Business Times (Malaysia) articles from February 2011

Business Times (Malaysia) archives from February 2011

RHB in final leg of acquisition.
February 28, 2011... Byline: Adeline Paul Raj THE RHB banking group, the country's fourth largest by assets, expects to conclude its purchase of Indonesian lender Bank Mestika Dharma in April this year after several delays, its chief said. The group's listed...

ACE Market-listed companies prove sceptics wrong.
February 28, 2011... Byline: Francis Fernandez ACE Market-listed companies are beginning to prove sceptics wrong - that those listed on the fledgling small and emerging index cannot deliver sound and juicy profits. The results posted by some of these companies...

Stock market likely to remain volatile.
February 28, 2011... Byline: Goh Thean Eu THE stock market is expected to remain volatile on concerns how the uprisings in North Africa and Middle East will pan out. "The market may continue to slide this week, but we expect the impact to be cushioned by good...

Lonpac to focus on S'pore, Cambodia ops.
February 28, 2011... Byline: Rupinder Singh GENERAL insurer Lonpac Insurance Bhd is putting on hold its plans to venture into other countries to focus on growing its operations in Cambodia as well as Singapore. A wholly-owned subsidiary of LPI Capital Bhd,...

Jerneh Asia 'ang pow' rests on revamp plan.
February 28, 2011... Byline: Rupinder Singh SHAREHOLDERS of Jerneh Asia Bhd (JAB), which sold its local insurance arm last September for RM532.2 million, may miss out on a special "ang pow" unless the company can table a revamp plan to the authorities. People...

'Continue to recognise importance of good corporate governance'.
February 28, 2011... Byline: Azlan Abu Bakar MINORITY Shareholder Watchdog Group (MSWG) said public-listed companies need to continuously recognise the importance of good corporate governance, especially in the appointment of independent directors. Its chief...

Solutia to build on success of Kuantan plant.
February 28, 2011... Byline: Kamarul Yunus SOLUTIA Inc, a US-based high-performance materials and specialty chemicals company, plans to reinvest to double the capacity of its plant in Kuantan, Pahang, making the site the largest insoluble sulphur manufacturing...

Bank Islam posts record earnings for 18 months to end-2010.(Financial report)
February 28, 2011... BANK Islam Malaysia Bhd, the country's oldest Islamic bank, posted a record profit before zakat and tax of RM503.4 million for the 18-month period ended December 31 2010. This translates into a 44 per cent jump on an annualised basis over...

Asean Economic Community: Myth or reality?
February 28, 2011... Byline: Rebecca Fatima Sta Maria FOUR years ago, ten leaders representing the member countries of Asean adopted the Asean Economic Community (AEC) blueprint to chart a comprehensive path for the economic integration of Southeast Asia. Today,...

AIMS plans more data hubs as orders pour in.
February 28, 2011... Byline: Goh Thean Eu AIMS Data Centre Sdn Bhd, a carrier neutral data centre, plans to invest close to RM80 million to double its current capacity, as the company embarks on an aggressive customer acquisition journey. The company, which...

TM may re-test RM4.00-RM4.30 levels.
February 28, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate last week, moving in sympathy with the moods on Wall Street and regional stock markets. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) stayed below its...

Downside bias to FBM KLCI futures.
February 28, 2011... Byline: Bernard THE February FBM KLCI futures contract on Bursa Malaysia Derivatives closed lower at 1,492.50 with an open interest of 10,727 contracts last week. Consolidative sentiment continued to dominate trading last week. ...

Technical rebound on horizon.
February 28, 2011... Byline: Kaladher Govindan STOCKS suffered another bout of selling which accelerated late last week as investors reduced exposure given concerns escalating tensions in the Arab world, specifically in Libya, will disrupt crude oil supplies...

Tajuddin is new Bursa CEO.
February 26, 2011... BURSA Malaysia Bhd yesterday announced that Datuk Tajuddin Atan will be its chief executive officer (CEO) effective April 1. Tajuddin is replacing Datuk Yusli Mohamed Yusoff, who will be in office until March 31. "The mandate for the new...

CIMB rakes in record profit.(Financial report)
February 26, 2011... Byline: Hamisah Hamid CIMB Group Holdings Bhd, the country's second largest lender, has posted a record net profit of RM3.52 billion in 2010 but is cautious over its prospects this year. The RM3.52 billion was 25 per cent more than the...

Motor insurance premium rise 'will be gradual'.
February 26, 2011... Byline: Rupinder Singh BANK Negara Malaysia (BNM) will begin gradual increments to motor insurance premiums beginning next year but says the impact would be minimal to the public. "The premium adjustments will be gradual and will not have...

TM net profit surges to RM400.6m.(Financial report)
February 26, 2011... Byline: Zaidi Isham Ismail TELEKOM Malaysia Bhd's net profit for the fourth quarter ended December 2010 almost doubled to RM400.6 million from RM170.2 million in the comparable quarter in 2009. This was mainly attributed to higher revenue...

MAS targets higher operating profit.(Financial report)
February 26, 2011... Byline: Presenna Nambiar MALAYSIA Airlines has targeted an operating profit of between RM300 million and RM600 million for 2011, but warns a tough first quarter as jet fuel prices escalate and instability in the Middle East continues. MAS...

Rising food prices eating into economies.
February 26, 2011... Byline: Mustapha Kamil PERHAPS the world has been focusing too much on the rise and fall of stock and property prices around the globe and the erratic potential for accumulation of wealth that comes with the wild swings lately, that...

Biodiesel B5 to be introduced in stages.
February 26, 2011... Byline: Ooi Tee Ching THE government remains committed to implementing the biodiesel B5 mandate in four months although crude palm oil is trading at high prices. It has allocated RM200 million to put up blending facilities nationwide to...

Research firms maintain 'buy' call on AirAsia.
February 26, 2011... MOST research houses have maintained their "buy" call on AirAsia Bhd after the low-cost carrier (LCC) announced sterling full-year results. ECMLibra Investment Research has raised its target price of AirAsia's shares to RM4.15 from RM3.30...

March launch for Forte Koup, Forte 6-Speed.
February 26, 2011... NAZA Kia Sdn Bhd, local distributor of Kia Motors vehicles, will launch the highly-anticipated Forte Koup and the Forte 6-Speed sedan on March 3. The Forte Koup is Kia's first-ever two-door coupe and embodies the brand's current design-led...

Proton nets RM91m profit in Apr-Dec.(Financial report)
February 26, 2011... PROTON Holdings Bhd reported a net profit of RM90.5 million for the nine months ended December 2010, down from RM216.29 million a year ago, on higher branding costs and research and development expenditure. Its performance was also hit by its...

I-Berhad, foreign partner to replicate Lotte World at i-City.
February 26, 2011... Byline: Sharen Kaur SEOUL: I-Berhad, an integrated ICT-based developer, will partner a foreign firm to replicate South Korea's Lotte World at its multibillion-ringgit i-City development in Shah Alam, Selangor. The idea is to earn new...

SME Bank new Islamic product to woo more deposits.
February 26, 2011... SME Bank will introduce Mudharabah deposit-taking under the General Investment Account beginning Monday to attract more government agencies, statutory bodies and government-linked companies to place deposits with it. "This product will...

Indonesian group keen to invest here.
February 26, 2011... Byline: Rupa Damodaran INDONESIAN Chinese businessmen are keen to tap opportunities in Malaysia's manufacturing, tourism and healthcare sectors. They, however, said there is a lack of information on investment opportunities and incentives...

YTL to boost 4G spending.
February 26, 2011... Byline: Marina Emmanuel YTL Communications Sdn Bhd, a unit of YTL Power International Bhd, is ready to invest more in base stations in Penang to expand coverage for its 4G mobile Internet service and voice "Yes" offering. "As of today,...

Pharmaniaga's revenue improves by 6pc.(Financial report)
February 26, 2011... PHARMANIAGA Group says its revenue for the 2010 financial year improved by 6 per cent compared with the previous year but pre-tax profit contracted by 44.2 per cent to RM45.5 million, from RM81.4 million recorded in 2009. The lower profit was...

DRB-HICOM nets RM110m in Q3.
February 26, 2011... DRB-HICOM Bhd's net profit for the third quarter ended December 31, 2010 increased 6.3 per cent to RM110 million from RM103.5 million previously. Group revenue for the same period was up 2 per cent to RM1.6 billion from RM1.5 billion before....

Market may need to consolidate further.
February 26, 2011... Byline: S.N. Lock THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a technical pullback for the week ended yesterday after last week's technical rebounds. It stayed below its critical support of 1,500 when it closed at...

Boustead's Q4 net profit hits RM209m.
February 26, 2011... BOUSTEAD Holdings Bhd's net profit for the fourth quarter ended December 31, 2010 increased 41.4 per cent to RM208.9 million to RM147.7 million previously. Group revenue was up 14 per cent to RM1.6 billion from RM1.4 billion a year ago. Boustead...

AirAsia: Surcharge depends on fuel mart stability.
February 25, 2011... Byline: Presenna Nambiar AIRASIA Bhd will be able to implement a fuel surcharge within 24 hours of the decision should fuel prices climb and stay high, says its chief. "We are very comfortable with our fuel position now. What I am saying...

'Buy' calls fail to buoy KNM shares.
February 25, 2011... Byline: Francis Fernandez KNM Group Bhd's shares were sold down on heavy volume despite five top research houses recommending investors to buy the stock yesterday. The oil and gas service provider's shares were the third most actively...

Minister seeks RM500m to plant more rubber trees.
February 25, 2011... Byline: Ooi Tee Ching PLANTATION Industries and Commodities Minister Tan Sri Bernard Dompok is seeking RM500 million from the government to plant more rubber trees in the next decade. Malaysia's rubber sector is seeing renewed interest...

PCG net soars to RM874m in Q3.
February 25, 2011... PETRONAS Chemicals Group Bhd (PCG) has more than doubled its third-quarter net profit, due to higher demand for its products, which have fetched higher prices. Southeast Asia's most valuable petrochemical player also beat analysts'...

Axiata: Buy, target price RM5.70.
February 25, 2011... MIDF Research maintained its "buy" recommendation and target price of Axiata Group Bhd, even though the company's full-year net profit was below expectations. "FY10 net profit of RM2.1 billion was below ours and consensus' expectations at...

Lafarge Malayan Cement: Hold, target price RM6.90.
February 25, 2011... ECM Libra Investment Research lowered its target price and earnings forecast for Lafarge Malayan Cement shares, after a disappointing 2010 results. "Full-year net profit came in within house estimates but below consensus estimates, making up...

Media Prima: Buy, target price RM3.30.
February 25, 2011... OSK Research maintained its recommendation and target price on Media Prima Bhd after the company's net profit was 8 per cent above its expectation. However, it has revised earnings forecast higher by 5.7 per cent after upgrading its sales...

Lonpac targets 15pc growth in premiums.
February 25, 2011... Byline: Rupinder Singh LPI Capital Bhd's wholly-owned subsidiary, Lonpac Insurance Bhd, has targeted a 15 per cent growth in gross pre-miums for the year ending December 31. The general insurer reported RM755.9 million in gross premiums...

Insas plans IPO for Inari this year.
February 25, 2011... INSAS Bhd has proposed to carry out an initial public offering (IPO) for its 44 per cent associate Inari Bhd, a semiconductor packaging firm, this year. The listing has been approved by Bursa Malaysia, Insas said in a statement yesterday. The...

Motor insurance to cost more?
February 25, 2011... Byline: Rupinder Singh VEHICLE owners may have to pay more for their motor insurance premiums from next year as the government plans to remove motor insurance tariffs in 2016. Bank Negara Malaysia (BNM), tasked to prepare the new motor...

Lor quits as EON Bank CEO.
February 25, 2011... Byline: Adeline Paul Raj EON Bank Bhd's group chief executive officer (CEO) Datuk Michael Lor has resigned amid a takeover saga at the banking group that has dragged for over a year. Lor tendered his resignation letter yesterday and it was...

Sime Q2 profit doubles.(Financial report)
February 25, 2011... Byline: Zaidi Isham Ismail SIME Darby Bhd has doubled its second quarter net profit, driven mainly by higher crude palm oil (CPO) prices and good automotive sales. The conglomerate, which sells palm oil, cars, properties and heavy...

APFT aims to spread its wings in the region.
February 25, 2011... Byline: Adeline Paul Raj APFT Bhd, set to be the first flight school to be listed in the region, plans to expand into aviation-related businesses this year. The group, one of eight licensed to operate flight schools in Malaysia, is...

YTL Q2 profit falls to RM164m.(Financial report)
February 25, 2011... YTL Corp Bhd's second quarter net profit ended December 31 2010 fell 24 per cent to RM164.18 million due to lower profits from offshore property development and higher operating cost by foreign subsidiaries. Group managing director Tan Sri Dr...

Record plantation commodity exports.
February 25, 2011... Byline: Ooi Tee Ching MALAYSIA raked in RM113.3 billion from plantation commodity exports last year, the best ever performance, as global demand for vegetable oils, rubber and cocoa butter surpassed supply. To a certain extent, the higher...

Bank Rakyat nets RM1.34b.
February 25, 2011... Byline: Rupa Damodaran BANK Rakyat yesterday announced a net profit of RM1.34 billion for its operations in 2010, a 19.1 per cent jump from the previous year. Managing director Datuk Kamaruzaman Che Mat expects the bank's revenue to grow...

Edes in tie-up to bid for RM40m projects.
February 25, 2011... Byline: Kamarul Yunus PRIVATELY-OWNED Edes Technology Sdn Bhd is riding on the expertise of UK-based Enhydra Ltd to bid for local projects related to produced water and seawater injection packages, which are worth up to RM40 million in the...

Consolidation likely.
February 25, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia extended its recent consolidations yesterday, with declining counters overwhelming advancing counters by 863 to 116. The FTSE Bursa Malaysia Kuala Lumpur Composite Index closed at 1,489.87...

Tanjung Offshore wins job extension.
February 25, 2011... TANJUNG Offshore Bhd has won a RM33.5 million contract extension to provide three offshore support vessels to Petronas Carigali Sdn Bhd. The extension is for one year, starting from March and July this year, it said in a statement to Bursa...

Tradewinds plans new set of 'jewels'.
February 24, 2011... Byline: Vasantha Ganesan TRADEWINDS Corp Bhd, controlled by businessman Tan Sri Syed Mokhtar Al-Bukhary, plans to demolish two of its prized assets in Kuala Lumpur to make way for a "multi-billion-ringgit" mixed commercial development. ...

Media Prima posts record RM254.4m net profit in 2010.(Financial report)
February 24, 2011... Byline: Azlan Abu Bakar MEDIA Prima Bhd's (MPB) profit after tax and minority interest (Patami) reached a new high of RM254.4 million, or a jump of 31 per cent, for the year ended December 31 2010, the highest since its inception in 2003. ...

PLUS shareholders approve sale.
February 24, 2011... Byline: Presenna Nambiar SOME 99 per cent of shareholders present and voting at the PLUS Expressways Bhd extraordinary general meeting (EGM) yesterday agreed to sell the company's assets, in a meeting which saw about a third of its minority...

Bank Islam handles maiden IPO with APFT listing exercise.
February 24, 2011... Byline: Adeline Paul Raj MALAYSIA'S oldest Islamic bank, Bank Islam Malaysia Bhd, is arranging its first ever initial public offering (IPO), that of flight training academy APFT Bhd, which is launching its prospectus today. This marks a...

Genting's final quarter net earnings almost double.(Financial report)
February 24, 2011... GENTING Bhd has almost doubled its fourth-quarter net profit on higher profit contribution from gaming, hospitality and plantation divisions. Its net profit for the quarter to December 31 2010 surged to RM465.4 million from RM245.4 million in...

Media Prima to wrap up disposal of stake in Ghana's TV3N by Q3.
February 24, 2011... Byline: Azlan Abu Bakar MEDIA Prima Bhd (MPB) expects to complete the disposal of its 90 per cent stake in TV3 Network Ltd (TV3N) in Ghana by the third quarter of this year. Group managing director Datuk Amrin Awaluddin said it is awating...

KLK profit jumps 26pc in first quarter.(Financial report)
February 24, 2011... Byline: Ooi Tee Ching KUALA Lumpur Kepong Bhd's (KLK) first quarter profit ended December 2010 jumped 26 per cent to RM304.19 million from a year ago, thanks to stronger contribution from its plantation business. Its retailing arm,...

SP Setia aims to raise up to RM1.2b for expansion.
February 24, 2011... Byline: Rupinder Singh PROPERTY developer SP Setia Bhd's proposed private placement of up to 15 per cent of its paid-up capital is expected to raise up to RM1.2 billion to fund its existing and future expansion. "We hope to raise between...

Naza Group to HELP set up automotive college by year-end.
February 24, 2011... Byline: June Ramli THE Naza Group and HELP International Corp Bhd (HIC) plan to jointly set up an automotive college by the end of this year to address rising demand for talent in the car industry. The college will have campuses in the...

Axiata makes maiden payout.
February 24, 2011... Byline: Goh Thean Eu AXIATA Group Bhd has taken a hit in its fourth quarter results due to the lower value of its Indian investment but decided to start rewarding shareholders with a maiden dividend. The company posted a net loss of RM367...

CPI up 2.4pc in January.
February 24, 2011... Byline: Rupa Damodaran THE Consumer Price Index (CPI) increased by 2.4 per cent year-on-year in January, close to market expectations. Economists warned that domestic price pressures will continue to rise. In the wake of this rising...

Genomics teams up with UK biotech firm.
February 24, 2011... MALAYSIAN Genomics Resource Centre Bhd has partnered UK-based John Innes Enterprises Ltd to help realise the potential of Malaysia's rich biodiversity. The pact will provide direct access for scientists from Malaysian universities and...

MRCB, Ekovest clinch River of Life project.
February 24, 2011... MALAYSIAN Resources Corp Bhd together with its joint venture partner Ekovest Bhd has clinched the River of Life from project from the government via the Mayor of Kuala Lumpur. MRCB said both firms have received a letter of intent from the...

Short consolidation likely.
February 24, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate yesterday. Gains outnumbered declines by 433 to 385. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from its intra-day low of 1,502.01 to...

Satang bags navy deal worth RM8m.
February 24, 2011... SATANG Holdings Bhd has bagged a RM8 million contract to supply spare parts and carry out maintenance and repair of life raft and life jacket for the Royal Malaysian Navy for three years from last Monday. In a statement yesterday, Satang...

Hong Leong Bank Q2 net climbs 30pc.
February 24, 2011... HONG Leong Bank Bhd said its second quarter net profit jump 30 per cent as it made more money in all key businesses. Net profit for the quarter to December 31 2010 was RM291.4 million compared with RM224.7 million in the same quarter a year...

'Print media must diversify business'.
February 24, 2011... Byline: June Ramlee IN MANY Asian countries newspaper advertising still holds relevance but companies in the publishing business must think of new ways to diversify their products or risk losing valuable advertising dollars. Omnicom Media...

Maybank, Xinhua are partners.
February 24, 2011... MALAYAN Banking Bhd has struck a strategic partnership with China's Xinhua News Agency to get greater exposure and news coverage in the country. The agreement was inked in Beijing yesterday. Xinhua is the most important information...

Zeti shares secrets of success.
February 23, 2011... Byline: Hamisah Hamid HER job is among the most demanding and comes with a lot of pressure, yet Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz never loses sleep. She keeps her cool by staying focus, being driven to deliver,...

TM to submit report on Alcatel-Lucent investigation within a week.
February 23, 2011... TELEKOM Malaysia Bhd (TM) yesterday said it will submit the report of its internal investigation on the Alcatel-Lucent bribery allegedly involving it to the Malaysian Anti-Corruption Commission (MACC) within a week. TM had appointed external...

TM, Celcom sign network, services collaboration deal.
February 23, 2011... Byline: Goh Thean Eu TELEKOM Malaysia Bhd, the country's largest fixed-line phone company, and Celcom Axiata Bhd, the country's second largest mobile operator, have signed a memorandum of understanding (MOU) to ride on each other's network...

Senai to be Firefly's southern hub come May.
February 23, 2011... Byline: Presenna Nambiar FIREFLY'S second phase of expansion involves making largely ignored Senai International Airport in Johor Baru as its southern hub come May 2011. Currently only Malaysia Airlines, Firefly and AirAsia service Senai...

2010 tourist arrivals hit record 24.6m.
February 23, 2011... Byline: Azlan Abu Bakar TOURIST arrivals to Malaysia reached a new high of 24.6 million last year, or 3.9 per cent more, the highest ever for the sixth straight year. Tourism receipts rose by 5.8 per cent to stand at RM56.5 billion for...

Confident of double-digit growth.
February 23, 2011... Byline: Francis Fernandez VITROX Corp Bhd, a Penang-based semiconductor inspection services company, is expecting a healthy top-line growth this year, said its managing director Chu Jenn Weng. "We are expecting a double-digit growth in...

January CPI to come in higher on fuel, food costs.
February 23, 2011... Byline: Rupa Damodaran INFLATION in January is likely to be higher on rising fuel and food prices, but it would still be lower than regional neighbours. A Business Times poll expects the Consumer Price Index (CPI) to increase by 2.34 per...

'Women important growth drivers'.
February 23, 2011... Byline: Hamisah Hamid WOMEN are becoming important drivers of economic growth in this century with about half of the businesses owned by women, Datin Seri Rosmah Mansor said. She said women are making waves in many areas of society, having...

37pc rise in Malaysia Marine Q3 net.
February 23, 2011... MALAYSIA Marine and Heavy Engineering Holdings Bhd saw net profit in the third quarter ended December increased 36.9 per cent to RM134.1 million from RM97.9 million in the comparable quarter a year ago. This was mainly contributed by its...

Franchise blueprint to be unveiled in July.
February 23, 2011... Byline: Zurinna Raja Adam MALAYSIA'S franchise industry blueprint is expected to be launched during Franchise International Malaysia 2011 (FIM 2011) this July. The blueprint, which has been proposed by Malaysia Franchise Association (MFA)...

NV Multi shares sold.
February 23, 2011... BERJAYA Land Bhd's subsidiaries, Immediate Capital Sdn Bhd, Berjaya Golf Resort Bhd and Selat Makmur Sdn Bhd, have collectively sold 6.6 per cent of PN17 status NV Multi Corp Bhd for RM8.66 million in cash. As a result, BLand's stake in NV Multi...

Brief consolidation likely.
February 23, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia paused to consolidate recent gains yesterday. Declining counters overwhelmed advancing counters by 880 to 112. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI) rebounded from its...

BAT profit drops.
February 23, 2011... CIGARETTE-maker British American Tobacco (Malaysia) Bhd (BAT) saw a 2.1 per cent drop in net profit last year to RM731 million as illicit cigarette trade surged to record levels. Its sales volume fell by 2.1 per cent, also because of...

RHB Cap earnings up.(Financial report)
February 23, 2011... RHB Capital Bhd's fourth quarter net profit for the period ended December 31 2010 jumped 13 per cent to RM380.1 million. The higher profit was mainly attributable to higher other operating income and lower provisions on bad loans, partially...

Bina Puri-Omedia talks.
February 23, 2011... BINA Puri Holdings Bhd has received a Letter of Intent (LOI) from Oriented Media Group Bhd (Omedia) yesterday to buy two of its subsidiaries, namely Maskimi Polyol Sdn Bhd and Bina Puri Mining Ventures Sdn Bhd. The LOI enables Bina Puri to...

Going synthetic.
February 23, 2011... Byline: Ooi Tee Ching HIGH latex cost and weak US dollar have started to hurt the profit margins of rubber glove companies such as Supermax Corp Bhd and Latexx Partners Bhd, based on their recent quarterly results. Most analysts, however,...