FBMKLCI 1568.37 DJ-25.58 CRUDE OIL 88.26 RM 3.04

Selangor has made a fresh offer to the water concessionaires in another effort to resolve the impasse in the state’s water-restructuring exercise. Worth over RM9bil, according to Mentri Besar Tan Sri Abdul Khalid Ibrahim in a press briefing yesterday, the offer was the third by the state government and the fifth overall, counting one offer worth RM10.3bil by the Federal Government and another worth RM10.8bil by Gamuda Bhd, owner of a 40% stake in Syarikat Pengeluar Air Selangor Sdn Bhd (Splash). Khalid said in a press statement issued yesterday that the state was offering to acquire the entire stakes in Puncak Niaga Sdn Bhd for RM64.62 per share, Syarikat Bekalan Air Selangor Sdn Bhd for RM20.78 per share, Konsortium Abass Sdn Bhd for RM9.39 per share and Splash for RM5.95 per share.

Malayan Banking Bhd (Maybank), the country's largest bank in assets, is planning to take over Singapore stockbroker Kim Eng Holdings Ltd in a deal valued at up to S$1.79bil (RM4.26bil) to grow its regional footprint in investment banking and stockbroking operations. Maybank will pay S$768mil (RM1.9bil) to buy a 44.6% stake in Kim Eng from chairman and chief executive officer Ronald Anthony Ooi and Taiwan's Yuanta Securities Asia Financial Services Ltd and launch a buyout offer for the remaining shares of the Singapore company which is ranked as a top 5 stockbroker in Singapore, Thailand, Indonesia and the Philippines.Kim Eng also has a presence in global financial centres in Hong Kong, London and New York. 

Sunway City Bhd has launched its latest integrated mixed development – Sunway Nexis at Dataran Sunway, Petaling Jaya. In a statement yesterday, the company said the development covered 5.83 acres with a gross development value of RM500mil. The development is being undertaken by Sunway Damansara Sdn Bhd. Sunway City managing director of property development Ho Hon Sang said: “Sunway Nexis is a complete lifestyle centre encompassing leisure, entertainment, recreation and work facilities. Following the success of Sunway Giza, this development offers modern retail shops, office suites and SoHo with a promising potential for growth.

Ramunia, which is without a core business, is in talks to acquire Syarikat Borcos Shipping SB, sources said. Negotiation is rumored to have commenced, but it is not known how the acquisition will be concluded.

TM is expected to finish its internal investigation on alleged bribes to its employees, a month from the board subcommittee
inaugural meeting on 3 Jan.

Transport Minister Datuk Seri Kong Cho Ha expects a conservative 7% growth in passenger arrivals at Malaysian airports this year, riding on the fast growing Asia Pacific region. “We have achieved more than 15% growth in 2010 and are confident of seeing growth this year,” he said.