FBMKLCI 1514.13 DJ-30.88 CRUDE OIL107.43 RM 2.994

CIMB Bank and CIMB Islamic Bank will maintain their base lending rate and base financing rate at 6.3%. The two banks backtracked on their decisions in less than 24 hours after having announced a rise of five basis points on lending rates on Wednesday.

TIME DOTCOM BHD [] is teaming up with Measat Broadcast Network Systems Sdn Bhd (MBNS) to provide IPTV and broadband services across the Klang Valley and Penang., TT dotCom Sdn Bhd (TTdC) had signed a collaboration agreement with MBNS, which takes effect from Dec 20, 2010 and continue for 10 years from April 1. The collaboration agreement supersedes and replaces the principal terms of collaboration signed by the parties on Dec 20, 2010.

Glomac’s net profit for the third quarter ended Jan 31, 2011 rose 55.2% to RM16.52 million from RM10.65 million a year earlier, mainly due to stronger contribution from higher margin projects such as Glomac Tower, Glomac Damansara and Glomac Cyberjaya. Revenue for the quarter surged 124% to RM176.53 million from RM78.76 million in 2010. Earnings per share were 5.65 sen, while net assets per share was RM2.01. Glomac proposed an interim dividend of 4.5 sen per share. For the nine months ended Jan 31, Glomac’s net profit rose to RM47.96 million from RM28.29 million a year ago, on the back of revenue RM443.74 million.

There has been no indication from the Employees Provident Fund (EPF) that it will pare down its stake in MBSB, said its CEO Datuk Ahmad Zaini Othman. MBSB targets to grow its personal loans to account for 50% of its overall loan portfolio from about 30% presently and this should translate to an additional RM5 billion in fresh disbursements.

Perisai revealed that if it acquired Garuda Energy, it would assume a debt of RM120mil of the latter. Analysts had earlier said it was difficult to ascertain if Perisai was paying a fair price for Garuda Energy, considering there were no details on the latter's debt levels. Perisai also said its total borrowings would balloon from RM251.2mil as at Dec 21, 2009 to RM600.4mil post-acquisition of Garuda Energy. Aside from the RM150mil debt at Garuda Energy, Perisai said it may raise another RM150mil via external borrowings to fund the cash consideration needed for buying Garuda Energy. The projected total borrowings also include a consolidation of borrowings of RM91.4mil from its January 2011 acquisition of another company, Intan Offshore Group

SAM Engineering & Equipment (M) Bhd has proposed to acquire an engine casing manufacturing division from Singapore Aerospace Manufacturing Pte Ltd for RM135mil and restricted issue of irredeemable convertible unsecured loan stocks (ICULS) of up to 33.75 million ICULS to minority shareholders of SAM.

Nam Fatt Corp Bhd, a Practice Note 17 (PN17) status company, has entered into a heads of agreement with Tan Sri Ta Kin Yan to undertake a series of proposals with the ultimate aim of regularising the financial condition of the company. “Ta will participate in the proposed regularisation of Nam Fatt subject to the terms and conditions of the heads of agreement and the terms and conditions of a definitive agreement to be agreed and executed between the company and Ta,” it said. Nam Fatt also appealed to Bursa Malaysia not to de-list its securities and to allow the company to submit its regularisation plan.

Handal Resources Bhd’s rights issue of 60 million ordinary shares together with 60 million free warrants have been oversubscribed by 76.26%. At the close of acceptance and payment of the rights issue and free warrants on March 25, applications were received for 105.76 million new rights shares together with warrants, an excess of 45.76 million shares, Handal said in a statement yesterday. The rights issue of 60 million ordinary shares priced at 52 sen per share was offered together with 60 million new free detachable warrants on the basis of two rights shares and two free warrants for every three existing Handal shares. Together with the rights issue, Handal also made a bonus issue of 10 million shares on the basis of one bonus share for every six right shares subscribed.

FBMKLCI 1531.63 DJ+71.60 CRUDE OIL 104.32 RM 2.994

Trading in Fotronics Corp Bhd on Bursa Malaysia will be suspended from April 7 as it has failed to submit its regularisation plan within the stipulated time.

Berjaya Corp Bhd posted a net profit of RM32.46mil in the third quarter ended Jan 31, 2011 compared with net loss of RM156.20mil a year ago on higher profit contribution from gaming, stock broking, direct selling, retail and distribution businesses.

CIMB Bank Bhd and CIMB Islamic Bank Bhd have announced an increase in their base lending rate (BLR) and base financing rate (BFR) by five basis points from 6.3% to 6.35%, effective from April 4.

Integrated Logistics Bhd expects to spend RM200mil in three years to expand its business in China and Dubai.Integrated Logistics (China) Co Ltd head of corporate finance and investment Eric Tay said the amount was for the expansion of its warehouse to 4 million sq ft from 1.8 million sq ft currently. “Of the total investment, 40% will come from loans and 60% internal funding,” he said after the company's AGM yesterday.  The company's warehouse in Dubai would be a 50:50 partnership with a local company there and was expected to contribute to group revenue next year.

Ireka Corp Bhd's wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd (IECSB), has received a letter of award from Transmission Technology Sdn Bhd for a RM232.75mil contract. It told Bursa Malaysia that it was for architectural as well as mechanical and electrical works on the proposed offices and hotel development in Kuala Lumpur.

Tan Chong Motor Holdings Bhd has received approval from the Securities Commission to upsize its asset-backed medium term notes (MTN) programme to RM2bil from RM600mil. “The approval would enhance the group's ability to tap the capital markets for future funding needs,” it said in a statement yesterday. The group has completed four issuances and raised over RM788mil from the capital markets via Premium Commerce Bhd's MTN programme. Premium Commerce Bhd is an independent special purpose entity established to undertake a securitisation programme for the Tan Chong group.

DBE Gurney’s additional 593.33 million new shares and 200 million warrants will be listed on Thursday. The warrants were issued for free to the subscribers of the renounceable rights issue of 400 million rights shares on the basis of one free detachable warrants for every two rights shares subscribed for. The maturity date of the warrants is March 22, 2016 and the conversion price is 10 sen. The new shares of 10 sen were issued pursuant to the rights issue with warrants and capitalisation of amounts due to director and creditors settlement.

V. S. Industry has set a dividend policy of making out an annual payment of at least 40% of its net profit to shareholders as dividends, and plans to disburse payouts on a quarterly basis. The dividend policy is effective in the current financial year ending July 31, 2011 (FY11). VSI’s net profit in the second quarter ended Jan 31, 2011 surged 134.1% to RM10.1 million from RM4.4 million a year ago, due to higher revenue. The profit came mainly from the higher group sales as a result of the increased sales generated by its Malaysian and Indonesian operations.

Masterskill Education Group Bhd has recommended a final single tier dividend of 7.9 sen per 20 sen share for the financial year ended Dec 31, 2010. It said on Wednesday, March 30 the dividends would be payable on June 15. The group had on Oct 13, 2010, completed the distribution of an interim dividend of seven sen per share to the shareholders. The total of 14.9 sen per share dividend for 2010 will represent a total payout of 60% of its net profit, equivalent to RM61 million.

FBMKLCI 1520.09  DJ+81.13 CRUDE OIL104.50 RM 2.996

ECM Libra’s earnings surged 250% to RM45.84 million in the fourth quarter ended Jan 31, 2011 from RM13.12 million a year ago, boosted by higher brokerage and fee income and also from trading and investment securities. Revenue doubled to RM105.84 million from RM46.79 million a year ago  while earnings per share were 5.61 sen. It proposed dividend of 4.25 sen per share. For the financial year ended Jan 31, 2011, net profit rose 59.7% to RM65.21 million from RM40.81million in the previous financial year. Revenue rose 60.2% to RM214.64 million from RM133.96 million.

Khazanah Nasional Bhd and its advisers yesterday shortlisted three companies for the sale of its 32.21% stake in Pos Malaysia Bhd. According to sources, the three companies are DRB-HICOM (M) Bhd, Nationwide Express Courier Services Bhd and Scomi Group Bhd.

Ekovest Bhd has signed a joint-venture and shareholders’ agreement with Malaysian Resources Corp Bhd (MRCB) and KL Bund Sdn Bhd in relation to the River of Life project.

Kencana Petroleum Bhd has secured a RM216 million contract from Petrofac Malaysia Ltd for the CONSTRUCTION [] of well head platforms for the Cendor oil field off the coast of Terengganu.

PETRA PERDANA BHD [], Koh Pho Wat ceased to be a substantial shareholder after disposing of one million shares on Monday at 94.5 sen a share. His direct stake was reduced to 4.78% or 21.517 million shares.

In RHB CAPITAL BHD [], the Employees Provident Fund board disposed of three million shares on March 24, reducing its stake to 959.96 million shares or 44.58%.

FBMKLCI 1514.25 DJ-22.71 CRUDE OIL103.66 RM 2.9970

Boustead Holdings Bhd has proposed to pay RM100mil for a controlling stake in MHS Aviation Bhd, which has secured a RM3.1bil contract from Petronas Carigali to provide rotary wing aircraft, equipment and services.

Jaya Tiasa’s net profit rose 191% to RM39.89 million in the third quarter ended Jan 31, 2011 from RM13.67 million a year ago, boosted by higher prices for its timber and palm oil. Revenue rose 13.3% to RM237.64 million from RM209.68 million while earnings per share were 14.94 sen compared with 5.12 sen. Jaya Tiasa said the better results in revenue and pre-tax profit were mainly due to higher profit margin from logs sales with 36% increase in average selling price and 50 % increase in fresh fruit bunch (FFB) sales volume with 61 % improvement in average selling price. It said for the nine months, net profit jumped 425% to RM92.42 million from RM17.59 million while revenue rose 10.6% to RM615.39 million from RM556.38 million.

Silk Holdings Bhd registered a loss after tax and minority interest of RM3.2mil for the second quarter ended Jan 31 compared with profit after-tax and minority interest of RM970,000 recorded in the previous corresponding quarter.

SapuraCrest Petroleum Bhd posted a net profit of RM72.7mil for the fourth quarter ended Jan 31, which was 79.1% higher than RM40.6mil recorded in the same period last year.

BHIC’s associate Boustead Naval Shipyard Sdn Bhd (BNS) has been served with a writ of summons by Meridien Shore Sdn Bhd which is claiming RM49.5 million in losses. Meridien, which is in liquidation, was claiming RM49.57 million as specific damages, interest at 8% per annum, general damages, cost and other relief over the alleged losses suffered after Bank Kerjasama Rakyat Malaysia Bhd foreclosed on several parcels of its land in Johor.

Cypark Resources reported net profit of RM6.55 million in the first quarter ended Jan 31, 2011 on the back of RM42.61 million in revenue and expects to ride on the growing renewable energy business. Earnings per share were five sen When compared to the previous quarter, it said the revenue rose by 17% to RM42.61 million mainly due to the smooth progress of phase two of its projects. However, the 1Q gross profit margin fell 10.7% to 26.1% due to lower margins from engineering works. It said it planned to venture into the renewable energy business. The proposed renewable energy park project in Pajam would harness the potential resources at the landfill. The solar, landfill gas (biogas) and waste (biocell) would enable it to tap into scalable renewable energy which would generate up 10 MW.