FBMKLCI 1547.92 DJ+123.14 CRUDE OIL 99.31 RM 3.0080

Tenaga Nasional Bhd's (TNB) unit TNB Repair and Maintenance Sdn Bhd (TNB Remaco) has secured an operation and maintenance agreement worth US$14.1mil (RM43mil) from Pakistan's Laraib Energy Ltd.

TNB Remaco will be the operator of the 84MW New Bong Escape Hydroelectric Power Complex on the Jhelum River in Azad Jammu and Kashmir.

Furniture-maker Baswell Resources Bhd made a slight gain when it resumed trading yesterday after its shares trading was halted in the morning session. The counter rose 0.5 sen to 10 sen at 3.14pm doing 90,000 shares as investors ignored the winding-up petition that was served the company on June 10. Baswell said on Monday that the petitioner Oh Han Cheng had sought for the winding up of Baswell for defaulting a payment of RM3.31mil. The company said the repayment of the loan was deferred from Dec 16, 2010 to June 16, 2011 at the request of Baswell vide a letter dated Dec 20, 2010, and confirmed and accepted by the petitioner by a letter dated March 25. It also said the group had announced on March 30 its intention to dispose of BISB's land for RM19mil and would use the proceeds to repay RM693,000 of the RM3.31mil.

MSM Malaysia Holdings Bhd, the federal land authority’s sugar refining arm, has priced its initial public offering (IPO) at RM3.50 per share for institutional investors, a source with direct knowledge of the deal said yesterday. The price is at the top end of the RM3.30-RM3.50 range set earlier, valuing the IPO at about RM817mil. MSM is selling about 234 million shares in the IPO. The institutional portion would comprise about 206 million shares or 29.4% of the enlarged share capital. The retail portion would consist of about 28 million shares or 4% of the enlarged share capital.

United U-Li Corp Bhd will be in focus again on Wednesday, June 15 after the company said it was mulling distributing part of the RM200 million from the sale of its three units to entitled shareholders.

MBM Resources will invest some RM250 million over the next five years to transform the group into one of the key automotive players in Malaysia and the region. Managing director, Looi Kok Loon, said the capital expenditure would primarily be used to expand its manufacturing infrastructure and enhance its nationwide retail and service network. "The company is also investing in new manufacturing facilities to cater to product line extensions and equip itself with vehicle assembly capabilities," he said, adding MBM planned to expand the car parts business and vehicle assembly.  He said the company was actively seeking partners in vehicle assembly.