FBMKLI 1558.01 DJ-10.75 CRUDE OIL95.35 RM2.919

Salcon Bhd’s wholly-owned subsidiary, Salcon Engineering Bhd, has secured a RM16.2mil (243 million rupees) contract from Davanagere City Corporation, Karnataka, India, for the laying of raw water pumping mains and related ancillary works.

A consortium which includes Scomi Engineering Bhd has sealed an agreement with the Sao Paulo Metropolitan Company for the design, manufacture, supply and implementation of a monorail system in Brazil, the company told Bursa Malaysia yesterday.

Yinson Holdings Bhd is downsizing its current core activities of land transportation and logistic services businesses to focus on building and developing its oil and gas (O&G)-related activities.

Notion VTec Bhd said its controlling shareholders were still in negotiations with various parties over the latter’s interest to acquire the business or equity interest in the company.

It said that it was informed by the shareholders that “the negotiations with various parties are still on-going”.

FBMKLCI 1508.88 DJ+178.01 CRUDE OIL 103.12 RM 3.0135

Salcon Bhd’s wholly owned subsidiary, Salcon Changzhou (HK) Co Ltd, has entered into a concession agreement and an asset transfer agreement with Changzhou City Tian Ning District Diao Zhuang Street Office and Changzhou Southeast Industrial Wastewater Treatment Plant respectively to acquire, upgrade, operate and maintain the Southeast Industrial Wastewater Treatment Plant (SIWTP)

Civil engineering firm Benalec Holdings Bhd has been awarded a contract worth RM37mil by Glenmarie Cove Development Sdn Bhd to undertake earthworks and other associated work in Klang

Australia and New Zealand Banking Group Ltd (ANZ) may raise its equity interest to controlling stake in four of the Asian banks it has stakes in, including Malaysia's AMMB Holdings Bhd. However, AMMB chairman and major shareholder Tan Sri Azman Hashim said in Tuesday's newspaper report he has no plans to sell his stake. He owns 16.7% while ANZ owns 23.8%.

Harbour-Link’s unit Eastern Soldar Engineering & CONSTRUCTION [] Sdn Bhd has accepted a letter of intent from Chiyoda Sarawak Sdn Bhd for a RM29 million general civil work contract for the Tokuyama Malaysia Project. The contract comprised the general civil works Package SP 4C – general utility area at the Samalaju Industrial Park in Bintulu, Sarawak.

Berjaya Food Bhd, Lembaga Tabung Angkatan Tentera has ceased to be a substantial shareholder after it disposed of 7.97 million shares on March 14. LTAT was allotted 10 million shares or 7.07% when BFood was listed on Feb 14 as the Bumiputra allocation by MITI, according to the company filing.

ATLAN HOLDINGS BHD [] expects to gain RM16 million after the sale of two pieces of land along Jalan Batu Ferringhi, Penang for RM33 million cash to Glass Bay Sdn Bhd. It said the RM16.47 million was arrived at after deducting estimated income tax of RM5.49 million, land cost of RM9.19 million, development cost of RM1.84 million.

Perisai, Singapore’s Mercury Pacific Marine Pte Ltd sold one million shares on March 18 and reduced its stake to 158.26 million shares or 23.18%.

Public Investment Bank Berhad ceased to be substantial shareholder of DPS Resources Bhd after it disposed of 13.17 million shares on March 13.

FBMKLCI 1503.20 DJ -24.97 CRUDE OIL 81.75 RM 3.078

Key Asian markets including Bursa Malaysia are expected to start on a softer note on Tuesday, Nov 23, weighed down by the weaker overnight close on Wall Street due to the debt crisis in Europe and the FBI’s probe into insider trading.
Reuters reported risk aversion kicked in as stocks followed the euro's fall against the U.S. dollar after turmoil in Ireland's fragile coalition government overshadowed an agreed-on bailout of the country. Investors fear the crisis will spread throughout Europe, raising the spectre of losses by exposed U.S. banks.

PPB Group Bhd saw its 3QFY10 ended Sept 30 net profit plunge 51.6% year-on-year, or RM307.1 million, to RM288 million due to weaker contributions from 18.35%-owned associate Wilmar International Ltd.

The jury is still out on the preliminary offer made by Tan Sri Halim Saad to acquire the entire business and undertakings of QSR Brands Bhd, with analysts saying details are still too scant to judge whether the offer is fair. 

MRCB-IJM Land suspended, they are to announce potential corporate exercise today. Another GLC-private sector property merger appears to be on the cards, this time between Malaysian Resources Corporation Bhd (MRCB) and IJM Land Bhd, as has been speculated since last week. 

FTSE Group and Bursa Malaysia Bhd announced yesterday that Petronas Chemicals Group Bhd would replace Berjaya Sports Toto Bhd (BToto) in the FTSE Bursa Malaysia KL Composite Index (FBM KLCI).

Javace Sdn Bhd has extended the takeover offer for UBG Bhd shares to 5pm on Dec 17 from 5pm tomorrow, UBG Bhd told Bursa Malaysia yesterday.

Salcon Bhd has proposed to sell a 40% stake in its wholly-owned subsidiary Salcon Asia to Challenger Emerging Market Infrastructure Fund Pte Ltd (EMIF) for 238 million renminbi or RM112.26mil cash.


CIMB Group Holdings Bhd posted a 26% increase in net profit to RM916mil in the third quarter ended Sept 30 versus RM726.8mil in the same period a year ago. 

BHIC posted a slightly higher net profit of RM26.9mil for the third quarter ended Sept 30 versus RM24.75mil a year ago.

Today's company notes: fbmklci 1526.98

• IJM bags RM690m cancer institute contract

• Salcon secures RM52m contract in Kelantan 

• Biport hires boats for two companies 

• PLUS accepts UEM-EPF offer

• SUPERMX  Shifting to Higher Margin Gloves 

• YTL Power’s 11% share price spike yesterday reflects excitement ahead of its WiMAX network launch next week rather than privatisation speculation. Earnings impact of this venture is still difficult to quantify, thus we make no changes to our FY11-13 EPS forecasts which already factor in RM60m-80m WiMAX start-up losses.   
  

• The Edge FinancialDaily reported on Wednesday Maybank is rumoured to be keen on acquiring OSK Holdings Bhd, which is on an expansion trail in the Asean region, in a move to beef up the former's investment banking arm.

• Hartalega posted net profit of RM47.09 million in the second quarter ended Sept 30, 2010 from RM33.1 million a year ago as it benefited from an increase in demand and larger production capacity.