FBMKLCI 1533.42 DJ+93.24 CRUDE OIL 91.60 RM 3.04

Petra Energy is close to bagging a RM100m contract from Murphy Oil for hook-up and commissioning works,sources say. It is learnt that Petra Energy could make an announcement to the local bourse soon after ironing out a few minor issues. The job from Murphy is said to be at the same rates as the one offered by Petronas Carigali.

MRCB-IJM Land merger aborted ‘over CEO choice’

The inability of Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd to come to an agreement over who will lead the new entity is the cause of the merger between the two property firms being called off. 

A source confirmed this to StarBiz yesterday following both companies' announcements to Bursa Malaysia last Thursday that the merger was aborted as they were unable to reach an agreement on the definitive terms and conditions of the proposed merger, following a series of discussions. “The breakdown in talks is purely management related essentialy on the leadership of the new entity,” the source said. He said there was a difference in opinion on whether MRCB chief executive officer (CEO) Mohamed Razeek Hussain or IJM Land CEO-cum-managing director Datuk Soam Heng Choon should lead the new entity.

Sunway Holdings Bhd has secured two contracts totalling RM218.82mil for the expansion of a Universiti Teknologi Mara campus and a proposed link bridge in the city centre. The proposed projects are expected to contribute positively to the earnings of Sunway Group for the financial year ending Dec 31 onwards, it said in a statement to Bursa Malaysia.

MK Land Holdings Bhd is selling two plots of leasehold land in Sungai Buloh, Selangor, to Foster Estate Sdn Bhd for RM130mil cash. It told Bursa Malaysia yesterday that it had entered into sale-and-purchase agreements with Foster Estate on Dec 30, 2010 to dispose of 18.54 acres for RM100.78mil and another 8.32 acres for RM29.21mil. MK Land said it was disposing of the two plots to unlock their value which it had no immediate plans to develop and the proposals were expected to be completed by the end of 2011.

 

Maxbiz resumes trading on Tuesday. Bursa Malaysia Securities Bhs has directed the company make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17. Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date. Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24,  2010 respectively.

Parkson is expanding into Cambodia after it received a certificate of commercial registration from the government there to set up Parkson Cambodia Holdings Co., Ltd Parkson Cambodia will operate department stores in Cambodia.