FBMKLCI: 1499.81 DJ: -90.52 CRUDE OIL: 85.73 RM: 3.067

Maybank's 1Q earnings at RM1b
Malayan Banking Bhd's earnings were RM1.028 billion in the first quarter ended Sept 30, 2010, up 16.6pct from RM881.80 million a year ago. It said on Friday, Nov 12 revenue rose to RM5 billion from RM4.56 billion. Earnings per share were 14.53 sen versus 12.46 sen.

AMMB earnings up 38.6pct to RM332.8m
AMMB Holdings Bhd's earnings rose 38.6pct to RM332.87 million in the second quarter ended Sept 30 (2QFY11), from RM240.15 million a year ago, boosted by an increase in interest income. It said on Friday, Nov 12, revenue rose 11.9pct to RM1.77 billion from RM1.584 billion. Earnings per share were 11.09 sen compared with 8.29 sen. It declared an interim dividend of six sen per share.  

BNM keeps OPR unch 2.75pct, vigilant of volatile capital flows
Bank Negara Malaysia maintained the overnight policy rate (OPR) at 2.75pct and said monetary policy would continue to remain accommodative and supportive of economic growth. However, it remained vigilant of large, volatile capital flows.

BRDB, a commercial and residential developer, is planning a RM652m joint development in Seri Kembangan, Selangor, with Country Heights Land SB. The project, with an estimated gross development profit of RM170m, would comprise 310 units of semi-detached houses and 13 units of bungalows sprawled over 192,561 sq m within the so-called Bluwater Estate. The construction for the proposed development is expected to commence in the last quarter of 2011 and completed within five years. Under the JV Bandar Raya and Country Heights Land will take up 75% and 25% stake respectively in an SPV purpose vehicle to undertake the development.   (Malaysian Reserve) 

TCHONG last Friday announced it will invest RM285m to build cars in Sabah after it received an approval letter from the International Trade and Industry Ministry for its application of a licence to manufacture and assemble luxury passenger vehicles and commercial vehicles. Tan Chong said the approval letter was on condition that the manufacturing and assembly activities would be for luxury passenger cars with 1,800cc and above and costing no less than RM150,000. The licence is for Tan Chong to conduct manufacturing of vehicles at the Kota Kinabalu Industrial Park (KKIP), Sabah, which was built to establish Sabah as the gateway to the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). (StarBiz) 

Kencana and its technical partner London-based Petrofac Ltd have emerged as front runners to bag a USD250m (RM780m) engineering, procurement, construction and commissioning (EPC)job at Block PM313, the Sepat oil field. The Sepat oil field is a marginal field in offshore of Terengganu under the purview of the National oil company Petroliam Nasional Bhd (Petrogas). According to industry players, Sepat has large oil reserves that have yet to be fully recovered. With the high crude oil prices and increasing difficulties in exploring new oilfields, Petronas intends to improve oil recovery in the brown fields. Apart from Kencana and Petrofac, there were two other JV companies vying for the job, namely (MMHE) together with its partner, France-based Technip SA, as well as Australian company Roc Oil forming a partnership with local player Griffin Energy Ltd. (Financial Daily)

Petronas Chemicals Group Bhd has fixed the price of its initial public offering (IPO) at RM5.04 a share for the portion reserved for retail investors and at RM5.20 apiece for shares to be sold to institutional investors. The IPO would raise RM12.8bn, of which RM9.2bn was to be accrued to parent company Petroliam Nasional Bhd (Petronas), the company said in a statement yesterday. Based on the institutional price, Petronas Chemicals’ market value will be RM41.6bn, making it one of the largest petrochemical producers in South-East Asia. (StarBiz)