Boustead Holdings Bhd is acquiring a 97.14% stake in Johan Ceramics Bhd from Lembaga Tabung Angkatan Tentera (LTAT) for RM28.86m cash or 35 sen each.
Some fund buying of index-linked stocks including Public Bank and DiGi helped propel the FBM KLCI higher as sentiment for blue chips was firmer on Wednesday, ahead of the listing of Felda Global Ventures on Thursday.
LONDON: European shares edged up on Wednesday but the euro was flat, with investors increasingly cautious a day ahead of an EU leaders summit that few expect will do much to resolve the region's debt crisis, now in its third year.
Sarawak attracted new investments worth RM8.17bil last year, almost double the combined new investments for the more developed states of Penang and Selangor.
The next phase of growth of the Islamic capital market would be characterised by greater internationalisation, which would see more product issuers and service providers expanding beyond their home market.
DUBAI: Pacific Carrier Ltd., part of Malaysian tycoon Robert Kuok's empire, will take a 60% to 70% stake in its joint venture with Drydocks World's Southeast Asia business, a source close to the deal said on Wednesday.
TSH Resources Bhd, which launched a takeover of Pontian United Plantations Bhd (PUPB) to buy the remaining 80.28% stake, plans to create more value via the integration of the two companies.
Malaysia Steel Works (KL) Bhd (Masteel) signed a RM500mil supply agreement with Swiss-based Trafigura Pte Ltd, the world's second largest independent trader of bulk and non-ferrous minerals.
Faber Group Bhd is looking to expand its integrated facilities management (IFM) hospital support services in Malaysia and also overseas.
Regional markets rose in the morning session on Wednesday on investors' expectations that the Chinese government would take steps to boost its economy while at Bursa Malaysia, some buying of banks gave the FBM KLCI a boost.
NEW YORK: Google Inc plans to unveil a US$199 tablet co-branded with Taiwan's Asustek Computer Inc at its developer conference this week, taking direct aim at Apple Inc's iPad, Bloomberg reported, citing two people familiar with the matter.
Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) has secured three contracts from Sarawak Shell Bhd worth RM278mil to build the topside, process module and jacket for its oil and gas operations.
Maxis Bhd is teaming up with 14 content providers to provide content for its IPTV services and gradually extend it to the on-demand services.
MTD ACPI Engineering Bhd's subsidiary MTD Construction Sdn Bhd expects to start work on the viaduct work package worth RM499.98mil for the MRT Sungai Buloh-Kajang (SBK) line by August.
Blue chips rebounded in late morning on Wednesday, again with selected consumer dividend stocks among the gainers, while regional markets were mixed.
Shares of Muhibbah Engineering Bhd fell in active trade on Wednesday on expectations that it would have to make a provision for Asian Petroleum Hub’s (APH) bad debts this year.
CIMB Equities Research has raised the target price of HELP International to RM2.52 from RM2.25 after delivering solid interim results.
NEW YORK: Wall Street stocks rose and the euro fell to its lowest level versus the U.S. dollar in over two weeks on Tuesday, as technical buying offset a near tripling in Spanish debt costs on doubts a European summit can ease the region's debt crisis.
NEW YORK: U.S. law enforcement officials on Tuesday said 24 suspected hackers had been arrested in a sting operation spanning four continents that targeted online financial fraud of stolen credit card and bank information.
CIMB Equities Research has downgraded Muhibbah Engineering from a Trading Buy to a Trading Sell on expectations the latter would have to make a provision for Asian Petroleum Hub’s (APH) bad debts this year.
Hwang DBS Vickers Research (HDBSVR) sees the FBM KLCI striving to recover some of its losses from Tuesday after the index fell below the psychologically-important 1,600 level.
Hwang DBS Vickers Research (HDBSVR) has a Buy recommendation on UMW Holdings Bhd with a target price of RM10.15 after it announced plans to expand its drilling operations.
KUALA LUMPUR: Tenaga Nasional Bhd (TNB), which is getting imported gas in two months’ time, is talking to the Government on an extra RM1.6bil that will be charged under the market pricing portion of the deal.
PETALING JAYA: The fight among cellular companies for subscribers in home services segment will only get tough when Maxis Bhd and Celcom Axiata Bhd are able to offer a complete products and that may take some time, experts said.
PETALING JAYA: The annual general meeting (AGM) of Puncak Niaga Holdings Bhd turned into a raucous affair as individuals claiming to be minority shareholders of the company carried placards urging the company to seek legal action to reclaim monies owned to it.
ISLAMIC pawn broking, otherwise known as Ar-Rahnu, is a concept not altogether familiar among the masses but that may change when Pos Malaysia Bhd rolls out the service at its 700 plus outlets nationwide.
CHARGING below market interest gets you in trouble with the taxman or the law against money-lending.
KUALA LUMPUR: Scomi Group unit, Scomi Engineering Bhd, will commence construction of a monorail project in Sao Paolo, Brazil, next month, said group chief executive officer Shah Hakim Zain.
KUALA LUMPUR: Scomi Marine Bhd plans to spend US$45mil to buy two new vessels to increase the efficiency of its offshore support services division, said president Mukhnizam Mahmud.
KUALA LUMPUR: UMW Holdings Bhd is investing US$214mil (RM684mil) to expand its drilling operations with the acquisition of offshore contractor S.D. Standard Drilling Plc’s unit and a mobile drilling rig.
KUALA LUMPUR: Two viaduct packages worth close to RM2bil for the nation’s biggest infrastructure project, Klang Valley My Rapid Transit (KVMRT), are expected to be awarded tomorrow.
BEIJING: In a move aimed at attracting investments into Johor and to study China’s technology-driven infrastructure projects, Johor Sultan Ibrahim Sultan Iskandar recently visited the offices of China Railway 18th Construction Bureau Co Ltd (CR18G).
PETALING JAYA: Television set purchasing trends have leaned towards those with light-emitting diode (LED) backlit or Internet connectivity features, according to market research company GfK Malaysia.
WITH a strong net cash position of RM3bil upon its listing, Felda Global Ventures Holdings Bhd (FGVH) is actively looking for more plantation asset acquisitions in the South-East Asian and African regions, as well as expansion of its downstream business with the aim of becoming amongst the world’s top five commodities giants by 2020.
SINGAPORE: Pay-TV operator Astro All Asia Networks has asked banks to submit proposals for mandates to advise on its US$1bil (RM3.2bil) initial public offering in Kuala Lumpur, IFR reported.
PETALING JAYA: Muhibbah Engineering Bhd’s financials would likely continue to suffer as CIMB Bank Bhd has pulled out from a debt restructuring for Asia Petroleum Hub Sdn Bhd (APH), delaying APH’s payment for construction works done by Muhibbah.
KUALA LUMPUR: IGB Corp Bhd is expecting to raise some RM800mil in cash from the upcoming listing of its retail real estate investment trust (REIT), which is expected to happen in mid-August.
KUALA LUMPUR: Maybank Kim Eng’s Thailand and Philippines operations have been awarded Best Broker by FinanceAsia in its Country Awards.
KUALA LUMPUR: TSH Resources Bhd’s indirect wholly-owned subsidiary Bisa Jaya Sdn Bhd, together with Chin Leong Thye Sdn Bhd, Lee Chin Hwa, Lee Min Huat and Lee Sep Pian, has proposed to acquire all the voting shares of RM1 each in Pontian United Plantations Bhd not already owned by them at an offer price of RM90 per share via a voluntary conditional takeover offer.
PETALING JAYA: Speculation on who will helm Apex Equity Holdings Bhd continues, with sources saying that the fight for control has yet to end, and the counter party headed by Metroplex Bhd possibly calling an EGM.
GEORGE TOWN: PBA Holdings Bhd expects its revenue to grow and margins to sustain over the next two years despite the global economic challenges.
KUALA LUMPUR: Key West Global Telecommunications Bhd told Bursa Malaysia that it has decided to abort its proposed private placement as it is now an affected listed company under the Guidance Note No. 3 (GN3) of the listing requirements.
PETALING JAYA: Analysts have mixed views on Top Glove Corp Bhd’s move to acquire greenfield rubber plantation in Indonesia.
KUALA LUMPUR: PFCE Bhd is confident that the take-up of the mandatory general offer (MGO), issued by DAT Group Sdn Bhd (DAT) to acquire the remaining shares that DAT does not already own, will be limited as its shareholders believe in the prospects of the company.
KUALA LUMPUR: Danajamin Nasional Bhd, Malaysia’s financial guarantee insurer, has formed a collaboration with Maybank Islamic Bhd to co-guarantee Nur Power Sdn Bhd’s RM650mil 15-year sukuk mudharabah facility (Islamic bond).
KUALA LUMPUR: Permodalan Nasional Bhd (PNB), via Amanah Saham Nasional Bhd (ASNB), has announced an income distribution of 6.50 sen per unit for Amanah Saham Nasional 2 (ASN2) for the financial year ending June 30.
PETALING JAYA: Glomac Bhd announced a 36.2% jump in its financial year 2012 (FY12) net profit from RM62.98mil to RM85.78mil, attributable to the commendable sales of its prime mixed developments.
PETALING JAYA: Stationery manufacturer Pelikan International Corp Bhd expects to perform well and register positive earnings in the financial year ending Dec 31, 2013.
KUALA LUMPUR: Goh Ban Huat Bhd (GBH), which returned to the black in the financial year ended Dec 31, 2011 after five years of losses, is optimistic about the outlook for its clay pipe business.
KUALA LUMPUR: The 38-year-old Bukit Bintang Plaza (BB Plaza) will need to make way for the construction of a My Rapid Transit (MRT) station, contradicting earlier reports that only the front of the property and basement will be needed for development purposes.
KUALA LUMPUR: United Malayan Land Bhd (UMLand) is upbeat on its plan to launch about 1,500 units of mixed properties with a gross development value (GDV) of RM1bil this year.
KUALA LUMPUR: AmanahRaya Real Estate Investment Trust (ARREIT) is disposing of its Wisma UEP building to Tenaga Nasional Bhd for RM40mil.
KUALA LUMPUR: SEG International Bhd’s wholly-owned unit SEGi Land (M) Sdn Bhd has entered into a conditional sale and purchase agreement with Bandar Setia Alam Sdn Bhd.
KUALA LUMPUR: Bank Negara said applications for Islamic mega bank licences are market-driven and private sector-led.
KUALA LUMPUR: HSBC Bank Plc, which surpassed CIMB Group Holdings Bhd as the top Islamic bond arranger this year after dominating sales in the Persian Gulf, is predicting lower borrowing costs will drive record issuance in 2012.
SINGAPORE: The gloom surrounding DBS Group’s US$7.2bil bid for Indonesia’s Bank Danamon is giving way to renewed optimism, with signals from the central bank in Jakarta suggesting the Singapore lender’s takeover may just scrape through.
NICOSIA: Cyprus said it was applying to Brussels for a bailout, both for its banking sector hit by exposure to Greece and for its budget deficit, making it the fifth eurozone country to turn to the bloc’s rescue funds for help.
KUALA LUMPUR: Diverse issues on palm oil such as limited land supply, labour shortage, biomass utilisation, food security, certification standards, development in Indonesia’s oil palm sector as well as Africa as the new frontier in global oil palm cultivation and investment hogged the limelight at the close of the 7th International Planters Conference (IPC 2012).
KUALA LUMPUR: Kalimantan, Sumatra and Papua in Indonesia still offer huge prospects in oil palm ventures both in the upstream and downstream operations for investors but they must carefully mitigate the roadblocks in the Indonesian palm oil industry in order to capitalise on the opportunities.
KUCHING: Sarawak Oil Palms Bhd (SOP), which has ventured downstream in palm oil processing, has just commissioned its first refinery and fractionation plant as well as kernel crushing plant in Bintulu.
LONDON: Germany must change its “can’t do” policy against immediately forging a consolidated European fiscal and banking union, or risk becoming “the centre of an empire” responsible for the eurozone’s collapse, billionaire George Soros said.
SAN FRANCISCO: Facebook Inc named chief operating officer Sheryl Sandberg a director on Monday, elevating the first woman to a board that includes seven men.
Three years into Barclays' costly global expansion from fixed-income shop to full investment bank, the Asia leg of the build-out is struggling to gain ground on its rivals.
SAN FRANCISCO: Zynga Inc unveiled a social network for gamers dubbed "Zynga with Friends" on Tuesday, hoping to wean itself from a longstanding, symbiotic relationship with Facebook Inc that has shaped two of Silicon Valley's closely watched Internet companies.
LONDON: Britain's motor insurance industry is unlikely to return to profitability before 2014, extending its loss-making run to 20 years, consultants Ernst & Young said on Wednesday.
Michael Steinhardt, one of the legends of the hedge fund industry, thinks there's too much hysteria these days about the euro zone blowing up.
DALLAS, Texas: A mystery is ahoof in Texas farm country where cattle have dropped dead while grazing, puzzling scientists who say it appears an unusual combination of circumstances have turned pastures toxic.
SANTIAGO: Chinese Premier Wen Jiabao wrapped up a tour of resource-rich Latin America on Tuesday by offering $10 billion in credit for infrastructure projects and calling for a joint push to combat protectionism.
BOSTON: For the rare comeback story among money managers, look to MFS Investment Management, one of the oldest names in the mutual fund business but also one of the most battered after the Internet bubble popped in 2000. Getting caught up in the industry's trading scandals just as stocks recovered only made matters worse.
NEW YORK/LONDON: Steel producers from around the world are trading allegations that rivals are dumping cheap metal on the market, threatening to trigger a series of mini-trade wars.
WASHINGTON: Global oil supplies are growing so fast that they could outstrip demand and lead to a collapse in world prices, a former energy executive who is now a Harvard research fellow said on Tuesday.
WASHINGTON: For most of this year, the threat of tough U.S. sanctions on Iran, the world's third-largest oil exporter, helped push crude oil prices higher and higher, adding a menacing headwind for struggling global economies.
BEIJING: Beijing will promote the further development of the offshore yuan market in Hong Kong as part of a new package of policies for the territory ahead the fifteenth anniversary of its return to China, the official Xinhua agency said on Wednesday.
TOKYO: Nomura Holdings Inc <8604.T> shareholders re-elected CEO Kenichi Watanabe on Wednesday despite a protracted insider trading probe that has raised questions about his leadership of Japan's largest investment bank.
SHANGHAI: Groupon Inc's Gaopeng China joint venture with Tencent Holdings will merge with another Chinese daily-deal website to form a new company, Gaopeng said.