Friday, 31 October 2014

Berjaya Mulls Singapore IPO of Unit, Seeks Casino Ventures

Berjaya Corp is considering selling shares in a unit in Singapore and seeking joint ventures in casinos in North Asia as the Malaysian conglomerate expands outside its home market. Listing its environment services division will spur growth in the business, without depending on funds from the parent, founder Vincent Tan said in an interview in Singapore on Wednesday. Berjaya’s interests range from shopping malls to lotteries and it’s looking for a partner for a South Korea gaming project and wants to join a consortium in Japan should it legalise casinos. Japan’s Prime Minister Shinzo Abe sees casinos as a way to bolster the economy as backers of a bill to permit them say gambling resorts would boost tourism. Casino operators are considering investing billions of dollars in what could become Asia’s second-largest gaming hub after Macau. (BT) 

Faber seals deal with Opus, Propel

Faber Group Bhd is poised to become one of the largest asset development and management players in the region after completing its RM1.5bn merger with Opus Group Bhd and Projek Penyelenggaraan Lebuhraya Bhd (Propel). The company’s managing director and chief executive Azmir Merican said the completion marked a new chapter for the group as it now had the full capability to undertake the entire asset life cycle services, from asset development to asset management. (BT)   

SMTrack to raise funds for US venture

Ace Market-listed SMTrack Bhd is looking to raise as much as US$6.2m (RM20.27m) for its expansion into the traceability bottling business in the US either through local or US stock markets. Speaking at a press conference here yesterday, its CEO Yow Lock Sen (pix) said a share placement or rights issue are just some of the options the company is looking at, but is yet to come to a decision. "We've spoken to our investment bankers, they expressed confidence that we can raise this amount through a placement or a rights issue. (Sun)  

Indonesia keeps Nov crude palm oil export tax at zero

Indonesia set its crude palm oil export tax for November at zero, a trade ministry official said on Thursday, unchanged from the previous month. The decision was largely anticipated by industry sources, who expected the world's top producer to strive to keep competitive with rival grower Malaysia, which has also dropped the tax. (Reuters)

Tey calls for EGM to remove Protasco MD on Nov 28

Protasco Bhd's non-executive director Tey Por Yee has called for an EGM to be held on Nov 28 to remove the company's managing director, Datuk Seri Chong Ket Pen. In a statement Tey said his request to remove Chong is based on his claim that Chong had received financial gains from Protasco's oil and gas dealings with PT Anglo Slavic Utama (PT ASU) through RS Maha Niaga Sdn Bhd. "I am bringing the facts and evidence of Chong's wrongdoing directly to the shareholders via an EGM that is being fully funded by myself. I am declaring my actions and being transparent about it, and I am paying for the cost of the EGM with my own money," Tey said in the statement. (sun) 

Maybank, Dagang NeXchange target RM5b trade financing

Malayan Banking Bhd (Maybank) and Dagang NeXchange Bhd (DNeX) are collaborating to launch a centralised online trade financing facility platform that targets RM5bn worth of trade financing in three years. The platform, myTrade2Cash, is aimed at Malaysian-based small and medium enterprise (SME) exporters. It is estimated to serve more than 100,000 SME customers nationwide via the National Single Window e-Commerce Trade Facilitation service managed by DNeX. “This is also expected to significantly boost Maybank’s total trade finance volume,” the company said. (Starbiz) 

MYEG Proposed 1 : 1 Bonus Issues

MYEG has proposed a 1-for-1 bonus issue, representing an issuance of up to 601.1m new shares. (BMSB)