Monday, 24 November 2014

Hasan: Govt not ending petrol subsidy after implementing managed float mechanism on pump price

Consumerism Minister Datuk Seri Hasan Malek. When contacted, Hasan told theedgemarkets.com that the government decided to adopt the managed float mechanism as the crude oil prices are low now. However, it would review the decision accordingly when the international crude oil price reverses its downtrend and heads up again. When asked on the subsidy rationalisation programme, the minister said "We are in the process of studying it now. There are 28 companies that have come out with different proposals, which will be studied by a panel of experts and the ministry". (Financial Daily) 

Protasco sues PT Goldchild

Protasco Bhd has filed a legal suit against PT Goldchild Integritas Abadi and director Ooi Kock Aun to recover a US$5.16m (RM17.3m) deposit under a coal trading deal in Indonesia. In the suit filed at the Shah Alam High Court yesterday, Protasco also seeks a declaration that the coal trading agreement is void and in breach of the Companies Act, 1965. The company had agreed to undertake coal trades with PT Goldchild under an agreement on Feb this year via Protasco Trading Sdn Bhd which paid a US$5.16m deposit to PT Goldchild. The deposit was to be deducted in stages against future coal trades. 
  • Protasco said it had discovered that both Ooi and another director Tey Por Yee have interests in PT Goldchild. The discoveries were made after Protasco filed its first legal suit against Ooi and Tey in September 2014. Ooi was a director of Protasco at the time the company entered into the coal-trading agreement with PT Goldchild, but did not disclose his interest in the transaction which he was under obligation to. (BT) 


Stamford inks MoU with Penang colleg

Iris Corp Bhd’s subsidiary, Stamford College (PJ) Sdn Bhd (SCPJ), had entered into a memorandum of understanding (MoU) with Penang Medical College Sdn Bhd (PMC) to enable SCPJ students to commence a five-year PMC Medical Programme and other non-medical courses at SCPJ. The company said the estimated cost of implementation of the collaboration is subject to the terms and conditions of a formal Collaboration Agreement to be signed between SCPJ and PMC at a later time. (BT)  

Willowglen Services wins RM14.24m job

Willowglen’s wholly-owned subsidiary, Willowglen Services Pte Ltd, has been awarded a contract valued at RM14.2m by Singapore Power for the supply and installation of Intruder Detection System for Distribution substations. The commencement date of the contract was on Nov-2014 this year and will be completed by Nov-2016. (BT) 

PKA Withdraws Suit Against KDSB in PKFZ Land Case

The Port Klang Authority (PKA) has decided to withdraw its RM720m suit against turnkey contractor Kuala Dimensi Sdn Bhd (KDSB) over the Port Klang Free Zone (PKFZ) fiasco. The PKA board unanimously agreed to discontinue the suit in a special meeting in Putrajaya last Friday. According to sources, seven of the nine directors present at the meeting also decided that it will initiate negotiations with KDSB for it to withdraw its suit against the PKA. The move will see PKA dropping its biggest case among the four suits it had filed with regard to the RM12.5bn PKFZ scandal. (Financial Daily) 

Soaring Malaysian bauxite exports a "game changer" for China supply

Bauxite mines are springing up in Malaysia and shipping ever-increasing amounts of the raw material used for aluminium to China, helping fill a gap since Indonesia banned ore exports in January in a bid to encourage value-added processing at home. China will need around 130m tonnes of bauxite next year to feed its fast-growing aluminium industry and must import about 36.8m of that, according to consultancy CRU. “Definitely bauxite imports from Malaysia will increase significantly next year,” said Wan Ling, an analyst with CRU in Beijing, forecasting the country’s shipments to China could reach 10m tonnes. 
  • That would be a huge jump: Malaysia supplied just 1.27m tonnes to China in the first nine months of this year, although that was 12x more than the 105,000 tonnes shipped in the same period of last year. Malaysia could prove critical for China’s producers as they scout out alternatives to Indonesian supplies. (BT)


Felda Investment bought 10% stake in Barakah Offshore last Friday?

Felda Investment Corp Sdn Bhd (FIC) is believed to have bought a substantial equity stake of more than 10% in Barakah Offshore Petroleum Bhd last Friday, according to sources familiar with the matter. Some 85.8m shares, or an 11.4% equity stake, changed hands through off-market transaction last Friday, with a total value of RM116.7m. FIC was the buyer of those shares that transacted off-market, sources said. (Financial Daily)