Friday, 21 November 2014

Brewers to seek govt review of alcohol taxes

Brewers are planning to send a memorandum to the government to review its taxation strategies and a preemptive measure to stave off a possible hike. Their argument is that a hike in excise tax would be counter productive and would hurt the beer industry and help the increase of the consumption of contraband beers. (Malaysian Reserve) 

Danajamin partners CIMB, RHB in RM420m financing for MRCB

Financial guarantee insurer Danajamin Nasional Bhd is collaborating with CIMB Islamic Bank and RHB Islamic Bank in a syndicated financing worth RM420m for MRCB's unit, Puncak Wangi Sdn Bhd. The proceeds will be used to develop a 32-storey office building in PJ Sentral, which will be leased to a leading mobile service provider upon completion. (BT) 

Malaysia, Indonesia, Thailand plan regional rubber market

Three major world rubber producers, Malaysia, Indonesia and Thailand target to set up a regional rubber market within the next 18 months. Plantation Industry and Commodities Minister Datuk Amar Douglas Uggah Embas said on Thursday the framework for the rubber futures market is completed but it still needs some fine-tuning. (StarBiz) 

Trading in MUI suspended until next Tuesday

Trading in the securities of Malayan United Industries Bhd (MUI), which is controlled by low-profile tycoon Tan Sri Khoo Kay Peng -- was voluntarily suspended from 11am Thursday until next Tuesday, 5pm. A Bursa Malaysia Securities circular issued on Tuesday said the trading halt for three days was pended the release of a material announcement. (StarBiz)

IJM secured RM356m job for Ara Damansara commercial development

IJM Corporation Bhd announced that it has accepted the letter of acceptance from Utama Lodge Sdn Bhd for the main building works for the proposed commercial development known as “The Potpourri” in Ara Damansara for RM355.7m. The company said the project, which will be built in 28 months, involves eight blocks of 11- to 13-storey serviced apartments on top of a three-storey podium comprising retail outlets, elevated and basement car parks, multi-level club house and rooftop recreational facilities. (BT)

Tony Fernandes denies AirAsia X's salary problem

AirAsia group CEO Tan Sri Tony Fernandes has brushed off reports that AirAsia X is facing problems paying salaries and allowances, saying that the reports are rubbish, speculative and wrong. "The reports are rubbish, speculative and wrong. You try not paying the bank your loan and see what happens on the aircraft. It was irresponsible and they should have gotten a comment from us," he said.
  • On the aircraft loan payment problems, AirAsia co-founder, Datuk Kamaruddin Meranun, said the loan was on a revenue-generating asset, making it a top priority for the company. "It's the last thing that we will not pay for because without the aircraft, we will not get the revenue," he added. (Malaysian Insider)

AAX - Upbeat outlook

AirAsia X Bhd founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun are confident that AirAsia X will fly into profitability by end-2015 with its new turnaround plan. They said they would spend more time to help AirAsia X get back on its feet, although Fernandes brushed off talk of a management shake-up for the airline. “We fully support the current management and there are no plans for management change at the moment,” Fernandes said.
  • The 2015 turnaround plan will include revising AirAsia X’s revenue strategy, which will see it increasing sales by cutting costs and consolidating with AirAsia. There also will be plans to increase its ancillary income, which is one of the revenue generators for most LCCs globally, and slow its fleet size growth by deferring aircraft orders for the next two to three years. (BT)