Business Times (Malaysia) articles from July 2011

Business Times (Malaysia) archives from July 2011

Md Nor is new MAS chairman.
July 30, 2011... KUALA LUMPUR: Malaysian Airline System Bhd (MAS) yesterday announced that Tan Sri Md Nor Md Yusof will be its new chairman effective August 1. Md Nor was formerly MAS managing director before becoming executive chairman of the Securities...

PM: No such thing.
July 30, 2011... Byline: Eileen Ng; Rahmah Ghazali; Francis Fernandez KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak yesterday denied that the government had given its blessing to PanelPoint Sdn Bhd to develop a US$100 billion (RM296 billion) gas...

Pavilion to expand to full capacity.
July 30, 2011... Byline: Vasantha Ganesan KUALA LUMPUR: Pavilion Kuala Lumpur, which is expected to be the key asset of a planned real estate investment trust (REIT) that is heading for a listing, will be extended. The mall, owned by Urusharta Cemerlang...

Scramble for 1oz Kijang Emas gold coins.
July 30, 2011... Byline: Sharen Kaur KUALA LUMPUR: There is a shortage of 1oz (ounce) Kijang Emas gold bullion coins in the market as people rush to buy the precious metal amid rising gold prices. The Kijang Emas is Malaysia's very own gold bullion coin....

Kymco motorcycles set to vroom into regional markets.
July 30, 2011... Byline: Ben Tan JOHOR BARU: Johor-based motorcycle assembler, Nippon Motor Assemblers Sdn Bhd, is set to penetrate the regional markets with the Kymco motorcycle brand. This follows a joint venture with its Taiwanese partners and an...

DRB-HICOM CE holders need a hero.
July 30, 2011... Byline: Francis Fernandez CALLING SC! Calling Bursa! I need a hero! He's gotta be strong, he's gotta be fast and he's gotta be fresh from the fight. Alright, give me a break. I pinched those lines from a Bonnie Tyler song, and I don't need...

Indonesia to cap foreign ownership in banks?
July 30, 2011... Byline: Adeline Paul Raj KUALA LUMPUR: Malayan Banking Bhd's (Maybank) chief has expressed concern at the prospect of Indonesia potentially capping foreign ownership in banks to less than 50 per cent. The move to limit foreign...

Jotech, AIC, AutoV merger to be completed early 2012.
July 30, 2011... Byline: Roziana Hamsawi KUALA LUMPUR: The proposed merger between Jotech Holdings Bhd, AIC Corp Bhd and AutoV Corp Bhd is expected to be completed in the first quarter of 2012. The bigger manufacturing company may be called Temasek...

Private sector's NCER investment exceeds RM9.3b.
July 30, 2011... KUALA LUMPUR: The private sector's investments in the Northern Corridor Economic Region (NCER) have exceeded RM9.3 billion, said Deputy Minister of International Trade and Industry Datuk Mukhriz Mahathir. These investments are in the core...

People 'n Rich clinches award.
July 30, 2011... KUALA LUMPUR: Malaysian advertising agency, People 'n Rich, was named Media Agency of the Year in the "local hero" category by Advertising + Marketing, a regional marketing communications trade magazine. Advertising + Marketing held its...

HDC plans fund to spur local halal industry.
July 30, 2011... Byline: Zurinna Raja Adam KUALA LUMPUR: Halal Industry Development Corp (HDC) hopes to manage a dedicated fund under Budget 2012 to assist and develop local halal companies. HDC has formed tie-ups with six local banks to provide financial...

Chevron to open 15-20 Caltex stations a year.
July 30, 2011... Byline: Rupinder Singh KUALA LUMPUR: Chevron Malaysia Ltd wants to add between 15-20 Caltex petrol service stations annually to boost its market share, a senior executive said. The company currently operates more than 420 service stations...

Index likely to stage mild technical rebound.
July 30, 2011... Byline: S.N. Lock MOVING in tandem with the weak performances on the Wall Street and regional stock markets, share prices on Bursa Malaysia closed lower for the third consecutive week ended yesterday. The FTSE Bursa Malaysia Kuala Lumpur...

Hexagon unit inks RM500m supply deal.
July 30, 2011... HEXAGON Holdings Bhd's wholly-owned unit, Polymer Composite Asia Sdn Bhd, has signed a framework agreement with a major global oil company to supply corporate identity visual products worldwide with a potential sales value of RM500 million in...

Berjaya Corp buying China's DSG Holdings.
July 30, 2011... BERJAYA Corp Bhd is acquiring China-based potable water producer and supplier DSG Holdings Ltd for RM77.91 million. The acquisition is in line with the group's strategy to further expand its environment- and infrastructure-related businesses,...

Press Metal Bintulu secures RM400m loan for expansion.
July 30, 2011... Byline: Adeline Paul Raj KUALA LUMPUR: Press Metal Bintulu Sdn Bhd (PMB) has secured a RM400 million loan facility to help fund the first of a two-phase expansion of an aluminium smelting project in Samalaju, Sarawak. The first phase of...

SP Setia eyes E&O.
July 29, 2011... Byline: Marina Emmanuel; Sharen Kaur GEORGE TOWN: Major shareholders of SP Setia Bhd, Malaysia's biggest developer, plan to buy a strategic stake in property and hospitality company Eastern and Oriental Bhd (E&O), people familiar with the...

RM295b pipeline plan?
July 29, 2011... KUALA LUMPUR: PanelPoint Sdn Bhd said yesterday that it will form a consortium to undertake an 8,000km trans-Asian gas pipeline, linking Mersing in Johor to China, at an estimated cost of US$100 billion (RM295 billion). PanelPoint Sdn Bhd...

IOI buying oil palm land from Dutaland for RM830m.
July 29, 2011... Byline: Ooi Tee Ching KUALA LUMPUR: IOI Corp Bhd is buying close to 12,000ha of matured oil palm estates from Dutaland Bhd for RM830 million. In a filing to the stock exchange yesterday, IOI said the planned purchase will help expand the...

Petronas makes big gas finds off Sabah.
July 29, 2011... KUALA LUMPUR: Petronas Carigali Sdn Bhd has made two significant gas discoveries in the shallow water areas off the west coast of Sabah. In a statement yesterday, Petronas said the first discovery was at the Zuhal East-1 well located in the...

MAHB sees double-digit growth on stronger traffic.
July 29, 2011... Byline: June Ramlee SEPANG: Malaysia Airports Holdings Bhd (MAHB) is confident of achieving double-digit growth in the year ending December 31 2011 on stronger growth in traffic at both its low-cost carrier terminal (LCCT) and Kuala Lumpur...

Alliance Financial has no plans to expand regionally.
July 29, 2011... Byline: Adeline Paul Raj KUALA LUMPUR: Alliance Financial Group Bhd (AFG), the country's smallest banking group, says it has no plans to expand into the region and isn't aware of any plans its major shareholders may have to exit the group. ...

'Give first bite of cherry to Malaysian companies'.
July 29, 2011... Byline: Francis Fernandez KUALA LUMPUR: ExxonMobil Corp's (ExxonMobil) possible sale of its retail assets in Malaysia should be dealt with delicately, industry players said yesterday. They said that the first bite of the cherry should be...

Petronas Dagangan to spend bulk of capex on expansion.
July 29, 2011... Byline: Kamarul Yunus KUALA LUMPUR: Petronas Dagangan Bhd (PDB), the retail arm of Petroliam Nasional Bhd (Petronas), will continue to spend a major portion of its annual capital expenditure (capex) of up to RM400 million to expand its...

HeiTech keen to invest in IT firms.
July 29, 2011... Byline: Vasantha Ganesan KUALA LUMPUR: HeiTech Padu Bhd is keen to invest in other information technology-related companies after buying a major stake in Grand-Flo Solution Bhd and may raise its stake in Tricubes Bhd. HeiTech had in April...

Perodua revises down sales forecast.
July 29, 2011... Byline: Goh Thean Eu SUBANG JAYA: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has revised downwards its full-year sales forecast to 190,000 units, from 195,000 units set previously, partly due to the Japan disaster and newly-amended Hire...

Firefly takes off from Malacca via pact with Melaka Air.
July 29, 2011... Byline: Presenna Nambiar MALACCA: Firefly will be the first local low-cost carrier to fly out of the Malacca International Airport, under a managed services agreement with Melaka Air. Melaka Air is 10 per cent-owned by Malacca Foundation...

Technical rebound likely.
July 29, 2011... Byline: S.N. Lock A SHARP fall on Wall Street on Wednesday dictated overall market sentiment on Bursa Malaysia yesterday, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) continued to consolidate further with decliners...

New intercom system from Panasonic.
July 29, 2011... KUALA LUMPUR: Panasonic Malaysia launched a new video intercom system which allows the user to speak with visitors before opening the door. The indoor colour monitor offers a host of functions that make it easy for users and their family...

Japan's Proto buys MTM Multimedia for RM110m.
July 28, 2011... KUALA LUMPUR: Japan's Proto Corp is buying MTM Multimedia Sdn Bhd, publisher of Motor Trader and Autocar Asean magazines, for RM109.67 million. Proto announced to the Tokyo Stock Exchange yesterday that it is acquiring all 500,000 MTM shares...

Petronas: No deal with joint venture.
July 28, 2011... Byline: Francis Fernandez KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), the natio-nal oil company, has disputed claims by a Malaysian-Iranian-Chinese (MIC) joint venture that they are poised to be awarded a contract to develop a marginal...

CIMB set to make South Asian foray.
July 28, 2011... Byline: Adeline Paul Raj KUALA LUMPUR: The country's second largest banking group, CIMB Group Holdings Bhd, is set to make its first foray into South Asia. Sources said it will next week open a representative office in Mumbai, India, and...

Shipbuilding sector to take new course.
July 28, 2011... Byline: Presenna Nambiar PUTRAJAYA: A blueprint for the shipbuilding and repair industry will be finalised by the end of next month, in an effort to boost the long-ignored industry to its maximum potential. Almost 100 years old, the...

Prestariang makes weak debut.
July 28, 2011... KUALA LUMPUR: Prestariang Bhd, an information and communications technology (ICT) company, yesterday made a dismal debut on Bursa Malaysia, on weak market sentiment. At the end of trading, its shares closed at 74 sen, 18 per cent lower than...

Smart city deal to boost Nusajaya property prices.
July 28, 2011... Byline: Sharen Kaur KUALA LUMPUR: Property prices in Nusajaya in Iskandar Malaysia, Johor, are expected to rise further as UEM Land Holdings Bhd and Iskandar Investment Bhd (IIB) plan to transform the area into a "smart+connected" community....

Govt working with oil and gas players to keep sector vibrant.
July 28, 2011... Byline: Kamarul Yunus KUALA LUMPUR: The government will work with petroleum industry players in deregulating prices and eliminating market distortions to keep the sector vibrant. Deputy Finance Minister Senator Datuk Donald Lim Siang Chai...

Chery plans new plant in Malaysia.
July 28, 2011... Byline: Goh Thean Eu KUALA LUMPUR: Chery Alado Holdings Sdn Bhd, which holds the rights to import and sell Chery cars, plans to invest up to RM300 million over the next five years on a new assembly plant in the country. "Should everything...

Franchise expo beats target with RM352m sales.
July 28, 2011... KUALA LUMPUR: THE Franchise International Malaysia 2011 (FIM 2011), organised by Malaysia Franchise Association (MFA), pulled in RM352 million sales during the three-day show recently. This is about 8 per cent more than RM327 million sales...

Germany's UIRE eyes more KL properties.
July 28, 2011... Byline: Roziana Hamsawi KUALA LUMPUR: Germany's Union Investment Real Estate GmbH (UIRE) has plans to buy a few more office buildings valued between RM200 and RM400 million here in the next two to three years. UIRE Asia Pacific Pte Ltd...

High Court strikes out Metroplex suit.
July 28, 2011... THE High Court has struck out the legal action taken by Metroplex Bhd to set aside the sale of Putra Place to OSK Trustees Bhd, who were acting on behalf of Sunway Real Estate Investment Trust Bhd.

Lower credit rating.
July 28, 2011... STANDARD & POOR lowered Malaysia's currency rating to 'A' from 'A+', a move expected as it followed changes to the agency's methodology and assumptions for rating sovereign governments.

Technical rebound likely for KKB.
July 28, 2011... Byline: S.N. Lock Technical pullbacks on the regional stock markets dictated Bursa Malaysia's overall market sentiment as the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) consolidated recent gains. Its gainers outpaced losers...

Favelle nets RM79.3m in purchase orders.
July 28, 2011... FAVELLE Favco Bhd received letters of intent worth RM79.3 million for the supply of offshore cranes and winches. The purchase orders were given to Favco's units, namely Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Ltd, Favelle...

Property hotspot.
July 27, 2011... Byline: Marina Emmanuel GEORGE TOWN: The development potential of Penang island's southeastern area is growing as more property developers are eyeing it for their projects. Business Times has learnt that CP Land Sdn Bhd, the property arm...

RM1b cargo revenue target.
July 27, 2011... Byline: Sharen Kaur KUALA LUMPUR: National railway company Keretapi Tanah Melayu Bhd (KTMB) aims to rake in revenues of more than RM1 billion from its cargo business in five years, its chief said. Currently, the cargo business, coupled...

PeterLabs slides on Bursa debut.
July 27, 2011... Byline: Sharen Kaur KUALA LUMPUR: Animal health and nutrition products maker PeterLabs Holdings Bhd's shares headed south yesterday on its debut on Bursa Malaysia's Main Market. The stock is, however, the second most active, with a total...

Rubber exports likely to bounce up to RM14.3b.
July 27, 2011... Byline: Ooi Tee Ching KUALA LUMPUR: Malaysia's rubber exports are expected to expand by 10 per cent to RM14.3 billion this year, says Deputy Plantation Industries and Commodities Minister Datuk G. Palanivel. "We should be able to do 10 per...

UTP qualifies for SIFE World Cup.
July 27, 2011... Byline: Zurinna Raja Adam KUALA LUMPUR: University Technology Petronas (UTP) has emerged winner of the SIFE Malaysia National Exposition 2011 and will advance to represent Malaysia at the SIFE World Cup in October this year. A total of 23...

Petronas Chem not ruling out buying assets.
July 27, 2011... Byline: Kamarul Yunus KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) is not ruling out buying assets to strengthen its olefin and derivatives as well as fertiliser and methanol businesses. "I like to stress that there are opportunities...

Don't meddle, Aussie senator told.
July 27, 2011... Byline: Zaidi Isham Ismail MELBOURNE: Australian senator Nick Xenophon should not interfere in Malaysia's sovereignty, Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said. Since 2009, Xenophon, together with the...

AXA Affin on Treasury housing loan division's panel of insurers.
July 27, 2011... Byline: Rupinder Singh KUALA LUMPUR: AXA Affin Life Insurance Bhd will target borrowers who apply for conventional housing loans from the government to help grow its new gross premium by 10 per cent over the next 12 months. The company is...

Sandakan Harbour Square ready by Dec.
July 27, 2011... Byline: Hamisah Hamid SANDAKAN: The third and the final phases of a RM510 million Sandakan Harbour Square, comprising a shopping mall and an international hotel, are on track to be completed by year-end. According to project manager Ireka...

Off-market trade.
July 27, 2011... FORMIS Resources Bhd had 30 million shares, or 16.2 per cent, of its shares traded in the off market at 85 sen a share. The off-market trade valued at RM25.5 million, could signal the emergence of a new shareholder in the company.

Suzuki to boost mart share.
July 27, 2011... KUALA LUMPUR: Suzuki Malaysia Automobile Sdn Bhd (SMA) aims to raise its share in the passenger vehicle segment to 1.5 per cent this year from 1.1 per cent in 2010. SMA sold 27 per cent more vehicles from January to June this year to 4,086...

Uzma bags deal.
July 27, 2011... UZMA Bhd's unit Uzma Engineering Sdn Bhd has won a three-year integrated equipment and services for idle well reactivation project contract from Petronas Carigali Sdn Bhd. The value of the contract is estimated at RM170 million.

Axiata shares sold.
July 27, 2011... TELEKOM Malaysia Bhd (TM) sold 92.4 million shares in Axiata at RM5.07 a share to third-party foreign institutional investors. TM raised RM468.3 million from the sale the company said, adding it has 807 Axiata shares left, which it may sell in...

Technical rebound.
July 27, 2011... Byline: S.N. Lock TRACKING regional stock markets, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a technical rebound yesterday. Advancing counters edged out declining counters by 374 to 334. The FBM KLCI rebounded...

Bank of Yingkou: 20pc loan growth.
July 27, 2011... Byline: Adeline Paul Raj BEIJING: Bank of Yingkou Co Ltd, a mid-sized lender based in north-east China, said loans may expand by about a fifth this year, the same as last year, amid stronger competition and tighter regulation. The bank,...

Public Bank: HP Act impact temporary.
July 26, 2011... KUALA LUMPUR: Public Bank Bhd, the country's third largest lender, expects a resolution on the amended Hire Purchase Act 1967 to be reached soon between the government and car dealers. "MAA has indicated that May and June car sales have...

RM17b oil project in Johor.
July 26, 2011... Byline: Francis Fernandez KUALA LUMPUR: KNM Group Bhd and Zecon Bhd have entered into an agreement with Gulf Asian Petroleum (GAP) Sdn Bhd to build a refinery and an oil storage terminal worth a combined RM17 billion in Teluk Ramunia, Johor....

Ivory wins Penang land rights.
July 26, 2011... KUALA LUMPUR: Ivory Properties Group Bhd said that it has won the rights to acquire 41.50 hectares of land in Bayan Mutiara, Penang, from the Penang Development Corp (PDC). "Approximately 27.34ha are existing land and 14.16ha are to be...

Proton global car by February.
July 26, 2011... Byline: Rupinder Singh TANJUNG MALIM: Proton Holdings Bhd is slated to introduce its first global car by February 2012, its top executive said. It is learnt that the car, codenamed P3-21A, is based on the Proton Tuah concept car displayed...

Daihatsu confident Indonesians will think small.
July 26, 2011... Byline: Shahriman Johari JAKARTA: In a country that is crazy for multi-purpose vehicles (MPVs), Japan's Daihatsu Motor Co thinks that Indonesia will eventually go "ga ga" over small cars as fuel prices remain high and traffic jams worsen. ...

Demand for new Myvi remains strong.
July 26, 2011... Byline: Shahriman Johari JAKARTA: Demand for the new Perodua Myvi continues to be strong in Malaysia, while Indonesia is showing encouraging sales. Bookings for the car in Malaysia have topped 21,000, up from 17,000 that was indicated on...

MAS: Higher revenue, lower cost with A380s.
July 26, 2011... Byline: Goh Thean Eu KUALA LUMPUR: Malaysian Airline System Bhd (MAS), the country's national carrier, said that the new Airbus A380 superjumbos would help the company to improve its revenue and cost efficiencies. "It would help the...

Hibiscus upbeat despite weak debut.
July 26, 2011... Byline: Goh Thean Eu KUALA LUMPUR: Hibiscus Petroleum Bhd, which has raised RM235 million from its initial public offering (IPO), remained optimistic even after seeing its stocks open at a 13.6 per cent discount on its debut on Bursa Malaysia...

Sinopec in group to develop Petronas oil field.
July 26, 2011... Byline: Zurinna Raja Adam KUALA LUMPUR: China's largest petroleum refiner Sinopec Petroleum Services Corp (Sinopec) is poised to take a major stake in a planned RM2.06 billion venture to help develop a Petronas' marginal oil field located off...

Digistar bags orders.
July 26, 2011... DIGISTAR Corp Bhd's unit Digistar Holdings Sdn Bhd, has won new orders of approximately RM8.8 million from existing and new clients. The new orders are for the supply and integration of various audio-visual systems, security systems,...

AirAsia: HQ in Sepang.
July 26, 2011... AIRASIA Bhd's headquarters will continue to be located at the low-cost carrier terminal (LCCT) in Sepang. "There are absolutely no plans, nor the inclination, to move the HQ of this Malaysian-incorporated firm out of the country. And our...

Zeti: We'll support those feeling the pinch.
July 26, 2011... Byline: Roziana Hamsawi KUALA LUMPUR: Low- and medium-income households whose purchasing power has shrunk because of rising inflation need to be supported, Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz said yesterday. She said the...

Nasim aims to export 6,000 Peugeot cars.
July 26, 2011... Byline: Sulaiman Jaafar KOTA BARU: Nasim Sdn Bhd, the local distributor of Peugeot vehicles, plans to export up to 6,000 locally-assembled Peugeot cars under its five-year plan, from next year. Its chief operation officer Datuk Samson...

Daya secures 2 deals.
July 26, 2011... DAYA Materials Bhd's unit, Daya Secadyme Sdn Bhd, secured two supply and delivery agreements worth RM27.42 million from Petronas Methanol (Labuan) Sdn Bhd. The company said the deal is expected to contribute positively towards the group's...

Affin Investment opens branch in Cheras.
July 26, 2011... KUALA LUMPUR: Affin Investment Bank (AIB) is expanding its stockbroking footprint by launching a new branch at Taman Midah in Cheras recently. "In our endeavour to raise financial literacy and encourage people with various risk appetites to...

SP Setia proposal.
July 26, 2011... SP SETIA Bhd has proposed to acquire 40 per cent equity interest in KL Eco City Sdn Bhd (KLEC) from Yayasan Gerakbakti Kebangsaan for RM75 million. The acquisition will be through the issuance of 19.37 million new ordinary shares of 75 sen...

Follow-through rebound likely.
July 26, 2011... Byline: S.N. Lock MOVING in tandem with consolidations on regional stock markets, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a follow-through consolidation yesterday. Declining counters out-numbered advancing...

Getting KTMB back on track.
July 25, 2011... Byline: Sharen Kaur KUALA LUMPUR: National railway company Keretapi Tanah Melayu Bhd (KTMB) is segregating its core businesses under a two-phase restructuring plan, with the aim of being more efficient and profitable. Under the Government...

Hua Yang targets maiden home buyers.
July 25, 2011... Byline: Hamisah Hamid KUALA LUMPUR: Property developer Hua Yang Bhd is banking on strong demand for affordable houses from Malaysia's large young population to more than double its revenue to over RM500 million by 2015. While most property...

The curious case of Carcosa.
July 25, 2011... Byline: Vasantha Ganesan COME August, boutique hotel Carcosa, a building that Malaysia had "struggled" to get back from the British, turns 113. It was returned to Malaysia in 1987 and started operating as a hotel. In late 2009, plans...

Moderately bullish mart likely.
July 25, 2011... Byline: Azlan Abu Bakar KUALA LUMPUR: Stocks on Bursa Malaysia are likely to be moderately bullish this week with external factors expected to be in the driver's seat. Positive signals are beginning to take shape, with world stocks hitting...

For Hua Yang, it all starts with good homes.
July 25, 2011... Byline: Hamisah Hamid KUALA LUMPUR: Hua Yang Bhd is on a drive is to see the country does well by providing good homes for first-time buyers. "From the first house, the buyer can build a family unit, who will then develop the nation. It...

Prestariang eyes private sector jobs.
July 25, 2011... Byline: Zurinna Raja Adam CYBERJAYA: Information and communication technology (ICT) training and certification provider Prestariang Bhd wants to reduce its dependency on government contracts and expand overseas revenue contribution to 30 per...

GlycosBio to start work on Johor plant, R&D centre this quarter.
July 25, 2011... Byline: Kamarul Yunus KUALA LUMPUR: Glycos Biotechnologies Inc (GlycosBio), an international biochemical company plans to start construction of its multi-million dollar industrial biochemical plant and biotechnology research and development...

US companies find Asean most compelling investment destination.
July 25, 2011... Byline: Rupa Damodaran KUALA LUMPUR: American companies find the Asean region the most compelling investment destination in Asia now, especially with the formation of the Asean Economic Community in 2015. Foreign direct investments (FDIs)...

Developers be warned,China's a tough market.
July 25, 2011... Byline: Sharen Kaur KUALA LUMPUR: More developers are venturing into China's property market but their investments may be at risk because of red tape and fears of overheating, analysts say. A MIDF Research analyst said the China market is...