Business Times (Malaysia) articles from May 2009

Business Times (Malaysia) archives from May 2009

A Dream Team only as good as its aims.
May 30, 2009... Byline: Lokman Mansor IN THE 2009 film "The Pink Panther 2", the world's top investigators are hired to solve a series of high profile thefts, including the Magna Carta, the Pope's "Fisherman's Ring", and the priceless diamond from which the...

Handal plans to sell 18.5m new shares.
May 30, 2009... CRANE maker Handal Resources Bhd plans to sell 18.5 million new shares under its initial public offering (IPO), of which a third will be offered to the Malaysian public. The company plans to use the IPO proceeds to expand its business. Its...

JobStreet in talks to take over smaller competitors.
May 30, 2009... Byline: Goh Thean Eu JOBSTREET Corp Bhd, an online recruitment firm, is in talks to take over smaller rivals to beef up itself during the current economic slowdown. "We don't want to have a target on how many M&As (mergers and...

Canon's ECER focus.
May 30, 2009... JAPANESE imaging firm Canon is targeting a 29 per cent growth in sales from the East Coast Economic Region states, as a measure of its confidence in the region's economic development. It had earlier announced that it is targeting RM22 million of...

Alam Maritim cautious about venturing overseas.
May 30, 2009... Byline: Zaidi Isham Ismail ALAM Maritim Resources Bhd, an offshore marine transportation service provider, said it remains cautious about venturing into new markets. The company said it had received many enquiries from countries like...

Celcom's new prepaid package hits the road.
May 30, 2009... Byline: Zurinna Raja Adam CELCOM (Malaysia) Bhd, the country's second largest mobile operator, has launched a new mobile broadband prepaid package aimed at travellers arriving at the KL International Airport in Sepang. Dubbed "Celcom...

Proton discount.
May 30, 2009... PROTON Holdings Bhd said all models under its marque including its latest model, Proton Exora, are now eligible to qualify for RM5,000 discount provided under its Xchange programme. The programme, introduced in 2007, is offered to all Proton...

Worst may be over for Malaysia, experts say.
May 30, 2009... Byline: Rupa Damodaran ECONOMISTS described the revised economic growth outlook announced by Prime Minister Datuk Seri Najib Razak on Thursday as a bit bearish, with many saying the worst is probably over for Malaysia. Najib, who is also...

I-Berhad appoints new CEO.
May 30, 2009... I-BERHAD, the developer of the RM2 billion, 29.16 hectare I-City in Shah Alam, has appointed Eu Hong Chew as its new chief executive officer, replacing Lim Boon Siong. Eu, 56, was previously a consultant with PA Management Consulting for 10...

Proton records RM320m net loss.
May 30, 2009... Byline: Zuraimi Abdullah PROTON Holdings Bhd posted a net loss of RM320.34 million for the year ended March 31 2009, reversing the RM184.55 million net profit recorded in 2008. The loss was largely because it had to write down the value of...

Samchem sets up facility in Iskandar.
May 30, 2009... INDUSTRIAL chemicals distributor Samchem Holdings Bhd has set up a RM10 million chemical blending and storage facility in Iskandar Malaysia, Johor to boost revenue. In a statement, Samchem said the facility was set up through its wholly-owned...

BCHB unit in pact with Babcock.
May 30, 2009... BUMIPUTRA-COMMERCE Holdings Bhd (BCHB) said its 60 per cent subsidiary, CIMB Standard Strategic Asset Advisors Pte Ltd, has entered into an exclusivity agreement with Babcock & Brown Falcon Investment Pty Ltd (B&B). Both parties will...

Luster sells 80pc stake in Mctronic.
May 30, 2009... LUSTER Industries Bhd, a financially troubled company, is selling its entire 80 per cent stake in Mctronic Industries Sdn Bhd for more than RM6.35 million cash. Proceed will be used for working capital. Mctronic Industries is involved in the...

Atelier aims to be first to make halal perfumes.
May 30, 2009... Byline: Hamisah Hamid FRENCH perfume company Atelier des Parfums said the Muslim community in France has high regards for their counterpart in Malaysia. "If we say we are working with Muslims in Malaysia, the Muslim community in France...

Need to address certain shortcomings.
May 30, 2009... WHEN he learned about Sabah's potential for dairy farming, an entrepreneur, keen on diversifying his business, did not waste a minute. Ridzuan Lassim cleared land to build a concrete shed to house cows, bought several milking machines and...

Hap Seng confident stimulus measures will boost earnings.
May 30, 2009... Byline: Sharen Kaur HAP Seng Consolidated Bhd is confident it will do better this year, helped by the government's stimulus measures, although growth is likely to be slower. It made a net profit of RM314 million in the financial year to...

Esso takes steps to ensure profits.
May 30, 2009... Byline: Vasantha Ganesan ESSO Malaysia Bhd is uncertain of being back in the black this year, even after a good showing in its first quarter ended March 31 2009. Last year, it slipped into the red with a net loss of RM251 million on...

SID upholds quality, safety standards.
May 30, 2009... TASKED with distributing free milk to about 800,000 children in the country this year, 30-year-old Sabah International Dairies Sdn Bhd (SID) is bent on upholding quality and safety standards. The company has stringent checks from the sourcing...

Sabah to tap dairy industry potential.
May 30, 2009... Byline: Jaswinder Kaur RANKED as Malaysia's biggest fresh milk producer, Sabah now aims to commercialise the local dairy industry. The Veterinary Services and Animal Industry Department is hoping to add another 20 farmers to its list of...

MAA eyes RM100m in rare cash call.
May 30, 2009... Byline: Rupinder Singh INSURANCE group MAA Holdings Bhd (MAAH) may ask shareholders for RM100 million to boost its capital level, in what would be its first rights issue in 20 years. However, chairman Datuk Tunku Ya'acob Tunku Abdullah...

KLCI may be heading for consolidation.
May 30, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated on their sideways courses over the four trading days. The Kuala Lumpur Composite Index (KLCI) continued to stay above its major psychological support of 1,000 when it closed at...

Malaysia set to return to 3.5pc growth next year, says Allianz.
May 29, 2009... Byline: Rupinder Singh THE Malaysian economy is expected to contract by 2.5 per cent in 2009, before returning to a solid 3.5 per cent growth in 2010, Allianz Group chief economist Michael Heise said yesterday. He said business activity...

Raffles Hotels aims to be KL rate leader.
May 29, 2009... Byline: Vasantha Ganesan THE prestigious Raffles Hotels & Resorts expects to be the most expensive hotel in Kuala Lumpur when it opens at Pavilion Kuala Lumpur in 2011. Raffles is now the rate leader in seven out of the eight markets...

Golden Bull Award returns.
May 29, 2009... THE Golden Bull Award returns for the seventh year to recognise the achievements of Malaysia's top 100 small- and medium-sized enterprises (SMEs). The event is organised by Nanyang Siang Pau Group, in association with Celcom (Malaysia) Bhd and...

LTAT now major holder of Chery Alado with 20pc stake.
May 29, 2009... Byline: Zuraimi Abdullah LEMBAGA Tabung Angkatan Tentera (LTAT) has become a major shareholder of Chery Alado Automobiles Sdn Bhd, the local distributor of China-made Chery vehicles. The armed forces fund bought a 20 per cent stake last...

Measat in US$189m deal with MBNS.
May 29, 2009... MEASAT Satellite Systems Sdn Bhd has signed a US$189.2 million (RM666 million) pact with Measat Broadcast Network Systems Sdn Bhd (MBNS) to supply transponder capacity to the MEASAT-3a satellite for 15 years. MBNS is a wholly-owned subsidiary of...

PKA must restructure RM4.6b loan: PwC report.
May 29, 2009... Byline: Goh Thean Eu PORT Klang Authority (PKA) must take immediate steps to restructure the RM4.63 billion soft loan it took in 2007 to finance the Port Klang Free Zone (PKFZ), to avoid potential default in 2012, the long-awaited...

TDM sees a big drop in pre-tax profit.
May 29, 2009... Byline: Sean Augustin TDM Bhd, a plantation group controlled by the Terengganu state government, expects its pre-tax profit to drop 69 per cent this year due to a lower palm oil price, following a record 2008. It made a pre-tax profit of...

Texchem to boost exports through OEM arrangement.
May 29, 2009... Byline: Marina Emmanuel TEXCHEM Resources Bhd, which has outsourced the manufacturing of its surimi products for export to the European Union (EU) to companies in Thailand and Vietnam, may consider buying a stake in the contract manufacturers...

Symphony House still eyeing takeovers to grow.
May 29, 2009... Byline: Zurinna Raja Adam OUTSOURCING firm Symphony House Bhd is still keeping its eyes open for potential takeovers this year as it seeks to grow. The group, 35 per cent held by ex-banker Datuk Azman Yahya, has about RM100 million to...

Firefly to break even as local routes post profits.
May 29, 2009... NATIONAL turboprop operator Firefly is set to break even this year, on account of its profitable domestic routes. "We make money from all our domestic routes, they are exceptionally profitable. As for our international sector, it is...

Agrobank to disburse RM13m loans this week.
May 29, 2009... Byline: Rupa Damodaran AGROBANK will give RM13 million in loans to more than 500 applicants this week under the government's stimulus package, said its chief operations officer Ahmad Said. The bank received RM300 million under the RM60...

Bina Puri eyes mining sector to boost income.
May 29, 2009... Byline: Sharen Kaur CONSTRUCTION group Bina Puri Holdings Bhd is exploring the idea of moving into the mining of mineral resources in southern Malaysia and Cambodia as it seeks to grow. Executive chairman Datuk Mohamed Feisal Ibrahim said...

MAHB: Tenders for new LCCT out within 2 weeks.
May 29, 2009... Byline: Jeeva Arulampalam MALAYSIA Airports Holdings Bhd (MAHB) will carry out open tenders for the construction of the new permanent low-cost carrier terminal (LCCT) in Sepang within the next two weeks. Managing director Datuk Seri Bashir...

Transmile gets lenders' nod for RM568m debt revamp.
May 29, 2009... Byline: Zaidi Isham Ismail AIR cargo operator Transmile Group Bhd has received approval from lenders to restructure its RM568 million loan, paving the way for the company to turn around. The group, 17.2 per cent held by Malaysia's richest...

AirAsia has best first quarter.
May 29, 2009... Byline: Jeeva Arulampalam BUDGET carrier AirAsia Bhd is back in the black with a net profit of RM203.15 million in the first quarter of 2009, after posting two consecutive quarterly losses previously. In the three months ended March 31...

Izzaddin named new UEM chief.
May 29, 2009... UEM Group Bhd has appointed Tenaga Nasional Bhd (TNB) chief financial officer Datuk Mohd Izzaddin Idris (picture) as its managing director and chief executive officer. Izzaddin is expected to join UEM in early July, the group said in a...

MRCB, Gapurna team up.
May 29, 2009... Byline: Adeline Paul Raj MALAYSIAN Resources Corp Bhd (MRCB) is developing a RM1 billion office and residential project at Kuala Lumpur Sentral, the city's largest transportation hub. The project will be undertaken on a joint-venture basis...

RHB gets US$100m Japan bank loan.
May 29, 2009... Byline: Chong Pooi Koon THE Japan Bank for International Cooperation (JBIC), backed by the Japanese government, agreed to provide a US$100 million (RM352 million) loan to RHB Bank Bhd, which will lend to certain small companies in need of US...

RCE to consolidate recent gains.
May 29, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated yesterday, in line with the technical pullbacks on the Wall Street. Overall declining counters outpaced advancing ones by 473 to 168. The Kuala Lumpur Composite Index opened...

Kulim clarifies palm oil accreditation.
May 29, 2009... IN REFERENCE to the Business Times article "Kulim's UK refinery to boost viability in European market" published on Wednesday, Kulim (Malaysia) Bhd has clarified that its plantation land bank located only in Malaysia and that operated by...

TM to sell staff housing loans to AmBank.
May 28, 2009... Byline: Adeline Paul Raj TELEKOM Malaysia Bhd (TM) will sell its staff housing loans, amounting to RM400 million, to banking group AmBank (M) Bhd in a move to better manage its capital. The housing loans are the TM group's second largest...

PJBumi expects to return to the black in current year.
May 28, 2009... Byline: Kamarul Yunus PJBUMI Bhd, an environmental solutions company, expects to return to the black in the current financial year, having managed to reduce its pre-tax loss in 2008 to RM4.27 million from RM18.11 million previously. ...

Bina Puri expects RM160m overseas deals.
May 28, 2009... Byline: Sharen Kaur BINA Puri Holdings Bhd could win overseas contracts worth as much as RM160 million soon, says its group managing director Tan Sri Tee Hock Seng. The contracts are for the building of a Malaysian embassy building in...

Economy at -6.2pc, but BNM says recovery in sight.
May 28, 2009... Byline: Rupa Damodaran THE Malaysian economy shrank 6.2 per cent in the first three months of the year, its first quarterly drop since 2001, but Bank Negara Malaysia (BNM) maintained that a recovery is due towards the year-end. The...

M3 Technologies to grow online store service.
May 28, 2009... MOBILE content provider M3 Technologies (Asia) Bhd wants to grow its online store service to contribute half its revenue in three years, from a tenth now, chief operating officer Lester Neil Francis said. Its online store operation, started...

Jotech to raise capacity in Indonesian, Chinese plants.
May 28, 2009... Byline: Jeeva Arulampalam PRECISION stamping firm Jotech Holdings Bhd will spend some RM10 million over the next two years to bolster capacity in its Indonesian and Chinese plants, due to an increase in customer base. "There is a need to...

Zeti dismisses possible bank downgrade.
May 28, 2009... Byline: Rupa Damodaran MALAYSIA'S central bank chief has dismissed the possible downgrade of local banks by Moody's Investors Service, saying that it was wrong in its assessment during the Asian financial crisis. Moody's may downgrade the...

IGB puts 2 big projects on hold.
May 28, 2009... Byline: Vasantha Ganesan UNFAVOURABLE market conditions have caused IGB Corp Bhd to delay two major projects with an estimated combined value of RM1.5 billion to RM2 billion. This will likely affect its property development division in the...

RM100m aid for local firms in services sector.
May 28, 2009... Byline: Rupa Damodaran THE Malaysian Industrial Development Authority (Mida) expects to give out all of the RM100 million under a fund to help local firms deal with impending competition in the services sector, by September. Director...

Bertam Alliance to launch RM310m high-end projects.
May 28, 2009... Byline: Sharen Kaur PROPERTY developer Bertam Alliance Bhd will launch three high-end projects worth a combined RM310 million in Selangor and Langkawi to ride out the economic downturn and remain profitable. The company hopes to maintain...

Investors remain unaffected by PKFZ controversy.
May 28, 2009... Byline: Kang Siew Li INVESTORS, both local and foreign, operating out of Port Klang Free Zone (PKFZ) in Pulau Indah, Selangor, said they are unperturbed by the ongoing scandal surrounding the project. For them it's business as usual. "We...

EngTek to tap new marts to boost income.
May 28, 2009... Byline: Marina Emmanuel ENG Teknologi Holdings Bhd plans to look for new markets within its core activities as its hard disk drive and industrial product businesses may not see growth in the near term. Chief executive officer Datuk Y.K Teh...

Wahid is ABM's new chairman.
May 28, 2009... THE Association of Banks in Malaysia has appointed Malayan Banking Bhd (Maybank) group president and chief executive officer (CEO) Datuk Seri Abdul Wahid Omar as its new chairman, for the term 2009-2010. He succeeded Datuk Seri Abdul Hamidy...

Hua-An likely to stage follow-through rebound.
May 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia bucked regional stock market trends yesterday. Advancing counters outpaced declining ones by 311 to 296. The Kuala Lumpur Composite Index opened marginally higher at 1,057.93 before...

Scomi closer to US$3b Bahrain monorail job.
May 28, 2009... Byline: Marina Emmanuel SCOMI Engineering Bhd, the energy and logistics engineering subsidiary of Scomi Group Bhd, is about to embark on the second phase of a feasibility study for a US$3 billion (RM10.5 billion) monorail system in Bahrain....

BPA launches league tables for bond market rankings.
May 28, 2009... Byline: Rupinder Singh BOND Pricing Agency Malaysia (BPA Malaysia) has launched its own league tables to display ringgit-denominated bond market rankings called the BPA Malaysia League Tables. BPA Malaysia will leverage on its extensive...

SRII to be taken private.
May 28, 2009... Byline: Zaidi Isham Ismail SRII Bhd, a firefighting equipment maker and services provider, will be taken private by the year-end as the company has not been able to attract enough interest from investors. The 35-year-old company has been...

MK Land back in the black.
May 28, 2009... Byline: Sharen Kaur PROPERTY developer MK Land Holdings Bhd has posted a net profit of RM13.2 million for the nine months to March 2009, against a loss of RM18 million in the same period last year, attributed largely to higher property sales....

AmBank Launches Capital Guaranteed Fund
May 28, 2009... THE AmBank Group has launched a capital guaranteed fund (CGF) designed to leverage on the potential growth of the Asia economic upturn, with potential average returns of up to 36 per cent upon maturity of the three-year policy. It also includes...

Dutch Lady Milk hopes to maintain sales this year.
May 28, 2009... Byline: Zurinna Raja Adam DUTCH Lady Milk Industries (M) Bhd hopes to at least maintain its sales this year, as it is encouraged by prospects of new product launches this year. The company said it will continue to focus on growing segments...

New insights into brain with 9.4 tesla MRT.
May 28, 2009... IN THE future, researchers at Forschungszentrum Juelich (Juelich Research Center) will be able to penetrate even deeper into the secrets of the brain - thanks to state-of-the-art imaging from Siemens. A large medical instrument that is unique...

BNM keeps lending rates unchanged.
May 27, 2009... Byline: Rupa Damodaran BANK Negara Malaysia (BNM) has kept borrowing costs unchanged, saying the contraction in external demand had affected domestic conditions for the first half of the year. In keeping with market expectations and a...

Pharmaniaga set to achieve 6pc revenue growth in 2009.
May 27, 2009... Byline: Zaidi Isham Ismail PHARMANIAGA Bhd, the country's largest integrated pharmaceutical company, is on track to achieve 6 per cent revenue growth in the financial year ending December 2009, as set out under its key performance index (KPI)...

Survey: Cash bonus is most valuable job benefit.
May 27, 2009... GENERATION-Y employees rate cash bonuses, job flexibility and mobility as their top wants in their line of work. A PricewaterhouseCoopers (PWC) survey titled "Malaysia's Gen Y unplugged", found that 49 per cent of those polled said cash...

AEON: Malaysian ops to remain top Asian contributor.
May 27, 2009... Byline: Vasantha Ganesan AEON Co (M) Bhd, which operates the Jusco department store and supermarket chain, will remain the top Asian contributor to the Japanese group, outside of Japan, its top official said. Japan's AEON Co Ltd also has...

Ministry to consult state govts before tabling mineral board Bill.
May 27, 2009... Byline: Ooi Tee Ching THE Ministry of Natural Resources and Environment will consult all state governments on a proposed Bill to form the National Mineral Development Board and harmonise cess collection throughout the country. "The Bill is...

Bear market isn't over yet, says Maybank Investment.
May 27, 2009... THE Malaysian stock market rally has reached a point where it may start to falter, says Maybank Investment Bank. "We believe this market rally has pushed valuations to the point where growth expectations have reached implausible levels. In...

SC to train graduates for capital market-related jobs.
May 27, 2009... Byline: Adeline Paul Raj THE Securities Commission (SC) says it will train 500 Malaysian graduates over the next two years for capital market-related jobs. This will be done through the SC executive enhancement and development (SEED)...

Pos Malaysia poised to return to the black.
May 27, 2009... Byline: Jeeva Arulampalam POS Malaysia Bhd will return to the black this financial year as it does not expect to make more provisions for its investments in Transmile Group Bhd. Group managing director and chief executive officer Datuk...

KTMB confident of meeting profit target.
May 27, 2009... Byline: Sharen Kaur NATIONAL railway firm Keretapi Tanah Melayu Bhd (KTMB) is on track to achieve its RM1 net profit this year despite lower revenue in the first four months. "We are short of 2 per cent to 3 per cent in terms of group...

SMEs still spending on IT: IBM study.
May 27, 2009... Byline: Hamisah Hamid THE economic slowdown does not deter small and medium enterprises (SMEs) from spending on information technology (IT) to sustain their business, according to an IBM study. A survey done on local SMEs last year found...

MMC keen to acquire more water treatment operators.
May 27, 2009... Byline: Zuraimi Abdullah MMC Corp Bhd, which bought a water company in Johor last year, wants to buy more water concessionaires as it continues to grow itself organically and through acquisitions. The infrastructure and utilities...

Majority workforce happy to work for govt: Survey.
May 27, 2009... MORE than two thirds of professional workers in 17 countries, including Malaysia, would be more than happy to work for the government, according to an online survey done by recruitment agency Robert Walters. However, in Malaysia, just over a...

Naza wins Kia's outstanding award.
May 27, 2009... NAZA Kia, the Malaysian distributor for South Korea's Kia Motors Corporation, has won the car maker's 2009 "Outstanding Dealer Development Award" for Asia Pacific. Naza Kia's hard work in developing its network was recognised by the principal...

Kulim's UK refinery to boost viability in European market.
May 27, 2009... Byline: Syed Umar Ariff KULIM (Malaysia) Bhd's palm oil refinery in Liverpool, the UK, worth STG17 million (RM93.5 million), will enable the company to expand its viability in the European market and increase returns in the long run. Kulim...

Economy may contract more than 1pc.
May 27, 2009... Byline: Adeline Paul Raj MALAYSIA'S economy may contract by more than 1 per cent this year but is expected to return to positive growth next year, Second Finance Minister Datuk Ahmad Husni Mohamad Hanadzlah says. "It will be a bit lower...

Tanjung eyes regional growth.
May 27, 2009... Byline: Kamarul Yunus TANJUNG Offshore Bhd, an integrated oil and gas service provider, has bid for some 30 projects this year, says its managing director Omar Khalid. "Almost 70 per cent of our bids are domestic projects and the remaining...

May vehicle sales likely to be lower.
May 27, 2009... THE Malaysian Automotive Association (MAA) anticipates vehicle sales in the country for May to be lower than the month before due to higher interest rates and stricter loan approvals. "MAA members are saying that May will not be better than...

DPM: Invest more in green technology.
May 27, 2009... Byline: Rupinder Singh MALAYSIAN companies should invest more to develop green and clean technology for the automotive sector, says Deputy Prime Minister Tan Sri Muhyiddin Yassin. "Perhaps they can collaborate with our universities on...

Brief consolidation likely.
May 27, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia slipped into their consolidation mood yesterday. Its overall declining counters outpaced its advancing counters by 409 to 268. The Kuala Lumpur Composite Index (KLCI) opened marginally...

KYM Holdings shares suspended from trading.
May 27, 2009... SHARES of KYM Holdings Bhd, a manufacturing and property company, will be suspended from trading today as the company plans to announce a material corporate deal. Its shares fell 7 sen to close at 46 sen yesterday.

Mart retreats on profit taking.
May 27, 2009... SHARE prices on Bursa Malaysia closed lower yesterday amid losses mainly in plantation counters and profit taking on heavyweights after the recent sharp gains, dealers said. At close, the benchmark Kuala Lumpur Composite Index (KLCI) shed 1.51...

Economists more positive on economy after first quarter.
May 26, 2009... Byline: Rupa Damodaran THE Malaysian economy probably bottomed out in the first quarter, with market expectations of an improvement leading to growth again in the last quarter. Economists said they expected manufacturing output in the...