Business

Thursday August 30, 2007

YTL Power unhurt by US turmoil

By EILEEN HEE



KUALA LUMPUR: YTL Power International Bhd, which recently posted solid results for its fourth quarter ended June 30, does not expect to be affected by the current global market meltdown.

“We are in a long-term concession business. We do not expect to be affected by the US subprime issues,” said managing director Tan Sri Francis Yeoh.

The company posted a net profit of RM520.5mil in its fourth quarter ended June 30, mainly attributed to its water and sewerage division under Wessex Water Ltd, YTL Power's wholly-owned subsidiary in Britain.

Yeoh said the current shake-up in the stock market presented “more opportunities for serious players with serious money".

“At one time, it was difficult to compete with private equity firms, which were heavily geared, and liquidity was very cheap.

Left to right : Trade Attache at the Embassy of France in Malaysia Olivier Biltz,Van Cleef Arpels general manager (Spore & M'sia )Guillaume Willk-fabia, Van Cleef & Arpels Asia-Pacific managing director Benjamin Vuchot, Starhill Gallery chief executive Tan Sri Dr Francis Yeoh, Van Cleef & Arpels International CEO and president Stanislas de Quercize at the opening of Van Cleef & Arpels Boutique in Kuala Lumpur on Wednesday
“Now it’s the opposite,” he told StarBiz after the opening of Van Cleef & Arpels' first concept store in Starhill Gallery yesterday.

To celebrate the event, Van Cleef & Arpels showcased the A Midsummer Night's Dream high jewellery collection for the first time in Malaysia.

The exquisite collection is inspired by Shakespeare's comedy of the same title. The collection will be exhibited from Aug 30 to Sept 2.

Meanwhile, Bloomberg reported that YTL Power's sister company YTL Cement Bhd planned to sell US$200mil of five-year convertible bonds.

Money from the bond sale would be used to fund future investment and projects by YTL Cement, according to a filing with Bursa Malaysia yesterday.


YTLPOWR : [Stock Watch] [News]
YTLPOWR- : [Stock Watch]


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