Business Times (Malaysia) articles from November 2005

Business Times (Malaysia) archives from November 2005

Syed Zainal Abidin is new Proton boss (HL).
November 30, 2005... (From Business Times (Malaysia)) Byline: ZURAIMI ABDULLAH PROTON Holdings Bhd yesterday named Syed Zainal Abidin Syed Mohd Tahir as its managing director and chief executive officer. The 43-year-old, currently executive director...

Address challenges to stay ahead: DPM.
November 30, 2005... (From Business Times (Malaysia)) Byline: KAMARUL YUNUS MALAYSIA has a lot to do to ensure it stays ahead of the curve in Islamic banking and finance, Deputy Prime Minister Datuk Seri Mohd Najib Razak outlined yesterday. ...

Tanjong to buy Egypt power generation assets.
November 30, 2005... (From Business Times (Malaysia)) TANJONG Public Ltd Co is buying EDF International SA's (EDFI) power generation assets in Egypt for US$307 million (US$1 = RM3.78). Tanjong said Kuasa Nusajaya (L) Ltd will acquire from EDFI two...

KFH to start ops in Labuan next year.
November 30, 2005... (From Business Times (Malaysia)) KUWAIT Finance House (KFH) Malaysia, one of the three foreign financial institutions awarded an Islamic banking licence, expects to start offshore financing operations in Labuan next year. Its deputy...

SBB's Dec 12 meeting will be closely watched.
November 30, 2005... (From Business Times (Malaysia)) SOUTHERN Bank Bhd's (SBB) shareholders' meeting on December 12 will be a closely watched affair as it could determine if a takeover for the lender would still happen. It is also interesting because SBB...

Study on power tariff structure.
November 30, 2005... (From Business Times (Malaysia)) Byline: DALILA ABU BAKAR A STUDY on the electricity tariff structure is being compiled and is expected to be submitted to the Government by early next year. "We are studying the tariff structure...

Tenaga looks to positive govt decision.
November 30, 2005... (From Business Times (Malaysia)) TENAGA Nasional Bhd hopes for a positive outcome from the Government with regard to the new tariff structure, expected to be submitted to the Government early next year. "I hope the Government will...

Petronas, Austrian firm sign pact.
November 30, 2005... (From Business Times (Malaysia)) PETROLIAM Nasional Bhd (Petronas) has signed a Joint Development Agreement (JDA) with Austria's BRP-Rotax to further develop and commercialise the national oil company's high performance engine family....

New SC ruling for Mesdaq listings.
November 30, 2005... (From Business Times (Malaysia)) Byline: HO SIEW YEE COMPANIES applying for listing on Mesdaq (Malaysian Exchange of Securities Dealing and Automated Quotation Bhd) must now have a three-year revenue track record and provide profit...

HLCB net profit up.
November 30, 2005... (From Business Times (Malaysia)) HONG Leong Credit Bhd (HLCB) said its first-quarter net profit gained 13 per cent due to better insurance business and continued growth in other operating income. "Barring unforeseen circumstances,...

Flonic to set up plant in China in 2006.
November 30, 2005... (From Business Times (Malaysia)) Byline: GOH THEAN EU INDUSTRIAL cleaning systems maker Flonic Hi-Tec Bhd plans to set up a manufacturing plant in China as early as in the second half of next year, as part of its plan to increase its...

Boustead reports lower net profit.
November 30, 2005... (From Business Times (Malaysia)) BOUSTEAD Holdings Bhd, a group with businesses in property, plantation and finance, reported a 12 per cent fall in third-quarter net profit due to lower revenue and higher finance cost. It expects the...

Gadang to launch four property projects in 2006.
November 30, 2005... (From Business Times (Malaysia)) Byline: ANNA MARIA SAMSUDIN ENGINEERING and construction company Gadang Holdings Bhd will launch four new property projects, valued at RM240 million collectively, next year. Managing director...

Sacofa to seek Bursa Malaysia listing in 2 years.
November 30, 2005... (From Business Times (Malaysia)) THE Sacofa Group, a firm that holds a 20-year contract to build telecommunications towers in Sarawak, plans to seek a listing on Bursa Malaysia Bhd within the next two years. The firm, set up in 2001,...

Ho Hup teams up with Anatoli.
November 30, 2005... (From Business Times (Malaysia)) HO HUP Construction Co Bhd and Anatoli Properties and Leisure CC of Johannesburg have signed a memorandum of understanding (MOU) to take up joint ownership of a 25ha land in South Africa for a housing...

MIDF pre-tax profit falls.
November 30, 2005... (From Business Times (Malaysia)) MALAYSIAN Industrial Development Finance Bhd (MIDF) recorded a pre-tax profit of RM110.31 million and a net profit of RM72.44 million for the nine-month period ended September 30 2005. These represent...

TAUTM to launch more funds in 2006.
November 30, 2005... (From Business Times (Malaysia)) Byline: AZLAN ABU BAKAR TA Unit Trust Management Bhd (TAUTM) plans to launch three more global funds in 2006 to further tap overseas equity markets, particularly in Northern Asia and Asia-Pacific...

Southern Bank Q3 net profit up.
November 30, 2005... (From Business Times (Malaysia)) SOUTHERN Bank Bhd (SBB) said its third-quarter net profit edged up 5 per cent, helped by growth in lending and non-interest income. Its net profit for the quarter ended September 30 was RM98.2 million...

Chin puzzled over ports' preference.
November 30, 2005... (From Business Times (Malaysia)) Byline: ROZIANA HAMSAWI THE Plantation Industries and Commodities Ministry is perplexed why local ports preferred to import dock fenders rather than using locally-made ones which are no less superior....

MASkargo expects to record higher turnover.
November 30, 2005... (From Business Times (Malaysia)) Byline: RUPA DAMODARAN MALAYSIA Airlines Cargo Sdn Bhd (MASkargo), the air cargo subsidiary of national carrier Malaysian Airline System Bhd (MAS), is expected to turn in more than RM1.3 billion...

Mudarabah - the challenges ahead.
November 30, 2005... (From Business Times (Malaysia)) Byline: JASANI ABDULLAH IT IS encouraging to see that of late topics on Islamic banking and finance are widely discussed in newspaper articles, magazines and in conferences across the globe. This...

Non-plantation units boost Sime net profit.
November 30, 2005... (From Business Times (Malaysia)) Byline: ZAIDI ISHAM ISMAIL SIME Darby Bhd ended its first quarter to September 2005 with a marginal 2.1 per cent increase in net profit against what it recorded in the same period last year. The...

EON posts lower Q3 results.
November 30, 2005... (From Business Times (Malaysia)) EDARAN Otomobil Nasional Bhd (EON) recorded a 46.1 per cent lower net profit for its third quarter to September compared with the same period last year. EON recorded a profit of RM22.93 million during...

LKT price expected to challenge resistance level.
November 30, 2005... (From Business Times (Malaysia)) Byline: S.N. LOCK YESTERDAY, overall market sentiment on Bursa Malaysia Bhd continued to drift aimlessly on lack of fresh market leads. Its overall declining counters outnumbered its advancing...

Lion expects profile boost with launch of 'One Residency'.
November 30, 2005... (From Business Times (Malaysia)) Byline: CHONG JIN HUN DIVERSIFIED Lion Group, whose businesses include property development, hopes to further raise its profile in the local real estate scene with the group's "One Residency"...

UMW-Kolej Tafe pact to produce service technicians.
November 30, 2005... (From Business Times (Malaysia)) Byline: PATRICK SENNYAH UMW Toyota Motor Sdn Bhd signed yesterday a memorandum of understanding with Kolej Tafe Seremban to produce competent service technicians to address the mid- and long-term...

Panasonic to focus on replacement mart.
November 30, 2005... (From Business Times (Malaysia)) Byline: ZURINNA RAJA ADAM PANASONIC Malaysia Sdn Bhd expects to sell 10,000 units of its V-series handphones per month and double its market share to 10 per cent next year. Panasonic currently...

Malaysian firms valued more on tangible assets.
November 30, 2005... (From Business Times (Malaysia)) Byline: PRESENNA NAMBIAR THE value of companies on the Bursa Malaysia Bhd are determined more by their tangible assets rather than intangible assets. This is a different scenario compared to the...

Putrajaya Holdings issuing Islamic bonds (HL).
November 29, 2005... (From Business Times (Malaysia)) Byline: ANNA MARIA SAMSUDIN PUTRAJAYA Holdings Sdn Bhd is issuing up to RM2.2 billion Murabahah medium-term notes (MTN) to refinance its existing borrowings, fund new development projects and pay...

MiTV will deliver, vows Tan.
November 29, 2005... (From Business Times (Malaysia)) Byline: PRESENNA NAMBIAR MiTV Corp Sdn Bhd major shareholder Tan Sri Vincent Tan Chee Yioun yesterday shot down naysayers of the second pay-television channel's future, stressing that the company will...

Najib: Move into petroleum sector bearing fruit.
November 29, 2005... (From Business Times (Malaysia)) Byline: KAMARUL YUNUS MALAYSIA'S bold move to directly enter the petroleum industry is bearing fruit, Deputy Prime Minister Datuk Seri Najib Razak said. He said Malaysia's Petroleum Development...

Proton City Development seeks land for new project.
November 29, 2005... (From Business Times (Malaysia)) Byline: ANNA MARIA SAMSUDIN PROTON City Development Corp Sdn Bhd (PCDC) is planning a new integrated property development project outside the Tanjung Malim area, which will be modelled after Proton...

More passengers lift AirAsia Q1 profit.
November 29, 2005... (From Business Times (Malaysia)) BUDGET carrier AirAsia Bhd said its net profit was up 11.4 cent for the first quarter, buoyed by growing passenger numbers and average fares. AirAsia recorded a net profit of RM11.7 million for the...

Lion slips into the red.
November 29, 2005... (From Business Times (Malaysia)) LION Corp Bhd went into the red in the first quarter of fiscal 2006 due to the adverse operating conditions faced by its steel division. The group, which depends heavily on the steel segment, expects...

Aseambankers, BinaFikir talks off.
November 29, 2005... (From Business Times (Malaysia)) MALAYAN Banking (Maybank) Bhd's merchant banking arm, Aseambankers Malaysia Bhd, has ceased negotiations on a possible tie-up with boutique investment house, BinaFikir Sdn Bhd. In a short statement to...

TRIplc focuses on construction.
November 29, 2005... (From Business Times (Malaysia)) Byline: DALILA ABU BAKAR TRIPLC Bhd, formerly known as U-Wood Holdings Bhd, expects the construction business to contribute more than 50 per cent to group revenue in its financial year ending May 31...

Slower sales hurt DRB-HICOM Q2 net profit.
November 29, 2005... (From Business Times (Malaysia)) DRB-HICOM Bhd saw its second-quarter net profit fall 45 per cent from a year earlier, hurt by slower sales at its automotive subsidiaries. Group net profit totalled RM35.3 million for the quarter to...

Strong response to Starhill REIT.
November 29, 2005... (From Business Times (Malaysia)) STARHILL real estate investment trust (REIT) units have elicited overwhelming international response, a senior ECM Libra Bhd official said. Its chief operating officer David Chua said the response...

JPK records jump in Q2 profit.
November 29, 2005... (From Business Times (Malaysia)) JPK Holdings Bhd has reported a net profit of RM506,000 for its second quarter to September 2005, a significant increase from a profit of RM124,000 it recorded in the same period last year. The...

Syrian invite to Malaysian firms.
November 29, 2005... (From Business Times (Malaysia)) Byline: RUPINDER SINGH SYRIA is inviting Malaysian companies to play a central role in its modernisation programme, and is offering a 2,000ha industrial park as a start. Syrian Deputy Prime...

Report on likely loss dampens Proton shares.
November 29, 2005... (From Business Times (Malaysia)) SHARES of national carmaker Proton Holdings Bhd fell to their lowest in almost five months yesterday after it was reported that the firm may post huge losses for its second quarter. Proton shed 25...

3G network to help spur Celcom to top spot.
November 29, 2005... (From Business Times (Malaysia)) Byline: HO SIEW YEE MALAYSIA'S second largest mobile phone firm, Celcom (M) Bhd, yesterday said that aided by its 3G (third generation) offers, the company will mount a serious challenge for the top...

Malaysia to play lead role in selling rail project.
November 29, 2005... (From Business Times (Malaysia)) Byline: HAMISAH HAMID MALAYSIA will lead the Asean-Mekong Basin Development Cooperation (AMBDC) countries to market to the private sector their flagship project, the Singapore-Kunming Rail Link...

WTO meet should focus on consensual issues: Rafidah.
November 29, 2005... (From Business Times (Malaysia)) AGRICULTURE issues should be left for discussion after the World Trade Organisation (WTO) meeting in Hong Kong next month if there is no sign of a compromise. Instead, the meeting should focus on...

S&P affirms Petronas ratings with stable outlook.
November 29, 2005... (From Business Times (Malaysia)) STANDARD & Poor's (S&P) Rating Services has affirmed its "A-" foreign currency and "A+" local currency ratings on Petroliam Nasional Bhd (Petronas). The outlook is stable. The ratings of all foreign...

'Cartrade not under probe'.
November 29, 2005... (From Business Times (Malaysia)) CARTRADE Sdn Bhd, exclusive importer of BMW vehicles and motorcycles in Malaysia, said it has not been the subject of any investigations over its import practices. The firm issued a statement...

Zeti wants e-payments in full use by 2010.
November 29, 2005... (From Business Times (Malaysia)) Byline: ZURINNA RAJA ADAM BANK Negara Malaysia wants the commercial sector to entirely use electronic payments (e-payments) in their transactions by 2010. In her welcoming speech at the opening...

IGB's The Gardens to have GDV of RM2b.
November 29, 2005... (From Business Times (Malaysia)) Byline: CHONG JIN HUN PROPERTY developer IGB Corp Bhd, renowned for its Mid Valley City, said the project's second phase which is also known as "The Gardens" would have a gross development value (GDV)...

KLCC Property Q2 profit improves.
November 29, 2005... (From Business Times (Malaysia)) KLCC Property Holdings Bhd's net profit jumped 13.6 per cent to RM40.9 million for the second quarter ended September 2005 compared with RM36 million in the comparable period before. Revenue also...

Daily trading activity eases.
November 29, 2005... (From Business Times (Malaysia)) DAILY trading was down again last week with the Government bond market averaging less than RM500 million per day. In any case, the selling pressure was exacerbated by a statement made by the central bank...

Shell Refining posts lower Q3 net profit.
November 29, 2005... (From Business Times (Malaysia)) SHELL Refining Co (Federation of Malaya) Bhd yesterday reported a 19 per cent lower net profit for its third quarter 2005 compared with the comparable period of last year but said it has adopted a...

Faber profit increases after debt restructuring.
November 29, 2005... (From Business Times (Malaysia)) FABER Group Bhd, a member of the UEM Group, has reported net profit of RM15.33 million on RM118.49 million revenue for the third quarter ended September 30 2005. In the third quarter of last year, the...

Ahmad Zaki returns to the black.
November 29, 2005... (From Business Times (Malaysia)) CONSTRUCTION company Ahmad Zaki Resources Bhd returned to the black for the third quarter to September, due to increased work done in its construction division and more offshore bunkering activities. ...

2.5pc of NasionCom done off-mart.
November 29, 2005... (From Business Times (Malaysia)) ABOUT 20 million NasionCom Holdings Bhd shares were traded in a few off-market deals yesterday. Data showed that three direct and odd direct transactions, representing about a 2.5 per cent stake, were...

Resorts set to trend higher.
November 29, 2005... (From Business Times (Malaysia)) Byline: S.N. LOCK SHARE prices on Bursa Malaysia Bhd failed to stage a follow-through rebound from last Friday's market momentum. Instead, overall market sentiment drifted lower on the sharp...

MBF eyes double-digit growth.
November 29, 2005... (From Business Times (Malaysia)) Byline: ZAIDI ISHAM ISMAIL CREDIT card and charge card company MBF Cards (M'sia) Sdn Bhd, which currently commands an 8 per cent market share with 500,000 cardmembers, is aiming for double-digit...

Mart in bearish mode.
November 29, 2005... (From Business Times (Malaysia)) Byline: W.Q. MUN Long-term trend: Bullish Short-term trend: Bearish Momentum Index: - 31 Relative Strength Index: 42 Observations: The H5N1 bird flu virus reared its ugly head again last week, casting...

Nacra to honour excellence in corporate reporting.
November 29, 2005... (From Business Times (Malaysia)) WINNERS of the annual National Annual Corporate Reports Award (Nacra) 2005 will be announced in Kuala Lumpur tonight. Domestic Trade and Consumer Affairs Minister Datuk Shafie Apdal is expected to...

I-Berhad on track to better profit.
November 29, 2005... (From Business Times (Malaysia)) Byline: KANG SIEW LI ELECTRICAL appliances maker I-Berhad expects to post its highest net profit in five years for the fiscal year ending December 31 2005, thanks largely to internal restructuring,...

Automotive Fiesta expected to draw 50,000 visitors daily.
November 29, 2005... (From Business Times (Malaysia)) Byline: GOH THEAN EU MALAYSIA'S first comprehensive motorshow that groups carmakers, dealers and transport authorities under one banner is coming this weekend to the grounds of Sepang International...

'Proton may post huge loss for Q2' (HL).
November 28, 2005... (From Business Times (Malaysia)) Byline: SHAHRIMAN JOHARI PROTON Holdings Bhd may post a staggering pre-tax loss of some RM700 million for the second quarter, caused mainly by red ink at its overseas subsidiary MV Agusta, the Italian...

MAS' plan to replace 737s said to be up in the air.
November 28, 2005... (From Business Times (Malaysia)) Byline: ANNA MARIA SAMSUDIN MALAYSIA Airlines (MAS) may have to drop its 737 aircraft replacement programme as the national carrier seeks ways to cut costs. Sources said MAS may have to continue...

Takaful Malaysia sees another double-digit growth in profit.
November 28, 2005... (From Business Times (Malaysia)) Byline: ZURAIMI ABDULLAH SYARIKAT Takaful Malaysia Bhd expects another high double-digit growth in profit after registering nearly an 80 per cent increase in the year ended June 2005. Takaful...

CGC plans new finance facilities for SMEs.
November 28, 2005... (From Business Times (Malaysia)) Byline: HAMISAH HAMID CREDIT Guarantee Corp Malaysia Bhd (CGC), the sole provider of loan guarantee for Malaysia's small firms, plans to launch new products like asset-securitisation and...

Duopharma clinches contract.
November 28, 2005... (From Business Times (Malaysia)) Byline: GOH THEAN EU DUOPHARMA Biotech Bhd, a newly-acquired subsidiary of Chemical Companies of Malaysia Bhd (CCM), has secured a government contract to supply drugs to treat HIV/ AIDS patients. ...

ECM Libra unit to sell unit trusts.
November 28, 2005... (From Business Times (Malaysia)) THE wealth management unit of ECM Libra Bhd, a financial group, has signed pacts that allow it to sell unit trust funds of six other firms. "With this accord, we now have a wider and balanced range of...

MMS Ventures expects exports to boost revenue.
November 28, 2005... (From Business Times (Malaysia)) Byline: HO SIEW YEE MMS Ventures Bhd, an automation systems and machinery designer, is confident of obtaining double-digit revenue growth this year, aided by its expanding overseas demand. The...

Airbus Military eyes aircraft deal with Govt.
November 28, 2005... (From Business Times (Malaysia)) Byline: KAMARUL YUNUS AIRBUS Military hopes to sign a contract with the Malaysian Government for the sale of its A400M aircraft during the Langkawi International Maritime and Aerospace exhibition...

High-end SunCity homes in Penang.
November 28, 2005... (From Business Times (Malaysia)) Byline: AUDREY DERMAWAN SUNWAY City Bhd (SunCity) launched yesterday Penang's first high-end residential project at Sunway Bukit Gambier, which is aimed at fuelling the demand for homebuyers looking...

Pan Pacific keen to maintain presence, seek opportunities.
November 28, 2005... (From Business Times (Malaysia)) Byline: VASANTHA GANESAN JAPAN-BASED Pan Pacific Hotels and Resorts, a hotel management firm, says Malaysia remains in its long-term expansion plan although the number of hotels that it manages has...

Malaysia keeps 3rd best spot for outsourcing.
November 28, 2005... (From Business Times (Malaysia)) MALAYSIA has maintained its rank as the third best country in the world for outsourcing businesses, according to the latest annual ranking by consultant A.T. Kearney. South-East Asian countries were...

UK hotel operator GHM to develop exclusive resort.
November 28, 2005... (From Business Times (Malaysia)) Byline: ROZIANA HAMSAWI THE UK-based General Hotel Management Ltd (GHM), which operates The Datai and The Andaman hotels in Langkawi, will develop its latest resort on the Fiji Islands, to be called...

No abandoned housing projects in Sabah.
November 28, 2005... (From Business Times (Malaysia)) Byline: JASWINDER KAUR THERE were no abandoned housing projects in Sabah last year as sufficient rules are in place to regulate housing development and protect the interests of buyers. Sabah...

System to boost iOffice revenue.
November 28, 2005... (From Business Times (Malaysia)) Byline: AZLAN ABU BAKAR SOFTWARE maker iOffice Gateway Sdn Bhd expects its revenue to soar to approximately RM14 million next year as it eyes overseas markets for its locally-developed product. ...

Iris likely to test resistance.
November 28, 2005... (From Business Times (Malaysia)) Byline: S.N. LOCK LAST week, share prices on Bursa Malaysia Bhd rebounded during the first two trading days before resuming their consolidation for the remaining three trading days. The Kuala Lumpur...

Cautious sentiment expected to prevail.
November 28, 2005... (From Business Times (Malaysia)) Byline: NGU CHIE KIENG IF YOU recall, the market made a surprise jump the previous Friday, spurring some pundits to suggest that a rebound was on the way. We were a bit sceptical then, noting that...

Westport: Expansion drive to accommodate growth.
November 28, 2005... (From Business Times (Malaysia)) WESTPORT Malaysia has just completed its expansion of 24ha of container terminal space and four new lanes at its container clearance gate to increase the efficiency and speed in handling import and export...

Genting Q3 net profit surges.
November 26, 2005... (From Business Times (Malaysia)) GENTING Bhd posted a 68 per cent jump in third-quarter net profit, helped by improved showings from its main businesses and a gain from its investment in the UK's biggest casino operator. Genting is...

Tenaga plans RM4.6b capex in 2006.
November 26, 2005... (From Business Times (Malaysia)) Byline: SHAHRIMAN JOHARI MALAYSIA'S biggest power producer, Tenaga Nasional Bhd, plans to spend RM4.6 billion, or 15 per cent more, on capital expenditure (capex) next year, to strengthen transmission...

'KL stocks offer good long-term prospects' (HL).
November 26, 2005... (From Business Times (Malaysia)) Byline: ADELINE PAUL RAJ THE Malaysian stock market will likely continue to underperform its Asian peers in 2006, but the good news is that there is still good money to be made out of it, especially...

Economic pick-up in Q3 expected after soft patch.
November 26, 2005... (From Business Times (Malaysia)) Byline: RUPA DAMODARAN AFTER disappointing second quarter growth, the economy is expected to pick up in the third quarter on the back of an improved outlook in the manufacturing sector. The...

JCorp in advanced talks on Johor biodiesel plant.
November 26, 2005... (From Business Times (Malaysia)) Byline: DALILA ABU BAKAR JOHOR Corp Bhd (JCorp) is at an advanced stage of negotiation with some parties linked to interests in Europe for the setting-up of a biodiesel plant in Johor, said chief...

Kuwait Finance House to partner Sunway City.
November 26, 2005... (From Business Times (Malaysia)) KUWAIT Finance House (Malaysia) Bhd, a licensed foreign Islamic bank, plans to partner property firm Sunway City Bhd in a mixed development project in Petaling Jaya. KFH will invest about RM70...

Indonesian charged with capital mart offences.
November 26, 2005... (From Business Times (Malaysia)) THE Securities Commission (SC) yesterday charged another man associated with Unique Mega Marketing Sdn Bhd with capital market offences. Yanto, an Indonesian citizen, was charged with operating a...