Business Times (Malaysia) articles from November 2008

Business Times (Malaysia) archives from November 2008

Fitch lowers IOI credit rating, cites higher risk.
November 29, 2008... INTERNATIONAL rating agency Fitch has cut the credit rating of IOI Corp Bhd because the plantation group's investments in property development has increased its business risk. These investments will not generate cash immediately, the...

Media Prima not cutting spending on content.
November 29, 2008... Byline: Presenna Nambiar MEDIA Prima Bhd will not cut spending in content expenditure for next year in anticipation of a slowdown in media advertising, because of the economic slowdown. "Despite the global slowdown, I don't think...

Manipal group invests RM20m in stem cell lab here.
November 29, 2008... INDIA'S Manipal Education and Medical Group has invested RM20 million in a stem cell research facility here to tap the local stem cell therapy market, estimated to be worth US$157 million (RM568.34 million). Through its wholly-owned...

Menara Citibank back on sale.
November 29, 2008... Byline: Jeeva Arulampalam MENARA Citibank is back up for sale now that IOI Corp Bhd has called off its purchase for RM586.73 million, said agent Regroup Associates Sdn Bhd. "Interested parties with a strong financial background can...

Economy expands by 4.7pc in Q3.
November 29, 2008... Byline: Adeline Paul Raj MALAYSIA'S economy grew at a faster-than-expected rate of 4.7 per cent in the third quarter, driven by domestic demand. It was, however, its slowest pace of growth since mid-2005, as a sharply deteriorating...

Celframe offers free software packages.
November 29, 2008... CELFRAME, which designs IT-enabled business products and solutions, will be offering its Celframe Office '08 packages for free to up to 100 companies in Malaysia from December onwards. This is part of the company's global campaign to...

Airlines take earnings hit.
November 29, 2008... Byline: Goh Thean Eu; Jeeva Arulampalam MALAYSIA'S two listed airlines yesterday reported third quarter results that highlighted a difficult business environment but both were optimistic of doing well in 2009. AirAsia Bhd and...

White Horse showroom designed to impress.
November 29, 2008... Byline: V. Shankar Ganesh WHITE Horse Ceramic opened its fifth showroom in the country in Klang, expecting further growth next year and a strong property market in south Klang Valley. The 40,000 sq ft showroom has been designed to...

KLCI adjusted up 0.2pc for afternoon trading session.
November 29, 2008... THE Kuala Lumpur Composite Index was adjusted 0.2 per cent up from 863.46 to 865.11 for the opening of the second trading session at 2.30pm yesterday. This followed the understated calculation resulting from the inadvertent exclusion of...

Tabung Haji holds 5.2pc of Dialog.
November 29, 2008... LEMBAGA Tabung Haji has bought more shares of Dialog Group Bhd, emerging as a substantial shareholder of the company, a provider of technical and specialist services to the oil and gas industry. It has 73.2 million shares or 5.24 per cent of...

PNB acquires SP Setia shares.
November 29, 2008... PERMODALAN Nasional Bhd has bought 51 million shares or 5.02 per cent of SP Setia Bhd, Malaysia's most valuable property developer on November 21.

RHB, StanChart lower baselending rates.
November 29, 2008... THE RHB Banking Group has revised its base lending rate (BLR) for RHB Bank Bhd and RHB Islamic Bank's base financing rate (BFR), from 6.75 per cent per annum to 6.50 per cent per annum, with effect from December 1 2008. Managing director...

KUB wins RM38m Telekom deals.
November 29, 2008... KUB Malaysia Bhd has won two contracts worth a total of RM37.9 million from Telekom Malaysia Bhd. Under the first contract, valued at RM31.5 million, subsidiary KUB-Fujitsu Telecommunication (KFT) will supply equipment and support services...

Italy's Anima buys into Sarawak firms.
November 29, 2008... ANIMA Societa di Gestione del Risparmio per Azioni (Anima SGR), an Italian asset management company, has emerged as a substantial shareholder of two Sarawak companies - B.I.G. Industries Bhd and Ngiu Kee Corp (M) Bhd. On November 14, Anima...

CCM raises RM150m from Islamic MTNs.
November 29, 2008... CHEMICAL Company of Malaysia Bhd (CCM) has raised RM150 million from the initial issue of Islamic medium-term notes (MTNs). It will use the money for acquisitions, working capital and capital expenditure, it said in a statement to Bursa...

Celcom cautious of prospects next year.
November 29, 2008... Byline: Presenna Nambiar CELCOM (Malaysia) Bhd, the local unit of TM International Bhd, is cautious of prospects in 2009 due to the challenges of an unpredictable economic environment. However, it plans to protect its margins which...

Sime Darby posts 44pc surge in Q1 net profit.
November 29, 2008... Byline: Rupinder Singh SIME Darby Bhd, the world's largest listed palm oil producer, said first quarter net profit jumped 44 per cent but it halved its full year earnings forecast due to lower palm oil prices and concerns of an economic...

MK Land to have2 COOs, sell non-core assets.
November 29, 2008... Byline: Azlan Abu Bakar DEVELOPER MK Land Holdings Bhd yesterday revealed its turnaround plan, which included the appointment of two chief operating officers and the sale of non-core assets. Chief executive officer Tan Sri Mustapha...

Putera Capital bidding for RM9b local jobs.
November 29, 2008... Byline: Zurinna Raja Adam DESPITE its status as a financially-troubled group, Putera Capital Bhd has bid for construction jobs worth about RM9 billion in Malaysia. The group, which had its first restructuring proposal rejected by the...

Mart trades sideways, key index ends flat.
November 29, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to move sideways in their bids to consolidate their recent gains over the last five trading days. The Kuala Lumpur Composite Index (KLCI) continued to stay below its support...

Islamic investment firm to start 3 funds in 2009.
November 29, 2008... Byline: Chong Pooi Koon ASIAN Islamic Investment Management Sdn Bhd (AIIMAN), a new global investment firm partly-owned by Singapore's DBS Bank Ltd, will start up to three funds early next year to invest in Islamic bonds and Asian...

OSK net profit dives 72pc in Q3.
November 28, 2008... LOCAL brokerage OSK Holdings Bhd saw its net profit plunge 72.4 per cent in the third quarter of this year due to weak trading and global capital market activities. It reported a net profit of RM19.6 million in the July-September quarter,...

MAHB earnings soar 61pc.
November 28, 2008... MALAYSIA Airports Holdings Bhd (MAHB) saw a 61 per cent rise in its third quarter net profit, helped by the reversal of provision for doubtful debts. The group said it had completed discussions with the government on the proposed corporate...

Hong Leong Asia to buy rest of Tasek.
November 28, 2008... HONG Leong Asia Ltd plans to spend up to RM380.5 million or RM3.80 a share, to buy the rest of Tasek Corp Bhd that it does not already own. Hong Leong Asia, via wholly-owned unit Hartwell Pte Ltd, has sent a notice of take-over offer to Tasek...

Excellence at the top.
November 28, 2008... Byline: Bernard Thamboo THE Malaysia's CEO of the Year award was launched in 1994 as a result of the collaboration between Business Times and American Express. The idea was mooted by Hardev Kaur (then Business Times editor) and the late...

Agrobank to meet loan growth target.
November 28, 2008... Byline: Presenna Nambiar AGROBANK (formerly Bank Pertanian Malaysia) is on track to meet its 30 per cent loan growth target this year, backed by strong growth in agriculture loans. In 2007, Agrobank had a net loan base of RM3.1 billion. ...

Genting posts RM40m net loss in Q3.
November 28, 2008... GENTING Bhd posted a third quarter loss as impairment losses hit its UK business but the majority of its operations showed improvements. Business for the rest of the year will be challenging due to slowing economies that would affect its...

It pays for enterprise to highlight differences.
November 28, 2008... Byline: Azlan Abu Bakar THE increased advertising and promotional activities among small- and medium-sized enterprises (SMEs) and start-ups augur well for the branding and advertising industry in the country. However, there is concern that...

RM20m to upgrade skills.
November 28, 2008... THE Ministry of Human Resource has asked the government to allocate RM20 million under Pembangunan Sumber Manusia Bhd (PSMB) to upgrade the skills of retrenched workers. "The training would prepare the workers and give them better...

TM International to bid for Iran licence.
November 28, 2008... TM INTERNATIONAL Bhd, a mobile phone operator, said its group has qualified to bid for a mobile licence in Iran. TMI via Indocel Holding Sdn Bhd and its partners Fanavari Moudj Khavar, JSC and Sarmayegozarie Atiyeh Saba, JSC, will submit their...

KPJ: No decision on abandoned hospital.
November 28, 2008... KPJ Healthcare Bhd's managing director Datin Paduka Siti Sa'diah Sheikh Bakir, in response to the Business Times article "KPJ Buying Abandoned Hospital in Klang?" published yesterday, said KPJ has not yet decided whether to buy the Bandar Baru...

IOI terminates deal to buy Menara Citibank.
November 28, 2008... IOI Corp Bhd has called off a deal to buy Menara Citibank on Jalan Ampang, Kuala Lumpur, from Inverfin Sdn Bhd for RM586.73 million, citing concerns over the economy. In a statement to Bursa Malaysia, IOI said its decision was based on sudden...

Proton Q2 profit jumps to RM44m.
November 28, 2008... Byline: Goh Thean Eu NATIONAL carmaker Proton Holdings Bhd's second-quar-ter net profit surged more than tenfold, thanks mainly to improved margins and its popular Saga and Persona. However, the carmaker warned of challenging times ahead...

Japan's Tokuyama to invest RM1.8b.
November 28, 2008... Byline: Roziana Hamsawi TOKUYAMA Corporation Bhd from Japan will invest an estimated US$500 million (RM1.8 billion) in the Sarawak Corridor of Renewable Energy (Score), building a polycrystalline silicon manufacturing plant. The plant will...

Celcom links up with Dell, Vodafone to boost revenue.
November 28, 2008... Byline: Zaidi Isham Ismail CELCOM (Malaysia) Bhd aims to grow revenue from corporate clients by up to 30 per cent this year, three times faster than the industry average. The company is optimistic following its tie-up with Dell Malaysia...

Hong Leong cuts lending rate.
November 28, 2008... HONG Leong Bank Bhd and Hong Leong Islamic Bank Bhd said they will reduce their Base Lending Rate (BLR) and Islamic Financing Rate (IFR) by 25 basis points from 6.75 per cent to 6.5 per cent with effect from December 1 2008. The reduction of...

Follow-through rebound likely.
November 28, 2008... Byline: S.N. Lock OVERALL market sentiment remained upbeat on the Wall Street and regional stock markets yesterday. Its overall advancing counters outpaced its declining counters by 342 to 203. The Kuala Lumpur Composite Index (KLCI)...

Alam Maritim sells vessels for RM253m.
November 28, 2008... ALAM Maritim Resources Bhd's wholly-owned subsidiary, Alam Maritim (L) Inc, has agreed to sell five vessels to its associated companies for RM253.5 million cash. The sale is expected to contribute positively to the earnings and net tangible...

Morgan Stanley slashes Maybank target price.
November 28, 2008... MORGAN Stanley slashed its target price for Malayan Banking Bhd, the country's biggest bank, by more than 50 per cent, warning that more profit downgrades could be in the offing. Its target price is now RM3.70 a share from RM8 before. Maybank...

MEPS in talks with 3 foreign Islamic banks.
November 28, 2008... Byline: Kamarul Yunus THE Malaysian Electronic Payment System Sdn Bhd (MEPS), an interbank payment network service provider, is talking to three foreign Islamic banks in Malaysia to join the MEPS electronic payment service network. Its...

Slowdown likely to curb Q3 growth.
November 27, 2008... Byline: Rupa Damodaran MALAYSIA'S economy probably expanded by 4.31 per cent in the third quarter, its slowest pace since the second quarter of 2005, as economic slowdown started to bite. A Business Times poll of economists shows...

More banks cut lending, financing rates.
November 27, 2008... MORE banks announced a cut in their lending and financing rates yesterday, following Bank Negara Malaysia's downward revision of the Overnight Policy Rate (OPR) on Monday. Asian Finance Bank said it will reduce its base financing rate...

Bombardier bags MAHB contract.
November 27, 2008... CANADA'S Bombardier Transportation Inc and its local partner Hartasuma Sdn Bhd have secured a RM209 million contract from Malaysia Airports Holdings Bhd (MAHB) to expand the existing Bombardier-supplied automated people mover system at the KL...

Tourist arrivals still short of target.
November 27, 2008... Byline: Vasantha Ganesan TOURIST arrivals in October 2008 touched 1.82 million, bringing the total number of arrivals in the first 10 months of the year to 18.15 million. With just November and December left to go this year, Malaysia...

Germany's Borsig drives Q3.
November 27, 2008... KNM Group Bhd, a maker of process equipment, says its third-quarter net profit jumped by almost 70 per cent, driven by its recent billion-ringgit purchase of Germany's Borsig GmbH. KNM bought the Berlin-based firm for RM1.7 billion...

KPJ buying abandoned hospital in Klang?
November 27, 2008... Byline: Vasantha Ganesan KPJ Healthcare Bhd, Malaysia's largest hospital chain, is said to be in talks to buy an abandoned hospital project in Klang, Selangor. Sources told Business Times that officials from KPJ and the property...

Gadang in running to win RM500m Abu Dhabi jobs.
November 27, 2008... Byline: Sharen Kaur GADANG Holdings Bhd, a construction and property firm, may win two contracts worth RM500 million to build residential towers in Abu Dhabi in the United Arab Emirates by the middle of next year. It will soon sign a...

Energy, utilities divisions lift MMC net profit.
November 27, 2008... MMC Corp, a Malaysian transport-to-construction group, reported a 5.2 per cent jump in third-quarter net profit yesterday, thanks mainly to higher contributions from its energy and utilities divisions. However, MMC said its profit for the...

3D imaging tools for cancer radiation therapy.
November 27, 2008... THANKS to a new treatment process, radiation therapy for cancerous tumours has now become faster and more precise. Using a combination of a linear accelerator and the latest imaging technology, Siemens developed a solution that makes it...

Public Bank on track to strong growth.
November 27, 2008... Byline: Chong Pooi Koon PUBLIC Bank Bhd, Malaysia's biggest lender by market value, is on trackto strong growth this year after earnings expanded 25 per cent in the first nine months, a top official said yesterday. Managing director...

TMI net down 26pc.
November 27, 2008... Byline: Goh Thean Eu MOBILE phone operator TM International Bhd (TMI) said third quarter net profit fell 26 per cent due mainly to the absence of one-off gains and higher finance cost. It cautioned that earnings would be weak in the...

Ramunia dives after MISC scraps plan.
November 27, 2008... SHARES of Ramunia Holdings Bhd tanked 53 per cent yesterday after MISC Bhd scrapped a RM3.2 billion reverse takeover plan on the oil services firm. MISC on Tuesday said it will terminate the proposal due to unsatisfactory due diligence...

Asia-Pacific vibrant mart for ad industry.
November 27, 2008... KUALA Lumpur will host the Asian Advertising Congress 2009 (AdAsia09) from October 22 to 25 next year. The event will be held at the Kuala Lumpur Convention Centre, the Malaysian Advertisers Association (MAA) announced recently. The...

Ezz Elarab upbeat on Proton sales in Egypt.
November 27, 2008... Byline: Zuraimi Abdullah CAIRO: EZZ Elarab Automotive Group expects to sell more than 5,000 units of Proton cars it helps distribute annually in Egypt by 2010, its chief says. Ezz Elarab should close 2008 with sales of about 2,000...

Pensonic eyes stake in US's Ugobe.
November 27, 2008... Byline: Marina Emmanuel PENSONIC Holdings Bhd may buy a stake in the US high-technology firm Ugobe Life Forms next year. Group managing director Dixon Chew said Pensonic, which is Ugobe's sole distributor in Southeast Asia for the...

Guinness optimistic of outperforming beer mart.
November 27, 2008... Byline: Rupinder Singh BREWER Guinness Anchor Bhd (GAB) expects to continue outperforming the local beer market this financial year, despite the looming possibility of difficult economic conditions in 2009. Managing director Charles...

Trade within IMT-GT expected to hit US$5b next year.
November 27, 2008... Byline: Kamarul Yunus TRADE within member states and provinces of the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) could reach US$5 billion (RM18.1 billion) by next year. IMT-GT Joint Business Council (JBC) Malaysia chairman...

Ambank's no-frills credit card timely: MD.
November 27, 2008... Byline: Roziana Hamsawi AMBANK (M) Bhd expects to issue 50,000 of its latest "no frills" credit card within the next 12 months, the bank's retail banking managing director Datuk Mohamed Azmi Mahmood said yesterday. He said the...

Tasek suspended.
November 27, 2008... SHARES of Tasek Corp have been suspended effective today as Hong Leong Asia Ltd (HLA) might take over the cement producer. Tasek received a letter from HLA yesterday stating that HLA will undertake a material corporate exercise involving the...

Bursa on track to re-test support at RM5.00.
November 27, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia pulled back yesterday after a Tuesday rebound on news of a rate cut by Bank Negara Malaysia. Its overall declining counters outpaced its advancing counters by 275 to 212. The Kuala...

Resorts to buy firms.
November 27, 2008... RESORTS World Bhd, a unit of Genting Bhd, has agreed to buy two companies that have interests in gaming patents, for US$69 million or about RM250 million. It is buying Bromet Ltd and Digital Tree (USA) Inc from KH Digital Ltd, an offshore...

AWC unit plans to buy UAE-based Stream FZC.
November 27, 2008... INTEGRATED facilities management provider AWC Facility Solutions Bhd's subsidiary Nexaldes Sdn Bhd has proposed to buy Stream FZC, a company based in the United Arab Emirates (UAE). Stream FZC is principally engaged in the business of...

UBS rolls out DMA.
November 26, 2008... UBS has launched Direct Market Access (DMA) on Bursa Malaysia, and rolled out it's proprietary execution management system, UBS Sapphire. UBS Malaysia DMA is a zero touch anonymous trading platform that allows clients to execute orders...

Citta upbeat on retail sales.
November 26, 2008... Byline: Vasantha Ganesan CITTA, a RM280 million retail mall under development in Saujana, Selangor, expects retailers operating within the mall to rake in RM220 million to RM260 million in sales turnover in the first year of operations....

Gadang bidding for RM6b jobs in Malaysia, Mideast.
November 26, 2008... Byline: Sharen Kaur GADANG Holdings Bhd, a construction and property group, is bidding for some RM6 billion worth of infrastructure and construction contracts in the country and the Middle East, to ride out the global economic downturn....

Body to monitor auditors shaping up for 2009 launch.
November 26, 2008... Byline: Adeline Paul Raj A SPECIAL independent body that will monitor auditors in Malaysia, known as the Audit Oversight Board (AOB), is expected to come onstream only next year, industry players said. The AOB falls under the...

Transmile reports lower Q3 net loss.
November 26, 2008... LOCAL air cargo carrier Transmile Group Bhd reported a narrower third-quarter net loss, helped by cost reduction and higher charter revenue and general freight sales. Net loss for the quarter ended September 30 2008 narrowed to RM26.3...

'We may have to use less fertiliser'.
November 26, 2008... Byline: Ooi Tee Ching TH PLANTATIONS Bhd, the plantation arm of Lembaga Tabung Haji, will reduce its usage of fertiliser if palm oil prices do not improve and fertiliser continues to be expensive. "So far, we have not cut down the...

Maybank to open more branches in Cambodia.
November 26, 2008... Byline: Rupinder Singh MALAYAN Banking Bhd (Maybank) plans to add another nine branches to its existing two in Cambodia by 2011, said its top executive. "We want to have 11 branches by 2011," chief executive officer Datuk Seri Abdul...

CIMB offer accepted.
November 26, 2008... CIMB Group said global investment firm TPG Capital has accepted its tender offer for TPG's 36.74 per cent stake in BankThai. With TPG's acceptance of the offer, CIMB Group's stake in BankThai rises to 78.87 per cent. "TPG's acceptance assures...

Proton MD's contract set to be extended.
November 26, 2008... Byline: Zuraimi Abdullah PROTON Holdings Bhd managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir is expected to have his contract extended soon. Sources said the Proton board had recommended to Prime Minister Datuk Seri...

Tan Chong Motor to trend sideways.
November 26, 2008... Byline: S.N. Lock BETTER performances on the global stock markets lifted market sentiment on Bursa Malaysia yesterday. Its overall advancing counters outnumbered its declining counters by 262 to 243. The Kuala Lumpur Composite Index...

MMC denies report.
November 26, 2008... MMC Corp Bhd has dismissed as speculation a report that it plans to privatise its 39 per cent-owned Zelan Bhd or to inject MMC Engineering Group Bhd into Zelan. "We currently have no intention to take Zelan private or to inject MMC...

MISC scraps proposed reverse takeover of Ramunia.
November 26, 2008... MISC Bhd has called off its proposed RM3.2 billion reverse takeover of oil services firm Ramunia Holdings Bhd, one of the biggest corporate deals announced this year. In a statement to Bursa Malaysia yesterday, MISC said its wholly-owned...

Smelter cost may flare up to RM14b.
November 26, 2008... Byline: Sharen Kaur RIO Tinto Alcan, the world's third largest mining group, said investment for its Sarawak aluminium smelter project may double to nearly RM14 billion due to plant expansion and costlier raw materials. Although 100...

Asia will know growth outlook by second quarter 2009: Prudential.
November 26, 2008... Byline: Jeeva Arulampalam THE true test as to whether Asian economies can continue to grow will be known by the second quarter of next year, said an international fund manager. "If Asian countries haven't slowed down to the recession...

Press Metal earnings may be dented this year.
November 26, 2008... Byline: Sharen Kaur PRESS Metal Bhd, an aluminium extruder, says it will likely post lower net profit and revenue this year because of weaker metal prices. Higher operational cost could also erode earnings, group chief executive...

Suridah is NTV7's new CEO.
November 26, 2008... SURIDAH Jalaluddin (above) has been named chief executive officer (CEO) of ntv7 effective December 1 2008. She succeeds Datuk Anthony Bujang, who has been appointed the CEO of The New Straits Times Press (Malaysia) Bhd. Most recently,...

Scientex sees slower growth in packaging business.
November 26, 2008... Byline: Goh Thean Eu SCIENTEX Bhd, a company that makes packaging films and also a property developer, expects slower growth in its packaging business over the short term due to global economic slowdown. "There should be some impact...

We have flexibility to cut rate further: Zeti.
November 26, 2008... Byline: Chong Pooi Koon MALAYSIA still has flexibility to cut interest rates further next year if necessary, and it should not weaken the ringgit because key rates in other countries have fallen sharper in comparison, Bank Negara...

Govt urged to take over Maika.
November 26, 2008... THE government has been requested to take over Maika Holdings Bhd, MIC's failed investment arm, and turn it around into a successful company. Former president of the Indian Chamber of Commerce, Datuk V.K.K. Teagarajan said half of...

Q3 net profit up 23pc.
November 25, 2008... THE New Straits Times Press (Malaysia) Bhd (NSTP) says its third-quarter and nine-month net profit grew by 23.3 per cent and 50.1 per cent respectively, helped mainly by higher advertising revenue. The group posted net profits of RM16.09...

Media Prima 9-month net rises to RM81m.
November 25, 2008... MEDIA Prima Bhd, the country's largest integrated media investment group, says net profit for the nine months ended September 30 2008 rose 3.6 per cent to RM81.4 million. However, due to lower advertising spending and higher content...

Ikhlas Maxis Haj edition.
November 25, 2008... MAXIS Communications Bhd has launched its Ikhlas Maxis Haj edition of mobile content at all its retail stores nationwide. A compilation of information and guide on Haj, the edition also includes Maxis SMS and MMS reminders and alerts that...