FBMKLCI 1551.89 DJ-19.15 CRUDE OIL 99.30 RM 2.9825

UOA’s institutional price has been fixed at RM2.60 and the final retail price at RM2.52. At RM2.52, this was below the indicative retail price of RM2.90.

Hap Seng Consolidated has allocated RM460 million as capital expenditure for its six divisions this year, said its group managing director, Datuk Edward Lee Ming Foo. The divisions are PLANTATION []s, property investment and development, credit financing, trading of fertilisers and automotive, as well as building materials and stone quarries. Bernama quoted Lee as saying the company planned to reduce its dependence on the plantation division as it hoped to grow other core businesses -- fertiliser trading, building materials, automotive and property holdings and development. He said the plantation division accounted for 50% to its profit.

Boustead Holdings Bhd, which holds a 97% stake in Pharmaniaga Bhd, will pare down its stake to 75% or below but will continue to be the pharmaceutical company's controlling shareholder. “Pharmaniaga will be maintained as a listed entity and we will have to fulfil the public shareholding spread,” Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said after Pharmaniaga's AGM yesterday.

Zecon has received a letter of intent (LOI) from the Public Works Department to build the Petra Jaya Hospital in Kuching. Zecon said it had received the letter informing it that the company would be appointed to build the hospital by the Ministry of Finance by way of direct negotiation on the "design & build" basis.

In Faber Group Bhd, Lembaga Tabung Haji has emerged as a substantial shareholder with a 9.92% stake or 36 million shares. It acquired the shares in an off-market deal from Universal Trustee (M) Bhd on June 2.

Contrary to speculation, PLUS Expressways Bhd, the country’s largest toll operator, will not likely be paying out its dividends sooner than usual as the distribution of proceeds from the disposal of its assets will likely happen only in late September. It was previously reported that PLUS might be paying out a dividend sooner than the normal timeline to assuage shareholders who had a relatively long wait for the returns from the pending sale of the company’s assets and liabilities.

FBMKLCI 1542.84 CRUDE OIL 100.67 RM 2.9910

After several rounds of deferment and a long wait, Tenaga Nasional Bhd (TNB) has finally gotten the green light to implement new electricity tariff rates which will help it mitigate the effects of higher gas prices. “As a result of the gas price increase, TNB's gas bill will increase by about RM1.5bil per year. “Due to the gas price increase, TNB will have to increase the electricity tariff to cover for the additional cost,” TNB president and CEO Datuk Seri Che Khalib Mohd Nor said at a briefing yesterday. Tenaga has been allowed by the government to increase its base tariff by 2%. As a result, average tariff will increase by 7.12%; industrial consumers and commercial users will see an average hike of 8.3%, but Tenaga said there would be no increase to about 75% of households.

Boustead Heavy Industries Corp Bhd (BHIC) signed a joint-venture deal with Prokhas Managers Sdn Bhd (PMSB) yesterday to supply artillery propellants to the Malaysian Armed Forces. Under the joint venture, a new company, namely Pyrotechnical Ordnance Malaysia Sdn Bhd, will produce double base artillery propellants at a plant located on a 21-acre site in Bentong, Pahang. The plant is due to begin production in the third quarter of next year.

Analysts are confident that Sime Darby Bhd is making progress with the portfolio review and divestment of non-core assets after suffering massive losses in the oil and gas division a year ago. The share price has also moved up especially since the announcement of the non-binding memoranda of agreement to sell the Teluk Ramunia fabrication yard to Petroliam Nasional Bhd for RM296mil and the Pasir Gudang fabrication yard to Malaysia Marine and Heavy Engineering Holdings Bhd for RM399mil. The conglomerate posted a net profit of RM820.1mil for the third quarter ended March 31 after suffering a loss of RM308.6mil in the same corresponding period last year on higher contribution from plantation, motors, industrial, and energy and utilities divisions. Revenue for the period under review also rose to RM10.6bil from RM7.6bil previously.

Oldtown Bhd is pricing its issue/offer price at RM1.25 per share for its initial public offering (IPO) of 96.4 million shares of RM1 each,  The company, which owns and operates the Oldtown White Coffee chain, aims to list on Bursa Malaysia's Main Market on July 11. According to its prospectus draft, the company is offering 63.4 million new ordinary shares for application by the Malaysian public, directors, eligible employees and business associates of Oldtown and its subsidiaries.

Malayan Flour Mills Bhd (MFM) has proposed a share split of every one existing ordinary share of RM1 each in the company into two new ordinary shares of 50 sen each. Based on the issued and paid-up capital of MFM of RM107.6mil comprising 107.6 million shares as at May 27, the share split would result in an issued and paid-up capital of RM107.6mil comprising 215.3 million shares. 

CIMB Group's first quarter results came in slightly below expectations but the second half will likely be boosted by stronger capital market activities, higher domestic net interest margin (NIM) and impact from various economic transformation projects. CIMB reported net earnings of RM917mil, representing an increase of 9.3% for the first quarter (Q1) of financial year (FY) 2011.

PLUS Expressways Bhd’s net profit for its first quarter ended March 31 rose by 75.3% to RM495.1mil as it received RM364mil of compensation in accordance with the terms in the current concession agreements.

PLUS said RM364mil of compensation was included in the current quarter under review.

TIME dotCom Bhd net profit for the first quarter ended March 31 surged 21.8% to RM22.9mil from a year ago due to higher revenue and improved margins. Revenue for the quarter increased 7.7% from the same quarter last year to RM70mil as a result of higher data earnings within its wholesale and corporate segments. TIME’s data business posted a 16% growth to contribute RM51.1mil in revenue. Earnings per share for the quarter also increase to 90 sen from 74 sen a year ago.

Proton unit Group Lotus plc has won the right to use the name “Lotus” within Formula 1, and entitled to race in its historic black and gold livery. Proton said the Chancery Division of the English High Court had on last Friday, May 27 had also ruled that 1MRT was in breach of the Licence granted to them by Group Lotus to race in Formula 1 under the name Lotus Racing and had awarded Group Lotus damages in respect of that breach.

Brem Holding Bhd net profit for the fourth quarter ended March 31, 2011 surged to RM26.72 million from RM2.12 million a year earlier, due mainly to the reversal of allowance for impairment of RM21.5 million.

The company proposed a gross dividend of five sen per share for the financial year ended March 31.

FBMKLCI 1526.33 DJ+52.45 CRUDE OIL112.33 RM 2.9805

Shares of information technology company Tricubes Bhd advanced by 15.5 sen, or 103%, to 31.5 sen yesterday, the highest in more than six years, on news that it will be collaborating with Microsoft to develop the 1Malaysia email project.

The RM1.1bil China-based company that has been approved to list by the Securities Commission (SC) is China Stationery Ltd from Putian, Fujian Province, according to reliable sources. This listing is significantly bigger than the other China companies listed in Malaysia

TNB’s earnings fell 36.9% to RM630.30 million in the second quarter ended Feb 28, 2011 from RM1 billion a year ago as it was impacted by higher coal prices. Forecasting a challenging year ahead, TNB said its revenue was a marginal 1.5% higher at RM7.503 billion from RM7.389 billion a year ago. Its earnings per share were 14.2 sen compared with 23.05 sen while it declared a lower dividend of 4.5 sen per share.

British American Tobacco’s net profit for the first quarter ended March 31, 2011 fell 6.95% to RM178.56 million from RM191.89 million a year earlier, on the back of lower volumes and a decline in profit from operations. Revenue for the quarter declined to RM992.15 million from RM1.02 billion in 2010. Earnings per share was 62.50 sen while net assets per share was RM1.72. BAT declared a first interim dividend of 60 sen per share, tax exempt under the single-tier tax system amounting to RM171.32 million for the financial year ending Dec 31, 2011.

PLUS Expressways Bhd is considering paying out dividends earlier than the norm and may announce this at its upcoming AGM, sources said.

JT International Bhd (JTI) will consider paying a special dividend this year, according to chairman Datuk Seri Mohd Nadzmi Mohd Salleh. “We are looking into various business opportunities. If we do not need the money, we will consider that (paying a special dividend),” he said after the company AGM yesterday.As at Dec 31, 2010 (FY10), JTI has a cash and cash equivalents of RM189.2mil. For the full year, JTI posted a net profit of RM133.8mil on revenue of RM1.2 billion.

After hiving off its core insurance business in Malaysia, cash-rich Jerneh Asia has now set its sights on acquiring. Sabah-based property developer Sagajuta Sabah SB, whose flagship project is the massive 1 Borneo mixed development in Kota Kinabalu. Jerneh Asia announced to Bursa Malaysia yesterday that it had signed a memorandum of understanding (MoU) with Sagajuta’s 60% shareholder, Generasi Cipta SB, to start exclusive discussions for the proposed acquisition. If the talks bear fruit, it will be a backdoor listing of Generasi Cipta, whose main assets include the 1 Borneo project that has a gross development value of RM1.2bn, encompassing a 1.5m sq ft shopping mall, four hotels and four condominium towers.

FBMKLCI 1511.11 DJ- 107.01 CRUDE OIL 98.90 RM 3.02

It may not be the time for bargain hunting yet as there is more downside to the local stock market due to negative external factors. Investors appeared to be staying at the sidelines yesterday with only 1.7 billion shares being traded compared to the average daily volume of more than 2 billion at the start of the year. The local benchmark FTSE Bursa Malaysia KLCI had yesterday shed more than 10 points in intra-day trading before finishing at 1,511.11, 2.52 points or 0.17% lower, dragged down mostly by plantation stocks affected by lower crude palm oil prices.

PLUS Expressway Bhd, the country's biggest toll road operator, obtained its shareholders' approval yesterday for the RM23 billion takeover bid by its major shareholders UEM Group Bhd and the Employees Provident Fund (EPF), despite over 100 minority shareholders claiming the EGM was "illegal" and walking out halfway.

Telecommunications service provider Axiata Group Bhd posted a net loss of RM367mil for the fourth quarter (Q4) ended Dec 31, 2010, due to impairment loss on its investment in an India-based associate. This compared with a net profit of RM558mil for the corresponding period last year.

Multi-Purpose Holdings Bhd (MPHB), which has businesses from gaming to stockbroking, recorded improved results in the continuing operations of the company despite the lower net profit for the fourth quarter ended Dec 31, 2010.

Plantation firm TSH Resources Bhd’s net profit for the fourth quarter ended Dec 31, 2010, surged 115.98% to RM44.22mil compared with the previous corresponding quarter mainly due to higher contributions from Indonesian operations.

Star Publications (M) Bhd’s net profit for the financial year ended Dec 31, 2010 (FY10) rose 27.80% to RM184.94mil on revenue that gained 9.01% to RM1.06bil.

Hong Leong Bank Bhd’s (HLB) net profit for the second quarter ended Dec 31, 2010 rose to RM291.43mil from RM224.75mil a year ago while revenue increased to RM603.96mil from RM519.40mil previously.

Transmile Group Bhd faces suspension and delisting from March 3 and March 7 respectively for failing to submit a regularisation plan to the Securities Commission or Bursa Malaysia for approval by Feb 22.

PETRA ENERGY BHD [] is likely to post losses for the fourth quarter of 2010 even with crude oil prices around US$100 again.

Genting Bhd’s net profit surged 89.6% to RM465.43 million in the fourth quarter ended Dec 31, 2010 from RM245.4 million a year ago. Revenue rose 76% to RM4.086 billion from RM2.320 billion. Earnings per share were 12.57 sen compared with 6.64 sen while it proposed a final dividend of 4.5 sen. It said the higher revenue was mainly from the leisure and hospitality division with the commencement of operations of Resorts World Sentosa in Singapore, during the first quarter of 2010. As for FY10, its earnings rose 110.9% to RM2.202 billion from RM1.044 billion while revenue surged 71% to RM15.194 billion from RM8.893

billion. Group revenue rose by 71% to record a new high of RM15.19 billion in FY2010 (FY2009: RM8.89 billion), while group profit before tax rose by 74% to post a new high of RM4.39 billion in FY2010 (FY2009: RM2.53 billion).

IJM Corp’s earnings rose 58% to RM132.19m in the third quarter ended Dec 31, 2010 from RM83.64 million a year ago, boosted by its property and PLANTATION []s sector. Revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen. IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.

Kossan’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.4% to RM29.45 million from RM24.25 million a year ago, driven by the expansion in the company’s gloves division with better product mix and margin. Revenue rose 11% to RM252.97 million from RM227.75 million. Earnings per share were 9.18 sen while net assets per share was RM1.40. For the financial year ended Dec 31, 2010, Kossan’s net profit recorded an increase of 76.1% to RM118.59 million from RM67.33 million a year ago. Revenue rose 24.6% to RM1.05 billion from RM842.14 million.

Tan Chong’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.8% to RM52.07 million from RM42.73 million a year earlier, boosted by across the board price discounting to clear 2010 inventories ahead of new model introductions in 2011. Revenue for the quarter rose 16% to RM835.36 million from RM720.19 million a year ago. Earnings per share were 7.98 sen, while net assets per share was RM2.57.

FBMKLCI 1574.49 CRUDEOIL 90.87 RM 3.03

New stock listing

No.  Stock  Code    Stock Name     Reference Price      Lower Limit     Upper Limit

1.    5191               TAMBUN           0.70                             0.40                3.50

 

 

Tambun Indah’s  IPO consists of a public issue of 32 million new ordinary shares and an offer-for-sale of 22.1 million vendor shares at 70 sen each. BIMB Securities Research derived a fair value of 81 per share after pegging a 30% discount to its peers' three-year average price-to-earnings ratio of 9.8 times to FY11 EPS of 11.8 sen.

PLUS Expressways Bhd's board of directors, save for the interested directors, has deemed the UEM Group Bhd-Employees Provident Fund's (EPF) RM23bil takeover offer as a “confirmed offer.” It told Bursa Malaysia yesterday that the board had decided to proceed with the adjourned EGM for its non-interested shareholders to consider the disposal of its entire business and undertaking to UEM-EPF, and the proposed distribution of the cash proceeds to all entitled shareholders via a proposed special dividend and selective capital repayment.

 

The steel sector is poised for a re-rating as it will benefit from the massive construction of the mass rapid transit (MRT) system but rising material costs remains a huge risk to the sector. Hwang DBS issued a report on the sector yesterday saying all steel companies would benefit as a result of the MRT project, which is estimated to cost more than RM36bil, making it one of the largest construction projects undertaken in the country. “Construction work for the MRT, which is targeted to start in July, should spark demand momentum and improve steel prices,” HwangDBS said in the report.
Amin Halim Rasip has filed an originating summons for his brother Harun Halim Rasip to perform a settlement agreement in relation to a shareholding split in Integrax Bhd, which would result in 51.51 million Integrax shares transferred to Amin. According to the court document filed by Amin and Nor'aini Hashim this month, it is claimed that Harun and his wife Rozia Hanis Tun Hussein have breached the settlement agreement by failing or refusing to complete and effect the transfer of 51.51 million shares in Integrax held by Halim Rasip Holdings, Jurukapal Marine and/or Lekir Group to Amin and Nor'aini. It is learnt that the shareholding split based on the settlement agreement would result in Amin owning an 18% stake.

Everest Hectare Sdn Bhd acquired 50.02% stake in apparel retailer Hing Yiap Group Bhd for RM31.3mil or RM1.50 per share in cash yesterday and subsequently launched a unconditional takeover offer to buy the remaining shares it did not already own. Hing Yiap in its filing to Bursa Malaysia yesterday said Everest Hectare had acquired about 20.9 million shares of RM1.50 each in Hing Yiap via an unconditional share sale agreement entered into with Chi Kuei Yung Sdn Bhd, Chi Oi Meng, Khoo Henn Kuan and Khoo Henn Kiew.

In IOI Corp Bhd, the PLANTATION [] heavyweight had redeemed the US$440.77 million of the outstanding US$444.87 million bonds. The balance of bonds outstanding is US$4.10 million.

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 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 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.