Thursday, 28 August 2014

New projects to soften impact of plant closure

The impending closure of Fairchild Semiconductor International Inc’s plant in Penang is expected to be cushioned by interest from potential investors and expansion plans by existing ones. Northern Corridor Implementation Authority (NCIA) chief executive Datuk Redza Rafiq said the Northern Corridor Economic Region (NCER) is seeing encouraging interest from new investors.

  • “Some existing companies have approached us about their reinvestment plans. Since some of these deals are under negotiation, NCIA is not at liberty to disclose the details until later,” he told Business Times. Redza said new investments and reinvestments would come from the traditional markets of the United States, Europe and Asia, and the flow of investments is likely to remain in the manufacturing and tourism sectors. (BT) 

PMB may raise Sanichi stake

Pelaburan Mara Bhd (PMB), the strategic investment and asset management arm of Majlis Amanah Rakyat, has bought a 5.14% stake or 18m shares in Sanichi Technology Bhd on Tuesday. The 100% government-owned company purchased the shares in Sanichi from the open market, at an estimated 11.5 sen per share.

  • Sanichi recently received shareholders’ approval to diversify its business into the property development and property investment sector, with the acquisition of a 8,672 sq m plot of freehold land in Malacca for RM7.7m. 
  • The company is principally an investment holding company and a provider of management services while its subsidiaries are mainly involved in its current core business of designing and fabrication of precision moulds and tooling for use in the automobile and electrical industry. (StarBiz)

TSR Bina gets RM142m condo job

TSR Capital Bhd, via its unit TSR Bina Sdn Bhd, has clinched a RM142m contract from Putrajaya Homes Sdn Bhd for the construction of condominium and condo villa. The project involves three blocks of condominium and two blocks of villa with a total of 360 units. The project is for a duration of 32 months and is expected to be completed by May 2017 (StarBiz)  

Elsoft Research To Pay An Annual Dividend Of 40 Per Cent

Elsoft Research Bhd has adopted a dividend policy to pay an annual dividend of 40% of its consolidated annual net profit after taxation. In a filing to Bursa Malaysia, the company said such distribution will not be detrimental to its cash flow requirements. "This dividend policy shall commence for the financial year ending Dec 31, 2014," it said.

It said the adoption of the dividend policy indicates the company's maturity as a public-listed entity and the board's confidence in Elsoft's financial prospects.  "This dividend policy also enables Elsoft shareholders to participate in the growth and profits of the Group and serves to reward its supportive investors," it added. (Bernama)

Hua Yang confident of sustaining sales momentum

Hua Yang Bhd is confident of sustaining its sales momentum for the financial year ended March 31, 2015, via the launch of new projects with a gross development value of RM1.1bn, said CEO Ho Wen Yen. He said property developers in the affordable housing market would be focusing on four key regions to launch their properties, namely the Klang Valley, Negeri Sembilan, Johor and Perak. Ho said, as the company's main target is the younger population (87.1%), aged between 25 and 40, it would maintain its pricing for houses at below RM500,000. (Bernama) 

I-Berhad plans to raise RM699.8m

I-Berhad plans to raise RM699.8m through a corporate exercise comprising a rights issue, a bonus issue and landbank acquisitions. It said the exercise is made up of RM197.5m proceeds from a rights issue and RM502.3m from issuance of convertible securities of redeemable convertible unsecured loan stocks and irredeemable convertible unsecured loan stock to the vendor of the acquired lands. In addition, shareholders will be rewarded with a bonus issue on a 1:5 basis, one bonus share for every five ordinary shares. (BT) 

All Geared Up For Global Small Car

Proton Holdings Bhd is ramping up its plant for the full-scale manufacturing of its first global small car (GSC). Its deputy CEO Khairuddin Yusof said its automation systems, assembly line and 2,500 workers are geared up for the GSC. "We are already on a production trial and next week, we will go into a full-fledged pre-production trial," said Khairuddin yesterday. He did not elaborate on the GSC's launch daate, sales target and development cost but said it will be comparable to some of the B-segment cars in the market. (BT)