Friday, 6 March 2015

Alam Maritim's vessels for Petronas

Alam Maritim has received a letter of award from Petronas Carigali for the provision of spot charter marine vessels. The contract is for two years effective 29 Jan 2015 with an extension option of one year exercisable by Petronas Carigali beginning from 29 Jan 2017. Alam has been awarded seven out of the eight packages offered by Petronas Carigali under the umbrella contract. The value of the packages is not disclosed. (BMSB) 

ECS to sell Xiaomi MiPad

ECS ICT strengthened its mobility products distribution portfolio after being appointed by China-based electronics manufacturer, Xiaomi, to be the authorised distributor of its MiPad tablet in Malaysia. "Xiaomi has quickly risen the ranks to become a global household brand within the mobility products sector. ECS is not only proud to partner an emerging brand like Xiaomi, but also be its robust on-the-ground presence through our reseller network numbering more than 5,000-strong nationwide," CEO Soong Jan Hsung said. (Bernama)

SC expects funds raised via IPOs to likely more than double to RM13bn

The Securities Commission expects funds raised via IPOs on Bursa Malaysia are likely to more than double to RM13bn this year, up from RM5.9bn raised in 2014. The biggest IPOs are expected to come from the re-listing of Malakoff, which is expected to raise about US$1bn, and Sunway Construction Group's RM712m listing. There is also the wait on 1MDB's power arm Edra Global's US$3bn IPO, which recently saw a setback as the documents for the listing were said to have been returned to its adviser and will be re-submitted to the SC at a later date. (Edge Daily)

PPB sets aside RM535m capex for next 2-3 years

PPB Group, which expects sustained revenue growth in 2015, has allocated capex of RM535m for business expansion plans over the next two to three years. Its group MD Lim Soon Huat said its film exhibition and distribution, which contributed about 19% to profits last year, will get the bulk of it (RM283m), while its biggest profit contributor the flour and feed milling business will receive RM208m. For the flour and feed milling segment, the capex is mainly to fund its investment in China associates for the expansion and upgrade of plant and machineries. The segment made up 57% of the group's earnings last year. PPB director Datuk Ong Hung Hock said the group is constantly looking for opportunities to expand its flour and feed milling business, with preference for Southeast Asia countries remain untapped. (Sun) 

MK Land to launch two projects this year

MK Land Holdings will launch two projects this year with a combined gross development value of RM600m, says group CEO Lau Shu Chuan. "There are still some pending approval pertaining to the projects but once we obtain them, we will launch the projects between Apr and Jun," he said. The projects comprise serviced apartments costing RM450,000 onwards in Damansara Damai and apartments in Damansara Perdana, priced above RM600,000 per unit. He said these areas remained the company's best sought-after places by discerning house purchasers, either to live in or for investment. (Star)  

Bina Puri bags RM128.5m spa resort project

Bina Puri Holdings has secured a RM128.5m contract to construct a spa resort complex in Kuala Terengganu, called the Movenpick Spa Resort. The project involves the construction, supervision, testing and commissioning as well as completing eight blocks of two-storey, three-storey and five-storey high buildings, nine pavilions, a spa and a multi-purpose building and related facilities. (Star)  

MACC probes fees paid in London property purchases

RM1m in commissions paid to an "agent" to facilitate property purchases in London is one of the reasons why a top Felda Investment Corp (FIC) executive has been remanded by the Malaysian Anti-Corruption Commission (MACC) for five days until today. Sources said that the officer is "helping" the anti-corruption agency with regards to agent fees paid for the purchase of properties in London worth RM830m. It is understood that the fees were paid by FIC and not the seller, which should be the normal procedure when facilitators are concerned. The MACC is tight-lipped about the charge as investigations are ongoing, with more people expected to be picked up. (Edge Daily)