FBMKLCI 1554.24 DJ+64.25 CRUDE OIL 95.57 RM 3.01
The sale of a 25% stake in RHB Capital Bhd (RHB Cap) by Abu Dhabi Commercial Bank Bhd (ADCB) at 2.25 times the book value of RHB Cap or RM10.80 per share, has set a relatively high pricing benchmark for the potential takeover of the bank by Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd.
Muhibbah Engineering Bhd would continue to be actively traded after the sell-down on the stock following concerns that Asia Petroleum Hub (APH) -- which it undertook a project for -- faced receivership.
It saw RM152.11 million in market capitalisation wiped out on Thursday, as its shares fell 38 sen to close at RM1.52 – the lowest since mid-May. The market capitalisation was reduced from RM608.43 million to RM456.32 million. However, there could be some mild bargain hunting as some analysts viewed the selling as overdone and the worst-case scenario for Muhibbah was a write-down of the RM300 million due from APH, which would push Muhibbah into losses for FY11. APH, the developer and operator of the APH oil terminal in Johor, faced the prospects of receivership, news reports said. Muhibbah was awarded the marine piling and jetty works worth RM820 million. Cost escalation in 2008 led to funding issues for APH and the stalling of payments due to Muhibbah.
It saw RM152.11 million in market capitalisation wiped out on Thursday, as its shares fell 38 sen to close at RM1.52 – the lowest since mid-May. The market capitalisation was reduced from RM608.43 million to RM456.32 million. However, there could be some mild bargain hunting as some analysts viewed the selling as overdone and the worst-case scenario for Muhibbah was a write-down of the RM300 million due from APH, which would push Muhibbah into losses for FY11. APH, the developer and operator of the APH oil terminal in Johor, faced the prospects of receivership, news reports said. Muhibbah was awarded the marine piling and jetty works worth RM820 million. Cost escalation in 2008 led to funding issues for APH and the stalling of payments due to Muhibbah.
UEM Land Holdings Bhd has set an internal target for a 50% revenue growth in FY2011 and a 10% return on investment. Its managing director and CEO Datuk Wan Abdullah Wan Ibrahim said with the acquisition of SUNRISE BHD [], UEM Land was hoping to build its portfolio and surpass its competitors' revenue in the near future.
Mitrajaya has proposed to invest RM6 million cash for a 20% stake in Rawang Specialist Hospital Sdn Bhd (RSHSB). RSHSB is a private limited company incorporated in Malaysia to principally operate and manage a specialist hospital and to provide healthcare solutions under the name of Optimax Specialist Hospital (Rawang). On May 23, it awarded to Mitrajaya's unit, Pembinaan Mitrajaya Sdn Bhd, a RM46.41 million contract to build the eight-storey private hospital with 180 beds. The hospital is expected to commence operations in December 2013.
Merge Energy Bhd has secured RM38.1 million contract to undertake water treatment and associated projects in Kuantan. The contract was awarded by the East Coast Economic Region Development Council. It involves the balancing reservoir, access road, treated water mains and associated works for the Panching water treatment.
Perusahaan Otomobil Kedua Sdn Bhd (Perodua) unveiled - the new MyVi -- an upgraded version of the best seller on Thursday night, June 16 and prices range from RM43,900 to RM57,400. The second national carmaker expects to sell about 8,500 units monthly. The price is from RM43,900 for the standard manual transmission and RM57,400 for the elegance automatic transmission on-the-road. Perodua plans to export the new MyVi units to Indonesia this month, starting with 500 cars, under the Daihatsu Sirion badge.
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