The Star Online: Business

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UM Land gets takeover offer at RM2.50 a share

United Malayan Land Bhd has received a takeover offer from Seleksi Juang Sdn Bhd and parties acting in concert - who hold a combined 77.52% stake - at RM2.50 a share.

RBS excludes Indian operations in sale to CIMB Group

The Royal Bank of Scotland (RBS) has excluded its India operations from an earlier sale and purchase agreement for various Asia Pacific cash equities and associated investment banking businesses to the CIMB Group.

Asian markets sink, Europe in the red

Key Asian markets closed lower on Thursday, with South Korea's Kospi sliding more than 2.24%, while European bourses were in the red also on worries about slower global growth.

Bursa Securities queries Cybertowers after shares tumble (Update)

Bursa Malaysia Securities queried Cybertowers Bhd after the share price hit limit-down on Thursday.

IHH Healthcare institutional price fixed at RM2.80 (Update)

IHH Healthcare Bhd's institutional price has been fixed at RM2.80 per share following the completion of the bookbuilding under the global institutional tranche.

Nomad Group partners TGS Enterprise for network solutions

The Nomad Group Bhd (Nomad) has appointed TGS Enterprise Network Sdn Bhd (TGS) as its telecommunications services and solutions partner for serviced offices in Southeast Asia.

BNM: New banknotes to have latest technology

The new banknotes series, which will be issued into circulation on Monday, comes with the latest banknote technology to enhance security features, Bank Negara said on Thursday.

Tabung Haji likely to give out higher dividends

Lembaga Tabung Haji (LTH) is well-placed to disburse higher dividends this year to depositors following attractive returns on investments coupled with proceeds from the sale of its stake in a plantation company in Indonesia.

Asia Inc earnings: China slowdown and Southeast Asia boom

SINGAPORE/HONG KONG: Australian companies' fortunes faded even faster than those in recession-hit Spain over the last month, dragged down by a slowing Chinese economy that is also hurting companies in Taiwan and Hong Kong, Thomson Reuters StarMine data shows.

European, key Asian markets fall on weaker outlook

Key European and Asian markets fell on Thursday, with South Korea's Kospi down 2.24%, on investors' worries about a weakening global growth outlook.

India's insurer aims to double premium income

India's General Insurance Corporation aims to double its premium income annually over the next five years from its branch in Labuan.

Moody's sees stable outlook for Malaysia's banking sector

Moody's Investors Service says the outlook for Malaysia's banking system in the next 12 to 18 months is stable while it expectes GDP to expand at a slower pace of 4% this year from 5.1% last year.

Asian markets slump at midday, Genting weighs

Key Asian markets fell on Thursday, posting losses of up to 1.6% on worries about a global economic slowdown, while at Bursa Malaysia, losses in Genting Bhd and Tenaga dragged the key index into the red.

BOJ keeps policy on hold, sticks to recovery view

TOKYO: The Bank of Japan kept monetary policy unchanged on Thursday and maintained its view that the country's economy is gradually picking up, signaling its conviction that solid domestic demand will help a recovery resume without additional stimulus.

Jaya Tiasa extends losses, hits low of RM8.81

Jaya Tiasa Holdings Bhd's share price fell to a low of RM8.81 on Thursday, the second day of decline after it announced plans to raise about RM332mil from a share placement exercise which could lead to a dilution in earnings.

Hing Yiap surges to 14-month high

Shares of Hing Yiap Group Bhd surged to the highest since April 2011, hitting an early high of RM1.88 after the company said it was acquiring six entities from Asia Brands Corp Bhd for RM245mil.

Markets slip, KLCI off record highs

Key regional markets fell on Thursday following negative economic data from Australia and ahead of a report from China.

Malaysia's IHH set to price near top in $2.2 bln IPO

KUALA LUMPUR: IHH Healthcare Bhd , Asia's largest hospital operator, is expected to achieve a rich pricing on Thursday ahead of its up to $2.2 billion listing as strong investor interest reinforces Malaysia's gloom-defying IPO market this year.

HDBSVR retains Buy on Zhulian

Hwang DBS Vickers Research (HDBSVR) is retaining its Buy call on Zhulian Corp and target price of RM2.30, pegged to 6% FY12F yield, in line with its historical average.

Kenanga Research cautious on MISC outlook

Kenanga Investment Research said despite the recent run-up in MISC’s share price, it remain cautious on the company’s prospects.

U.S. billionaire named as mystery buyer of "The Scream" for US$120mil

NEW YORK: U.S. billionaire Leon Black is the mystery buyer who paid a record $120 million for Edvard Munch's masterpiece "The Scream" at Sotheby's in May, the most expensive work of art ever sold at auction, the Wall Street Journal said on Wednesday.

Shares capped as Fed offers no stimulus clue

TOKYO: Asian shares barely budged on Thursday as the U.S. Federal Reserve appeared to put off taking more aggressive stimulus steps until economic conditions worsen, offering investors few reasons to take risks with second-quarter earnings painting a globally gloomy picture.

HDBSVR sees liquidity-driven market continuing

Hwang DBS Vickers Research (HDBSVR) said the liquidity-driven market will probably carry on, which may push the benchmark FBM KLCI to challenge its immediate resistance threshold of 1,635 ahead.

Wall Street falls after Fed minutes; tech leads decline

NEW YORK: Stocks fell on Wednesday as minutes from the Federal Reserve's last meeting showed policymakers are open to the idea of providing more economic stimulus, but that conditions might need to worsen for a consensus to build.

Genting move into Indonesian power plant project a surprise

PETALING JAYA: Genting Bhd’s move to take on a new power plant project in Indonesia has caught some by surprise, especially since the management indicated previously an intention to exit its non-gaming businesses.

Maxis stays mum on whether it’s selling Aircel

PETALING JAYA: Maxis Bhd stays mum on whether it is selling its unit, Aircel. As at press time, the telco had not answered queries from StarBiz.

Business that expands boldly rewarded in the long term

ONE thing I have observed from companies that have not only displayed ambition but made a decision to expand their business is that they are often rewarded in the long run.

Port Klang Authority teams up with Lagenda Erajuta in RM500mil 16-acre project

PORT KLANG: Port Klang Authority (PKA) is teaming up with a developer, Lagenda Erajuta Sdn Bhd, to jointly develop its 16 acres in Klang into a landmark mix-commercial development dubbed 1Gateway Klang worth RM500mil.

Khazanah unit targets S'pore property development at foreign buyers

SINGAPORE: M+S Pte Ltd is confident of attracting multinational corporations, foreign financial institutions and high net-worth individuals for its multi-billion dollar Marina One development.

S’pore dollar at new high, hits 14-year high against ringgit

SINGAPORE: The Singapore dollar hit a 14-year high against the ringgit yesterday as offshore funds continued to seek relatively safer assets and on views that Malaysia may allow a weaker currency to spur growth amid global economic slowdown.

Blaupunkt gradually transferring design work to Malaysia

GEORGE TOWN: Blaupunkt is gradually transferring the design work for its mobile multimedia entertainment system from Germany to Malaysia.

CB Industrial gets mill contract

KUALA LUMPUR: CB Industrial Product Holding Bhd has been awarded a contract for the design, supply, installation and commissioning works of a continuous sterilisation palm oil mill with a 45-tonne per hour capacity.

SAAG awarded RM3.93mil jobs in India, Mideast

PETALING JAYA: SAAG Consolidated Bhd has clinched two contracts collectively worth RM3.93mil for works in India and the Middle East, via its unit TPS Builders Ltd.

Stocks

Adventa surges to 12-month high on takeover offer

PETALING JAYA: Adventa Bhd’s share price surged 27 sen to a 12-month high of RM1.88 after the board received a takeover offer from its major shareholder and a private equity fund.

Jaya Tiasa eyes RM332mil from placement

PETALING JAYA: Timber producer Jaya Tiasa Holdings Bhd plans to raise RM332.15mil from a proposed share placement exercise, of which RM225.85mil will be used to build palm oil mills.

Silver Bird gets notice of demand

KUALA LUMPUR: Silver Bird Group Bhd has received a notice of demand from OSK Trustees Bhd, the trustee for the holders of the underwritten medium-term notes facility of up to RM30mil, demanding for the payment of RM15mil.

Esso to be renamed Petron Malaysia

PETALING JAYA: Esso Malaysia Bhd will be officially renamed Petron Malaysia Refining & Marketing Bhd effective July 13.

Major investor sells more GHL shares

PETALING JAYA: Goh Kuan Ho, a director and substantial shareholder of GHL Systems Bhd, has disposed of three million shares at 40 sen per share.

12 million shares in Scope transacted

PETALING JAYA: Electrical and electronic manufacturer Scope Industries Bhd’s 12 million shares were transacted in an off-market deal at an average price of 30 sen each.

DanaInfra’s RM2.4b sukuk oversubscribed 5.38 times

KUALA LUMPUR: DanaInfra Nasional Bhd, a wholly-owned company of Minister of Finance, Inc, says its RM2.4bil sukuk has been oversubscribed 5.38 times with highly competitive rates.

CBSA buying Cambodian firm

KUALA LUMPUR: CBSA Bhd wholly-owned unit CBSA International Sdn Bhd (CISB) has entered into a conditional sale and purchase agreement for the acquisition of 510 ordinary shares of 4,400,000 riels (about US$1,100) each, representing a 51% stake in Cam YP for US$2.04mil (RM6.05mil) cash.

Itochu buys Agromate stake to grow Asian market

PETALING JAYA: Japan-based Itochu Corp is acquiring a 25% stake in Agromate Sdn Bhd, one of the largest fertiliser distributors in Malaysia.

Harvest Court fixes price at 40.3 sen

PETALING JAYA: Harvest Court Industries Bhd has fixed the issue price of 40.3 sen per share for the placement of 16.7 million new ordinary shares.

Support Line

K.M. Lee writes on Borneo Aqua Harvest, Cepatwawasan Group and Prolexus

Better market position for AMMB

AMMB announced the proposed acquisition of MBf Cards yesterday. This acquisition would also give AMMB 33.33% in Bonuskad Loyalty Sdn Bhd, the operator of Bonuslink loyalty program.

Australia seeks to end takeovers by ‘creep’ tactics

SYDNEY: Australia’s corporate regulator is considering changing takeover laws to prevent investors from building significant stakes in a company without making a full offer.

Property

London Battersea project site gets high marks

PETALING JAYA: The Battersea Power Station project in London, which will be developed under a joint venture involving Sime Darby Bhd, SP Setia Bhd and the Employees Provident Fund (EPF), has good prospects due to the site’s location, good take-up rates from neighbouring property launches and lower costs.

Prasarana plans several Klang Valley developments

KUALA LUMPUR: Syarikat Prasarana Negara Bhd (Prasarana), which has teamed up with Naza TTDI Sdn Bhd to undertake a residential project in Taman Tun Dr Ismail (TTDI), has earmarked several plots of lands in the Klang Valley for property development.

Sime property campaign rakes in RM800mil sales

PETALING JAYA: Sime Darby Property Bhd recorded gross sales value close to RM800mil for its properties driven by its Property Lifestyle Collection sales campaign that had been ongoing for two months until June.

SMEs

SMEs can benefit from GE Energy’s regional buy

KUALA LUMPUR: Local small and medium enterprises (SMEs) will have the opportunity to tap into GE Energy’s US$250mil regional procurement in the oil and gas sector this year.

Retailing

Hing Yiap buys six apparel traders for RM245mil

KUALA LUMPUR: Hing Yiap Group Bhd is acquiring six entities from Asia Brands Corp Bhd for RM245mil.

Insurance

KSK to grow insurance businesses in Indonesia, Thailand

PETALING JAYA: KSK Group Bhd plans to boost its insurance businesses in Indonesia and Thailand via organic and inorganic growth strategies and aimed to reach the top ten position within the next five years.

Economy

IPI up 7.6% in May due to low-base effect

PETALING JAYA: Malaysia’s industrial production index (IPI) expanded 7.6% in May from a year ago largely due to a low-base effect.

Spain premier says US$80bil move needed to avert financial collapse

MADRID: Spain’s Prime Minister Mariano Rajoy announced yesterday a 65 billion-euro (US$80bil) austerity package to avert financial collapse as angry miners rallied against subsidy cuts.

German inflation below target

BERLIN: Inflation in Germany hit its lowest level since December 2010 in June, helped by softer energy pressures in Europe’s top economy, according to new official data.

Earnings

38.5% surge in Zhulian net profit

KUALA LUMPUR: Multi-level marketing operator Zhulian Corp Bhd posted a 38.5% surged in net profit to RM29.1mil for the second quarter ended May 31 compared with the same quarter a year ago due to aggressive sales and marketing programmes.

Banking

Indian bank aims high

KUALA LUMPUR: India International Bank Malaysia Bhd (IIBMB), the first Indian bank to open in the country, is targeting to set up five branches in the first year of operations.

Foreign News

Merkel wants greater effort on EU-SE Asia trade agreement

JAKARTA: German Chancellor Angela Merkel said Europe must step up its efforts to establish a free trade pact with booming South-East Asia.

Japan ramps up threat of forex action in long-term growth plan

TOKYO: Japan’s government warned it would act decisively in foreign exchange markets if strong gains in the yen threatened the country’s fragile economy, as it rolled out a long-term growth plan for the next eight years.

Olympus fined US$2.4mil

TOKYO: Japan’s financial watchdog said it had slapped a US$2.4mil penalty on disgraced camera and medical equipment maker Olympus over a huge loss cover-up scandal.

HK signal flexibility on derivative reforms

HONG KONG: Hong Kong’s financial watchdogs said that they planned to offer more flexibility in their proposed new rules for over-the-counter derivative trading.

Tycoon’s mine faces finance delays

SYDNEY: Loan financing for Gina Rinehart’s US$10bil Australian iron ore project is being held up by talks on capping construction costs, sources said, threatening to push the project back after delays caused by a legal feud in the mining magnate’s family.

Sino-Forest creditors to take control

TORONTO: Sino-Forest Corp said it has terminated a proposed asset sale in favour of a plan that will result in the company’s creditors acquiring all of its forestry assets.

Qatar attracts big demand for sukuk

DUBAI: Qatar launched a US$4bil, dual-tranche sukuk yesterday, its first Islamic bond issue in nearly a decade and the largest sukuk deal from the Gulf this year.

Fitch affirms US AAA credit rating

NEW YORK: Fitch Ratings on Tuesday affirmed its AAA credit rating on the United States and maintained a “negative outlook,” citing a diversified and wealthy economy that is undermined by the government’s inability to agree on deficit reduction measures.

US to demand disclosures as it eases Myanmar sanctions

VIENTIANE: The United States plans to ease sanctions this week to allow its companies to invest in and provide financial services to Myanmar but will require them to make detailed disclosures about their dealings, according to sources briefed on the matter.

Germany, France raid Swiss clients

ZURICH: German tax authorities have raided Credit Suisse clients and French officials searched the homes of UBS employees, deepening the crackdown on foreigners hiding money in Swiss offshore accounts to dodge taxes.

Investors fear rushed decision over Barclays top roles

LONDON: Top Barclays Plc shareholders fear that regulators will rush through the appointment of a new chief of the scandal-struck bank and not take the time to search for an outsider to bring about a root-and-branch culture change.

Duke Energy faces regulator chill after CEO switch

NEW YORK: Duke Energy Corp, under regulatory scrutiny over the abrupt ouster of its CEO, is not expected to be forced to undo its purchase of Progress Energy, but could face a cold reception when it seeks new power rates in North Carolina later this year.

Chevron sees second quarter profit increase

NEW YORK: Chevron Corp, the second-largest U.S. oil company, said on Wednesday second-quarter profit would be higher than the previous quarter as improved refining margins offset lower oil prices.

Glum Fed keeping easing options open, minutes show

WASHINGTON: The U.S. Federal Reserve is open to buying more Treasury bonds to stimulate the economy, but the recovery might need to weaken for a consensus to build, minutes from the central bank's June meeting released on Wednesday showed.

Melinda Gates pledges US$560mil for contraception

LONDON: Melinda Gates has pledged $560 million as part of a campaign to expand access to contraception for women in some of the poorest countries in the world.

Avolon commits to up to 30 Boeing 737s

FARNBOROUGH, England: Irish lessor Avolon placed a $2.3 billion provisional order for up to 30 Boeing jetliners on Wednesday, picking a moment when many airlines are slowing orders and prices are under pressure to expand its own fleet on hopes of an economic recovery.

Glum Fed keeping easing options open, minutes show

In China's package delivery market, smaller is better

SHANGHAI: China's 35,000 express delivery companies can ship packages hundreds of miles for less than the cost of a standard U.S. letter, pricing out global players such as FedEx and UPS that control just 3 percent of the fast-growing market.

Analysis: Banks play cat-and-mouse with Beijing to comply with rules

HONG KONG/SHANGHAI: China's banks are playing a game of cat-and-mouse with the Beijing authorities, window-dressing deposit numbers at the end of each quarter to meet regulatory requirements on how much funds they must hold.

Marriott posts higher quarterly profit

NEW YORK: Hotel operator Marriott International Inc reported a higher quarterly profit on the strength of its corporate business and said it expects a strong second half of 2012.

PFGBest mystery deepens with Vegas marriage as Iowa brokers pack

CEDAR FALLS, Iowa: Employees emptied their desks and a local charity collected food from the cafeteria of failed broker PFGBest's Iowa offices on Wednesday, most still seeking answers to the expanding scandal that has shaken the industry.

Stocks

RHB Research sees MBM Resources on solid growth trajectory

RHB Research Institute believes the market’s re-rating of MBM Resources has not yet run its course.

Foreign News

Carlyle selling part of industrial company Sequa Corp

NEW YORK: Private equity firm Carlyle Group is seeking a buyer for the automotive operations of diversified industrial manufacturer Sequa Corp, which it took private for US$2.7 billion in 2007, according to several people familiar with the matter.

SkyWest orders 100 Mitsubishi regional jets

FARNBOROUGH, England: U.S. regional carrier SkyWest Inc has reached an agreement to buy 100 Mitsubishi Regional Jets in a deal with a potential value of $4 billion at list prices, the companies announced on Wednesday at the Farnborough Airshow.

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