Friday, 24 October 2014

Tzen Plantation invests US$23m in Papua New Guinea

Tzen Plantation Ltd, a Malaysian owned palm oil company in Papua New Guinea, said its new US$23m mill underscores the group’s strong commitment to continue investing in the country’s booming agricultural sector. TPL, which is part of the East New Britain Palm Oil Group currently have a total planted area of 6,300ha located on the New Britain island. The owners are targeting to expand the group’s plantation size to 8,000ha by the end of the year. With the new mill completed, the group hopes to grow its planted area to 20,000ha by end of 2016. (StarBiz) 

Bank Rakyat Q2 net profit up 5.13pc

Bank Rakyat posted a net profit of RM961.9m in the second quarter ended June 20 2014, an increase of RM46.9m, or 5.13%, from RM914.9m a year ago. Its pre-tax profit rose 0.22% to RM1.11bn, Bank Rakyat said in a statement yesterday. The bank attributed this to measures to lower total expenditure to RM958.6m from RM1.15bn a year ago. (BT) 

16.1m tourist arrivals in H1

Malaysia welcomed a total of 16.1m tourists from January to July 2014, an increase of 9.7% from 14.7m tourists in the previous corresponding period, according to Malaysia Tourism Promotion Board. The latest statistics show the top 10 tourist generating markets to Malaysia from January to July 2014, were Singapore (8.24m), Indonesia (1.58m), China (997,370), Brunei (699,763), Thailand (773,160), India (445,431), Australia (347,355), the Philippines (362,139), Japan (308,418) and Taiwan (168,962). (Financial Daily) 

Euro Holdings saw major shareholder Choong Yuen Keong as new MD

Euro Holdings Bhd’s top management reshuffling saw the appointment of its executive director and major shareholder Datuk Seri Choong Yuen Keong as managing director. Additionally, Teh Hock Toh was appointed the new chief executive officer and Foong Yein Teng as the chief financial officer. (StarBiz)

Carimin Petroleum proposed to list on the Main Market of Bursa Malaysia

Carimin Petroleum Bhd, one of the winners of Petronas’ RM10bn Pan Malaysia hook-up and commissioning umbrella contract last year, has proposed to list on the Main Market of Bursa Malaysia. The offshore oil and gas services provider said in a draft prospectus filed with the Securities Commission that it was selling 28.47% of its enlarged share base of 233.8m shares. This consists of 60.7m new shares and 5.89m existing shares under an offer for sale to select investors. Carimin, which holds a Petronas licence, plans to sell 11.69m of the new shares to the public, three million to eligible directors and staff, and 46m to identified investors. M&A Securities Sdn Bhd is the sole adviser, underwriter and placement agent for the initial public offering (IPO). (StarBiz)

Petrol subsidy to be distributed via MyKad, ‘low income group’ to enjoy current price

The days of subsidised petrol are coming to an end, for certain sections of society. The government’s ongoing petrol subsidy rationalisation programme is currently under study and the implementation will involve the MyKad, Deputy Finance Minister Datuk Ahmad Maslan told. Those belonging to the ‘high-income group’ will have to pay the full market price for RON 95 petrol – RM2.58 per litre at current prices. However, individuals classified under the ‘low-income group’ will continue to fill their tanks at the current subsidised rate of RM2.30 per litre. This dual-pricing will start in June 2015. "For the middle class, some will still enjoy the subsidised rate,” the minister said. (Paultan)  

ISEC placement fully subscribed

ISEC Healthcare Ltd, a comprehensive medical eyecare service provider with four ambulatory surgical centres here and Malaysia, announced that the 70m new shares (placement shares) at 28 Singapore cents each have been fully subscribed at the close of the application list at noon today. The trading of ISEC's shares on the Catalist Board of the Singapore Exchange Securities Trading Limited is expected to commence at 9am on Oct 28, 2014, it said in a statement. 
  • The placement shares were fully placed out to investors, raising gross proceeds of S$19.6m, it said. PrimePartners Corporate Finance Pte Ltd is the issue manager and sponsor while Maybank Kim Eng Securities Pte Ltd is the placement agent. (Bernama)