FBMKLCI 1572.21 DJ-22.55 CRUDE OIL 89.47 RM 3.04

Hap Seng plans to raise up to RM1.46 billion from a corporate exercise which includes RM808.21 million from a private placement and another RM654.54 million from a rights issue. The move would also build its war chest to undertake acquisitions. It had proposed to place out up to 124.53 million new shares at an issue price of RM6.49 per placement share which would raise RM808.21 million. It would also undertake a renounceable rights issue of up to 448.31 million new shares together with up to 448.31 million new free detachable warrants to raise RM654.54 million.

The locations of the 35 stations of the first mass rapid transit (MRT) line from Sg Buloh to Kajang are expected to be finalised between April and May, says Land Public Transport Commission (SPAD) CEO, Mohd Nur Ismal Kamal. The line, with about 9.5km underground, will run through Sg Buloh, Kota Damansara, Kuala Lumpur, Cheras to Kajang. However, it was previously reported the alignment of the MRT may differ from what it was first proposed by MMC-Gamuda JV SB, the project delivery partner, as some highly busy hubs like Klang, Petaling Jaya and Shah Alam were not included in the initial MRT alignment.  

Guan Chong plans to raise up to RM120 million from the expected exercise price of RM2 for the 60 million free warrants. It had fixed the exercise price for the warrants at RM2, which was 9.29% or 17 sen over the theoretical ex-price after the proposed bonus issue of RM1.83 per share, based on the five-day volume weighted average price of RM2.44. Of the RM120 million, the proceeds would be used  for the day-to-day working capital requirements of the group.

KFC Holdings (Malaysia) Bhd (KFCH) plans to invest RM25 million to open 25 new outlets nationwide this year. Managing director Jamaludin Md Ali said out of the 15 of the KFC fast food restaurants will be drive-through outlets to provide more convenience to customers, he said. Currently, there were 520 KFC outlets including 40 drive-through outlets.

Johor Corp is considering selling various assets including some landbank, properties and plantation assets to partly repay its current RM3.6bn debt which is due for repayment in July next year. The state investment arm first plans to bring down the debt level of RM3.6bn to a “sustainable level” of between RM1bn and RM1.5bn following a debt restructuring exercise, its newly appointed president and chief executive Kamaruzzaman Abu Kassim said. That would mean that it needs to raise at least RM2.1bn by 2012. “About 70% (source of funding) for the RM2.1bn needed has already been identified and this includes selling some of our assets,” he said at a meeting with the media last Friday

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.

FBMKLCI 1566.17 DJ+31.71 CRUDE OIL 90.60 RM 3.04

MTD Cap joint venture company in the Philippines continues to receive opposition to its toll hike at South Luzon Expressway (SLEX). The highway owner and operator told Bursa Malaysia yesterday that its subsidiary MTD Manila Expressways Inc had received a copy of a second supplemental petition for the issuance of a temporary restraining order (TRO) and/or status quo ante order to restrain the implementation of the 290% rise in toll fees at the SLEX.

Maxwell International Holdings – a China-based sports footwear manufacturer – will be listed on Thursday. Its offer of 20 million new shares was undersubscribed, with applications for 18.015 million shares.  The IPO consisted of a public issue of 63.75 million new 40 sen shares at an offer price of 54 sen each.

The Edge FinancialDaily also reports that the severe flooding in Australia has resulted in a dip in Tenaga Nasional Bhd's (TNB) share price on the back of rising coal prices following a supply disruption, although this could represent an opportunity to accumulate shares in the national utility company, say some analysts.

CHUAN HUAT RESOURCES BHD’s rights issue of 41.79 million warrants was oversubscribed by 16.45 times. The total acceptances and excess applications received for the rights issue was for 729.26 million, or 1,745.10% of the 41.79 million warrants available.

UMW Holdings, a vehicle assembler and industrial equipment maker, plans to revisit the listing proposal of its oil and gas unit once the division returns to the black this year. The unit, known as UMW Oil & Gas Bhd, which houses exploration operations, fabrication and pipe-manufacturing businesses, is expected to be profitable again by June this year in line with an industry wide turnaround, according to UMW president and group CEO Datuk Syed Hisham Syed Wazir. The move to spin off its oil and gas unit has been delayed several times after the plan was made public in 2008, with officials citing unfavourable market conditions and sentiment for the postponement.

Telekom Malaysia Bhd was served with a RM25m judgement in default on Monday by a local technology company, which it intends to set aside. AINB Tech (M) SB had served the judgement dated 2 Dec 2010, which included claims for expenses incurred for the purpose of a project known as ‘supply, delivery, installation, testing, commissioning and support of One Number Service’ between the two parties, Telekom said in a Bursa Malaysia filing, yesterday.

FBMKLCI 1551.64 DJ+20.43 CRUDE OIL 89.05 RM 3.04

Sime Darby Bhd is claiming that an indemnity agreement that was signed between unit Sime Darby Holdings Bhd and former head of the group's energy and utilities (E&U) division, Datuk Mohamad Shukri Baharom, is void. The conglomerate, which filed a civil suit last month against its former group chief executive officer, Datuk Seri Ahmad Zubir Murshid and two others (including Shukri), said in its statement of claim that it is seeking back a sum amounting to RM851,313 that was paid to Shukri under the indemnity agreement. “In consequence, the plaintiffs contend that the indemnity agreement is void, and Shukri is obliged to return the said sum of RM851,313 to Sime Holdings. According to the statement of claim, Sime Darby's board of directors had, by September 2009, become aware of the cost overruns that had taken place in four projects carried out by its E&U division, namely the Bakun Project, Qatar Petroleum Project, Maersk Oil Qatar Project and the Marine Project.

Tomei to sell KL land to Oasis. Jeweller Tomei Consolidated Bhd will dispose of six pieces of land in Kuala Lumpur to Oasis Properties Sdn Bhd for a total of RM4.6mil as part of its on-going cost optimisation and business streamlining strategy.

Integrax chairman quits. Integrax Bhd told Bursa Malaysia that its chairman Datuk Syed Tamim Ansari Syed Mohamed has resigned.  Plantations have surged in recent weeks, underpinned by the bullish crude palm oil (CPO) prices.

CPO prices hit a fresh 33-month high on Tuesday, as part of a weather-driven rally in global vegetable oil markets. Prospects of shrinking supplies come as top Asian buyers such as China need to build inventories for Lunar New Year holidays in early February, which run for about 10 days, according to Reuters.
The benchmark March 2011 CPO contract on rose 0.9% to RM3,888 per tonne, after earlier going as high as RM3,905 -- a level unseen since March 10, 2008.

FBMKLCI 1533.42 DJ+93.24 CRUDE OIL 91.60 RM 3.04

Petra Energy is close to bagging a RM100m contract from Murphy Oil for hook-up and commissioning works,sources say. It is learnt that Petra Energy could make an announcement to the local bourse soon after ironing out a few minor issues. The job from Murphy is said to be at the same rates as the one offered by Petronas Carigali.

MRCB-IJM Land merger aborted ‘over CEO choice’

The inability of Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd to come to an agreement over who will lead the new entity is the cause of the merger between the two property firms being called off. 

A source confirmed this to StarBiz yesterday following both companies' announcements to Bursa Malaysia last Thursday that the merger was aborted as they were unable to reach an agreement on the definitive terms and conditions of the proposed merger, following a series of discussions. “The breakdown in talks is purely management related essentialy on the leadership of the new entity,” the source said. He said there was a difference in opinion on whether MRCB chief executive officer (CEO) Mohamed Razeek Hussain or IJM Land CEO-cum-managing director Datuk Soam Heng Choon should lead the new entity.

Sunway Holdings Bhd has secured two contracts totalling RM218.82mil for the expansion of a Universiti Teknologi Mara campus and a proposed link bridge in the city centre. The proposed projects are expected to contribute positively to the earnings of Sunway Group for the financial year ending Dec 31 onwards, it said in a statement to Bursa Malaysia.

MK Land Holdings Bhd is selling two plots of leasehold land in Sungai Buloh, Selangor, to Foster Estate Sdn Bhd for RM130mil cash. It told Bursa Malaysia yesterday that it had entered into sale-and-purchase agreements with Foster Estate on Dec 30, 2010 to dispose of 18.54 acres for RM100.78mil and another 8.32 acres for RM29.21mil. MK Land said it was disposing of the two plots to unlock their value which it had no immediate plans to develop and the proposals were expected to be completed by the end of 2011.

 

Maxbiz resumes trading on Tuesday. Bursa Malaysia Securities Bhs has directed the company make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17. Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date. Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24,  2010 respectively.

Parkson is expanding into Cambodia after it received a certificate of commercial registration from the government there to set up Parkson Cambodia Holdings Co., Ltd Parkson Cambodia will operate department stores in Cambodia.

FBMKLCI 1518.91 DJ +7.80 CRUDE OIL 91.33 RM 3.06

RHB Banking Group, in a collaborative effort with Pos Malaysia Bhd, is launching today the Pos Malaysia-RHB Shared Banking Services to enable banking services for its customers at selected Pos Malaysia outlets nationwide. The appointment of Pos Malaysia as the shared banking provider will also result in the opening of Easy by RHB kiosks at selected Pos Malaysia outlets that are involved in the marketing and processing of retail financial products, targeting the mass-market segment that is currently underserved, especially in the rural areas.

Property firms IJM Land Bhd and Malaysian Resources Corp Bhd (MRCB), which announced their plan last month to merge and potentially become the second largest property player, have aborted the plan. MRCB and IJM Land announced to Bursa Malaysia last Friday that the merger was aborted as both companies were not able to reach an agreement on the definitive terms and conditions of the proposed merger, following a series of discussions. They also announced that trading in the shares of both companies was suspended and would only resume on Monday. MRCB and IJM Land officials declined to comment when contacted by StarBiz. It is believed that the much anticipated merger between the two firms, announced on Nov 23, was called off due to issues over management and shareholding structure of the new entity post-merger.

The Malaysia Oil Palm Dealers Association (MOPDA) has expressed concern over the move by the Malaysian Palm Oil Board (MPOB) to bar dealers from buying and selling oil palm fresh fruit bunches (FFB). MOPDA president Datuk Abdul Fattah Abdullah said the new ruling was not beneficial to stakeholders, particularly dealers and the industry as a whole. The buying and selling of FFB among dealers was the norm and if small dealers were not allowed to trade among themselves, this would result in loss of employment, income and the eventual folding of the enterprises, he said. The MPOB ruling, said to take effect from today, was to give the opportunity for estates, smallholders and dealers to sell directly to millers, prevent small dealers from being monopolised by big dealers, and enhance the quality of oil palm fruits so that the oil extraction rate would exceed 25%.

FBMKLCI 1517.44 DJ+20.51 CRUDE OIL 91.57 RM 3.06

Jelas Ulung Sdn Bhd is not planning on asking the Government for an extension of PLUS Expressways Bhd's tolled-highway concessions post-2038 in its proposal to take over the company. Tan Sri Ibrahim Zain of Jelas Ulung told StarBiz this, adding that “our business model works well within the concession period until 2038 where we can already realise our investment by then”.

Jaks Resources Bhd, through subsidiary Jaks Sdn Bhd, has secured a RM201mil contract from MNH Global Assets Management Sdn Bhd for a commercial project located in Ara Damansara. MNH Global Assets is wholly-owned by Island Circle Development (M) Sdn Bhd, a major shareholder of Jaks Island Circle Sdn Bhd.

Wah Seong Corp Bhd’s wholly owned direct and indirect subsidiaries, Wah Seong International Pvt Ltd and Wasco E&P Services Ltd, have disposed of their 60% equity stakes in DrilBits International Pvt Ltd and DrilTools International FZCO, respectively. Wah Seong, in a filing to Bursa Malaysia yesteday, said the shares were sold to Omni Oil Technology Holdings Ltd in two separate agreements. The deals are expected to be completed in the first quarter next year.

Sunway City Bhd is acquiring 64.63 acres near Johor Baru from Bukit Lenang Development Sdn Bhd for RM134.52mil.

Furniture maker Kenmark Industrial Co (M) Bhd, a financially distressed company, would be removed from the official list of Bursa Malaysia this Friday.

Sime Darby Plantation SB is partnering Japan's Mitsui Engineering and Shipbuilding Co Ltd to build and operate a bio-ethanol demonstration plant, which will convert empty oil palm fruit bunches into bio-ethanol. Sime Darby officials said the plant would cost about USD10m (RM30.9m). Bio-ethanol is used as fuel for cars and unlike biodiesel, which is a blend of palm oil and diesel, it is made from plantation waste. The bio-ethanol plant will use fruit bunches as the main raw material, which is abundant and available throughout the year, Sime said in a statement. The collaboration is being undertaken by Sime Darby Research SB, the research and development arm of Sime Darby Plantation. The joint-venture plant will be built next to Sime Darby Plantation's Tennamaram palm oil mill at Bestari Jaya in Selangor.

Permodalan Nasional Bhd (PNB) was mum on speculation of mergers among its property companies or the relisting of its wholly-owned property group Island & Peninsular Group SB (I&P). "We will make the necessary announcements when the time comes," president and group chief executive Tan Sri Hamad Kama Piah Che Othman told reporters yesterday. There have been reports that major property groups like SP Setia and Sime Darby Property could be persuaded to merge. PNB is the single biggest shareholder in SP Setia and it also controls Sime Darby. As for the I&P group, it is the result of a merger with sister companies Petaling Garden and Pelangi. All three were once listed before being taken private by PNB in July 2007. The group now has a combined landbank of about 2,200ha in the Klang Valley and Johor, and has developed property projects over 35 townships such as Bukit Damansara, Bandar Kinrara, and Alam Damai
 

FBMKLCI 1511.72 DJ-18.46 CRUDE OIL 91.08 RM 3.11

Speculation about Johor Corp Bhd's (JCorp) plan to divest its stakes in QSR Brands Bhd and KFC Holdings (M) Bhd was put to rest yesterday after the state investment company reiterated it has no plans to sell those prized assets. “QSR and KFC are not for sale,” JCorp president and chief executive Kamaruzzaman Abu Kassim said in a statement, adding that it did not make sense for the company to sell its “core business”.

Malaysia Airports Holdings Bhd (MAHB) has highlighted that achieving earnings before interest, tax, depreciation and amortisation of RM773.4mil; a return on equity of 10.73% and a top 5 worldwide ranking for KL International Airport as its headline key performance indicators (KPIs) in 2011.

MAHB told Bursa Malaysia yesterday that the headline KPIs were set based on its strategic plans and long-term targets that were developed under its five-year (2010-2014) business direction planning initiative.

The Employees Provident Fund (EPF) raked in RM5.75bil in investment income for the third quarter ended Sept 30, a 5.12% increase from RM5.47bil registered in the same quarter last year. In a statement yesterday, it said equities investment was the largest contributor with RM2.4bil, representing a 2.56% increase compared with RM2.34bil recorded in the previous corresponding period.

DRB-Hicom is exploring the possibility of divesting its interests in insurers Uni.Asia Life Assurance and Uni.Asia General Insurance, say sources. There has been an interest in DRB’s insurance units but the potential buyer is still studying the numbers. It has not reached the decision stage yet. DRB’s major shareholder, Tan Sri Syed Mokhtar Al Bukhary, declined to comment. DRB has a 51% stake in Uni.Asia Life and 34.73% stake in Uni.Asia General. Its current equity partner in the two units is Singapore’s UOB.

FBMKLCI 1514.48 DJ+14.00 CRUDE OIL 91.51 RM 3.09

The independent directors of PLUS Expressways Bhd (PLUS) extended the period for new offers to buy the group’s business to Jan 10, 2011 from the earlier announced deadline of 5pm yesterday.

Sime Darby Bhd has filed a civil suit against its former chief Datuk Seri Ahmad Zubir Murshid and four other former senior personnel for restitution in the sum of at least RM338mil plus general and aggravated damages and other relief. in relation to the Qatar Petroleum Project (QP), the Maersk Oil Qatar Project (MOQ Project) and the project relating to the CONSTRUCTION [] of marine vessels known as the Marine Project.

Axiata Group Bhd has sold its entire 18.9% stake in Thai telecommunications group Samart Corp pcl for US$34.8mil (RM108.4mil) cash to the latter’s existing shareholder and founder, the Vilailuck family.

UEM Land and UMLand are to jointly develop the second mixed development project in Puteri Harbour with an estimated gross development value of RM670 million, and gross development profit of RM160 million. UEM Land, the master developer of Nusajaya, on Thursday signed a sale and purchase agreement (SPA) valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land and UMLand to acquire the parcel of land, Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour.

Rubber glove manufacturer Adventa hit limit up yesterday on speculation that it could be a potential acquisition target by a US healthcare firm for the upstream of the integration of its healthcare business. It was also rumored earlier that the US firm had previously been preliminary talks with Top Glove but had decided Top Glove was too big a manufacturer which would be too expensive.  

Proton Holdings plans to produce a two-seater sports car in two years. Proton corporate planning general manager Badrulhisham Mohd Ghazali said the vehicle would not be a hatch-back type like Satria Neo but would look like the legendary Lotus.

Berjaya Sports Toto (BjToto) has had preliminary discussions internally on a possible corporate exercise which may result in the entry of a strategic investor, it told Bursa Malaysia yesterday. It said that while there had been initial contact with several potential strategic investors, no negotiation had been conducted with any strategic investor at this juncture, as internal discussions and planning were still ongoing. 

FBMKLCI 1515.05 DJ+26.33 CRUDE OIL 90.55 RM 3.10

The battle for PLUS Expressways, Southeast Asia's biggest toll highway company, is likely to go down to the
wire as the deadline looms at 5pm today. UEM Group and the Employees Provident Fund (EPF), which have bid RM23bn or RM4.60 a share, is pitted against little-known Jelas Ulung SB’s RM26bn, or RM5.20 apiece offer. PLUS will seek to suspend its shareholder meeting today to evaluate all takeover offers. It will then call for a fresh EGM in early January.

Jelas Ulung likely to deposit RM50m for PLUS bid. In positioning itself as a serious bidder for PLUS Expressways Bhd, privately-held Jelas Ulung Sdn Bhd is likely to submit a RM50 million cash deposit and meet the minimum disclosure requirements stipulated by the toll concessionaire's board, sources said.

Boustead Holdings has signed a memorandum of understanding with DRIR Equities SB and Tulus Sejagat SB with the intention to buy a 51% stake in MHS Aviation and a 51% stake in a special purpose vehicle that will purchase all the aircraft and helicopters owned by DRIR Equities. The entire acquisition is not expected to
exceed RM100m.

UEM Land Holdings has received shareholders’ approval for the proposed acquisition of property developer, Sunrise for RM1.39bn, or RM2.80 per share. “The extraordinary EGM resolution for the takeover has been passed by shareholders along with the special resolution to increase our share capital,” UEM Land chairman, Tan Sri Dr Ahmad Tajuddin Ali told reporters.

Berjaya Corp (BCorp) has hired investment bankers to look into the possibility of undertaking a corporate exercise that could see the entry of strategic private investors into the group’s cash cow Berjaya Sports Toto (BToto), said sources. “A foreign investment bank has been appointed to look into the job. The strategic privatevinvestors that could emerge in the company include foreign investors. The bankers are exploring a few possible corporate exercises, which include the one Magnum (Corp) underwent a couple of years back that had involved its privatisation,’ said a source.

FBMKLCI 1505.18 DJ+55.03 CRUDE OIL 89.96 RM 3.12

KNM Group Bhd’s wholly-owned subsidiary KNM Process Systems Sdn Bhd (KNMPS) has secured a £450mil (RM2.196bil) engineering, procurement, construction and commissioning (EPCC) contract for a biomass and waste recycling centre project in England.

The Malaysian Anti-Corruption Commission (MACC) yesterday charged a former senior manager of Sime Darby Engineering Sdn Bhd for allegedly accepting a bribe of RM200,000 cash as a reward for proposing a private company for barge construction contracts.  

MTD is eyeing engineering and infrastructure projects in Saudi Arabia via a joint venture (JV) company it intends to form in the Kingdom with ANC Holdings Pte Ltd. MTD said it had entered into a JV and shareholders' agreement with ANC for the purpose of incorporation a JV company in Saudi Arabia. MTD will hold 51% of the JV while ANC will have the remaining 49%. "The parties intend to utilise the JV Company to undertake engineering and construction of building and infrastructure projects in Saudi Arabia," it said. 

FBMKLCI 1495.88 DJ-13.78 CRUDE OIL 89.25 RM 3.12

New RM26bil offer for PLUS highway. A competing bid to buy the assets and liabilities of PLUS Expressways Bhd has been presented to the latter’s board at an offer price that works out to RM5.20 per PLUS share, 13% higher than the existing offer by UEM Group and the Employees Provident Fund (EPF).

Bina Puri Holdings Bhd's unit Bina Puri (B) Sdn Bhd has secured a sub-contract worth RM158.36mil in Brunei. Bina Puri (B) had entered into a sub-contract agreement with to undertake the infrastructure works for a housing project for a contract sum of RM158.36mil, the company said in a filing with Chuon Tzu Construction Co Sdn BhdBursa Malaysia yesterday. The project is expected to be completed in 36 months. With the award, the group's current order book stands at RM3.31bil to date. It secured projects worth RM2.62bil in 2010. The sub-contract is expected to contribute positively to the earnings of the Bina Puri group for the financial year ending Dec 31, 2011.

MTD Capital received a buyout offer from its major shareholders Nikvest Sdn Bhd, Alloy Consolidated Sdn Bhd, Alloy Concrete Engineering Sdn Bhd and Alloy Capital Sdn Bhd (joint offerors) to acquire the remaining shares they do not already hold (excluding 27.49 million treasury shares) at RM9.50 apiece. The joint offerors hold 131.48 million shares of RM1 each in MTD, representing 53.13%. The joint offers have also made a downstream, take-over offer for the existing and paid-up shares of RM1 each in MTD ACPI ENGINEERING BHD not already held by MTD for a cash offer price of 53 sen per share. Trading MTD and MTD ACPI would resume at 9am on Tuesday, Dec 21. The two companies had requested for a trading halt from 9am on Dec 20 pending the announcement.

Time Dotcom's wholly-owned subsidiary TT dotCom Sdn Bhd has entered into principal terms of collaboration with MEASAT Broadcast Network Systems Sdn Bhd (Astro) for the provision of IPTV and Broadband services across the Klang Valley and Penang.

The lower net profit was attributed to the lower profit contribution from the gaming business operated by BERJAYA SPORTS TOTO BHD's principal subsidiary company Sports Toto (Malaysia) Sdn Bhd. It said Sports Toto registered a lower pre-tax profit in the quarter under review due to the increase in Pool Betting Duty from 6% to 8% (effective June 1, 2010) coupled with higher prize payout.

FBMKLCI 1499.88 DJ-7.34 CRUDE OIL 89.01 RM 3.11

SHARES on Bursa Malaysia is expected move sideways this week and confined within a tight-low-volume-doldrum of 1,490 and 1,510 points. Affin Investment Bank Head of Retail Research Dr Nazri Khan said the FTSE Bursa Malaysia (FBM) Composite Index made an impressive gain of 19% over the past six months. We are not surprised to see further consolidation in the last two weeks of December due to the year-end rebalancing, options annual expiration and holiday thin trading, he said. Nazri said the local market was still upbeat in the medium-term, but it could be distracted by the European sovereign debt situation and the rising bond yield in the near-term. He said renewed European debt worries tied to Moody's warning of a downgrade of Spain and Ireland's debt and poor Portuguese bond auction may dent the local market for a while.

Government-linked investment companies (GLICs), including Kumpulan Wang Persaraan (KWAP), have indicated an intention to vote in favour of the proposed takeover of PLUS Expressways Bhd by UEM Group and the Employees Provident Fund (EPF), reliable sources said.

DiGi.Com Bhd, a Malaysian mobile- phone operator, will invest RM700 million in capital expenditure next year, the Star newspaper reported, citing chief executive officer Henrik Clausen. The investment is similar to the amount spent this year, though more money will be used to improve its data and Internet network in 2011 compared with voice services, according to the report today.  

Johor Corp (JCorp) is seeking to remove Tan Sri Muhammad Ali Hashim, its previous head for 18 years, from the boards of three listed companies it has direct stakes in. The move seems to confirm speculation that Muhammad Ali, who had suddenly resigned as JCorp's CEO in July, is no longer in the good books of the powers that be in the state of Johor. JCorp has called for EGMs at Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd (DRealty) for this purpose. The removal of Muhammad Ali will be via ordinary resolutions at each of these companies, which means that a simple majority of shareholder votes would achieve the desired result. While JCorp controls more than 50% of the equity of Kulim and DRealty, it owns only 237.8 million shares in KPJ Healthcare, according to the latest shareholding changes filed with Bursa Malaysia. And according to Bloomberg data, this number of shares amounts to only a 42.6% stake in KPJ.

IJM Corp Bhd, a property developer and contractor, has secured a RM460.59m contract from Naza TTDI Construction SB for the “superstructure work” for Platinum Park’s phase three. The project involves the development of a 50- and 38- storey office towers comprising a one level facilities area at level 10, eight levels of podium carparks and a three-level basement carpark, according to a filing to Bursa Malaysia last Friday. The completion date is 31 Dec, 2013, IJM said in the filing.