FBMKLCI 1570.02 DJ+145.13 CRUDE OIL92.69 RM3.0210

MAA Holdings Bhd says it is not urgently seeking to sell its overseas units now that its debt obligations of RM140mil which are due for repayment soon, can be paid off following the sale of its insurance business for RM344mil cash. Instead, the group was now looking to “build up” its insurance businesses in Indonesia and the Philippines, chief executive officer and group managing director Muhamad Umar Swift said after the company’s shareholders’ meeting here yesterday. “Our business in the Philippines is doing well. Indonesia has been slower than expected. We are looking at partnerships that can leverage that particular asset,” he said without elaborating.

Packet One Networks (M) Sdn Bhd (P1), a subsidiary of Green Packet Bhd, has sealed a technology cooperation agreement with China Mobile Ltd to spearhead the time division-long term evolution (TD-LTE) technology in Malaysia and South-East Asia. TD-LTE technology is a 4G telecommunications evolutionary path for the future of mobile broadband.

The coming together of Khazanah Nasional Bhd and Temasek Holdings to develop RM30bil worth of real estate projects in Singapore and Iskandar Malaysia will help UEM Land Holdings Bhd make a great leap forward, both financially and in terms of branding, say analysts. UEM is among the top landowners in Iskandar Malaysia, with 1,300 acres of development land in the southern economic corridor. Among the several economic corridors spearheaded by the Government, Iskandar Malaysia remains the most upbeat and vibrant. In many ways, according to analysts, the alliance of the two government investment holding companies is expected to be a win-win proposition for both sides.

Eastern & Oriental Bhd (E&O) has entered into a shareholders' agreement with Pulau Indah Ventures Sdn Bhd to develop a wellness township Nusajaya. E&O (via wholly-owned subsidiary Galaxy Prestige Sdn Bhd) and Pulau Indah have agreed to establish a 50:50 joint venture (JV) company named Nuri Merdu Sdn Bhd.

Pulau Indah is a 50:50 JV between Khazanah Nasional Bhd and Temasek Holdings. This will be E&O's maiden foray into Johor. The 210-acre freehold land for the proposed development is 15 minutes away from the Tuas Second Link to Singapore, and is owned by Iskandar Investment Bhd, a 60% subsidiary of Khazanah.

Cypark Resources Bhd posted net profit of RM6.22 million in the second quarter ended April 30, 2011 on the back of RM40.98 million in revenue. Earnings per share were 4.0 sen. The second quarter revenue was about RM1.6 million lower than in the first quarter. It said the second quarter revenue was generated mainly from the second phase of the national landfill restoration projects and foundation works for the leachate treatment plans.

Muhibbah said it believes it will not have to write down RM300 million in outstanding payments due from its major client Asia Petroleum Hub (APH), which was reported to be in receivership. Muhibbah managing director Mac Ngan Boon said APH was actively speaking to potential investors and hoped for a resolution "soonest". He added: "We do not believe there will be a write down. We believe there are other solutions.” To recap, APH is the developer and operator of the APH oil terminal in Johor and had awarded Muhibbah the marine piling and jetty works worth RM820 million.

Ingress reported net profit for the first quarter ended April 30, 2011 fell 34% to RM6.94 million from RM10.47 million a year earlier, due to a one time gain on disposal of shares totaling RM7.6 million included in 1Q 2010 net profit. Revenue for the quarter slipped to RM175.07 million from RM180.41 million in 2010. Earnings per share were 9 sen, while net assets per share was RM2.08. It expects its automotive division to further improve during the financial year.

SIG Gases Bhd inked an MoU with Japan-based Iwatani Corporation Bhd (IC) to establish a partnership to set up a helium refilling plant in Southern Industrial Gas plant in Senai, Johor.

IRIS CORPORATION BHD [] expects to raise gross proceeds of RM25.52 million from a proposed private placement exercise of up to 10% of its paid-up share capital. It plans to use RM25.37 million of the proceeds as working capital and the remaining RM150,000 as estimated expenses relating to the proposed private placement. Iris said the RM25.52 million in proceeds would be based on an indicative issue price of 15 sen per placement share.