bhd to tap the anticipated influx of Singaporeans seeking...

Digistar to boost revenue from hospital IPTV ops.
February 26, 2010... DIGISTAR Corp Bhd is seeking to boost its hospital Internet protocol television (IPTV) operations' revenue by four-fold to RM20 million within two to three years, from its current base of RM5 million. Ten hospitals are now using its hospital...

Takaful Ikhlas expects non-motor business to grow 52pc this year.
February 26, 2010... Byline: Rupinder Singh ISLAMIC insurer Takaful Ikhlas Sdn Bhd said its non-motor business is expected to expand by 52 per cent in the current financial year ending March 31 2010. President and chief executive officer Syed Moheeb Syed...

ECM Libra unveils online trading portal.
February 26, 2010... ECM Libra Investment Bank has launched an online stock trading portal, ecmmoney.com, hoping to reach more retail investors across the country through the Internet. Chief operating officer Martin Chu said this is a faster way to expand, and...

Three divisions ramp up Sime Darby Q2 earnings.
February 26, 2010... Byline: Presenna Nambiar SIME Darby Bhd's second-quarter net profit jumped by more than 60 per cent, thanks to higher contribution from its plantation, property and industrial divisions. The diversified group registered a net profit of...

UEM Land: Singapore's new resorts a boon to Nusajaya.
February 26, 2010... Byline: Sharen Kaur THE opening of Singapore's two casino resorts is expected to accelerate growth at Nusajaya, with 2012 targeted as the "tipping point" for the Johor project, said UEM Land Holdings Bhd chief. Managing director and chief...

Tan Chong expects sales of new vehicles to bounce back.
February 26, 2010... Byline: Zuraimi Abdullah NEW vehicles sales should bounce from a 2 per cent drop to 536,905 units in 2009 to top 550,000 units this year, said a senior executive of Nissan's local distributor. Nissan's share of the total industry volume...

Automotive sector: Overweight.
February 26, 2010... OSK Investment Research has maintained an "overweight" stance on the automotive sector, on the back of strong vehicle sales amid an improved economic landscape and a favourable ringgit. The broker continues to maintain its total industry...

EONCap: Outperform, fair value RM8.07.
February 26, 2010... RHB Research Institute has maintained an "outperform" call on EON Capital Bhd (EONCap), which has become a takeover target by bigger rival Hong Leong Bank Bhd. The stockbroker has raised EONCap's fair value from RM7.76 to RM8.07 to reflect...

PLUS Expressways: Buy, target price RM3.80.
February 26, 2010... THE Royal Bank of Scotland Asia Securities (RBS) has a "buy" call on PLUS Expressways, Southeast Asia's largest toll operator, with a target price of RM3.80. PLUS reported fiscal 2009 earnings of RM1.19 billion, up 9.8 per cent from the...

Hong Leong Bank: Buy, target price RM9.50.
February 26, 2010... HWANGDBS Vickers Research has reiterated its "buy" call on Hong Leong Bank, with a 12-month target price of RM9.50. The target price was derived with the assumptions of a 16 per cent sustainable return on equity, 4 per cent long-term growth,...

Three-A Resources: Hold, fair value RM2.12.
February 26, 2010... AMRESEARCH has downgraded Three-A Resources Bhd (3A) to a "hold" recommendation, with unchanged fair value of RM2.12 based on 24 times fiscal 2011 forecast earnings. "Although we remain positive on the group, we think present valuation has...

WCT: Buy, fair value RM3.71.
February 26, 2010... AMRESEARCH has maintained its "buy" rating on WCT Bhd, though it has cut its fair value from RM3.74 to RM3.71 after rolling over its valuation base to 2010. The company reported fiscal 2009 financial results that were within expectations. ...

Maxbiz no to auction.
February 26, 2010... MAXBIZ Corp Bhd is objecting to an auction planned on a property for which the company has signed a sale and purchase agreement to acquire. Maxbiz yesterday told Bursa Malaysia that Pacific Trustees Bhd, through its lawyers, has obtained a...

Petra awaiting response.
February 26, 2010... PETRA Energy Bhd said its unit Petra Boilers Sdn Bhd is awaiting United Palm Oil Industry Public Co Ltd of Thailand (UPOIC) to respond on an answer and counter-claim filed by Petra Boilers. This follows a receipt of notice for arbitration on...

Rabobank appoints Soh CEO of Singapore branch.
February 26, 2010... RABOBANK International has appointed Soh Hang Kwang as chief executive officer of the Singapore branch and its representative markets including Malaysia. Soh will provide leadership and strategic direction for the Singapore-based franchise in...

Boustead Q4 net grows 33pc.
February 26, 2010... BOUSTEAD Holdings Bhd, one of the country's oldest diversified conglomerates, saw its fourth-quarter net profit grow 33 per cent, helped by higher revenue and better return on investments. It posted a net profit of RM147.7 million for the...

MyEG disposes of stake.
February 26, 2010... MY E.G. SERVICES Bhd has disposed 54.4 per cent shares in E-insurance solutions provider PDX.net Sdn Bhd for RM40,000, to streamline its activities which is principally in the provision of online EGovernment. Proceeds from the sale will be...

TSH re-designates Tan.
February 26, 2010... TSH Resources Bhd has redesignated Datuk Dr Kelvin Tan Aik Pen as the company's non-independent and non-executive chairman. The redesignation comes following the resignation of Tan Soon Hong, who was chairman of the company.

BSN plans to launch 22 Islamic banks nationwide by November.
February 26, 2010... Byline: June Ramli NATIONAL savings bank Bank Simpanan Nasional (BSN) plans to launch 22 Islamic banks across the country by November this year. Deputy chief executive of consumer banking and business development Norazian Ahmad Tajuddin...

Boon Koon sells Shitsi.
February 26, 2010... BOON Koon Group Bhd, a rebuilt commercial vehicles manufacturer and distributor, has sold all its shares in Shitsi Industrial Singapore Pte Ltd for RM243,000. The group said the disposal would allow Boon Koon Group to concentrate more on its...

A 'spectacular' year.
February 25, 2010... Byline: Goh Thean Eu MOBILE operator Axiata Group Bhd has posted what it describes as "fairy tale" financial results for 2009, thanks to growth in most of its main operations and foreign exchange gains. Although it expects customers to...

MAHB shortlists 5 firms.
February 25, 2010... Byline: Sharen Kaur MALAYSIA Airports Holdings Bhd (MAHB) has shortlisted five companies to build the main terminal building and satellite tower for the new RM2 billion low-cost carrier terminal (LCCT) in Sepang. Business Times understands...

CPI in Jan up 1.3pc, may grow further.
February 25, 2010... Byline: Rupa Damodaran MALAYSIA'S consumer price index (CPI), a measure of inflation, rose by 1.3 per cent in January, its second consecutive monthly increase. It rose 1.1 per cent year-on-year in December last year. The Statistics...

MAHB to raise up to RM2.5b to fund new LCCT.
February 25, 2010... Byline: Presenna Nambiar MALAYSIA Airports Holdings Bhd (MAHB) plans to raise between RM2 billion and RM2.5 billion by the first half of the year, mainly to fund the development of the new low-cost carrier terminal (LCCT) in Sepang. "A...

IOS drops suit against exec director, AMPL.
February 25, 2010... INTRA Oil Services Bhd (IOS), a wholly owned unit of offshore marine service provider Petra Perdana Bhd, has dropped a lawsuit it filed this month against its executive director Shamsul Saad and Asia Marine Pte Ltd (AMPL). The lawsuit was...

Media Prima profit jumps to RM194.8m in 2009.
February 25, 2010... THE country's biggest media group Media Prima Bhd more than doubled its net profit last year to RM194.8 million compared with RM86 million before. Revenue, however, slid by a moderate 5 per cent to RM744 million. "The solid earnings came...

Higher revenue, efficiency drive Q4 net earnings.
February 25, 2010... THE New Straits Times Press (Malaysia) Bhd (NSTP) has bounced back to a fourth quarter net profit after a loss previously, driven by higher revenue and better operating efficiency. The newspaper publisher made a net profit of RM12 million for...

Changes to senior management team.
February 25, 2010... MEDIA Prima Bhd, which is making fresh changes to its senior management team, has appointed Mohamad Ariff Ibrahim as group chief financial officer (CFO) effective April 16. Mohamad Ariff is currently the CFO/finance director of New Straits...

Hai-O: Prices stay despite rising costs.
February 25, 2010... Byline: Hamisah Hamid RETAILER and multi-level marketer (MLM) Hai-O Enterprise Bhd has no plans to raise prices of its products despite the rise in production costs. Group managing director Tan Kai Hee said the company will absorb the...

More MAS flights to Johannesburg.
February 25, 2010... MALAYSIA Airlines (MAS) will launch two new weekly non-stop flights from the South African city of Johannesburg to Kuala Lumpur from March 30, bringing the total number to four weekly schedules. The two additional flights will be on Tuesday and...

Pereira to helm hotel association.
February 25, 2010... THE Malaysian Association of Hotels (MAH), the umbrella body for hotels in the country, has appointed Reginald T. Pereira as chief executive officer (CEO) from February 1. He oversees the MAH Secretariat and the Malaysian Association of Hotels...

S-Class to help drive Mercedes-Benz sales.
February 25, 2010... Byline: Zuraimi Abdullah MERCEDES-BENZ Malaysia Sdn Bhd sold 355 passenger cars last month, putting it on track to sell around 4,000 units this year. Senior company executives expect to at least match last year's sales volume, amid the...

Johan Simfoni's ex-director convicted.
February 25, 2010... THE Petaling Jaya Sessions court yesterday convicted Zulkeffli Mohamad, a former director of Johan Simfoni Sdn Bhd, for acting as a director while still an undischarged bankrupt, an offence under Section 125 (1) of the Companies Act 1965....

Transmile's net loss widens.
February 25, 2010... TRANSMILE Group Bhd, a Practice Note 17 (PN17) company controlled by tycoon Robert Kuok, saw its net loss widen more than eightfold in the fourth quarter of 2009, hurt by impairment losses on its aircraft. Net loss increased to RM213.2...

Parkway makes Dr Tan director, CEO.
February 25, 2010... PARKWAY Holdings Ltd has appointed Dr Tan See Leng as its new director with immediate effect and chief executive officer from April 16. Dr Tan is the executive vice-president for Parkway's Singapore and Malaysian operations. He has over 20 years...

MFPC plans to churn out 1,000 syariah financial planners.
February 25, 2010... Byline: June Ramli THE Malaysian Financial Planning Council (MFPC) plans to churn out 1,000 qualified syariah-registered financial planners by the end of this year. President Kee Wah Soong said the new breed of financial planners will...

Small firms get Google boost for advertising.
February 25, 2010... Byline: Azlan Abu Bakar MALAYSIA'S small businesses can now pay for advertising on Google's search result pages using online payment systems of local banks, a move that lets them do marketing faster. Previously, customers who did not want...

BNM likely to raise key rate next week.
February 25, 2010... Byline: Rupa Damodaran MALAYSIA'S strong economic recovery in the fourth quarter will likely mean that Bank Negara Malaysia (BNM) would raise the key interest rate as early as next week. This in turn means that the cost of borrowing for...

Need to align staff incentive plan with shareholders' objectives.
February 25, 2010... Byline: Chong Pooi Koon STOCK option is not the only way to reward staff and companies should design their incentive plan to align it with shareholders' objectives, a human resource consultant said. Employee Stock Option Scheme or ESOS, is...

GLCs told to create more value through innovation.
February 25, 2010... Byline: Zurinna Raja Adam GOVERNMENT-LINKED companies (GLCs) should introduce and implement strategies that would change the market's jaded perception of them. Second finance minister Datuk Seri Ahmad Husni Hanadzlah said he would like to...

Hong Leong Bank Q2 profit slips 12.6pc.
February 25, 2010... HONG Leong Bank Bhd's second quarter net profit fell 12.6 per cent due to lower net interest income and higher operating expenses. However, the group is optimistic it would report a satisfactory performance for the rest of its financial year,...

Masteel Q4 net earnings double on higher sales.
February 25, 2010... MALAYSIA Steel Works (KL) Bhd's (Masteel) net profit for the fourth quarter to December 31 2009 doubled to RM10.6 million mainly due to better sales volume. The group, which makes steel bars and steel billets, expects to do much better for...

2 shareholders call for EONCap meeting.
February 25, 2010... EON Capital Bhd said it received a letter from two major shareholders to hold a shareholders' meeting at 4pm on March 15 to appoint seven new directors. This comes after a similar meeting called by Kualapura (M) Sdn Bhd and Lintang Emas Sdn Bhd...

KrisAssets revalues Mid Valley Megamall.
February 25, 2010... KRISASSETS Holdings Bhd has revalued Mid Valley Megamall 2.86 per cent higher at RM1.8 billion as of December 31 2009. In a filing to Bursa Malaysia Bhd yesterday, the firm said the revaluation was conducted by Collier, Jordan Lee & Jaafar...

WTK hourly price trend likely to consolidate.
February 25, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia resumed their prior technical rebounds yesterday. Its overall declining counters out-paced its advancing counters by 350 to 303. The Kuala Lumpur Composite Index (KLCI) rebounded from its...

Group proposes unit trust scheme for Indian community.
February 25, 2010... Byline: Rupinder Singh THE Malaysia Hindu Sangam (MHS), a major religious group for the Indian community, has proposed for a unit trust scheme to help raise Indians' share of the economy. The Indian Amanah (I-Amanah) scheme is among...

Wong is ING's chief investment officer.
February 25, 2010... ING Funds Bhd has appointed Philip Wong as its chief investment officer from January 2010. Wong is responsible for formulating trading and investment strategies for the equity and fixed income teams by maximising opportunities in different...

Smart way to save on cost, energy.
February 25, 2010... BEGINNING this year, intelligent electric meters from Siemens will make buying electricity more transparent for Austrian customers and help reduce consumption. The company is installing 100,000 AMIS (automated metering and information system)...

Market mixed on profit-taking.
February 25, 2010... SHARE prices on Bursa Malaysia closed mixed yesterday on the profit-taking of select heavyweights and second liners, dealers said. However, gains in other blue chips like CIMB Group, DiGi and British American Tobacco managed to cap the...

SC seeks to amend guidelines on unit trust funds.
February 24, 2010... Byline: Adeline Paul Raj THE Securities Commision (SC) plans to amend its guidelines on unit trust funds that will, among other things, allow offerings to be made in multiple currencies. "This will encourage unit trust funds to be...

Growth seen at 2.71pc in 2009 last quarter.
February 24, 2010... Byline: Rupa Damodaran MALAYSIA'S gross domestic product (GDP) growth is expected to turn positive to 2.71 per cent in the fourth quarter of 2009, after three consecutive quarters of contraction. Economists said the expansion would be led...

Plan to return excess capital on hold till Basel 3 talks over.
February 24, 2010... MALAYSIA'S second largest banking group said it will wait till the global discussion on banks' capital requirement is over before it decides what to do with its excess capital. CIMB Group Holdings Bhd chief executive officer Datuk Seri Nazir...

CIMB Group aiming for 16pc return on equity for this year.
February 24, 2010... Byline: Chong Pooi Koon CIMB Group Holdings Bhd expects a higher net profit this year after a stellar 2009, to be driven by stronger earnings from its regional operations, a more vibrant capital market and a better economy. The second...

MAS passes test with flying colours.
February 24, 2010... Byline: Presenna Nambiar ANALYSTS are encouraged by Malaysia Airlines' (MAS) latest results, but said low yields remain the primary concern for the national carrier. MAS on Monday posted an operating profit of RM3.8 million in the fourth...

Notion VTec optimistic of significant earnings growth.
February 24, 2010... Byline: Goh Thean Eu NOTION VTec Bhd, a hard-disk drive and camera lens component maker, expects significant growth in net profit and revenue this financial year and next, helped by its growing business. The company targets its net profit...

Mustapa to meet Bank Negara over SME loans.
February 24, 2010... Byline: Hamisah Hamid INTERNATIONAL Trade and Industry Minister Datuk Seri Mustapa Mohamed plans to meet senior officials from Bank Negara Malaysia to discuss persistent complaints about access to financing for small and medium enterprises...

SC to review takeover law loopholes.
February 24, 2010... Byline: Adeline Paul Raj THE Securities Commission will review any loopholes in laws governing takeovers, chairman Tan Sri Zarinah Anwar says. "We will all review and look at the situation on a regular basis and if there is the need to...

Minda wants to be knowledge hub for directors.
February 24, 2010... Byline: Zurinna Raja Adam THE Malaysian Director's Academy (Minda) aims to be a knowledge reference centre for company directors, especially those at government-linked companies (GLCs), by analysing corporate deals in Malaysia. The...

E&O back in the black in Q3 as strategy pays off.
February 24, 2010... PROPERTY developer Eastern & Oriental Bhd (E&O) has reversed a third-quarter loss, thanks to its effective pre-emptive balance sheet management strategy and higher contribution from the properties and hospitality divisions on the back of...

PLUS surpasses main financial targets for 2009.
February 24, 2010... PLUS Expressways Bhd, Malaysia's biggest highway operator, has beaten its main financial targets for 2009 as it reported better net profit and revenue for last year. "The board is confident that the group will continue its good performance...

Most Malaysians think property prices will rise.
February 24, 2010... ALMOST 60 per cent of Malaysians think property prices would rise this year, according to an online survey done by property website iProperty.com Malaysia. "Most Malaysians feel strongly that 2010 will be a good year for investment. A general...

Public Mutual bags lion's share of awards.
February 24, 2010... PUBLIC Bank's wholly-owned subsidiary, Public Mutual swept 10 out of the 29 awards, including the most prestigious "Best Overall Group" award, at The Edge-Lipper Malaysia Fund Awards 2010 held yesterday. This is the seventh consecutive year that...

AmInvestment Bank is best local private bank.
February 24, 2010... AMINVESTMENT Bank Bhd has been named best local private bank in Malaysia in the Euromoney Private Banking Survey 2010 in London recently for a third time. The survey is considered the global industry benchmark for the wealth management industry....

AXA Affin General secures approval to buy BH Insurance.
February 24, 2010... Byline: Rupinder Singh AXA Affin General Insurance Bhd has on February 18 2010 received the central bank's approval to buy general insurer BH Insurance (M) Bhd. AXA Affin General Insurance will buy 80 per cent of BH Insurance from Boustead...