Friday, 28 November 2014

Protasco shareholders oust Tey, Ooi

Protasco’s shareholders have voted to remove Tey Por Yee and Ooi Kock Aun from its board with immediate effect. At its rescheduled extraordinary general meeting (EGM) yesterday, 95.6% of the shareholders who attended and collectively own 170.4m shares, voted for their removal, compared with 4.3% (7.7m shares) who opposed the motion. Protasco has some 6,000 shareholders with the top 200 owning a combined 78% stake. (BT) 

Prasarana bags RM9m job for Makkah Metro phase one

Prasarana Malaysia has won a RM9m contract to provide operations and maintenance (O&M) consultancy services for phase one of the Makkah Public Transport Program Metro (Makkah Metro), its first international job since it ventured overseas last year. It would be responsible for the provision of the services to the Makkah Mass Rail Transit Company during the construction of phase one of Makkah Metro, said the nation's leading owner and operator of mass public transport systems and services in a press release yesterday. This covers two lines over 22 stations spanning 45.1km, including a 24.9km underground rail network. (Financial Daily) 

Re-POS-itioning Debit Card

The days of tapping a debit card on a point-of-sale (POS) device to pay for a glass of teh tarik or a newspaper are drawing closer as Bank Negara Malaysia unveils details of its roadmap for Malaysia’s migration to e-payments. Next year will see 50,000 POS terminals deployed among the targeted lower-tier merchants to enable customers to make payments using debit cards. The move is part of a plan that will see the banking industry deploy 570,000 new POS terminals nationwide between 2015 and 2020 (50,000 in 2015; 50,000 in 2016; 100,000 in 2017; 130,000 in 2018; 130,000 in 2019; and 110,000 in 2020). 

“The idea is to widen the acceptance of debit cards among consumers. We will conduct promotional activities to boost debit card use to 89m transactions in 2015, compared with 65m transactions this year,” said Bank Negara Malaysia deputy governor Datuk Muhammad Ibrahim at the “Payment System Forum & Exhibition 2014”, here, yesterday. (BT) 

Kronologi to use listing proceeds for expansion

Enterprise data management (EDM) specialist Kronologi Asia Bhd plans to spend the RM17.18m raised from its ACE-listing IPO on expansion, research and working capital. Kronologi is making a public issue of 59.25m new shares at 29 sen a share.

  • “RM6m will be for expansion in existing and developing markets, RM3.5m for research and development, RM4.48m for working capital and RM3.2m for listing expenses,” said group CEO Piti Pramotedham at the launch of the company’s prospectus yesterday. 
  • The Singapore-based company has presence in Singapore, Malaysia, Thailand, the Philippines and Indonesia. “Large corporations are investing in developing socio-economic infrastructure as a result of economic transformation and developments. “Demand for EDM-managed services is increasing as companies seek low capital expenditure and IT resources solutions that can provide good risk management in terms of data protection and business continuity,” Pramotedham said.Kronologi is scheduled to be listed on December 15. (BT)

MMC Corp is buying MISC’s 15.7% stake in NCB Holdings

MMC Corporation is buying MISC’s 15.7% stake in port operator NCB Holdings for RM221.9m. MMC said it had signed an sale and purchase of shares agreement with MISC on Thursday to purchase the stake, which comprises of 74m shares at an average price of RM3 each. (StarBiz) 

MMC Corp plans to relist Malakoff Corp in 2Q15

After several delays, tycoon Tan Sri Syed Mokhtar Al-Bukhary's flagship company MMC Corp has decided to proceed with the plan to relist its energy unit Malakoff Corp in the 2Q of next year. The diversified group targets to submit the proposed application to the relevant authorities by year-end, according to an announcement to Bursa Malaysia yesterday. However, the timing of the relisting exercise has raised eyebrows. The mega initial public offering (IPO) of IMDB Energy, which is said to raise at least RM8bn, is expected to be in the 1Q next year, ahead of Malakoff's. (Financial Daily) 

Karex seeks to increase global condom market share

Karex wants to increase its share of the global condom market to 18% from 13% now. It is launching a new brand of polyisoprene condoms, a newly developed alternative to latex. Global demand for condoms is projected to growth by 9% p.a. (Financial Daily)