Business Times (Malaysia) articles from September 2008

Business Times (Malaysia) archives from September 2008

UEM in talks with overseas investors to develop parts of Puteri Harbour.
September 30, 2008... UEM Land Bhd is talking to investors in South Korea and South Africa to develop some components of its multi-billion ringgit integrated waterfront and marina development in Nusajaya, south of Johor. Dubbed Puteri Harbour, the 279ha...

Promoting Iskandar to US, Asia Pacific firms.
September 30, 2008... Byline: Sharen Kaur ISKANDAR Investment Bhd (IIB), the promoter and coordinator of Iskandar Malaysia, plans to woo US technology firms and companies in Asia Pacific to invest in the special economic zone. Three times bigger than...

Analysts still cautious on MMC.
September 30, 2008... LAST week's signing of a RM1 billion oil terminal with Vitol Terminal BV, a unit of the Rotterdam-based Vitol Group, finally saw MMC Corp Bhd kick-starting its plans to develop a petrochemical and maritime centre in Tanjung Bin, Johor, after...

EPF to invest in WCT project.
September 30, 2008... Byline: Shahriman Johari THE Employees Provident Fund (EPF), a cash-rich retirement savings fund, plans to invest almost half a billion ringgit in a commercial project in Petaling Jaya, a deal that sees it tying up with WCT Bhd, a...

Reliance ready to face challenges in travel mart.
September 30, 2008... Byline: Rupinder Singh RELIANCE Pacific Bhd, the only public-listed travel and tourism investment holding company in Malaysia, said it has put in place cost-cutting measures to face a challenging travel market next year. Managing...

Hiap Teck Q4 net soars 8 times.
September 30, 2008... STEEL pipe maker Hiap Teck Venture Bhd said fourth quarter net profit jumped almost eight times, thanks to higher business volume and steel prices. For the fourth quarter ended July 31, it posted a net profit RM73.47 million, against...

'More open skies won't affect Malaysia Airlines, SIA much'.
September 30, 2008... Byline: Presenna Nambiar AIRASIA is the big winner with the opening up of the KL-Singapore route, but the move is not expected to rock the boat much for competitors Malaysia Airlines (MAS) and Singapore Airlines (SIA). "In terms of...

Further technical pullbacks seen.
September 30, 2008... Byline: S.N. Lock WEAKNESSES on the regional stock markets continued to dictate the market direction on Bursa Malaysia yesterday. Its overall declining counters outpaced its advancing counters by 302 to 208. The Kuala Lumpur...

Golden Plus aims to venture into Vietnam, India in 2009.
September 30, 2008... PROPERTY developer Golden Plus Holdings Bhd (GPlus), which derives most of its business from Shanghai, China, aims to venture into Vietnam and India next year. It has hired consultants to do feasibility studies on both property markets,...

Petra's new vessel.
September 30, 2008... PETRA Perdana Bhd, an oil and gas services company, said it has taken delivery of a new vessel, called Petra Horizon. The new Anchor Handling Towing Supply Vessel has a total brake horse power of 10,880, Petra said in a statement to Bursa...

AirAsia to boost flights to Viet city.
September 30, 2008... BUDGET carrier AirAsia Bhd will add more weekly flights from its hubs in Kuala Lumpur and Bangkok to Ho Chi Minh City in response to strong demand. From October 26 2008, it will increase its frequency between Kuala Lumpur and Ho Chi Minh...

Mitrajaya gets job.
September 30, 2008... MITRAJAYA Holdings Bhd said its unit has won a RM37 million contract to build a new building for Universiti Malaya's Dental Faculty. Under the deal, Pembinaan Mitrajaya Sdn Bhd will have to demolish the existing canteen building to make way...

Six more months.
September 30, 2008... THE Securities Commission has given Kencana Petroleum Bhd, an oil and gas support services company, six more months to raise funds from a new share sale. It will now have until April 25 2009 to complete the private placement, Kencana said in...

JAIC scores a first with entry here.
September 30, 2008... JAPAN Asia Investment Co Ltd (JAIC), one of the largest venture capital companies (VCCs) in Japan, has become the first foreign company to undertake venture capital activities in Malaysia. In a statement issued yesterday, the Securities...

Malaysia Pacific seeks tie-ups for LakeHill township.
September 30, 2008... Byline: Jeeva Arulampalam MALAYSIA Pacific Corp Bhd (MPC), a property company, says it welcomes partners to help fund its RM6.6 billion mixed-development township in Johor. The LakeHill Resort City spanning 258.2ha will be financed...

Penang rolls out welcome mat for Mideast investors.
September 30, 2008... Byline: Marina Emmanuel PENANG is looking to draw at least RM100 million in investments from the Middle East soon to develop a halal hub. Investors from Middle East are also eyeing Penang as a site for real-estate development and...

Tuna port firm wins court order to take control of ship.
September 30, 2008... Byline: Rupa Damodaran MALAYSIAN International Tuna Port Sdn Bhd (MITP), operator of a tuna landing port, has won a court order to take control of a ship belonging to one of its tuna fishing operators for failing to settle its debt. ...

This Volvo XC90 will impress you.
September 30, 2008... Byline: Zuraimi Abdullah UNTIL 2002, the premium sports utility vehicle (SUV) segment in Malaysia was dominated by two well-known marques from Germany, and both were fully-imported models. But in 2003, a brand that shared the same...

RM136m bid to take TH Group private.
September 30, 2008... THE major shareholders of TH Group Bhd have made a RM136 million offer to take the plantation and construction group private. The offer, at 75 sen a share, is a 30.4 per cent premium over its last closing price of 57.5 sen. The stock...

Leong Hup to hold 28pc of Teo Seng.
September 30, 2008... WITH reference to the article titled "Teo Seng aims to be top player in layer farming" published on September 27 2008, we would like to clarify that Leong Hup Holdings Bhd will hold an indirect stake of 28 per cent in Teo Seng Capital Bhd...

e-Cover services.
September 30, 2008... REXIT Bhd, a software developer for the insurance industry, said Sompo Japan Insurance Inc has agreed for Rexit International Sdn Bhd to start its study and finalise the implementation of comprehensive e-Cover services. e-Cover is an online...

Meda scraps deal.
September 30, 2008... MEDA Inc Bhd, a property developer, said it has scrapped a deal to buy a piece of land in Melaka Tengah for RM20 million because the authorities have rejected its development plans. It had planned to buy the land from Nandex Land Sdn Bhd,...

YTL Cement bonds.
September 30, 2008... THE Securities Commission (SC) has given YTL Cement Bhd more time to carry out the proposed issue of a US$200 million (RM688 million) five-year guaranteed exchangeable bonds. It will now have until April 4 2009 to complete the proposal, YTL...

Crew welfare a cause of concern in maritime sector.
September 29, 2008... Byline: Rakish Suppiah TODAY, employers do not have adequately-trained professionals to run their ships. This is surprising considering the fact that 95 per cent of the world's goods move on ships, which creates tremendous scope for...

Sideways trading expected.
September 29, 2008... Byline: Stephen Soo LAST week's hoo-ha about a ringgit re-peg died off after Deputy Prime Minister and Finance Minister Datuk Seri Najib Razak affirmed that there was no necessity to do so as current levels reflected the true value of...

Demand for easy-payment schemes to stay strong: Aeon.
September 29, 2008... CONSUMER finance provider Aeon Credit Service (M) Bhd expects demand for its easy-payment schemes to remain strong despite a slower economic growth, said a top official. "While we will not rule out the possibility of a slower economy, we...

Bintai Kinden confident of bouncing back.
September 29, 2008... Byline: Ooi Tee Ching MECHANICAL and electrical engineering group Bintai Kinden Corp Bhd, with unbilled orders in excess of RM600 million, is hopeful of a profitable year ahead. In the last financial year ended March 31 2008, the...

CIMB Research finds bargains galore on Bursa.
September 29, 2008... CIMB Research has highlighted Tan Chong Motor Holdings, LCL Corp and Wellcall Holdings as among the best bargains that investors can pick up on the stock market currently. All three stocks offer robust earnings growth at very low...

Underlying tone more bearish than bullish.
September 29, 2008... Byline: W.Q. Mun LONG-TERM TREND - Bearish SHORT-TERM TREND - RM2,040 - RM2,340 consolidation phase Momentum Index: -340 Relative Strength Index: 49 OBSERVATIONS: As with most world equity and commodity markets, the Kuala Lumpur CPO...

Johor Corp unit to manage 5 Saudi hotels.
September 29, 2008... Byline: Vasantha Ganesan JOHOR Corp's hospitality arm, Puteri Hotels Sdn Bhd, has signed to manage five luxury-class hotels in Saudi Arabia beginning September 2009. The hotels, with a room inventory of between 270 and 350, will be...

Farrali wellness resort a shot in the arm for Penang.
September 29, 2008... Byline: Marina Emmanuel MEDICAL tourism activities in Penang are set to be boosted with the entry of a new player in Penang. The RM300 million Farrali International Specialist Hospital and Wellness Resort in Batu Kawan on the...

KLCI futures to see further consolidation.
September 29, 2008... Byline: Bernard THE Kuala Lumpur Composite Index (KLCI) futures spot month contract on Bursa Malaysia Derivatives closed at 1,024.50 with an open interest of 20,194 contracts last Friday. Trading in the September contract was largely...

Bursa will eventually play catch-up, says Citi.
September 29, 2008... MALAYSIA'S stock market will eventually play catch-up despite the move by investors to hold out on investment in the equity market, says Citi Investment Research. In its report dated September 23, Citi said local investors are holding...

KNM daily price trend may rebound.
September 29, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia moved sideways last week, consolidating their recent losses triggered by the financial woes on Wall Street. The benchmark Kuala Lumpur Composite Index (KLCI) continued to stay below its...

Plans to start overseas venture by 2010.
September 29, 2008... PROPERTY developer Mah Sing Group Bhd will begin its first international project within two years, says its top official. Although overall, Asian economies have slowed, Mah Sing said it was the best time for the developer to plan and...

Mah Sing eyes more commercial developments in Sg Besi.
September 29, 2008... Byline: Jeeva Arulampalam PROPERTY developer Mah Sing Group Bhd is keen to do more commercial developments in Sungai Besi, Kuala Lumpur, as the location is the latest commercial hub, says its top official. Business Times was made to...

All eyes on Maybank.
September 29, 2008... Byline: Shahriman Johari TOP lender Malayan Banking Bhd (Maybank) will be the main focus of investors today after its RM8.6 billion deal to buy an Indonesian lender appears to be all but doomed. According to Fullerton Financial...

Senheng sees TV sales boosting turnover.
September 29, 2008... Byline: Jeeva Arulampalam HOUSEHOLD electronic products chain Senheng Electric (KL) Sdn Bhd is confident it will close its books this year with a turnover of RM530 million. Managing director Lim Kim Heng told Business Times that the...

AirAsia X wins 'Best Newcomer' award.
September 29, 2008... AIRASIA X, the low-cost, long-haul affiliate of AirAsia, won the "Best Newcomer" award at the 2008 Budgie World Low-Cost Airline Awards in London on Thursday. The carrier was commended for its business model and excellence in launching...

Scientex profits from strong sales, better product mix.
September 29, 2008... SCIENTEX Bhd, a diversified group with interests in manufacturing and property, saw fourth quarter net profit rising 124 per cent to RM22.13 million on the back of a 12.92 per cent increase in revenue to RM167.59 million. Earnings per...

Survey: Malaysian real estate still attracting investors.
September 29, 2008... PROPERTY buyers are still keen to invest in the local market, with more than half expecting prices to rise by more than 10 per cent in the next six to 18 months, said a survey. The iProperty.com Group, Asia's leading network of property...

Teo Seng aims to be top player in layer farming.
September 27, 2008... Byline: Presenna Nambiar TEO Seng Capital Bhd plans to become the country's single largest player in layer farming in five years, by raising production capacity and cutting costs. With the addition of two newly- acquired layer farms,...

Brem bids for two local jobs worth RM800m.
September 27, 2008... Byline: Sharen Kaur BREM Holding Bhd, a construction and property firm, has been invited to submit proposals for two infrastructure contracts worth RM800 million in Peninsular Malaysia. The contracts, worth RM500 million and RM300...

SKP turns to higher margin products as costs rise.
September 27, 2008... Byline: Ooi Tee Ching SKP Resources Bhd, challenged by rising plastic resin cost, is seeking to make more higher margin products like liquid crystal display (LCD) screens and Blu-Ray disc players. The company is cautiously optimistic...

The Store will bring new life to Komtar.
September 27, 2008... Byline: Marina Emmanuel THE fortunes of Penang's first shopping centre and superstructure - Kompleks Tun Abdul Razak (Komtar) - are set to be revived soon with the entry of The Store Corp Bhd. The company yesterday pledged to invest...

Mid-sized M&As to continue despite weaker markets.
September 27, 2008... Byline: Adeline Paul Raj MALAYSIA will continue to see merger and acquisition (M&A) activities this year despite weaker markets, but these will likely be mid-sized ones, says a top investment banker. "It's not so much your mega M&As,...

AMMB confident of 'much higher' earnings.
September 27, 2008... Byline: Adeline Paul Raj AMMB Holdings Bhd, Malaysia's fifth biggest banking group, is confident of turning in a "much higher" net profit this fiscal year despite a tougher environment, an official said. This will be driven by the...

MTD sees big payoff from Manila highway.
September 27, 2008... Byline: Zuraimi Abdullah MTD Capital Bhd's top executives have hinted that it should reap handsome returns from its RM800 million highway venture in Manila from as early as March 2009. Income from its power plant venture in Sri...

Advance Synergy bid to take unit private.
September 27, 2008... ADVANCE Synergy Bhd has offered RM30.73 million or 60 sen a share to take its subsidiary Advance Synergy Capital Bhd (ASCAP) private. The offer is 25 per cent higher than ASCAP's last closing price of 48 sen. Advance Synergy now holds 63.9...

PMB to buy land in Pulau Indah.
September 27, 2008... PMB Technology Bhd will buy two land lots in Pulau Indah, Klang, for RM13.9 million from property developer Central Spectrum (M) Sdn Bhd. Its unit entered into two sale and purchase agreements yesterday for the land, which will be used to...

Nova MSC wins RM17m S'pore deal.
September 27, 2008... MESDAQ firm Nova MSC Bhd has won a RM17 million contract from Singapore's Attorney-General Chamber to supply and maintain a legislation editing and authentic publishing system. The company told Bursa Malaysia yesterday that its unit will...

Johor compensates UEM World for land.
September 27, 2008... THE Johor government has compensated UEM World Bhd RM16.8 million in return for 30.1ha of land in Pulai, Johor. The compulsory acquisition was made from UEM World's subsidiaries for the proposed Johor Baru-Nusajaya Coastal Highway Project....

More AirAsia direct flights to Singapore from Dec 1.
September 27, 2008... AIRASIA Bhd will start flying six daily direct flights to Singapore from December 1. The four extra daily flights were granted to AirAsia yesterday, after months of lobbying for more flights on the highly profitable route. In May,...

MMC, Vitol ink RM1b oil terminal pact.
September 27, 2008... Byline: Rupinder Singh MMC Corp Bhd, a power producer and port operator, has managed to attract a RM1 billion investment from Dutch energy trading house Vitol. Vitol Terminals BV will invest in an oil terminal that will be located in...

Electrified rail job may be scaled down.
September 27, 2008... THE government is thinking of doing away with the electrification work for the double-tracking railway project from Butterworth to Padang Besar. It was learnt that the northern track does not need a high-speed train service as it is...

Land & General studying potential for Viet venture.
September 27, 2008... Byline: Vasantha Ganesan PROPERTY developer Land & General Bhd (L&G) is studying the Vietnamese market as it looks to expand abroad further. The group's current foreign venture is a residential project under a 50 per cent joint...

KLCI in sideways consolidation.
September 27, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia moved sideways on new political developments on the local front. The Kuala Lumpur Composite Index (KLCI) continued to stay below its major psychological support of 1,100 when it closed at...

Follow-through rebound likely.
September 25, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded in step with the rebounds on the regional stock markets yesterday. Its overall advancing counters outpaced declining counters by 335 to 205. The Kuala Lumpur Composite Index...

Malaysia-India trade to exceed RM34b this year.
September 25, 2008... Byline: Sharen Kaur MALAYSIA-INDIA bilateral trade will surpass US$10 billion (RM34.2 billion) this year, due to strong business ties between both countries, Indian High Commissioner to Malaysia Ashok K. Kantha said. Total trade for...

August inflation stays at 26-year high.
September 25, 2008... Byline: Rupa Damodaran MALAYSIA'S inflation continued to remain at a 26-year high level with the Consumer Price Index (CPI) staying at 8.5 per cent year-on-year growth in August, on lingering effects of the June fuel price hikes. ...

KPS to buy 15pc stake in Syabas.
September 25, 2008... INFRASTRUCTURE and utility firm Kumpulan Perangsang Selangor Bhd (KPS) will purchase a 15 per cent stake in treated water distributor Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) for RM200 million from its parent company. In a Bursa...

OSK keeps 'buy' call on TNB shares.
September 25, 2008... Byline: Adeline Paul Raj TENAGA Nasional Bhd (TNB) is now a value stock that investors may want to pick up following a recent selldown that saw some RM4 billion of its market capitalisation wiped out. "We find that there is still...

Etiqa Takaful eyes RM6m in premiums from NUBE plan.
September 25, 2008... Byline: Rupinder Singh ETIQA Takaful Bhd said it expects its new Islamic insurance plan for the National Union of Bank Employees (NUBE) family members to rake in RM6 million in gross premiums within the next three months. It is...

CIMB Bank raises RM1b from innovative issue.
September 25, 2008... CIMB Bank Bhd has successfully raised an amount of RM1 billion of its innovative Tier 1 capital securities, just a day after marketing the instrument. The book for the issue was opened on Tuesday. During the period, the book was also...

Online One optimistic of turnaround.
September 25, 2008... Byline: Ooi Tee Ching ONLINE One Corp Bhd, despite losing money in the first quarter, is optimistic of becoming profitable again in the coming months as it ramps up its palm kernel crushings. The Mesdaq-listed company posted loss of...

Gamuda Q4 profit jumps 50pc to RM70.2m.
September 25, 2008... BUILDER Gamuda Bhd saw its fourth quarter net profit jump 50 per cent to RM70.2 million, driven by higher contribution from all its divisions. However, the company has cautioned that prospects look challenging for all its divisions in...

CCM Duopharma to buy Klang land.
September 25, 2008... INVESTMENT holding company CCM Duopharma Biotech Bhd will purchase a vacant freehold industrial land for RM8.1 million from Himpun Menang Sdn Bhd. Its unit entered into a sale and purchase agreement with Himpun Menang for the land located in...

Sealink secures charter deal.
September 25, 2008... SEALINK International Bhd has secured a three-year contract to charter out one of its 30-odd offshore support vessels (OSVs) and sold another vessel worth a combined RM81 million. The two contracts are from established clients overseas...

NV Multi acquires property firm.
September 25, 2008... NV Multi Corp Bhd has purchased a company for RM6.5 million so that it can retain the entire proceeds from the sale of burial plots in Shah Alam Memorial Park. NV Multi's unit purchased the entire issued and paid-up share capital in Meridian...

Petra gets RM1b job.
September 25, 2008... PETRA Energy Bhd, through subsidiary Petra Resources Sdn Bhd, has been awarded a RM1.1 billion contract from Sarawak Shell Bhd and Sabah Shell Petroleum Co Ltd for work on Shell's offshore oil and gas facilities in the two states. ...

Malaysia's FDI outflows up 82pc in 2007.
September 25, 2008... Byline: Rupa Damodaran MALAYSIA'S foreign direct investment (FDI) outflows rose 81.9 per cent last year, surpassing FDI inflows for the first time, on cross-border acquisitions and expansion of businesses. The United Nations...

Teo Seng to proceed with listing.
September 25, 2008... Byline: Presenna Nambiar TEO Seng Capital Bhd is going ahead with its listing plan despite having to contend with a weak stock market. Teo Seng managing director Nam Yok San said it is going ahead to list on the second board of Bursa...

MCMC to review TM's broadband operations every 3 years.
September 25, 2008... Byline: Roziana Hamsawi THE high-speed broadband network, to be implemented by Telekom Malaysia (TM), will see the telco giant dominating the infrastructure and pricing for seven years until September 15 2015. However, the Malaysian...

HLG targets RM6b total fund size by mid-2011.
September 25, 2008... Byline: Azlan Abu Bakar HLG Unit Trust Bhd expects to raise funds under its management to RM6 billion by mid-2011 through future launches, increasing sizes and presence of existing funds. HLG Asset Management Sdn Bhd executive...

Flight cuts won't have impact on our business, says MAHB.
September 25, 2008... Byline: Hamisah Hamid BOSTON: Malaysia Airports Holdings Bhd (MAHB) said it does not expect to see any major impact on its business as international carriers go ahead with plans to trim their flight schedules come November due to the...

Penang airport next to go 'green'.
September 25, 2008... Byline: Hamisah Hamid BOSTON: The Penang International Airport will be the second airport after the KL International Airport (KLIA) in Sepang to be recognised as a "green" airport, says Malaysia Airports Holdings (MAHB) managing director...

Petronas launches 24-hour drive-thru convenience store.
September 25, 2008... Byline: Kamarul Yunus PETRONAS Dagangan Bhd is offering the convenience of a 24-hour drive-thru at its convenience stores in service stations, believed to be the first in the world. It launched the first Mesra Drive-Thru in USJ20,...

BNM international reserves at RM388b.
September 23, 2008... BANK Negara Malaysia's international reserves stood at RM388 billion (US$119.1 billion) as at September 15. The reserves position is sufficient to finance 9.2 months of retained imports and is 4.2 times the short-term external debt, the...

Utusan seeks advice on RM10m suit.
September 23, 2008... UTUSAN Melayu (Malaysia) Bhd yesterday said it is seeking legal advice on the RM10 million defamation suit filed by lawyer Karpal Singh. Utusan told Bursa Malaysia in its filing that it had ran a retraction and apology over the article that...

Dijaya has 6 months to complete rights issue.
September 23, 2008... DIJAYA Corp Bhd, a property developer, said it has been given six months to complete a proposed rights issue. The Securities Commission has given it until March 27, 2009 to complete the fund raising exercise, it said in a statement to Bursa...

Malaysia has potential to be region's herbal hub.
September 23, 2008... MALAYSIA has the potential to be a herbal hub in Asia-Pacific through the East Coast Economic Region (ECER) initiative, the ECER Secretariat said. The ECER aims to raise its herbs production by sixfold to 625,000 tonnes by 2020, at an...

Transmile creditors want cash payments.
September 23, 2008... TRANSMILE Group Bhd said its creditors are demanding cash payments instead of an all-share settlement. Because of this, it will not submit its application for a proposed debt-to-equity exercise to the Securities Commission, Transmile said in...

JobStreet raises stake in Taiwanese rival.
September 23, 2008... JOBSTREET Corp Bhd, an online recruitment firm, has raised its stake in Taiwanese rival 104 Corp to 4.1 per cent. It bought another 654,000 shares, bringing its total to 1.38 million shares. It has spent a total of RM8.35 million for its...

IOI Corp stages follow-through rebound.
September 23, 2008... Byline: S.N. Lock BETTER performance on regional stock markets sent share prices on Bursa Malaysia to stage mild rebounds yesterday. Its overall advancing counters outpaced its declining counters by 305 to 266. The Kuala Lumpur...