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.

FBMKLCI 1525.92 DJ-117.53 CRUDE OIL 105.93 RM 2.99

Land & General Bhd’s EGM will be at the Sri Damansara Club, KL at 10am. The company proposes to acquire 10 parcels of land with 27-hole golf course and clubhouse and several plots of vacant land in Seremban for RM25 million. MSWG said the proposed acquisition is a related party transaction involving at least four directors on the board and major shareholders.

OSK HOLDINGS BHD [] AGM will be at Plaza OSK, KL at 2.30pm. MSWG to raise questions about the reasons for the allowances of impairments losses on investments classified under Securities HTM of RM7.6 million and Securities AFS of RM38.7 million as disclosed in Note 37 on page 152 of the annual report. MSWG to also ask as the group loans and financing segment was the third biggest contributor, accounting for 23% of the group's pre-tax profit. In 2010, OSK loans and financing segment achieved pre-tax profit growth of 40% to RM45.5 million. What are OSK's plans to expand this segment, especially since the group was able to amass substantial deposit base of RM4.5 billion?

The Edge FinancialDaily reports the gaming sector is in the spotlight once again, with the focus on Berjaya Sports Toto Bhd (BToto).According to a Reuters report, tycoon Tan Sri Vincent Tan was mulling the sale of a 49% stake in BToto's unlisted numbers forecast operator (NFO) for about US$1 billion (RM3.03 billion).

ExxonMobil Exploration and Production Malaysia Inc has extended Handal Resources Bhd’s contract to provide crane services for a further one year, from May 1 to April 30, 2012.

Its unit Handal Offshore Services Sdn Bhd had received an extension of contract which it said would contribute to the group’s earnings for the financial year ending Dec 31, 2011. The contract was initially awarded to Handal Offshore in May 2006 for a five-year term expiring in April 2011.

Eastern & Oriental Bhd has received the Penang Government’s in-principle approval for its master plan to undertake a mixed integrated project on a proposed reclaimed site on the island. The company said the approval was for the development on the site, which is to be reclaimed under phase two of its Seri Tanjung Pinang in Tanjong Tokong, Penang.

Favelle Favco Bhd’s units have secured contracts worth a combined RM89.5 million for the supply of four offshore cranes. Favelle Favco Cranes Pte Ltd was to supply Keppel Fels Ltd with an offshore crane, which was expected to be delivered from end 2011 to early of 2012.

MAH SING GROUP BHD [] is buying nine parcels of land in Tanjung Kupang, Johor Bahru measuring 205.72 acres for RM54.7 million for an industrial park. The land was acquired at about RM6.10 per sq ft and it plans to develop into an integrated industrial and business park named Mah Sing i-Parc. “Based on preliminary plans, Mah Sing i-Parc will comprise semi-detached factories, detached factories and shop offices with an estimated gross development value of approximately RM610 million,” it said.

Press Metal Bhd and three foreign companies, which together plan to invest some RM9.5bil in energy-intensive industries in Samalaju Industrial Park, Bintulu, have signed separate power purchase agreement (PPA) term sheet with Sarawak Energy Bhd (SEB). SEB,Asia Minerals Ltd and Tokuyama Corp – would require a long-term supply of 1,300MW to power their plants. The electricity will be supplied by the 2,400MW Bakun hydroelectric dam, which is expected to produce its first 300MW in three months.

FBMKLCI 1513.84 DJ+84.54 CRUDE OIL 105.47 RM 2.9980

SEGi said it has set a dividend policy to distribute a minimum of 50% of the group net profits to its shareholders, with effect from the financial year ending Dec 31, 2011. SEGi said the board believes that the dividend payout of a minimum of 50% of its net profits is within the group’s financial capability considering its future earnings growth.

Both Axiata Group Bhd and Telekom Malaysia Bhd (TM) have barred Alcatel-Lucent from participating in tenders, contracts or joint ventures for a year following the call from Malaysian Anti-Corruption Commission (MACC). “Alcatel-Lucent welcomes the MACC recommendation and is committed to earning back our customers' trust,” it said in a statement in response to the 12-month suspension.  Axiata said the suspension runs for 12 months from Feb 18 while TM's suspension was effective Jan 5.

Gamuda’s  net profit for the second quarter ended Jan 31, 2011 rose 19.6% to RM94.03 million from RM78.63 million a year earlier, mainly due to higher contributions from all its divisions. Revenue rose marginally to RM607.19 million from RM603.24 million. Earnings per share were 4.59 sen, while net asset per share was RM1.74.For the six months ended Jan 31, Gamuda’s net profit rose to RM182.56 million from RM152.66 million in 2010.

Ramunia's net profit for the first quarter ended Jan 31, 2011 fell to RM1.1 million from RM3.42 million a year earlier due mainly to the tail end of the remaining projects billings and lower operating income. Revenue slumped to RM1.36 million from RM15.85 million in 2010. Earnings per share were 0.17 sen while net assets per share was 25.1 sen. Reviewing its results and commenting on its prospects, Ramunia said it was finalising its PN 17 regularisation plan.

Digistar, it said with the secured order book of RM102 million, it is in the midst of tendering and bidding of additional of RM130 million worth of contract and project of broadcasting jobs in Malaysia. “The company is in the view that, once secure with additional contracts, barring any unforeseen circumstances, the expectation in rise of additional revenue in FY2011 shall increase around 30% to 40%, if compared to recorded revenue of RM73 million in FY10,” it said in reply to a query from Bursa Securities.

Eastern & Oriental Bhd’s (E&O) wholly-owned subsidiaries E&O Property Development Bhd and Samudra Pelangi Sdn Bhd has proposed to dispose of their entire securities interest in Fututech Bhd for RM8.78mil cash.

OSK Property Bhd bought 16 acres of prime freehold commercial land in Cyberjaya’s flagship zone from Setia Haruman Sdn Bhd for some RM86.5mil.

Sarawak plywood mills’ plans to raise their production to meet an anticipated high demand from Japan for the reconstruction of Sendai, a Pacific coastal town destroyed by a magnitude-9 earthquake and tsunami, will be hampered by a shortfall in the supply of raw material.