FBMKLCI 1521.53 DJ+65.16 CRUDE OIL 108.27 RM 3.0020

KARAMBUNAI CORP BHD and PETALING TIN BHD shares rose in active trade after the government announced the multi-billion ringgit Karambunai Integrated Resort City (KIRC) as a premier world-class ecotourism destination. A consortium consisting of Prism Crystal Enterprises Ltd and Tan Sri Dr Chen Lip Keong & group of companies together with the landowner Karambunai and Petaling Tin will invest RM9.6 billion by 2020 to develop the resort city.

EMAS KIARA INDUSTRIES BHD has declared a special tax exempt interim dividend of 12 sen per 50 sen for the financial year ending Dec 31, 2011. The dividend was equivalent to 24% per share and it would go ex on May 19. In November last year, Emas Kiara announced it was disposing of its business and subsidiaries for RM100 million to Tencate Geosynthetics Asia Sdn Bhd.

BERJAYA CORPORATION BHD’s unit has appointed Ken Whittingham and Atle Crowe-Maxwell of PKF Australia Ltd receivers and managers of its self-service carwash company --  Carlovers Carwash Ltd (CCL) -- based in Australia. BCorp said  it would appoint the two as receivers and manager for CCL’s three units -- Carlovers Carwash (Aust) Pty Ltd, The Carwash Kings Pty Ltd and Carlovers (Maroochydore) Pty Ltd, to preserve its interest as a secured creditor of the CCL Group. BCorp group’s unaudited carrying amount/net book value of the CCL Group as at Jan 31, 2011 is about RM400,000 whilst its original cost of investment in the CCL Group is about RM46.1 million. The amount has been substantially written down and impaired over the years,” it said.

Tricubes Bhd will invest RM50 million in the next 10 years in the 1Malaysia email project.

Steel products player Starshine Holdings Bhd (SHB), which is planning a listing on Bursa Malaysia’s Ace Market by the third quarter of the year, will invest RM32mil in a new plant in Klang and new machinery to broaden its product offering.

Aeon Credit Service (M) Bhd’s net profit for its fourth quarter ended Feb 20, 2011 rose to RM19.40mil from RM14.31mil in the previous corresponding period mainly due to growth in trade receivables on the back of increased financing transaction volume.

CIMB Bank Bhd’s 93.15% subsidiary, CIMB Thai Bank Public Company Ltd and its subsidiaries registered a total operating income of 1.5 billion baht (RM163mil) with the net profit of 282 million baht (RM30.6mil) for its unreviewed operating results for the first quarter ended March 31.

Bursa Malaysia Bhd registered profit after tax and minority interest of RM40.5mil for the first quarter ended March 31, 44% higher than the RM28.1mil in the previous corresponding quarter.

FBMKLCI: 1503.54 DJ: -15.52 CRUDE OIL: 81.49 RM: 3.116

YTL Communications is seeing “dramatic” demand for its WiMAX service in Malaysia, with pre-registrations for the product exceeding expectations three times, said executive chairman Tan Sri Francis Yeoh. Yeoh declined
to give a specific target for the “yes” wireless Internet and voice service.

 

MEDIA, the country's leading newspaper publisher and broadcaster, broke the RM1 billion sales barrier for the first time in its history, posting RM1.13 billion in sales for the nine months ended September 2010. Media Prima plans to pay an interim single-tier dividend of 4 sen per share to shareholders before year-end to reflect the significant rise in earnings and profits, as well as an acknowledgment of shareholders' support.

Carrefour has suspended the sale of its Malaysian and Singapore stores after bidders, including Japan's Aeon Co Ltd, offered too little to persuade the French retailer to part with the operations, two sources said. Carrefour rejected offers in a second round of bidding that closed on 5 Nov and informed the potential buyers that the sale process has been put on hold, according to sources.

Proton, which is set to take a 25% stake in Renault Formula One team, is seeking to expand its relationship with the Renault-Nissan alliance into passenger cars and potentially as a strategic partner to the national auto
company. Plans are afoot to have Renault-Nissan involved in the Proton global car, named Emas, which is slotted for production by 2012.