Friday, 25 July 2014

Boustead spends RM139m on London's Hyde Park Hotel

A day after announcing a RM310m land purchase in Klang, Boustead Holdings Bhd (BHB) is spending another RM138.9m to buy Hyde Park Hotel in London, in a bid to expand its stable of properties beyond Malaysian shores. The conglomerate which is flushed with RM928m (cash) from the listing of Boustead Plantations Bhd said it has entered into a Sale and Purchase Agreement with Pastel Estate Ltd to acquire the property. "This is a strategic acquisition, with a view towards strengthening our property portfolio of investments. Coupled with this, it also provides our hospitality business with an opportunity to branch out beyond Malaysian shores," said BHB deputy chairman/group MD Tan Sri Lodin Wok Kamaruddin in a statement yesterday. (Malaysian Reserve)

Yinson unit to sell Nautipa stake for RM188mil

Yinson Holdings's wholly owned indirect subsidiary, Yinson Production AS, is disposing its entire equity interest in Nautipa AS to Prosafe Production Public Ltd for RM187.97m cash. Yinson holds an indirect equity interest of 50% in Tinworth Pte Ltd through Nautipa. Tinworth's principal activities are of owning and operating floating production and storage units. Yinson expects to make a gain of RM78.7m subject to the finalisation of the purchase price. (Malaysian Reserve)

Plenitude buys hotel in Penang for RM160M

Plenitude plans to acquire a 259-suite hotel known as The Gurney Resort Hotel and Residences, retail units and 551 car park bays in George Town, Penang from the Employees Provident Fund (EPF) for RM160m. The approximate age of the building is 14 years. (sun)

Reach Energy IPO receives overwhelming support

Reach Energy Bhd (REB) has received overwhelming support from institutions and high net-worth individuals for its upcoming initial public offering (IPO) of the one billion new shares will all 980m allotted shares taken up, leaving only 20 million shares allotted to the Malaysian public. "All 980m shares have been taken up within a week after book building date (22 June 2014)," CFO Azmi Arshad told the media at REB's prospectus launch in Kuala Lumpur yesterday. The special-purpose acquisition company (SPAC) has also managed to attract cornerstone investors which act as a shield against a jittery regional market and enticer to a company's IPO. (Malaysian Reserve)

Zelan secures RM248m RAPID jetty contract

Zelan's wholly owned subsidiary, ZelanConstruction Sdn Bhd, has been awarded a contract by Petronas Refinery and Petrochemical Integrated Development (Rapid) project in Johor. The company said the contract involves the provision of basic design, detail engineering, procurement, construction and commissioning of material off-loading facilities (MOLF) jetty at Tanjung Setapa for the Rapid project at Pengerang, Johor. The contract valued at RM248.49m is for the duration of 18 months. "The MOLF jetty is intended to be used for import of heavy life oversized (HLO) and super HLO equipment and materials as well as some break-bulk and containerised cargo during the implementation of the Rapid project," it said. (Malaysian Reserve)

Khazanah, Fernandes deny MAS, AAX merger talks

The major shareholders of both Malaysian Airline System and AirAsia X have come out to refute the rumours of a merger between the two loss-making airlines. Khazanah, MAS' largest shareholder said rumours of the merger were "unfounded and speculative". Tan Sri Tony Fernandes, a major shareholder of AAX, told a daily that "there is no truth to the rumour whatsoever". (Financial Daily)

Mudajaya Unit to buy 70% of PT Harmoni Energy

Mudajaya entered into an agreement with PT Indomuda Satria Internusa to acquire 70% equity shares in PT Harmoni Energy Indonesia for a total consideration of USD5.8m. The acquisition is subject to the conditions precedent and is expected to be completed within the next 3 months. (BMSB)