Monday, 22 September 2014

Johor residents object to Forest City at dialogue

Around 350 people turned up at a public dialogue yesterday to object to the massive Forest City project in Johor. The objections were expressed at times in a heated fashion that shocked representatives of the developer, Country Garden Pacific View Sdn Bhd, a joint venture between China's Country Garden Holdings Ltd and Esplanade Danga 88 Sdn Bhd. The main arguments against the project by those present at yesterday's dialogue were that locals cannot afford the properties and the livelihoods of fishermen will be affected. (Financial Daily) 

Carimin Petroleum IPO in Nov-2014

Carimin Petroleum Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its proposed listing on the Main Market of Bursa Malaysia in Nov-2014. The company said M&A Securities would assume the role of adviser, underwriter and placement agent for the exercise. In a statement, Carimin said the floatation would comprise the issuance of 60.7m new shares. (Bernama) 

Bina Puri receives offers for its first shopping mall project

Bina Puri Holdings Bhd has received three offers as high as RM210m for its maiden shopping mall project, The Main Place in Subang Jaya. However, group executive director Matthew Tee was quick to point out that the company preferred not to sell the mall, or at least not yet. “The Main Place is our maiden shopping mall development project. For now we prefer to hold on to it because if we sell it immediately and decided to build another mall, it would impact on people’s confidence in us,” he said. The project, called the Main Place@USJ21, is part of a mixed property development comprising 1,211 apartments and a retail podium at the bottom of the serviced apartment.

  • The mall, which was open in March this year, has 130 retail lots, of which 90% are already rented out. Its total leaseable area is 240,000 sq ft across the 3½-floor mall. Tee expects the company to turn in about RM20mil from the mall’s rental per annum in its financial year ended December 31, 2015. “Generating recurring income is Bina Puri’s main focus currently. We are also involved in several power plant projects in Indonesia,” he said. Presently, the company has five micro diesel-generated power plants across Indonesia with a total capacity of 14MW. (StarBiz) 

KTB plans to raise RM60.42m via rights issue

Konsortium Transnasional Bhd (KTB), which is controlled by Tan Sri Mohd Nadzmi Mohd Salleh, will be raising some RM60.42m from a rights issue exercise that will be utilised for working capital within three months of receiving the proceeds. KTB said it was proposing a renounceable rights issue of 604.2m new ordinary shares of 10 sen each in KTB on the basis of three rights shares for every two ordinary shares of 10 sen each in KTB held on an entitlement date, after the completion of a proposed capital reduction. (StarBiz) 

TDM plans RM400m capex

TDM Bhd is allocating an estimated capital expenditure of RM400m next year. TDM chief executive officer Badrul Hisham Mahari said the capital expenditure will be spent on three areas — expansion of oil palm estates in Kalimantan; upgrading of estates in Terengganu; and beefing up of its hospitals. “I expect we will be able to carry out planting of 5,000ha per year starting in 2015," he said. In the hospitals division, TDM will construct new buildings at the Kuantan Medical Centre and Kuala Terengganu Specialist Centre. (NST) 

Iris set to secure GST refund job from Govt

Iris Corp Bhd is on the verge of announcing a concession-based job to manage the Government’s system of goods and services tax (GST) refunds for foreign travellers to Malaysia. According to sources, the company, which is widely known as a smart-card based security solutions provider, was short-listed as one of two parties vying for the 5-year concession deal from an initial list of four parties. As at yesterday, a decision to give the job to Iris had been made and the company has been informed, according to one source familiar with the matter. When asked, managing director Datuk Tan Say Jim does not elaborate but notes that an announcement on the outcome of the tender should come out soon in view of the Government’s plans to implement the GST next April. (StarBiz) 

BHS plans bonus issue, share split to loosen liquidity of stock

Printing services company BHS Industries Bhd is planning a bonus issue and share split to loosen the liquidity of its stock, according to a source. The corporate exercises include a one-for-one bonus issue and a share split that will entail three free warrants for every four sub-divided share. “That means for every share a shareholder holds now, he will receive four smaller shares that will qualify him for three free detachable warrants,” the source explained, adding that there would also be a 15 sen dividend at par value of 50 sen per share. The management also intended to raise funds in the near future, the source said. (StarBiz)