Business Times (Malaysia) articles from January 2011

Business Times (Malaysia) archives from January 2011

Danajamin expands role.
January 31, 2011... Byline: Adeline Paul Raj DANAJAMIN Nasional Bhd, the country's sole bond-guarantee agency, plans to work with investment banks this year to give companies seeking to raise funds a more complete financing package. The move, which signals a...

Alam Maritim bidding for RM400m jobs.
January 31, 2011... Byline: Zaidi Isham Ismail ALAM Maritim Resources Bhd, a service provider for the oil and gas sector, is bidding for RM400 million worth of jobs this year to ride on the recovering sector which was subdued last year due to the global economic...

Sluggish trading expected due to holidays.
January 31, 2011... Byline: Adeline Paul Raj STOCK market trading this week is seen to be sluggish ahead of a slew of holidays, with thin volumes expected. Bursa Malaysia will be closed tomorrow for the Federal Territory Day public holiday, as well as on...

Of household debt and inflationary pressures.
January 31, 2011... Byline: Hamisah Hamid SOME people are concerned with the current level of household borrowings which is about three quarters of the gross domestic product (GDP), while others, including Bank Negara Malaysia (BNM), believe otherwise. At the...

DiGi Q4 profit rises a third on bundle services.(Financial report)
January 31, 2011... DIGI.COM Bhd's fourth quarter net profit grew by more than a third, thanks to its bundle services where it packages phones, call and data plans, as well as increased data usage on a larger subscriber base. The company registered a net profit...

Scarcity of engineering talent a global concern.
January 31, 2011... Byline: Zuraimi Abdullah DAVOS: Malaysian officials and some top industrial leaders have acknowledged that scarcity of engineering talent is a universal concern that will hinder the growth of the manufacturing sector. Top executives of the...

Semen Gresik keen to buy Malaysian cement company.
January 31, 2011... Byline: Kamarul Yunus PT SEMEN Gresik, Indonesia's largest cement producer is mulling to acquire a Malaysian cement company this year to boost its production capacity. Semen Gresik president director Dwi Soetjipto said the company will...

Sunway adds shine to REITs.
January 31, 2011... Byline: Sharen Kaur MORE property groups are likely to set up real estate investment trusts (REITs) in Malaysia this year as the market continues to stay attractive, said the manager of a major property trust. "With positive macro economy...

GCC investments set to flow in after slew of deals.
January 31, 2011... Byline: Hamisah Hamid ABU DHABI: Malaysia has firmed up collaboration with Gulf Cooperation Council (GCC) investment and business community with the signing of deals that are set to attract multi-billion dollar investments into the country....

Global Factor goes green to increase market share.
January 31, 2011... Byline: M. Hamzah Jamaludin KUANTAN-BASED stationery manufacturer, Global Factor Sdn Bhd, will produce more environment-friendly products to win bigger markets locally and abroad. The company has in 2006 introduced the first refillable...

Sarawak flaunts unique charms to draw tourists.
January 31, 2011... Byline: Ooi Tee Ching SARAWAK is capitalising on its unique attractions to woo tourism dollars from the meetings, incentives, conventions and exhibitions sector, said Deputy Tourism Minister Datuk Dr James Dawos Mamit. "Some of Sarawak's...

Mah Sing looks bullish in medium term.
January 31, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia extended their consolidation last week in tandem with the weak regional stock markets. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) continued to stay above its critical...

FBM KLCI futures to range trade.
January 31, 2011... Byline: Bernard THE FTSE Bursa Malaysia KLCI (FBM KLCI) futures January contract on Bursa Malaysia Derivatives closed lower at 1,516.50, with a decline in open interest to 11,490 contracts, last week. The spot contract corrected to a low...

Expect a rebound after CNY.
January 31, 2011... Byline: Kaladher Govindan THE local stock market extended heavy losses for a second week running with key blue chips leading declines amid concern China's credit tightening measures would reduce regional growth, and as crude palm oil and...

Offer for MTD units first to fall under new ruling.
January 29, 2011... AN OFFER to buy two highway concession units from MTD Capital Bhd for RM3.53 billion was the first to fall under the new takeover rules that took effect yesterday. Its group executive chairman Datuk Dr Nik Hussain Abdul Rahman and chief...

AATB targets top three spot in takaful market.
January 29, 2011... Byline: Azlan Abu Bakar AIA AFG Takaful Bhd (AATB) is confident of emerging as one of the top three family takaful providers in Malaysia within three years. Its chief executive officer Wan Azman Wan Mamat said to achieve this the company...

SC tightens takeover rules.
January 29, 2011... Byline: Adeline Paul Raj; Presenna Nambiar THE Securities Commission (SC) and Bursa Malaysia Bhd have pushed through a controversial new rule to plug a loophole in the takeover of public companies. Companies seeking to buy over a listed...

Bankers, watchdog group give thumbs up.
January 29, 2011... Byline: Adeline Paul Raj MALAYSIA'S new rules on takeovers may make some deals harder to push through and more expensive, but minority shareholders will be better protected, investment bankers said. Those contacted by Business Times said...

Novartis may expand Malaysian operations.
January 29, 2011... Byline: Zuraimi Abdullah INTERNATIONAL pharmaceutical and consumer health company, Novartis International AG, is open to expanding its operations in Malaysia. The company now only manufactures contact lens in Malaysia. While Novartis...

SC eye on sale of high-risk products.
January 29, 2011... Byline: Adeline Paul Raj; Presenna Nambiar THE Securities Commission (SC) proposes to review the sales practices of unlisted investment products in an effort to match the right products to the right investors. This includes having new...

Malaysia out to drum up investments from Mideast.
January 29, 2011... Byline: Hamisah Hamid ABU DHABI: Over 100 delegates from the public and private sectors as well as government-linked companies from Malaysia gathered here with the aim to market opportunities in Malaysia and mobilise multi-billion ringgit...

GAB in bubbly mood after stellar first half.
January 29, 2011... Byline: Goh Thean Eu GUINNESS Anchor Bhd (GAB), the largest brewer in the country, believes it is able to sustain growth in its fiscal second half, after posting a strong set of first half numbers. "I'm confident of a good result for the...

Panorama Langkawi to widen revenue sources.
January 29, 2011... LANGKAWI cable car operator Panorama Langkawi Sdn Bhd (PLSB) is targeting a 14 per cent revenue increase this year from the RM13.2 million it chalked in 2010. The company's chief operating officer Ebi Azly Abdullah said while the bulk of the...

Penang to get RM130m boost via new ETP project.
January 29, 2011... Byline: Marina Emmanuel PENANG is set to get more than RM130 million investment boost over the next seven years, thanks to a new project under the government's Economic Transformation Programme (ETP). The Northern Corridor Implementation...

Chin Teck eyes more oil palm land in Indonesia.
January 29, 2011... Byline: Zaidi Isham Ismail CASH-RICH Chin Teck Plantations Bhd plans to buy more land in Indonesia to grow its business. Executive director Wong Aun Phui said the company, which has a cash pile of RM140 million, is eager to expand. ...

Sunway REIT to beat profit forecast.
January 29, 2011... Byline: Sharen Kaur SUNWAY Real Estate Investment Trust (REIT), Malaysia's biggest property trust, expects to do better than the RM170 million net profit it forecast for the year. This is due to strong rental revision of 16 per cent for...

US shoemaker plans 5 stores in Klang Valley by end of year.
January 29, 2011... Byline: June Ramlee STRIDE Rite, a US brand specialising in children's footwear, has made its way into Malaysia and plans to open five stores in various locations in the Klang Valley by the year-end. Stride Rite country manager Carol Chua...

Offshore Works to raise capital to carry out jobs.
January 29, 2011... Byline: Kamarul Yunus OFFSHORE Works Asia Pacific, an oil services firm, plans to raise working capital to carry out some RM1.7 billion worth of work in hand and other new projects over the next five years. The company, which does...

SapuraCrest unit seals rig rental agreement.
January 29, 2011... SAPURACREST Petroleum Bhd said its 51 per cent indirect unit, Crest Tender Rigs Pte Ltd has sealed a rig rental agreement with Seadrill UK Ltd to formalise the terms and conditions for the bareboat charter of drilling rig T-10 for offshore...

Bayu Melati, PKNS in venture to develop land.
January 29, 2011... MELATI Ehsan Holdings Bhd's wholly-owned unit Bayu Melati Sdn Bhd has sealed a joint venture agreement with PKNS Holdings Sdn Bhd to develop three parcels of land in Kelana Jaya, Selangor, into a mixed commercial development worth RM1.62...

Willowglen Services bags RM14.2m deals.
January 29, 2011... WILLOWGLEN MSC Bhd's wholly-owned unit, Willowglen Services Pte Ltd, has won two contracts worth RM14.2 million to renew and replace Centralised Monitoring System Part I, involving construction works and Part II, for maintenance services, it...

Setia Indah to acquire 106ha in Johor Baru.
January 29, 2011... SP SETIA Bhd's wholly-owned unit Setia Indah Sdn Bhd has entered into a conditional sale and purchase agreement with Kenyalang Property Development Sdn Bhd to buy 106ha in Johor Baru, Johor, for RM125.8 million. It told Bursa Malaysia yesterday...

Seacera selling land, factory in Selangor.
January 29, 2011... TILES maker Seacera Tiles Bhd is selling a piece of land and factory in Gombak, Selangor, to Syarikat Fu Yuen Sdn Bhd for RM62 million but it will then rent the factory for three years. In a filing to Bursa Malaysia yesterday, Seacera said the...

Further technical pullback.
January 29, 2011... Byline: S.N. Lock THE FTSE Bursa Malaysia KLCI (FBM KLCI) staged another l technical pullback over the last five trading days ended yesterday. It remained precariously above its critical support of 1,500 points when it closed at 1,521.89...

Marginal move, massive impact.
January 28, 2011... Byline: Shahriman Johari PETROLIAM Nasional Bhd (Petronas) plans to start rolling out contracts to develop marginal oil fields from this year, a move that will not just replenish oil reserves but also help local companies servicing the...

Bank Negara keeps borrowing costs unchanged.
January 28, 2011... Byline: Rupa Damodaran BANK Negara Malaysia (BNM) left borrowing costs unchanged yesterday as expected but warned it will have to manage the rising amount of money building up in the domestic financial system. The Overnight Policy Rate...

Oil & gas stocks shoot up on Petronas job news.
January 28, 2011... Byline: Francis Fernandez OIL and gas stocks rose ferociously after Petroliam Nasional Bhd (Petronas) said it will award two marginal oil field contracts by as early as April and on anticipation that the state-owned oil company will start...

Bursa expects company, mart to do better in 2011.
January 28, 2011... Byline: Goh Thean Eu BURSA Malaysia Bhd, the country's stock exchange operator, reported better fourth-quarter numbers and expects the company as well as the local stock market to do better this year. "We believe that with the substantial...

Asean stocks correction 'healthy, temporary'.
January 28, 2011... Byline: Presenna Nambiar DEUTSCHE Bank says the correction recently seen in Asean stock markets is healthy and only temporary, as there is no real structural change behind it. Its managing director and head of research Malaysia and Asean,...

Mustapa meets corporate bigwigs.
January 28, 2011... Byline: Zuraimi Abdullah DAVOS: International Trade and Industry Minister Datuk Seri Mustapa Mohamed met several key international corporate decision-makers in between meetings with his German counterpart and attending the various sessions at...

Investments from Britain set to roll in.
January 28, 2011... Byline: Zuraimi Abdullah LONDON: A large listed British company will relocate its Southeast Asian headquarters to Malaysia soon as more investors from the UK make or bolster their presence in Malaysia this year. International Trade and...

HELP to set up business school in Switzerland.
January 28, 2011... Byline: June Ramlee HELP University College will set up a business school specialising in banking and finance in Switzerland by the end of the year. HELP's director of corporate planning Adam Chan Eu-Khin said the school will be set up...

Bank Negara appoints 3 new assistant governors.
January 28, 2011... BANK Negara Malaysia yesterday announced the appointment of three new assistant governors effective February 1. They are Donald Joshua Jaganathan, Abu Hassan Alshari Yahaya, and Marzunisham Omar. Jaganathan will be responsible for the...

CI Holdings: Buy, target price: RM4.47.
January 28, 2011... OSK Research maintained its "buy" call on CI Holdings Bhd (CIH), saying the recently reported first-half earnings show that the group seems to be sustaining its growth pace. CIH is the exclusive bottler for PepsiCo beverages, and is also a...

SapuraCrest Petroleum: Buy, target price RM4.40.
January 28, 2011... AMRESEARCH kept its "buy" call on SapuraCrest Petroleum Bhd after the firm won a fresh US$32 million (RM97.92 million) contract from Petroliam Nasional Bhd (Petronas) in Myanmar. The stock is its top pick for the oil and gas sector for its...

Gamuda: Buy, target price RM5.25.
January 28, 2011... BUILDER Gamuda Bhd is a "high conviction buy" as it is a strong proxy to the upcoming mass rapid transit (MRT) project at home and changes in Vietnam's property market, says HwangDBS Vickers Research. The research house thinks Gamuda has been...

Parkson Holdings: Outperform, target price: RM7.10.
January 28, 2011... RHB Research maintained its "outperform" call on retail group Parkson Holdings Bhd, saying its growth fundamentals are intact and that there is "significant" arbitrage opportunity for its Hong Kong-listed subsidiary. Parkson, which opened...

Equine unit calls off land purchase deal.
January 28, 2011... EQUINE Capital Bhd's wholly-owned unit Taman Equine (M) Sdn Bhd has scrapped a deal to buy a parcel of land in Selangor from Jelang Puncak Sdn Bhd for RM47.4 million. The two companies will instead sign a joint development agreement (JDA) to...

Khind to acquire firms from Ancom.
January 28, 2011... ELECTRICAL home appliances manufacturer, Khind Holdings Bhd is buying several companies in trading and contracting of electrical engineering products, from Ancom Logistics Bhd for RM8 million. The proposed deal is in line with its expansion into...

Multi-Code in pact with Aussie firm.
January 28, 2011... MULTI-CODE Electronics Industries (M) Bhd (MCE) has signed a technical assistance agreement with Hella Australia Pty Ltd, a designer and manufacturer of automotive lighting equipment as well as plastic parts and accessories. According to the...

Tien Wah Properties to sell land in Klang.
January 28, 2011... TIEN Wah Press Holdings Bhd's wholly-owned unit, Tien Wah Properties Sdn Bhd, has sealed a deal to sell a parcel of land in Klang, Selangor to Daijin Tech (M) Sdn Bhd for RM9.2 million. Proceeds will be used to pare borrowings.

Follow-through rebound likely.
January 28, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded yesterday after a streak of six consecutive days of consolidation. Gainers outpaced losers by 538 to 238. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded...

Perisai buys into Intan Offshore.
January 28, 2011... PERISAI Petroleum Teknologi Bhd has agreed to buy 51 per cent of Intan Offshore Sdn Bhd for RM45.24 million. It will issue 70.68 million new shares at 64 sen each as payment. "The proposed acquisition is a strategic move by the company to expand...

MPOC: 17.6m tonnes of CPO output achieveable.
January 28, 2011... Byline: Ooi Tee Ching MALAYSIA'S oil palm industry is hopeful of producing 17.6 million tonnes of crude palm oil this year as the government eases its foreign labour hiring rule and more trees mature. "The forecast is not too ambitious...

asiaEP proposes private placement.
January 28, 2011... ASIAEP Bhd is proposing to undertake a private placement of up to 72.57 million shares, at a price and date that will be determined later, to fund its working capital. Based on its indicative issue price, it expects to raise up to RM7.26...

Abu Dhabi Crown Prince gives patronage to Focus International.
January 28, 2011... THE Crown Prince of Abu Dhabi, His Highness Sheikh Mohammed Bin Zayed Al Nahyan, will be the patron of Sunday's Invest Malaysia 2011 Forum, organised by Focus International which will see over 200 business leaders from both Malaysia and the GCC...

Stay relevant to industry, varsities told.
January 27, 2011... Byline: Adeline Paul Raj MALAYSIAN universities are not producing people that are relevant for today's industries, says the chief of the Genting group, who yesterday urged for more collaboration between the private sector and centres of...

Borrowing costs likely to stay low.
January 27, 2011... Byline: Rupa Damodaran BANK Negara Malaysia (BNM) is likely to leave borrowing costs unchanged today, preferring to wait for economic growth to pick up momentum and the global economy to have a sustained recovery. Economists think the...

Focus on public sector.
January 27, 2011... Byline: Kamarul Yunus PUBLIC sector reforms are expected to take centre stage when Prime Minister Datuk Seri Najib Razak meets his Australian counterpart Julia Gillard during his official visit to the down under, slated for March. ...

More quality products at halal showcase.
January 27, 2011... Byline: June Ramlee THE 8th Malaysia International Halal Showcase (Mihas) is back, this time with a shorter showcase period and a new location to boot. Malaysia External Trade Development Corp (Matrade) deputy chief officer (development)...

SapuraCrest unit wins US$31.5m contract.
January 27, 2011... SAPURACREST Petroleum Bhd's wholly-owned unit TL Offshore Sdn Bhd has won a US$31.5 million (RM96.08 million) contract from Petronas subsidiary PC Myanmar (Hong Kong) Ltd to provide transport and installation of offshore facilities at the...

WTK buys Borneo Agro-Industries.
January 27, 2011... TIMBER outfit WTK Holdings Bhd said its wholly-owned unit, Winning Plantation Sdn Bhd, has bought all shares in Borneo Agro-Industries Sdn Bhd, which has 1,040ha of land in Miri, Sarawak, for RM11.82 million. In a statement issued to Bursa...

Wah Seong in deal with Arabian Pipes.
January 27, 2011... WAH SEONG Corp Bhd's wholly-owned unit Yadong Anti-Corrosion (Int) Co Ltd has sealed two agreements with Arabian Pipes Co (APC) to sell its 50 per cent stake in Arabian-Yadong Coating Co Ltd and a coating plant in Saudi Arabia for a RM10.54...

Consortium bags RM1.07b Petronas job.
January 27, 2011... PETRONAS Gas Bhd has awarded a RM1.07 billion contract to build a liquefied natural gas regasification unit to a consortium comprising Muhibbah Engineering (M) Bhd and Perunding Ranhill Worley Sdn Bhd. The engineering, procurement, construction,...

Tambun Indah unit buys land in Penang.
January 27, 2011... TAMBUN Indah Land Bhd's wholly-owned unit, Epiland Properties Sdn Bhd is buying two parcels of land in Butterworth, Penang from Hussain Imam Md Ismail and Ayesha Mohamed Ismail for RM11 million. The deal is in line with its strategy to...

KUB likely to re-test downside support.
January 27, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated for the sixth consecutive day on Wednesday. Its overall declining counters outpaced its advancing counters by 418 to 328. The Kuala Lumpur Composite Index (KLCI) fell from its...

Suen sees double-digit growth as demand jumps.
January 27, 2011... SUEN Jewellers Sdn Bhd is confident of healthy demand from affluent clients in Malaysia and the region. The company, which aims to be recognised for creating exceptional and remarkable pieces of jewellery, hopes to record a strong...

Fancy becoming a googler?
January 27, 2011... Byline: Zurinna Raja Adam MALAYSIANS now have the chance to work for Google Inc, owner of the world's most popular Internet search engine, as the US giant has opened an office in Kuala Lumpur. It is looking for sales, marketing and public...

'Face-saving culture impeding growth'.
January 27, 2011... Byline: Adeline Paul Raj ASIA'S "face-saving" culture hampers growth of good business managers in the region, says Lord Digby Jones, a prominent business commentator. Asians, because of this culture, find it difficult to admit when they...

CEOs in Asia Pacific more upbeat on growth: PwC Survey.
January 27, 2011... THE confidence level among chief executive officers (CEOs) in Asia Pacific is returning to near pre-crisis level, two years after the financial meltdown. According to PricewaterhouseCoopers' (PwC) 14th Annual Global CEO survey, 54 per cent of...

Hartalega complies with environmental standards: Miti.
January 27, 2011... THE Ministry of International Trade and Industry (Miti) said Hartalega Holdings Bhd's facility in Bestari Jaya complies with the Malaysian environmental regulatory standards. "The ministry has consulted the relevant authorities on this issue...

Sinar Mas to rebrand Johor Palm Resort.
January 27, 2011... Byline: Vasantha Ganesan INDONESIAN conglomerate Sinar Mas Group will take over the management of Mercure Johor Palm Resort and Golf from February 1 2011. Sinar Mas will rebrand the Palm Resort Bhd-owned hotel in Senai as Le Grandeur Palm...

Ramunia back to rig business.
January 26, 2011... RAMUNIA Holdings Bhd is returning to its old core business of making oil rigs, almost a year after it sold its major asset to Sime Darby Bhd for RM560 million. It has made an offer to Oilfab Sdn Bhd, a 51 per cent unit of Oilcorp Bhd, to buy...

RM297m to finance cost of oil palm replanting.
January 26, 2011... Byline: Zaidi Isham Ismail THE government will make available RM297 million to help some 500,000 oil palm smallholders finance cost of replanting their plots. The fund, which will be launched on January 31, will enable smallholders to...

Pact caps automotive parts discounts at 20pc.
January 26, 2011... Byline: Azlan Abu Bakar FEDERATION of Automobile Workshop Owners Association Malaysia (FAWOAM) has reached an agreement with motor insurance companies to cap automotive parts discounts at 20 per cent. Its president Kong Wai Kong said the...

Soft loans to gradually replace grants for SMEs.
January 26, 2011... Byline: Rupa Damodaran GRANTS to small- and medium-sized enterprises (SMEs) are being phased out and replaced by soft loans to help them develop a better credit culture, said SME Corp chief executive officer Datuk Hafsah Hashim. By 2020,...

'Proton, Perodua free to decide'.
January 26, 2011... Byline: Rupa Damodaran THE government will not force Proton Holdings Bhd and rival Perodua to merge as shareholders of both carmakers need to agree for it to happen, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed....

ECS ICT upbeat on double-digit growth.
January 26, 2011... Byline: Sharen Kaur ECS ICT Bhd, an information and communication technology (ICT) products distributor, is bullish on achieving double-digit growth in revenue and net profit for fiscal 2011, helped by higher ICT spending. According to...

SME Factors targets 5,000 clients, RM1b facilities.
January 26, 2011... Byline: Hamisah Hamid SME Factors Sdn Bhd (SMEF), a factoring company targeting government contractors and suppliers, expects to grow its business to about 5,000 customers and over RM1 billion facilities by year-end. Privately-held SMEF is...

Investors take profits ahead of CNY holidays.
January 26, 2011... Byline: Francis Fernandez THE stock market's main benchmark suffered its second double-digit drop in four trading days, wiping out all of its gains so far this year. The FTSE Bursa Malaysia KLCI fell 16.54 points to 1526.43 points. ...

IOI to set up own broadband services.
January 26, 2011... Byline: June Ramlee IOI Properties Bhd plans to come up with its own broadband services for its townships in order to provide faster and better broadband connection to home owners. By the second quarter of the year, the developer plans to...

Mah Sing eyes 30pc revenue from overseas.
January 26, 2011... PROPERTY group Mah Sing Group Bhd said it hopes overseas ventures will be able to bring in 30 per cent of its total revenue within five years. Mah Sing is aiming to launch its first project in China this year and is also working towards...

Malaysia optimistic of concluding delayed trade talks with WTO.
January 26, 2011... MALAYSIA is optimistic that long-delayed trade talks under the World Trade Organisation (WTO) could be finished this year. "The Apec summit in Yokohama last November is the impetus for many to revisit the negotiations," Trade Minister Datuk...

Lim's daughter to fill his shoes in Paos.
January 26, 2011... PAOS Holdings Bhd, a soap manufacturer, said Tan Sri Lim Tong Yong has resigned as the company's chairman and executive director. He will be rep-laced by his daughter Lim Chang Ching. The junior Lim, 37, served as a commercial manager of Asia...