FBMKLCI 1517.44 DJ+20.51 CRUDE OIL 91.57 RM 3.06

Jelas Ulung Sdn Bhd is not planning on asking the Government for an extension of PLUS Expressways Bhd's tolled-highway concessions post-2038 in its proposal to take over the company. Tan Sri Ibrahim Zain of Jelas Ulung told StarBiz this, adding that “our business model works well within the concession period until 2038 where we can already realise our investment by then”.

Jaks Resources Bhd, through subsidiary Jaks Sdn Bhd, has secured a RM201mil contract from MNH Global Assets Management Sdn Bhd for a commercial project located in Ara Damansara. MNH Global Assets is wholly-owned by Island Circle Development (M) Sdn Bhd, a major shareholder of Jaks Island Circle Sdn Bhd.

Wah Seong Corp Bhd’s wholly owned direct and indirect subsidiaries, Wah Seong International Pvt Ltd and Wasco E&P Services Ltd, have disposed of their 60% equity stakes in DrilBits International Pvt Ltd and DrilTools International FZCO, respectively. Wah Seong, in a filing to Bursa Malaysia yesteday, said the shares were sold to Omni Oil Technology Holdings Ltd in two separate agreements. The deals are expected to be completed in the first quarter next year.

Sunway City Bhd is acquiring 64.63 acres near Johor Baru from Bukit Lenang Development Sdn Bhd for RM134.52mil.

Furniture maker Kenmark Industrial Co (M) Bhd, a financially distressed company, would be removed from the official list of Bursa Malaysia this Friday.

Sime Darby Plantation SB is partnering Japan's Mitsui Engineering and Shipbuilding Co Ltd to build and operate a bio-ethanol demonstration plant, which will convert empty oil palm fruit bunches into bio-ethanol. Sime Darby officials said the plant would cost about USD10m (RM30.9m). Bio-ethanol is used as fuel for cars and unlike biodiesel, which is a blend of palm oil and diesel, it is made from plantation waste. The bio-ethanol plant will use fruit bunches as the main raw material, which is abundant and available throughout the year, Sime said in a statement. The collaboration is being undertaken by Sime Darby Research SB, the research and development arm of Sime Darby Plantation. The joint-venture plant will be built next to Sime Darby Plantation's Tennamaram palm oil mill at Bestari Jaya in Selangor.

Permodalan Nasional Bhd (PNB) was mum on speculation of mergers among its property companies or the relisting of its wholly-owned property group Island & Peninsular Group SB (I&P). "We will make the necessary announcements when the time comes," president and group chief executive Tan Sri Hamad Kama Piah Che Othman told reporters yesterday. There have been reports that major property groups like SP Setia and Sime Darby Property could be persuaded to merge. PNB is the single biggest shareholder in SP Setia and it also controls Sime Darby. As for the I&P group, it is the result of a merger with sister companies Petaling Garden and Pelangi. All three were once listed before being taken private by PNB in July 2007. The group now has a combined landbank of about 2,200ha in the Klang Valley and Johor, and has developed property projects over 35 townships such as Bukit Damansara, Bandar Kinrara, and Alam Damai
 

FBMKLCI 1511.72 DJ-18.46 CRUDE OIL 91.08 RM 3.11

Speculation about Johor Corp Bhd's (JCorp) plan to divest its stakes in QSR Brands Bhd and KFC Holdings (M) Bhd was put to rest yesterday after the state investment company reiterated it has no plans to sell those prized assets. “QSR and KFC are not for sale,” JCorp president and chief executive Kamaruzzaman Abu Kassim said in a statement, adding that it did not make sense for the company to sell its “core business”.

Malaysia Airports Holdings Bhd (MAHB) has highlighted that achieving earnings before interest, tax, depreciation and amortisation of RM773.4mil; a return on equity of 10.73% and a top 5 worldwide ranking for KL International Airport as its headline key performance indicators (KPIs) in 2011.

MAHB told Bursa Malaysia yesterday that the headline KPIs were set based on its strategic plans and long-term targets that were developed under its five-year (2010-2014) business direction planning initiative.

The Employees Provident Fund (EPF) raked in RM5.75bil in investment income for the third quarter ended Sept 30, a 5.12% increase from RM5.47bil registered in the same quarter last year. In a statement yesterday, it said equities investment was the largest contributor with RM2.4bil, representing a 2.56% increase compared with RM2.34bil recorded in the previous corresponding period.

DRB-Hicom is exploring the possibility of divesting its interests in insurers Uni.Asia Life Assurance and Uni.Asia General Insurance, say sources. There has been an interest in DRB’s insurance units but the potential buyer is still studying the numbers. It has not reached the decision stage yet. DRB’s major shareholder, Tan Sri Syed Mokhtar Al Bukhary, declined to comment. DRB has a 51% stake in Uni.Asia Life and 34.73% stake in Uni.Asia General. Its current equity partner in the two units is Singapore’s UOB.

FBMKLCI 1514.48 DJ+14.00 CRUDE OIL 91.51 RM 3.09

The independent directors of PLUS Expressways Bhd (PLUS) extended the period for new offers to buy the group’s business to Jan 10, 2011 from the earlier announced deadline of 5pm yesterday.

Sime Darby Bhd has filed a civil suit against its former chief Datuk Seri Ahmad Zubir Murshid and four other former senior personnel for restitution in the sum of at least RM338mil plus general and aggravated damages and other relief. in relation to the Qatar Petroleum Project (QP), the Maersk Oil Qatar Project (MOQ Project) and the project relating to the CONSTRUCTION [] of marine vessels known as the Marine Project.

Axiata Group Bhd has sold its entire 18.9% stake in Thai telecommunications group Samart Corp pcl for US$34.8mil (RM108.4mil) cash to the latter’s existing shareholder and founder, the Vilailuck family.

UEM Land and UMLand are to jointly develop the second mixed development project in Puteri Harbour with an estimated gross development value of RM670 million, and gross development profit of RM160 million. UEM Land, the master developer of Nusajaya, on Thursday signed a sale and purchase agreement (SPA) valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land and UMLand to acquire the parcel of land, Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour.

Rubber glove manufacturer Adventa hit limit up yesterday on speculation that it could be a potential acquisition target by a US healthcare firm for the upstream of the integration of its healthcare business. It was also rumored earlier that the US firm had previously been preliminary talks with Top Glove but had decided Top Glove was too big a manufacturer which would be too expensive.  

Proton Holdings plans to produce a two-seater sports car in two years. Proton corporate planning general manager Badrulhisham Mohd Ghazali said the vehicle would not be a hatch-back type like Satria Neo but would look like the legendary Lotus.

Berjaya Sports Toto (BjToto) has had preliminary discussions internally on a possible corporate exercise which may result in the entry of a strategic investor, it told Bursa Malaysia yesterday. It said that while there had been initial contact with several potential strategic investors, no negotiation had been conducted with any strategic investor at this juncture, as internal discussions and planning were still ongoing. 

FBMKLCI 1515.05 DJ+26.33 CRUDE OIL 90.55 RM 3.10

The battle for PLUS Expressways, Southeast Asia's biggest toll highway company, is likely to go down to the
wire as the deadline looms at 5pm today. UEM Group and the Employees Provident Fund (EPF), which have bid RM23bn or RM4.60 a share, is pitted against little-known Jelas Ulung SB’s RM26bn, or RM5.20 apiece offer. PLUS will seek to suspend its shareholder meeting today to evaluate all takeover offers. It will then call for a fresh EGM in early January.

Jelas Ulung likely to deposit RM50m for PLUS bid. In positioning itself as a serious bidder for PLUS Expressways Bhd, privately-held Jelas Ulung Sdn Bhd is likely to submit a RM50 million cash deposit and meet the minimum disclosure requirements stipulated by the toll concessionaire's board, sources said.

Boustead Holdings has signed a memorandum of understanding with DRIR Equities SB and Tulus Sejagat SB with the intention to buy a 51% stake in MHS Aviation and a 51% stake in a special purpose vehicle that will purchase all the aircraft and helicopters owned by DRIR Equities. The entire acquisition is not expected to
exceed RM100m.

UEM Land Holdings has received shareholders’ approval for the proposed acquisition of property developer, Sunrise for RM1.39bn, or RM2.80 per share. “The extraordinary EGM resolution for the takeover has been passed by shareholders along with the special resolution to increase our share capital,” UEM Land chairman, Tan Sri Dr Ahmad Tajuddin Ali told reporters.

Berjaya Corp (BCorp) has hired investment bankers to look into the possibility of undertaking a corporate exercise that could see the entry of strategic private investors into the group’s cash cow Berjaya Sports Toto (BToto), said sources. “A foreign investment bank has been appointed to look into the job. The strategic privatevinvestors that could emerge in the company include foreign investors. The bankers are exploring a few possible corporate exercises, which include the one Magnum (Corp) underwent a couple of years back that had involved its privatisation,’ said a source.

FBMKLCI 1505.18 DJ+55.03 CRUDE OIL 89.96 RM 3.12

KNM Group Bhd’s wholly-owned subsidiary KNM Process Systems Sdn Bhd (KNMPS) has secured a £450mil (RM2.196bil) engineering, procurement, construction and commissioning (EPCC) contract for a biomass and waste recycling centre project in England.

The Malaysian Anti-Corruption Commission (MACC) yesterday charged a former senior manager of Sime Darby Engineering Sdn Bhd for allegedly accepting a bribe of RM200,000 cash as a reward for proposing a private company for barge construction contracts.  

MTD is eyeing engineering and infrastructure projects in Saudi Arabia via a joint venture (JV) company it intends to form in the Kingdom with ANC Holdings Pte Ltd. MTD said it had entered into a JV and shareholders' agreement with ANC for the purpose of incorporation a JV company in Saudi Arabia. MTD will hold 51% of the JV while ANC will have the remaining 49%. "The parties intend to utilise the JV Company to undertake engineering and construction of building and infrastructure projects in Saudi Arabia," it said. 

FBMKLCI 1495.88 DJ-13.78 CRUDE OIL 89.25 RM 3.12

New RM26bil offer for PLUS highway. A competing bid to buy the assets and liabilities of PLUS Expressways Bhd has been presented to the latter’s board at an offer price that works out to RM5.20 per PLUS share, 13% higher than the existing offer by UEM Group and the Employees Provident Fund (EPF).

Bina Puri Holdings Bhd's unit Bina Puri (B) Sdn Bhd has secured a sub-contract worth RM158.36mil in Brunei. Bina Puri (B) had entered into a sub-contract agreement with to undertake the infrastructure works for a housing project for a contract sum of RM158.36mil, the company said in a filing with Chuon Tzu Construction Co Sdn BhdBursa Malaysia yesterday. The project is expected to be completed in 36 months. With the award, the group's current order book stands at RM3.31bil to date. It secured projects worth RM2.62bil in 2010. The sub-contract is expected to contribute positively to the earnings of the Bina Puri group for the financial year ending Dec 31, 2011.

MTD Capital received a buyout offer from its major shareholders Nikvest Sdn Bhd, Alloy Consolidated Sdn Bhd, Alloy Concrete Engineering Sdn Bhd and Alloy Capital Sdn Bhd (joint offerors) to acquire the remaining shares they do not already hold (excluding 27.49 million treasury shares) at RM9.50 apiece. The joint offerors hold 131.48 million shares of RM1 each in MTD, representing 53.13%. The joint offers have also made a downstream, take-over offer for the existing and paid-up shares of RM1 each in MTD ACPI ENGINEERING BHD not already held by MTD for a cash offer price of 53 sen per share. Trading MTD and MTD ACPI would resume at 9am on Tuesday, Dec 21. The two companies had requested for a trading halt from 9am on Dec 20 pending the announcement.

Time Dotcom's wholly-owned subsidiary TT dotCom Sdn Bhd has entered into principal terms of collaboration with MEASAT Broadcast Network Systems Sdn Bhd (Astro) for the provision of IPTV and Broadband services across the Klang Valley and Penang.

The lower net profit was attributed to the lower profit contribution from the gaming business operated by BERJAYA SPORTS TOTO BHD's principal subsidiary company Sports Toto (Malaysia) Sdn Bhd. It said Sports Toto registered a lower pre-tax profit in the quarter under review due to the increase in Pool Betting Duty from 6% to 8% (effective June 1, 2010) coupled with higher prize payout.

FBMKLCI 1499.88 DJ-7.34 CRUDE OIL 89.01 RM 3.11

SHARES on Bursa Malaysia is expected move sideways this week and confined within a tight-low-volume-doldrum of 1,490 and 1,510 points. Affin Investment Bank Head of Retail Research Dr Nazri Khan said the FTSE Bursa Malaysia (FBM) Composite Index made an impressive gain of 19% over the past six months. We are not surprised to see further consolidation in the last two weeks of December due to the year-end rebalancing, options annual expiration and holiday thin trading, he said. Nazri said the local market was still upbeat in the medium-term, but it could be distracted by the European sovereign debt situation and the rising bond yield in the near-term. He said renewed European debt worries tied to Moody's warning of a downgrade of Spain and Ireland's debt and poor Portuguese bond auction may dent the local market for a while.

Government-linked investment companies (GLICs), including Kumpulan Wang Persaraan (KWAP), have indicated an intention to vote in favour of the proposed takeover of PLUS Expressways Bhd by UEM Group and the Employees Provident Fund (EPF), reliable sources said.

DiGi.Com Bhd, a Malaysian mobile- phone operator, will invest RM700 million in capital expenditure next year, the Star newspaper reported, citing chief executive officer Henrik Clausen. The investment is similar to the amount spent this year, though more money will be used to improve its data and Internet network in 2011 compared with voice services, according to the report today.  

Johor Corp (JCorp) is seeking to remove Tan Sri Muhammad Ali Hashim, its previous head for 18 years, from the boards of three listed companies it has direct stakes in. The move seems to confirm speculation that Muhammad Ali, who had suddenly resigned as JCorp's CEO in July, is no longer in the good books of the powers that be in the state of Johor. JCorp has called for EGMs at Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd (DRealty) for this purpose. The removal of Muhammad Ali will be via ordinary resolutions at each of these companies, which means that a simple majority of shareholder votes would achieve the desired result. While JCorp controls more than 50% of the equity of Kulim and DRealty, it owns only 237.8 million shares in KPJ Healthcare, according to the latest shareholding changes filed with Bursa Malaysia. And according to Bloomberg data, this number of shares amounts to only a 42.6% stake in KPJ.

IJM Corp Bhd, a property developer and contractor, has secured a RM460.59m contract from Naza TTDI Construction SB for the “superstructure work” for Platinum Park’s phase three. The project involves the development of a 50- and 38- storey office towers comprising a one level facilities area at level 10, eight levels of podium carparks and a three-level basement carpark, according to a filing to Bursa Malaysia last Friday. The completion date is 31 Dec, 2013, IJM said in the filing.

FBMKLCI 1497.52 DJ+41.78 CRUDE OIL 88.79 RM 3.11

AirAsia Bhd, which has formed a 40:60 joint venture (JV) with three Philippine partners, is investing US$8mil for its 40% stake in AirAsia Philippines. We will be funding it internally via equity, group CEO Datuk Seri Tony Fernandes said after a signing ceremony between AirAsia and Antonio O. Cojuangco Jr, Dr Michael L. Romeo and Marianne B. Honours yesterday. He expects AirAsia Philippines to be profitable straight away and contribute to group revenue immediately as a lot of ground works had been done. The set-up cost is very low. There are already flights from Kuala Lumpur to the Philippines. Everything is there already, Fernandes said. AirAsia will hold 40% equity in AirAsia Inc, the JV company set up for AirAsia Philippines. The new airline is expected to begin operations in August 2011 with an initial working capital of US$25m. To a question, Fernandes said it was in the midst of getting approval from authorities for its airline operations in the Philippines.

Tenaga Nasional Bhd (TNB) has inked three agreements worth RM991.8mil for the Hulu Terengganu hydroelectric project involving the construction of two dams and the installation of two hydro turbines and generators in an underground power station with a total installed capacity of 250MW.

Four companies, namely construction firm Putrajaya Perdana, water infrastructure specialist Loh & Loh Corp, property developer General Corp and planter Kurnia Setia, will be delisted on 21 Dec. The companies made the announcements to Bursa Malaysia yesterday. Putrajaya Perdana and Loh & Loh were being taken private by Javace SB and Sheikh Tarek Essam Ahmad Obaid for a cash offer price of RM4.85 per share respectively. General Corp was being taken private by Consistent Record SB, which was acquiring all the company's assets and liabilities for RM505.01m while Kreatif Selaras SB was taking private Kurnia Setia.

MAA Holdings Bhd and AmG Insurance Bhd (a 51%-owned subsidiary of AMMB Holdings Bhd) have mutually agreed to discontinue discussions on the proposed disposal of Malaysian Assurance Alliance Bhd’s (a subsidiary of MAA) general insurance business for RM180mil.

Mulpha International Bhd will use the RM327mil proceeds from the sale of its Hilton Melbourne Airport Hotel to repay its debt levels unless new investment opportunities arise.

Proton Holdings is to replace its existing Persona model with a new version in 2012, said its group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir. However, he did not disclose which of the five Pahlawan concept cars shown at the recent KL International Motor Show would be replacing the Persona model. "Take a guess," Syed Zainal said, when asked by reporters to reveal more on the Persona replacement model. Industry talk has it that the Tuah concept, or code-named Espire, would be bound for production. It is learnt that the Tuah concept car shown to the public was not the final design approved as Proton is coming up with an improved version. Earlier, Syed Zainal witnessed the signing of a memorandum of understanding between AutoV Corporation Bhd with US-based ArvinMeritor Inc and Germany's Continental AG.

FBMKLCI 1509.1 DJ-19.07 CRUDE OIL 88.25 RM 3.13

PN17 company LCL Corp Bhd could be delisted by Dec 27 for failing to submit its regularisation plan to the Securities Commission or Bursa Malaysia.

MRCB and IJM Land Bhd have extended the validity of their memorandum of understanding to merge and create the country’s second-largest property company to Dec 29 from Dec 14 previously.

Menang's unit wins RM1.5b contract to build 5 UiTM campuses nationwide for more than RM1.5 billion over 23 years. IMSB will build the Seremban campus, designed to cater for 5,000 students, over three years. Upon completion, the campus will be leased to the government/UiTM for 20 years. The company will maintain the facilities and infrastructure of the campus during the 20-year lease period. 

RHB Capital’s wholly owned subsidiary, RHB Bank, has entered into a MoU with Sumitomo Mitsui Banking Corp (SMBC), in line with its objective of becoming a major player in the banking industry. “RHB sees this MoU as one of the many proactive steps it is taking in enhancing its local and global strategic economic network,” it said in a statement yesterday. “The alliance will assist RHB, together with its respective subsidiaries and related companies, in strengthening its position in the Japanese business segment and also in establishing a stronger foothold in the international arena as part of the RHB banking group’s strategy for business expansion with ever deepening economic ties between Japan and Malaysia.”

DRB-HICOM Bhd has signed a MoU with the Kamaz Group, the largest automobile corporation of the Russian Federation, to look into the possibility of manufacturing and assembling selected Kamaz heavy duty trucks for the Malaysian and Asean markets. “This MoU will pave the way for the feasibility and a detailed costing study as well as the models of Kamaz truck suitable for this region,” said DRB-HICOM group managing director Datuk Seri Khamil Jamil in a statement yesterday.

FBMKLCI 1510.58 DJ+47.98 CRUDE OIL 88.77 RM 3.101

Kencana Petroleum Bhd, with current order book of RM2 billion, plans to bid for contracts valued at four times more next year, said its group CEO Datuk Mokhzani Mahathir. 

KNM Group Bhd has on Dec 13 entered into a joint venture agreement with Petrosab Logistik Sdn Bhd to form a 51:49 joint-venture company known as KNM Petrosab Sdn Bhd (KNMP) to target oil and gas projects in Sabah.

Maybank yesterday announced that 88.6% of the total amount of shares that would have been issued under its dividend reinvestment plan will be issued to shareholders.

Proton Holdings Bhd's capital expenditure (capex) for Group Lotus plc's business turnaround plan of about £480 million (RM2.37 billion) over a five-year period was higher than expected, CIMB Investment Bank said in a research report.

YTL Power International Bhd is investing in oil shale projects in Jordan with the acquisition of a 30% stake in Eesti Energia’s Jordanian oil shale projects.

DRB-HICOM eyes firm deal with Russian truck maker. DRB-HICOM has inked a MOU on the possibility of manufacturing Kamaz trucks in Malaysia for the local market as well as in Asean. 

Digi.Com Bhd has entered into a 10-year wavelength purchase agreement and a maintenance and support deal collectively worth RM139mil with Time dotCom Bhd as a follow-up to the bandwidth service agreement signed between the two companies in April 2008.

FBMKLCI 1509.79 DJ+18.24 CRUDE OIL 89.06 RM 3.10

KYM Holdings has been awarded a contract valued at RM585,911 by Vale International SA for the provision of consultancy services for the acquisition of land and development order approval. KYM said in an announcement to Bursa Malaysia yesterday that Vale had instructed it to acquire the land for the construction of a 2.5km-long jetty and for the construction of temporary site office facilities for their proposed iron ore distribution centre and pellet plant in Teluk Rubiah, Perak.

Johor Corp (JCorp) will not be selling any of its assets to repay bondholders’ RM3.6bil when the papers are due on July 31, 2012. JCorp’s newly-appointed chief executive officer Kamaruzzaman Abu Kassim said the plan was to refinance the debt.

The board of Olympia Industries Bhd has clarified that the company has expressed interest to acquire all the equity shares in Pan Malaysian Pools Sdn Bhd from Tanjong plc, a company which has been taken private by T. Ananda Krishnan.

Proton will spend £480m on Group Lotus plc to turnaround the company and the financing will be secured via internally generated and externally secured funding during the turnaround period. Proton also confirmed its unit Group Lotus plc is teaming up with Renault F1 Team Ltd for the title sponsorship of the Renault F1 Team which will take part in the Formula One World Racing Championship season beginning 2011 onwards.

Kencana Petroleum posted net profit of RM52.35 million in the first quarter ended Oct 31, 2010, up 70% from RM30.82 million a year ago and was upbeat for the current financial year on rising demand for its engineering and fabrication of oil and gas production facilities. Revenue rose 20% to RM336.96 million from RM281 million a year ago while pretax profit increased by 63% to RM68.10 million from RM41.80 million. Earnings per share were 3.16 sen compared with 3.41 sen.

The Naza brothers Sheikh Mohd Nasarudin SM Nasimuddin and Sheikh Mohd Faliq SM Nasimuddin have resigned as directors of Kumpulan Jetson. The group told Bursa Malaysia yesterday that the resignations of Nasarudin, 27, and Faliq, 25, came into effect the same day. The brothers were deemed interested by virtue of their interest in Superior Pavillion, which owns 13.12 million Jetson shares. Jetson also announced yesterday that the brothers had disposed of 4.37 million Jetson shares, or 7.22% stake, for RM1.05 each on 8 Dec. They were believed to initially have big plans for the company but lost interest after disagreements with other shareholders, stemming from unsettled financial issues within Jetson.

KFC Holdings (M) Bhd, which holds the franchise to operate KFC and Pizza Hut restaurants in Malaysia, Singapore and two cities in India from Yum! Brands Inc, has acquired Kernel Foods Pte Ltd, a Mumbai-based restaurant operator for RM83,565.

FBMKLCI 1507.28 DJ+40.26 CRUDE OIL 87.99 RM 3.109

Landmarks Bhd is expected to start its Bintan development called Treasure Bay Bintan (TBB) by the first quarter of 2011, sources familiar with the matter told The Edge Financial Daily. 

Ramunia Holdings Bhd’s wholly owned unit, Ramunia Fabricators SB, has been slapped with a RM15.9m suit by Ulti Resources SB for unlawful possession of land, according to a filing to the exchange last Friday. The plaintiff is seeking the amount and claims that Ramunia Fabricator had unlawfully entered and took possession of the lands in Kota Tinggi, Johor, in July 2008.

Benalec Holdings Bhd, the country’s second largest marine construction firm by market share, is set to list on the Main Market in the first quarter of next year. Having just received in the first week of December approval for the listing on the local bourse, the company expects to raise some RM100m from the IPO, said the group managing director Vincent Leaw Seng Hai. According to the MD, the proceeds raised are intended for the use of working capital.

FBMKLCI 1521.29 DJ -2.42 CRUDE OIL 88.50 RM 3.108

Construction and infrastructure giant Gamuda Bhd is eyeing Qatar's mass rail transit (MRT) project next year, ahead of the 2022 FIFA World Cup, said group managing director Datuk Lin Yun Ling.

TNB is confident it can maintain its profitability for FY11 ending Aug 31, unless coal prices continue to climb, breaching the US$110 (RM345) per tonne mark. 

Malayan Banking Bhd’s (Maybank) Indonesia unit, PT Bank Internasional Indonesia (BII), saw its shares jump to a 10-year high amid comments by the country’s regulator that Maybank “refloat a 20% stake in BII within six months.” 

SP Setia Bhd’s net profit rose 32.2% year-on-year to RM75.2mil in the fourth quarter ended Oct 31 due to higher sales and gain from the disposal of Tesco Hypermarket in Bukit Indah, Johor.

Peter Chin: No water bailout, but the Federal Government will help to ensure the people of Selangor, Kuala Lumpur and Putrajaya have a continuous supply of water. That was Energy, Green Technology and Water Minister Datuk Seri Peter Chin’s message in response to the ongoing water dispute between the Selangor and federal governments. Asked if there is a deadline, Chin said “as long as we cannot resolve the issue on a willing buyer, willing seller basis, how can we set a deadline?”.

Kamaruzzaman is new JCorp CEO. Kamaruzzaman Abu Kassim was appointed chief executive officer of Johor Corp (JCorp) at a board meeting chaired by Menteri Besar Datuk Abdul Ghani Othman yesterday.