FBMKLCI 1540.62 DJ+69.48 CRUDE OIL 87.47 RM 3.009

Fraser & Neave Holdings Bhd posted a jump in net profit to RM107mil in its first quarter ended Dec 31, 2010 from RM77.7mil a year ago, on account of higher revenue and tax incentives enjoyed by its dairy plant in Rojana, Thailand.

The world’s largest synthetic glove manufacturer Hartalega Holdings Bhd posted slightly higher net profit of RM49.2mil for the third quarter ended Dec 31, 2010 from RM37.2mil a year ago, while its revenue rose to RM188.1mil from RM148.6mil.

Maxbiz Corp Bhd will hold an EGM in Kuala Lumpur on Feb 23 on the proposed removal of its auditors Gomez & Co with immediate effect and proposed appointment of STYL Associates as auditors for the financial year (FY) ended Dec 31, 2010, it told Bursa Malaysia yesterday.

Iris Corp is venturing into industrialised building system (IBS) via a joint venture with a joint venture with Koto Malaysia Sdn Bhd and Ambitech Sdn Bhd. Iris said it planned to develop the Koto IBS for mass building projects in Peninsular Malaysia. “Koto IBS is an alternative way to mass manufacture energy efficient housing, commercial buildings, high-rises and affordable housing.

Ireka secured a RM27.58-million contract to build the structure for the proposed City International Hospital in Ho Chi Minh City, Vietnam. It was awarded the contract by Hoa Lam-Shangri-La Healthcare Ltd Liability Co. The contract works are expected to be completed by Sept 30, 2011.“The contract is expected to contribute positively to the earnings of the Ireka group for the financial year ending March 31, 2012,” it said.

KENCANA PETROLEUM BHD  plans to finance the US$200 million required to jointly develop and operate the Berantai oil and gas field through an equity/debt fund raising exercise. “The detailed breakdown between the various sources of funding has yet to be determined at this juncture, pending completion of the company’s proposed fund raising exercises in its entirety,” it said on Monday, Feb 7, in response to a query by Bursa Malaysia.

SAPURACREST PETROLEUM BHD informed the stock exchange that it was in discussions with a leading local bank to secure the necessary funding to part-finance its unit, Sapura Energy Venture’s contribution to the cost of development of the Berantai field.

FBMKLCI 1520.00 DJ+8.25 CRUDE OIL 87.55 RM3.02

Kencana Petroleum Bhd's private placement of 166.7 million shares of 10 sen each via its book-building exercise has been completed. The issue price that has been fixed at RM2.38 each would result in gross proceeds of about RM397.6mil. The issue price represented about 1.65% discount to the closing price of Kencana shares on Jan 25 of RM2.42. It is believed that the shares were oversubscribed by 3.5 times.

Infrastructure builders Muhibbah Engineering (M) Bhd in consortium with Perunding Ranhill Worley Sdn Bhd has been awarded a RM1.07bil contract by Petronas Gas Bhd for works under its LNG regasification project. Muhibbah told Bursa Malaysia yesterday that the consortium received the contract for the engineering, procurement, construction, installation and commissioning alliance for the LNG regasification unit, island berth and subsea pipeline of the LNG regasification project.

SapuraCrest Petroleum Bhd, an integrated oil and gas service provider, said its wholly-owned unit received a letter of award for works valued at US$31.5mil from Petronas' subsidiary PC Myanmar (Hong Kong) Ltd.

The company told Bursa Malaysia yesterday that its unit TL Offshore Sdn Bhd received an award letter dated Jan 19 for the provision of transportation and installation of offshore facilities for PC Myanmar's Yetagun Phase 4 development at the Andaman Sea.

C.I. Holdings Bhd net profit for the second quarter ended Dec 31, 2010 rose 43% to RM11.27mil from a year ago mainly due to further economies of scale and prudent cost management.

Fraser & Neave Holdings Bhd's (F&N) foray into property development paid off well when it recently sold the second phase of Fraser Business Park in Pudu for RM63 million, which netted the group a gain of RM29.6 million.

The Edge FinancialDaily also reports the recent sharp rise in cocoa prices has brought a windfall for GUAN CHONG BHD [], which had earlier stocked up on the soft commodity at substantially lower prices. The company's profit margin has already widened substantially to 6.7 pct for the nine-month period ended Sept 30, 2010, from 1.8 pct in the previous corresponding period.

Today's Company Notes; fbm klci 1519.84

· F&N's 4QFY10 earnings surged to RM462.3mn from RM61.08mn  a year ago and it announced a final single tier dividend of 38 sen per share and a special interim dividend of RM1.10 per share.

·  AZRB is disposing 21.26% equity interest in Eastern Pacific Industrial Corporation Berhad to Lembaga Tabung Amanah Warisan Negeri Terengganu for a total cash consideration of RM111.5mn.

·  Dayang proposed  bonus  issue  and renounceable  rights issues on the basis of 1-for-4 Dayang shares held and after the proposed bonus issue respectively.

·  Uemland has no plans to raise its bid for Sunrise Bhd after the latter's share price jumped above the offer price yesterday. 

·  Mas's  unit  will  introduce jet aircraft operations  with  a  fleet of Boeing 737-800 aircraft operating out of the  Main  Terminal  Building of Kuala Lumpur International Airport in 2011.

·  HWGB  is  proposing  a private placement of up to 41.36mn  new ordinary shares of RM0.20 each to independent third party investor(s)  to  be  identified later at an issue price which is to be determined later.

·  Lonbisc  has served a notice to voluntarily buy all the remaining 54.4mn shares in TPC Plus Bhd it does not already own for 30sen a share.

·  Malaysia's GDP may expand 4.8% next year, slowing from a 7.4% gain in 2010  following  last  year's  recession,  the  World Bank said in its Malaysia Economic Monitor report.

·  More  U.S.  executives  than  ever  are increasing earnings forecasts compared  with  those  lowering  them, helped by almost $2 trillion of Federal Reserve spending and a recovery in the global economy.