Business Times (Malaysia) articles from July 2009

Business Times (Malaysia) archives from July 2009

Citibank to widen presence here.
July 31, 2009... Byline: Chong Pooi Koon CITIBANK Bhd will apply to set up a standalone Islamic bank subsidiary and plans to add four new conventional branches next year, Citigroup chief executive officer Vikram Pandit says. It now has seven branches in the...

Handal ends debut with 44 sen premium.
July 31, 2009... HANDAL Resources Bhd stock closed its first day on Bursa Malaysia at RM1.16 for a 44 sen premium over its initial public offer (IPO) price. The company that manufactures and provides cranes for the oil and gas industry raised RM13.3 million...

MDeC to help animation firms here go international.
July 31, 2009... Byline: Kamarul Yunus MULTIMEDIA Development Corp (MDeC), the government agency promoting Malaysia's IT industry, will help expose more local animation firms to the global market, an industry that's worth some US$1.4 trillion (RM4.96...

New pension framework supporting low-income earners needed: Nazir.
July 31, 2009... CIMB group chief executive officer Datuk Seri Nazir Razak says there are structural weaknesses in the pension framework as government support is being given to individuals who do not need it. "If we look at the EPF (Employees Provident Fund)...

CIMB to pursue deal if Maxis seeks relisting.
July 31, 2009... Byline: Jeeva Arulampalam CIMB Group's top chief says it will try to secure the Maxis Communications Bhd initial public offering (IPO) mandate if the latter decides to relist on Bursa Malaysia. "If there is such a mandate, we will...

Maybank: 18pc rise in debit card spend.
July 31, 2009... MALAYAN Banking Bhd (Maybank), the country's largest lender, has seen an 18 per cent increase in debit cards spend on Mydin hypermarkets during the recent "Senang Menang Kembali Lagi" campaign compared with the previous period. The campaign,...

More foreign IPOs in the offing.
July 31, 2009... MALAYSIA, which saw its first foreign initial public offering (IPO) taking place three weeks ago, is set to attract many more foreign firms to list here, a local investment bank said. Several local investment bankers are now helping foreign...

Cycle & Carriage to pay out RM90.7m in special dividends.
July 31, 2009... CYCLE & Carriage Bintang Bhd (CCB), Malaysia's largest dealer for Mercedes Benz vehicles, plans to pay shareholders RM90.7 million in special dividends as it now has room to return excess funds. "The operation of the group's businesses...

Budget for 2010 to focus on aiding economic recovery.
July 31, 2009... Byline: Rupa Damodaran THE federal government's budget for 2010 will focus on helping the economy recover from a global recession, deputy Finance Minister Datuk Dr Awang Adek Husin said. "We are not out of the woods even though there are...

Multi Sports to be worth RM306m by listing time.
July 31, 2009... Byline: Zuraimi Abdullah CHINA'S Multi Sports Holdings Ltd will have a market capitalisation of RM306 million by the time it makes its listing debut on Bursa Malaysia's Main Market tentatively on August 19. The shoe-sole producer, set to...

Dumex products to sport a new look.
July 31, 2009... DANONE Dumex (Malaysia) Sdn Bhd, which manufactures infant and child nutritional products, has unveiled a new look to help maintain the brand's competitive edge. "The new logo and packaging is extremely innovative and we are sure consumers...

Pos Malaysia working on project with Maybank.
July 31, 2009... Byline: Hamisah Hamid POS Malaysia Bhd, which has teamed up with RHB Bank Bhd to offer the bank's financial services at post offices, will start a pilot project with Malayan Banking Bhd (Maybank) for the same services by the end of this year....

7-Eleven out to rope in more Malaysians.
July 31, 2009... Byline: Rupinder Singh 7-ELEVEN Malaysia Sdn Bhd is embarking on an ambitious franchise programme for local entrepreneurs to become partners in the world's largest convenience store chain. "We plan to have 2,000 outlets in the next five...

Petronas in Optimal move.
July 31, 2009... PETROLIAM Nasional Bhd (Petronas) is buying out The Dow Chemical Co's stake in the Optimal Group of Companies, a manufacturer of petrochemical products, for US$660 million (RM2.3 billion). Established in July 1998, Optimal comprises three...

KYM aims to sell 30pc more products abroad.
July 31, 2009... Byline: Rupinder Singh KYM Holdings Bhd anticipates big potential in industrial bag-making and wants to sell 30 per cent more of its products abroad next year. The company, which makes most of its money manufacturing carton boxes, is...

RBS to sell only retail, SME banking assets in Malaysia.
July 31, 2009... Byline: Adeline Paul Raj; Chong Pooi Koon THE Royal Bank of Scotland (RBS), which is in talks to sell its retail and commercial banking assets in Asia Pacific, has no plans to exit from Malaysia. The British bank, one of the oldest in...

HeiTech secures govt deal.
July 31, 2009... HEITECH Padu Bhd has received a letter of award valued at RM7.45 million from the government for the maintenance of an application system. It told Bursa Malaysia yesterday the award was for the maintenance of the application system for the...

Mudajaya set to consolidate gains.
July 31, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate further on follow-through selling pressure yesterday. Its overall advancing counters outpaced its declining counters by 352 to 240. The FTSE Bursa Malaysia Composite...

Bank Negara maintains key rate amid signs of improving economy.
July 30, 2009... Byline: Rupa Damodaran BANK Negara Malaysia (BNM) left borrowing costs unchanged yesterday, a widely expected move, and said the economy has shown signs of improvement. "The current low interest rates and with the fiscal stimulus gaining...

Boustead expects RM1.3b from rights, disposals.
July 30, 2009... Byline: Hamisah Hamid CONGLOMERATE Boustead Holdings Bhd expects to raise about RM1.3 billion by the end of this year from a rights issue and the sale of existing businesses to cut debt and fund expansion. Boustead, owned by the Armed...

Alliance cautiously upbeat on banking sector outlook.
July 30, 2009... Byline: Goh Thean Eu ALLIANCE Financial Group Bhd, the parent of Alliance Bank Malaysia Bhd, remains cautiously optimistic about its outlook as well as the local banking sector, even though market sentiment has improved. "Somehow, there is...

Poslaju is Domestic Express Service Provider of the Year.
July 30, 2009... POS Malaysia Bhd's courier and express mail service provider, Poslaju, was named the Domestic Express Service Provider of the Year. This is part of the Frost & Sullivan's Asia Pacific Transportation & Logistics award that was...

Emerging economies to lead global recovery: AmInvestment.
July 30, 2009... Byline: Azlan Abu Bakar EMERGING economies are starting to truly emerge as economic powerhouses, with some already casting off the global recession and posting strong growth. Recent news of robust growth in places such as China and India...

Paper prices may go up.
July 30, 2009... THE Malaysian Corrugated Carton Manufacturers Association (MCCMA) has warned that it may need to increase prices by up to 20 per cent should the paper price continue its upward trend. The association said a further increase in paper price...

Mah Sing Receives CNBC 5-Star Achievement Award
July 30, 2009... MAH Sing Group Bhd became the only Malaysian property developer to receive a five-star award in the commercial category from CNBC Asia-Pacific Property Awards 2009. This is the highest level of achievement awarded by CNBC Asia-Pacific...

'Excise duty increase on liquor unlikely'.
July 30, 2009... CARLSBERG Brewery Malaysia Bhd's chief believes there may not be an excise duty hike for brewers this year. This would be a bad time to do so as the market has just started to improve following three years of no duty hikes, managing director...

Boon to head BASF Asean sub-region.
July 30, 2009... GLOBAL chemical company BASF has appointed Boon Yeow Yee as head of BASF for Singapore and managing director of the BASF Asean sub-region, from August 1. He succeeds John Duncan Fastier, who will retire at the end of August. Yee is currently the...

Fewer Mideast tourists expected.
July 30, 2009... Byline: Vasantha Ganesan THE government expects fewer Middle Eastern tourists this year, due to the pandemic flu and the late start of school holidays, said Tourism Minister Datuk Seri Ng Yen Yen. Ng was responding to a question on whether...

S'pore brewer to help boost Carlsberg profit.
July 30, 2009... Byline: Adeline Paul Raj CARLSBERG Brewery Malaysia Bhd's purchase of a Singapore brewery will help it boost its net profit by half from 2010 based on last year's numbers, its top official said. Carlsberg on Tuesday said it agreed to buy...

UMW wants equal revenue contributions from core units.
July 30, 2009... Byline: Presenna Nambiar UMW Holdings Bhd wants to grow revenue contribution from its oil and gas division, which is poised for a listing, to be on par with the automotive division in the next five years. "We want the revenue ratio between...

Carlsberg likely to consolidate gains.
July 30, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia rallied marginally higher before persistent profit-taking selling pressure sent them lower yesterday. Its overall declining counters outpaced declining counters by 479 to 219. The FTSE Bursa...

HeiTech wins RM14.7m job.
July 30, 2009... HEITECH Padu Bhd has won a RM14.7 million project for the maintenance of the Card Issuance Centre of the National Registration Department. The contract is for one year.

Seloga revamp gets SC nod.
July 30, 2009... THE Securities Commission has approved Seloga Holdings Bhd's proposed restructuring scheme. "This is a new dawn for Seloga and I hope that the shareholders can now breathe a huge sigh of relief after several years of uncertainty. I assure...

AirAsia X plans Mideast virtual hub.
July 30, 2009... Byline: Kamarul Yunus AIRASIA X, plans to operate a "virtual hub" in the Gulf region over concerns that Malaysia Airports Holdings Bhd (MAHB) will not meet a deadline to build a new permanent Low-Cost Carrier Terminal (LCCT) at KL...

Malaysian ports turn in better second quarter.
July 30, 2009... Byline: Kang Siew Li MALAYSIAN ports handled 10 per cent more containers in the second quarter of the year compared to the first, reflecting a recovery in both domestic and transhipment cargo. Container traffic at the 10 major ports rose...

Genting's Sentosa casino gears for opening.
July 30, 2009... Byline: Chong Pooi Koon GENTING Bhd's new casino resort in Singapore will start receiving guests in two-thirds of the facilities by early next year, including Southeast Asia's first Universal Studio theme park and the casino. It is aiming...

Implementation of new board structure on track.
July 30, 2009... BURSA Malaysia Bhd is on track to implement its new board structure, comprising of the Main Market and ACE Market, on August 3 2009. The streamlining of the boards structure entails a new regulatory framework for listing and equity...

Bursa near-term outlook remains bullish: Analysts.
July 30, 2009... ANALYSTS remain bullish on the near-term outlook of the local stock market but said it is in overbought territory now, which is why the benchmark index snapped five straight days of gains yesterday. The FTSE Bursa Malaysia KL Composite Index...

World's most frugal dryer sweeps the market.
July 30, 2009... THE new blueTherm laundry dryer seized 60 per cent of the market for premium condenser dryers right out of the gate according to a study by the GfK Group of Nuremberg, Germany. blueTherm is the first Siemens product in the market segment for...

MAS passenger numbers back to pre-crisis levels.
July 29, 2009... Byline: Azlan Abu Bakar MALAYSIA Airlines (MAS) said passenger numbers have returned to pre-crisis levels, thanks to various initiatives initiated to stimulate demand. The national carrier's systemwide seat load factor, a key indicator of...

Carlsberg Malaysia in pact to buy Singapore counterpart for RM370m.
July 29, 2009... CARLSBERG Brewery Malaysia Bhd has entered into a memorandum of understanding (MOU) with its parent company, Carlsberg Breweries A/S (Carlsberg), to buy all of Carlsberg Singapore Pte Ltd for RM370 million in cash. The MOU is for a period of...

Kuok's PPB increases equity in Etika to 5pc.
July 29, 2009... PPB Group Bhd, controlled by Tan Sri Robert Kuok, has emerged as the substantial shareholder of a Singapore-based food and beverage manufacturer Etika International Holdings Ltd. PPB, via indirectly wholly-owned unit Masuma Trading Co Ltd,...

Harp Soon to build integrated resort in Malacca.
July 29, 2009... Byline: Presenna Nambiar PRIVATELY-HELD construction and property firm Harp Soon Construction Bhd plans to develop a 8.72ha integrated resort in Malacca, with the help of Crystal Crown Hotel & Resort Group. The resort, to be named...

Matrade health show draws RM2.8b in sales.
July 29, 2009... THE recent healthcare services, medical and pharmaceutical products trade show, organised by the Malaysia External Trade Development Corp (Matrade), reported cumulative potential sales of RM2.8 billion. The two-day international "Incoming Buying...

Word of mouth is best form of advertising: Nielsen.
July 29, 2009... WHAT your friends tell you about a product or a service is the best form of advertising in the world, a survey said, a result that could affect how companies do their promotion. "This has forced advertisers to use a more realistic form of...

investPenang GM tipped to head PDC Properties.
July 29, 2009... Byline: Marina Emmanuel INVESTPENANG general manager Wan Zailena Noordin is tipped to replace Osman Kallahan as the next head of PDC Properties Sdn Bhd, the property development arm of Penang Development Corp (PDC). It is understood that...

Steel imports: Govt may review approval method.
July 29, 2009... Byline: Rupa Damodaran THE government may review the way it approves the import of steel products if importers still face difficulty after a trial period, says Trade Minister Datuk Mustapa Mohamed. "We've given a six-week trial period for...

RM150m for 30 more Petronas stations.
July 29, 2009... Byline: Kamarul Yunus PETRONAS Dagangan Bhd, the retail arm of Petroliam Nasional Bhd, expects to spend as much as RM150 million to open 30 petrol stations nationwide in its current financial year ending March 31 2010. The fresh additions...

Advertising sector to benefit from govt stimulus measures.
July 29, 2009... Byline: Hamisah Hamid MALAYSIA's advertising industry is expected to register better growth in the second half of the year on the back of improved economic conditions, spurred by the government stimulus measures. Asian Federation of...

Seeking suitable replacement for Yasmin as keynote speaker.
July 29, 2009... THE organiser of AdAsia09 - the largest advertising, marketing, communications and media congress - is still considering the most suitable person to speak at the event, following the demise of renowned film and advertising director Yasmin Ahmad....

Builders seek tax cut on heavy machines.
July 29, 2009... THE Master Builders Association Malaysia (MBAM) has called for a reduction in import duty for heavy machinery used in the construction industry, saying local suppliers will then be more competitive. Currently, contractors have to wait several...

Upgrade skills to bid for high-tech jobs, Bumi builders told.
July 29, 2009... Byline: Hamisah Hamid BUMIPUTERA contractors should stop depending solely on government projects, Housing and Local Government Minister Datuk Lajim Ukin said. They should instead upgrade their skills and acquire latest technology to bid...

Perak to use innovative power pact.
July 29, 2009... PERAK will become the first state in the country to adopt the highly successful Power Purchase Agreement (PPA) which was first introduced in the US. PPA is an innovative financial scheme which allows users capital free access to solar...

Likely to trend higher.
July 29, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia resumed their prior technical rebound yesterday, with advancing counters continuing to outpace declining ones by 491 to 194. The FTSE Bursa Malaysia Composite Index (FBM KLCI) rebounded from...

RAM revises GDP outlook for Malaysia.
July 29, 2009... RAM Rating Services Bhd (RAM Ratings) has revised downward its gross domestic product (GDP) forecast for 2009 to a 3.3 per cent decline from its earlier estimate of 0.9 per cent growth. However, it has raised the country's GDP forecast for...

RM80m loan for CCM.
July 29, 2009... CHEMICAL Company of Malaysia Bhd (CCM), a fertiliser and pharmaceuticals supplier, has obtained a RM80 million Revolving Credit Facility with AmBank (M) Bhd. The facility is for working capital, business expansion, acquisition of new businesses...

August launch for syariah commodities trading.
July 29, 2009... Byline: Adeline Paul Raj BURSA Malaysia Bhd will launch in the middle of next month a global trading platform that enables banks to buy and sell commodities to facilitate Islamic finance. The platform, known as Commodity Murabahah House...

John Master in reverse takeover by China firm.
July 29, 2009... Byline: Chong Pooi Koon JOHN Master Industries Bhd, which said last month that it planned to sell the business and return capital to shareholders, will stay listed on the local bourse after a reverse takeover by a Chinese textile maker. It...

Halt may exceed 1 hour in complex deals: Bursa.
July 29, 2009... Byline: Adeline Paul Raj TRADING halts for corporate announcements can be longer than one hour if they involve complex transactions, Bursa Malaysia Bhd's top official said. "If the announcements (by listed companies) are complex and...

Ranhill to slowly exit oil and gas.
July 29, 2009... Byline: Sharen Kaur RANHILL Bhd is expected to slowly phase itself out from the oil and gas (O&G) sector, as its heavy investments in the sector particularly in Indonesia and Sudan hasn't borne much success, said an industry source. ...

Goldis bags third plant job in China.
July 28, 2009... Byline: Azlan Abu Bakar INVESTMENT holding company Goldis Bhd, through unit Goldis Water Pte Ltd, has clinched a RM13.8 million contract to build a water treatment plant in Shangdong province, its third in China. The plant will be operated...

Analysts mixed on shorter trading halt for announcements.
July 28, 2009... Byline: Adeline Paul Raj ANALYSTS have mixed views on a new rule that shortens the trading halt of stocks for material company announcements to just one hour from a whole trading session currently. The new rule, effective from August 3, is...

RON95 unlikely to squeeze Petronas Dagangan margin, says HwangDBS.
July 28, 2009... THE nationwide introduction of RON95 fuel by September 1 will not affect Petronas Dagangan Bhd's (PDB) earnings, HwangDBS Vickers Research said. "Essentially, PDB will continue to earn the same fixed margin under the automated pricing...

Refinery may be linked to Yan-Songkhla pipeline.
July 28, 2009... Byline: Kamarul Yunus MERAPOH Resources Corp Sdn Bhd says its refinery in Kedah may be linked to a pipeline that will run from Yan in the state to Songkhla in Thailand, an idea that's being floated by its Chinese backers. "The Chinese have...

2 flights daily to Trichy.
July 28, 2009... AIRASIA Bhd will add a daily flight from Kuala Lumpur to Tiruchirappalli (Trichy) in India, from September 1. It now flies to Trichy once a day. Trichy, situated in Tamil Nadu, southern India, was the first Indian destination serviced by...

UOB teams up with Uni.Asia for bancassurance product.
July 28, 2009... UOB (Malaysia) Bhd expects to chalk up RM350 million in sales over two years from a new bancassurance product, which it has jointly developed with Uni.Asia Life Assurance Bhd. Dubbed "Gain Assure II", it is a 10-year single premium...

Shell to offer RON95 nationwide next month.
July 28, 2009... Byline: Rupa Damodaran SHELL expects to provide RON95 fuel to motorists at its over 900 fuel stations in the country next month, said Shell Malaysia Trading Sdn Bhd managing director Datuk Mokhzani Abdul Wahab. "We aim to reach one million...

TM appoints Halim chairman.
July 28, 2009... TELEKOM Malaysia Bhd (TM) has appointed Datuk Dr Halim Shafie (above) as the chairman of its board from July 31 2009, succeeding Tan Sri Muhammad Radzi Mansor who has served for 10 years since his appointment in 1999. Halim has served on TM's...

Mavcap commits RM50m to two new outsource partners.
July 28, 2009... Byline: Presenna Nambiar MALAYSIA Venture Capital Management Bhd (Mavcap) says some 30 per cent of the 100 companies it has invested in have already reached a level mature enough for the venture capitalist to plan its exit. So far seven...

Naza TTDI looks for land to undertake niche projects.
July 28, 2009... Byline: Zuraimi Abdullah NAZA TTDI Sdn Bhd says the 202.34ha it has in the Klang Valley has a total of about RM8 billion in gross development value (GDV) and is looking to increase its landbank to undertake more niche projects. Naza TTDI...

DTZ: Klang Valley property market remains challenging.
July 28, 2009... CONDITIONS in the Klang Valley's property market remain challenging, according to a property market report from global estate agent DTZ. DTZ said the office property sector faces downward pressure on rental and capital values due to weak...

Staedtler to shut plant in Pahang by April.
July 28, 2009... Byline: Chong Pooi Koon GERMAN pen and pencil maker Staedtler will shut its only Malaysian factory in Temerloh, Pahang, by next April. The move will see 200 jobs lost. "Staedtler has long been a global player with 24 sales subsidiaries...

Refinery to break even in 8 years: Merapoh.
July 28, 2009... Byline: Kamarul Yunus MERAPOH Resources Corp Sdn Bhd, which will develop a US$10 billion (RM35 billion) refinery in Kedah, expects to break even in as early as eight years after production starts, helped by demand and a 10-year tax holiday....

One-hour technical glitch on Bursa.
July 28, 2009... INVESTORS were unable to do off-market trades for about an hour yesterday morning due to a technical glitch at Bursa Malaysia. The stock exchange informed market participants in the morning that its off-market transaction known as Direct...

Green Packet sees more solutions jobs.
July 28, 2009... Byline: Goh Thean Eu GREEN Packet Bhd, a communication services provider, expects its solutions business to clinch more contracts in the second half of this year, says its top executive. The solutions division, which develops...

Kossan on hedging ops.
July 28, 2009... KOSSAN Rubber Industries Bhd has clarified that its hedging activities via forward currency contracts are to protect the company from fluctuating foreign currency due to the export nature of its business. It was responding to reports that the...

Unisem breaks out of overhead resistance.
July 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated for the major part of yesterday's trading session. Its overall advancing counters continued to outpace declining counters by 454 to 216. The FTSE Bursa Malaysia Composite Index...

MAS confident of pulling through worldwide slump.
July 28, 2009... Byline: Regina Lee DESPITE people cutting down on their vacations and holidays, Malaysia Airlines is confident that it will pull through the global slump. Chairman Tan Sri Dr. Munir Majid said that the national carrier has looked into ways...

Pumping in money now to prepare for growth ahead.
July 27, 2009... Byline: Sharen Kaur CHASWOOD Resources Sdn Bhd, which owns home-grown brands such as Italiannies and the franchisee of T.G.I. Friday's in Malaysia and Singapore, will invest RM30 million over the next 18 months to open 16 new outlets. ...

Chaswood targets listing to fund regional ambitions.
July 27, 2009... Byline: Sharen Kaur CHASWOOD Resources Sdn Bhd, one of the largest multi-concept operators in the restaurant industry in Malaysia, plans to list its business on the local bourse to raise RM20 million to part finance its regional expansion. ...

Technical indicators pointing north.
July 27, 2009... Byline: Kaladher Govindan PERSISTENT breakout rallies on regional stock markets last week, driven mainly by better-than-expected second quarter earnings economic data in the US, helped lift sentiment on the local bourse and provided the...

Key rate seen remaining unchanged.
July 27, 2009... Byline: Rupa Damodaran BANK Negara Malaysia (BNM) is likely to leave Overnight Policy Rate, the key benchmark interest rate which determines borrowing costs, unchanged at 2.0 per cent this week. The monetary policy committee meets on...

Philips expects products to make way into more homes.
July 27, 2009... Byline: Vasantha Ganesan PHILIPS consumer lifestyle division in Malaysia expects to make its way into more Malaysian homes as it provides complete yet simple home products. This will be in line with the improving economy that would...

Dijaya keen on replicating Damansara Intan in Johor.
July 27, 2009... Byline: Sharen Kaur PROPERTY developer Dijaya Corp Bhd may replicate its successful RM1 billion Damansara Intan development in Petaling Jaya, Selangor, in Johor in late 2010 or early 2011. "We are toying with the idea. We like what we have...