Business Times (Malaysia) articles from March 2011

Business Times (Malaysia) archives from March 2011

RHB's Chay resigns, tipped to be K&N chief.
March 31, 2011... Byline: Adeline Paul Raj RHB Investment Bank Bhd's chief Chay Wai Leong is tipped to take the helm at K&N Kenanga Holdings Bhd, an investment banking and stockbroking group. Sources said Bank Negara Malaysia is in the midst of vetting...

Putra Place finally sold for RM514m.
March 31, 2011... Byline: Vasantha Ganesan THE Putra Place in Kuala Lumpur has finally been sold to OSK Trustee Bhd for RM513.95 million, some three years after the property was first put up for auction. The auction, held yesterday, is believed to be the...

Cypark proposes to take over 32 landfills.
March 31, 2011... Byline: Francis Fernandez CYPARK Resources Bhd, the country's largest publicly traded renewable energy company, has submitted proposals to the government to take over as many as 32 non-sanitary landfills and to design, build and manage...

Jotun expects 10pc business growth with new Nilai plant.
March 31, 2011... Byline: Heidi Foo JOTUN Malaysia Sdn Bhd expects its turnover to grow 10 per cent this year with the opening of a RM160 million plant in Nilai, Negri Sembilan. The company, owned by Norway's Jotun A/S, posted a RM342 million turnover last...

Outstanding growth in five months.
March 31, 2011... CYPARK Resources Bhd has grown from a small capitalised stock into a mid-sized one in less than five months, as investors bet it will win more government contracts to manage non-sanitary landfills. "Yes, I reckon our initial public offering...

DPMM offers to buy JCorp stake in Kulim.
March 31, 2011... Byline: Azlan Abu Bakar; June Ramlee THE Malay Chamber of Commerce (DPMM) has made an offer to buy Johor Corp's (JCorp) 53 per cent stake in Kulim (Malaysia) Bhd, a plantation group with interests in fast food business. Its president Syed...

Guidelines on registration of CRAs.
March 31, 2011... THE Securities Commission yesterday issued guidelines on the registration of credit rating agencies (CRAs) to ensure independent and high quality ratings as well as to supervise such agencies more vigorously. The guidelines enhance the CRAs'...

MDeC in pact with Swiss-based GCEL.
March 31, 2011... Byline: Azlan Abu Bakar MULTIMEDIA Development Corp (MDeC) has signed an initial pact with a Swiss-based organisation to deve-lop a free search engine that will make it easier for Malaysian companies to find partners abroad. The plan is to...

50pc more hotel rooms needed.
March 31, 2011... Byline: Vasantha Ganesan BY 2020, Malaysia needs 50 per cent more hotel rooms to cater for the anticipated tourist arrivals of 36 million. As at February this year, there were a total of 1,610 hotels in the three to five star category and...

Reapfield upbeat on FlexiRoam service.
March 31, 2011... Byline: Rupinder Singh REAPFIELD Technology Sdn Bhd is looking at securing up to 9,000 new subscribers for the country's first unlimited roaming services launched yesterday. The company said subscribers of its FlexiRoam package can enjoy...

CIMB Bank to raise BLR from April 4.
March 31, 2011... CIMB Bank and CIMB Islamic Bank yesterday announced an increase in their base lending rate (BLR) and base financing rate from 6.30 per cent to 6.35 per cent, with effect from Monday. The change in rates follows Bank Negara Malaysia's decision to...

Panasonic eyes bigger 3D TV market share.
March 31, 2011... Byline: Kamarul Yunus PANASONIC Malaysia aims to increase its market share of three-dimensional (3D) televisions in Malaysia to 20 per cent this year, driven by its latest range of Viera flat-panel Plasma, LED and LCD TVs. Its marketing...

Olympia Industries cancels loan stocks.
March 31, 2011... OLYMPIA Industries Bhd has cancelled 12.6 million redeemable unsecured loan stocks (RULS) and 21.3 million irredeemable convertible bonds (ICB). This reduces Olympia's total outstanding RULS and ICB to RM60.4 million and RM180.8 million...

Follow-through rebound likely.
March 31, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia staged their follow-through rebounds yesterday. Overall advancing counters outnumbered declining counters by 671 to 241. The FTSE Bursa Malaysia Kuala Lumpur Composite Index rebounded from...

Govt to allocate land for affordable homes.
March 30, 2011... Byline: Hamisah Hamid THE government will allocate a portion of its landbank for the construction of affordable housing, especially for Malaysians eligible for the My First Home Scheme. Housing and Local Government Minister Datuk Chor Chee...

Metro Kajang to beef up plantation, property units.
March 30, 2011... Byline: Sharen Kaur METRO Kajang Holdings Bhd is buying more land to beef up its core plantation and property development divisions to drive earnings. Executive chairman Datuk Alex Chen said it is buying more land in Kalimantan, Indonesia...

Timber stocks surge on Japan rebuilding plans.
March 30, 2011... Byline: Azlan Abu Bakar JAPAN'S move to compile several extra budgets to cope with the earthquake and tsunami disaster gave timber stocks on Bursa Malaysia a shot in the arm. The stocks were traded in a frenzy, as investors kept chasing...

Warisan TC targets 5pc light trucks market share.
March 30, 2011... Byline: Goh Thean Eu WARISAN TC Holdings Bhd, which is more well-known for its consumer products and car rental businesses, aims to secure a 5 per cent market share within the first year of venturing into the light commercial vehicles...

Govt plans more measures to slash household debts.
March 30, 2011... Byline: June Ramlee THE government will do more to bring down household debts, which stand at RM486 billion out of the total debts of RM876 billion recorded last year. Deputy Finance Minister Senator Datuk Donald Lim Siang Chai said the...

New CGC loan scheme for small businesses.
March 30, 2011... Byline: Azlan Abu Bakar SMALL businesses in the wholesale and retail sectors can apply for loans of up to RM100,000 with a guarantee cover of 70 per cent through Credit Guarantee Corp Malaysia Bhd's (CGC) new Enhancer Express scheme. Set...

Perisai to buy Garuda Energy for RM210m.
March 30, 2011... PERISAI Petroleum Teknologi Bhd plans to buy all of Garuda Energy (L) Ltd, an oil and gas concern, for RM210 million. It will pay about RM150 million cash and issue new shares at 65 per sen each for the remaining RM60 million. Both Perisai and...

Esso likely to stage follow-through rebound.
March 30, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded in counter-trend to the regional markets' consolidations yesterday. Its overall advancing counters outnumbered declining counters by 543 to 264. The FTSE Bursa Malaysia Kuala...

Good investment prospects in Kazakhstan: Mustapa.
March 30, 2011... Byline: Rupa Damodaran KAZAKHSTAN, Malaysia's largest trading partner in central Asia, is keen to have more investments from Malaysia and is providing attractive incentives. International Trade and Industry Minister Datuk Seri Mustapa...

Flextronics on expansion drive.
March 30, 2011... Byline: Marina Emmanuel FLEXTRONICS International Ltd, an electronic products and parts manufacturer, is expanding aggressively in Penang and Johor this year by hiring more than 7,000 people to support its growing Malaysian operations. The...

ECM Libra net profit jumps to RM45.8m.(Financial report)
March 30, 2011... ECM Libra Financial Group Bhd said its net profit for fiscal 2011 more than tripled from a year ago as it made more money from the sale of securities and stockbroking activities. The investment bank's net profit for the year to January 31...

Intrade to draw more participation.
March 30, 2011... Byline: Rupa Damodaran THE fifth edition of Intrade Malaysia is expected to see an equally strong performance as that of 2010, said Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir. "We are expecting a strong...

Plan for tax e-filing via smartphones.
March 30, 2011... Byline: Rupinder Singh THE Inland Revenue Board Of Malaysia (IRB) and its e-Filing service provider, Digicert Sdn Bhd, are working on plans to allow online tax submissions using smartphones by the end of September this year. Digicert's...

Kencana bags well head platform contract.
March 30, 2011... KENCANA Petroleum Bhd, through its wholly owned subsidiary Kencana HL Sdn Bhd (KHL), has won a RM216 million contract from Petrofac (Malaysia) Ltd to construct well head platforms for the Cendor oil field, located off the coast of Terengganu....

Malaysian Resources to hold 40pc of KL Bund.
March 30, 2011... MALAYSIAN Resources Corp Bhd (MRCB) will hold 40 per cent of KL Bund Sdn Bhd, the project delivery partner for the River of Life project in the Klang Valley. Ekovest Bhd will hold the controlling 60 per cent. The River of Life project involves...

Khazanah shortlists 3 for stake in Pos.
March 29, 2011... Byline: Francis Fernandez KHAZANAH Nasional Bhd has shortlisted three companies to buy its 32.21 stake in Pos Malaysia Bhd, the country's sole national postal service company, people familiar with the tender process said yesterday. ...

Ekuinas: RM513m available under outsourced scheme.
March 29, 2011... EKUITI Nasional Bhd (Ekuinas), a government-owned private equity firm, said it has a fund size of RM513 million under its outsourced programme to invest in small- to mid-sized Malaysian companies. The fund size was boosted after its three...

Shell Malaysia launches RM800m project.
March 29, 2011... Byline: Kamarul Yunus SHELL Malaysia has launched its RM800 million diesel processing unit project at its refinery in Port Dickson and expects its two other major projects as outlined under the Entry Point Projects (EPPs) of the Economic...

Boustead buys 51pc of MHS for RM100m.
March 29, 2011... Byline: Rupinder Singh BOUSTEAD Holdings Bhd has bought a 51 per cent stake in helicopter and aircraft charter services provider MHS Aviation Bhd for RM100 million to strengthen its involvement in the oil and gas industry. Boustead deputy...

NCB seeks licence renewal.
March 29, 2011... Byline: Presenna Nambiar PORT operator NCB Holdings Bhd last week submitted a proposal for the renewal of its port licence and has hinted its concerns on the issue. The proposal comes two years before the licence expires in 2013. NCB...

Negri Sembilan expects to exceed investment target.
March 29, 2011... Byline: Kamarul Yunus NEGRI Sembilan is confident that it will be able to better last year's total investments of RM5.2 billion for new projects this year as well as exceed the yearly target of RM1 billion. Menteri Besar Datuk Seri Mohamad...

RM300m centre to transform KK suburbs.
March 29, 2011... Byline: Joniston Bangkuai AN INTERNATIONAL technology and commercial centre (ITCC) is being developed in Penampang that will transform the economy of the town in the suburb of Kota Kinabalu. Built with a capital investment of RM300...

Smartag to start Thai project soon.
March 29, 2011... Byline: June Ramlee SMARTAG Solutions Bhd, due to be listed on Bursa Malaysia's ACE Market on April 18, expects to start its land checkpoint project in Thailand next month. The radio frequency identification (RFID) solutions provider has...

Miti loosens entrepreneur fund rules.
March 29, 2011... Byline: Sean Augustin THE Ministry of International Trade and Industry (Miti) yesterday introduced entrepreneur-friendly conditions for the Graduate Entrepreneurs Fund to encourage more participation. The new conditions will see, among...

Rise in Feb CPI triggers rate hike forecasts.
March 29, 2011... Byline: Rupa Damodaran THE Consumer Price Index (CPI), the official barometer of the inflation, accelerated by 2.9 per cent in February, raising market expecations for interest rates to hike in May. It came within the 2.5 to 3.5 per cent...

Dominasi Cendana to take a bite of India market.
March 29, 2011... Byline: Francis Fernandez DOMINASI Cendana Sdn Bhd, a privately owned food and beverage service provider, plans to expand its business to India by bringing Malaysian food there, said its chief executive Randir Singh. "We are planning to...

More Malaysian crew on board.
March 29, 2011... Byline: Marina Emmanuel THE multilingual abilities of Malaysian cabin crew is set to see Hong Kong's flag carrier Cathay Pacific Airways having more of these professionals on its flights. The airline's country manager for Malaysia and...

Plan to transform island into unique retreat.
March 29, 2011... REBAK Island Resort, on a 158ha private island off Langkawi, is planning to enhance the island to attract more guests. The resort, 75 per cent-owned by DRB-HICOM Bhd's unit Hicom Indungan Sdn Bhd, is looking at developing private beaches for...

Rebak Island Resort makes room for more.
March 29, 2011... Byline: Vasantha Ganesan REBAK Island Resort Langkawi, an 82-room hotel, will expand its inventory to 94 by June this year, to accommodate for higher demand during peak seasons. "We are a small hotel, during the 365 days, we have our peak...

GD Express CEO buys 1m company warrants.
March 29, 2011... LEONG Chee Tong, the chief executive of GD Express Carrier Bhd bought one million of the company's warrants at 35 sen a warrant, GD Express told the stock exchange. Leong's purchase comes barely a week after Singapore Telecommunications Ltd...

Competency boost for insurance industry.
March 29, 2011... Byline: Hamisah Hamid THE newly-launched Competency Framework for the Malaysian Insurance and Takaful Industry (CF-Miti) is expected to retain and attract top talents to the industry, which is on a double-digit growth path. Malaysian...

Local firms set to rake in more sales at China expo.
March 29, 2011... Byline: Goh Thean Eu MALAYSIA External Trade Development Corp (Matrade) expects its contingent of exhibitors to register more sales in the upcoming China-Asean Expo (CAExpo) in Nanning, China. Companies exhibiting their products and...

Jaya Tiasa 9-month profit up fourfold.(Financial report)
March 29, 2011... JAYA Tiasa Holdings Bhd's group level net profit for the nine months ended January 31 2011 surged more than four times to RM92.42 million from 17.59 million in 2010. Group revenue for the financial period in question stood at RM615.39 million...

EPF now owns 5.13pc of Bursa Malaysia.
March 29, 2011... THE Employees Provident Fund Board (EPF) has emerged as a substantial shareholder in Bursa Malaysia Bhd, the operator of the country's stock exchange. In a filling to the stock exchange, Bursa Malaysia said that EPF now owns 5.13 per cent of the...

ECS gets Apple's iPad distribution rights.
March 29, 2011... ECS ICT Bhd has been awarded distribution rights by Apple Inc's iPad in Malaysia from April this year. ECS said the distribution rights for the iPad would enable the company to expand the suite of Apple products including the MacBook notebooks,...

Pos likely to consolidate before uptrend moves.
March 29, 2011... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated within range-bound trading activities yesterday. Overall declining counters out-numbered advancing counters by 380 to 371. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell from its...

SapuraCrest Petroleum net profit jumps 34pc.(Financial report)
March 29, 2011... SAPURACREST Petroleum Bhd's group net profit for the financial year ended January 31 2011 jumped 34 per cent to RM231.4 million from RM172 million a year ago. Group revenue, however, fell marginally to RM3.19 billion from RM3.2 billion in the...

eBworx to ride on banks' regional expansion.
March 28, 2011... Byline: June Ramlee EBWORX Bhd, a software developer, aims to double its net profit this year as it rides on the expansion of banks in the region. The company, which helps banks carry out online banking services and manage loan...

Bumper harvest.
March 28, 2011... Byline: Ooi Tee Ching SARAWAK Oil Palms Bhd (SOPB) is poised to see at least 10 per cent growth in its fresh fruit bunch harvest to 700,000 tonnes by the end of the year, as more young trees mature. Headquartered in Miri, the group has...

Success driven by passion.
March 28, 2011... Byline: Ben Tan THE classic motorsports adage of: "Win on Sunday and sell on Monday" still holds true for young businessman Nik Iruwan Nik Izani. The 25-year-old former open-wheel racer makes it a point to spend his weekends at karting...

Digistar likely to stage follow-through rebound.
March 28, 2011... Byline: S.N. Lock THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) managed to register another marginal week-on-week gain on rangebound trading activities for the week ended last Friday, moving in tandem with the rebounds on...

Breakout from consolidation likely.
March 28, 2011... Byline: Kaladher Govindan THE local stock market staged a mild recovery last week, encouraged by increased rotational plays on lower liners and penny stocks which offset investor concern over the spreading unrest in the Arab world, worsening...

Upward trend may continue.
March 28, 2011... Byline: Adeline Paul Raj THE local stock market is expected to continue its upward climb this week albeit at a slow pace, with investors focused on small-to-mid-sized stocks. Last week, despite concerns about the impact of an earthquake...

Update syllabus, eBworx urges local varsities.
March 28, 2011... BEING a local graduate himself, eBworx Bhd's group chief executive officer Tan Suan Fong says local universities are not churning out the right type of graduates that are ready for the workforce. "We find that when we employ these local...

Panasian Power eyes regional markets.
March 28, 2011... Byline: Kamarul Yunus HAVING listed on the Colombo Stock Exchage (CSE) early this year, Malaysian-owned Pan-asian Power Ltd wants to expand its energy capacity in Sri Lanka and is looking for projects in Southeast Asia. It now has the...

Sarawak remains builders' sweet spot.
March 28, 2011... Byline: Sharen Kaur WHILE other Malaysian construction companies have ventured abroad to grow, those based in Sarawak seem content to stay at home as there are still a lot of work. The chiefs of several Sarawak construction companies admit...

Air conditioning and ventilation skills course.
March 28, 2011... AKADEMI Binaan Malaysia (ABM), the training unit of Construction Industry Development Board (CIDB), has signed a memorandum of understanding with Mahman MBO Sdn Bhd to offer air conditioning and ventilation skills training courses. Offered to...

Euromobil sees 40pc rise in Audi sales.
March 28, 2011... Byline: June Ramlee EUROMOBIL Sdn Bhd, the sole distributor of Audi cars in Malaysia, plans to sell up to 1,070 units from the whole range of the German marque this year. Its chairman Datuk Seri Mohd Khamil Jamil said this would be a 40...

Trend may head towards 1,550 level.
March 28, 2011... Byline: Bernard THE March contract on the FTSE Bursa Malaysia Derivatives Bhd closed at 1,517 with an open interest of 15,752 contracts last week. The spot contract traded within the range from 1,514 and the support of 1,500 last week...

Fifty-six E50 winners listed on Bursa.
March 26, 2011... Byline: Hamisah Hamid FIFTY-SIX Enterprise 50 (E50) award winners over the past 14 years are now listed on the local bourse, indicating the success of the award programme in discovering Malaysian high growth potential companies. SME Corp...

Japanese car prices not likely to rise.
March 26, 2011... Byline: Goh Thean Eu PRICES of new Japanese cars in Malaysia are unlikely to increase following the devastating earthquake and tsunami in Japan, as local players have enough stocks to meet demand. "The impact from the tsunami is really...

Penang airport records highest arrivals growth.
March 26, 2011... Byline: Marina Emmanuel THE Penang International Airport emerged tops in terms of arrivals growth last year among the country's five international airports. It recorded a 25 per cent growth in 2010, as the airport located in Bayan Lepas on...

Piecing the education jigsaw puzzle.
March 26, 2011... Byline: Shahriman Johari A PROFESSOR came to visit me in the office a couple of months ago and we had an interesting chat. He teaches accounting at one of Malaysia's top public universities. It turns out that he has quite a lot of...

CIMB@Work to enhance bank's corporate accounts.
March 26, 2011... CIMB Group has rolled out CIMB@Work, a complete financial solution for corporate employers that will also offer the first Islamic payroll services supported by a full suite of syariah-compliant products. CIMB said the CIMB@Work solution is a...

LIAM sees 15pc growth in life insurance sector.
March 26, 2011... Byline: Rupinder Singh THE Life Insurance Association of Malaysia (LIAM) is confident that the country's life insurance sector will grow by as much as 15 per cent this year, despite the lower economic growth projection. Total life...

Smartag aims to raise RM17.7m.
March 26, 2011... Byline: Ooi Tee Ching SMARTAG Solutions Bhd, a radio frequency identification (RFID) solutions provider, hopes to raise RM17.7 million from its initial public offering (IPO). It is scheduled to list on the ACE Market of Bursa Malaysia by...

Nam Fatt falls by record 62pc.
March 26, 2011... BUILDER Nam Fatt Corp Bhd's shares fell by a record 62 per cent yesterday after Bursa Malaysia said it would be delisted on April 5 for failing to submit on time a plan to regularise its finances. The company's share price shed 4 sen to close...

TA Enterprise posts RM50m Q4 profit.(Financial report)
March 26, 2011... TA ENTERPRISE Bhd has posted a higher pre-tax profit of RM50.41 million in its fourth quarter ended January 2011, compared to the RM39.84 million recorded in the previous corresponding period. Revenue rose to RM167.74 million from RM124.45...

Pos recommends special dividend.
March 26, 2011... POS Malaysia Bhd has recommended a first & final and special dividends of 10 sen and 7.5 sen respectively per share for the year ended December 31 2010. The dividend was subject to shareholders' approval at the company's forthcoming annual...

Adex likely to grow on rising Net-based ads.
March 26, 2011... Byline: Sharen Kaur MALAYSIAN advertising expenditure (adex) would likely grow by more than 16 per cent this year, driven by an increase in Internet-based advertising, Association of Accredited Advertising Agents Malaysia (4As) said. ...

Gradual rebound to continue.
March 26, 2011... Byline: S.N. Lock THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a mild follow-through technical rebound amid regional market rebounds for the week ended yesterday. It had continued to stay above the critical support...

Zarinah to remain as SC chairman.
March 26, 2011... TAN Sri Zarinah Anwar will stay on as the Securities Commission chairman for another year until March 31 2012, following her contract extension. Zarinah has held the position for five years, from April 1 2006. She first joined the SC as...

Halex to ride out global uncertainties.
March 26, 2011... Byline: Ben Tan HALEX Holdings Bhd's revenue projection for its healthcare disposable division has been revised upwards due to the situation in the Middle East. Its top official, however, did not give a revised number. "Initially, there...

Pharmaniaga's new directors.
March 26, 2011... HEALTHCARE group Pharmaniaga Bhd announced yesterday the appointments of Datuk Farshila Emran, Izzat Othman and Ebinesan @ Daniel Gnanakkan as its new directors effective March 25. Farshila is currently the managing director of Idaman Pharma...

ETCM may postpone Nissan plan.
March 26, 2011... EDARAN Tan Chong Motor Sdn Bhd's (ETCM) plan to sell Nissan electric vehicles by end-2011 may be postponed to next year, due to the earthquake and tsunami in Japan. "(The plan) may be delayed, as it is fully manufactured in Japan," ETCM...

Esso shares jump 31 sen.
March 26, 2011... ESSO Malaysia Bhd said it is unaware of any plan to take the company private, even as its share price jumped on heavy volume for the second straight day yesterday. It put on 31 sen to close at RM3.80 yesterday, off an intra-day high of...

China, Mideast banks eye RHBCap.
March 25, 2011... Byline: Adeline Paul Raj CHINA Construction Bank (CCB) and several banks from the Middle East, including Qatar, are keen on Abu Dhabi Commercial Bank (ADCB)'s 25 per cent stake in local lender RHB Capital Bhd (RHBCap), sources said. ADCB,...

MEPS to deploy own ATMs by year-end.
March 25, 2011... Byline: Vasantha Ganesan MALAYSIAN Electronic Payment System Sdn Bhd (MEPS), best known for its cash withdrawal platform, is expanding its services to include operating Automated Teller Machines (ATMs). The service, which will start by...

Esso surges amid talk on privatisation.
March 25, 2011... SHARES of ESSO Malaysia Bhd rose to its highest in more than four years on unusually heavy volume yesterday, amid rumours the group may be taken private. Some 1.32 million shares changed hands yesterday. This was significantly higher than its...

TNB stake may revive Integrax-Vale plan.
March 25, 2011... Byline: Goh Thean Eu TENAGA Nasional Bhd's entry as a major shareholder in Integrax Bhd may revive a possible strategic alliance between the port operator and Vale International SA. Analysts said people who were in favour of the pact with...