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KLSE News: 22 Jan 2013 – Largest fall in KLCI since Sept 2011…


The FBM KLCI ended 40.81 points lower yesterday, as investors cashed in
their positions ahead of the general election. The KLCI was down 2.43% to
1,635.63, its largest single day drop since October 2011. Turnover stood at
1.83bn shares valued at RM2.60bn. There were 85 gainers, 904 losers, and 172
counters unchanged. The index hit an intra-day low of 1,631.40, down 45.04
points. Dealers said among the sellers were foreign funds as they cleared their
positions amidst talk the general elections would be called soon. (Starbiz)

Tenaga Nasional with joint venture partner Kharafi Nasional of Kuwait
has secured a seven year contract worth RM1bn (RM142m annually) contract
from Kuwait’s Central Tender Committee. The contract was awarded to Tenaga’s
wholly owned subsidiary TNB Repair and Maintenance Sdn Bhd and is expected
to be signed soon. The contract is for the operation and maintenance of the
Shuaiba North Co-Generation plant in Kuwait. The dual-fired plant is able to
produce 780MW of power and 45m imperial gallons of distilled water every day.
The plant was commissioned in 2010. (BMSB, Starbiz)

Tenaga Nasional has signed three agreements for its RM2.47bn combined
cycle gas turbine power plant in Seberang Prai, Penang.

Petronas and BASF have terminated the agreements entered into by them for a
joint specialty chemicals venture within Petronas‟ Refinery & Petrochemical
Integrated Development (RAPID) project in Pengerang. The agreements were
signed on 5 March 2012 for a proposed partnership to jointly own, develop,
construct and operate production facilities for a host of specialty chemical
products in RAPID. Despite the termination of the agreements, Petronas and
BASF are committed to continuing their existing long-term partnership at BASF
Petronas Chemicals in Gebeng Industrial Zone, Kuantan. (Bernama)

Norway’s Seadrill and SapuraKencana have extended the validity period for
the non-binding agreement to integrate Seadrill’s tenders rig business into
SapuraKencana. The extension of the validity period from 21 Jan 2013 to 8 Feb
2013 is to finalise the due diligence and negotiations for the terms of the sale
agreement and related transaction agreement. The deal was announced on 5
Nov last year. (Bernama)

Top Glove Corporation Berhad’s subsidiaries Top Glove Sdn. Bhd, TG
Medical Sdn Bhd and Flexitech Sdn Bhd. were served a writ of summons on 18
Jan 2013 by Sentinel Engineering Sdn. Bhd. and Hartalega Sdn Bhd,
claiming damages on the alleged patent infringement for the arrangement of
assembling glove former holders. The writ of summons was also served on 3
other glove manufacturing companies and 2 suppliers of glove machinery parts
or components. Top Glove Corporation Berhad is seeking legal advice from its
solicitors to file its defence and other appropriate actions. (BMSB)
Tune Talk is aiming to have 1.5m subscribers this year to be driven by various
initiatives from 750,000 currently, said its CEO Jason Lo. It is one of the seven
participating companies in the RM200 rebate through Youth Communications
Package, is offering 16 smartphone models ranging from RM400 to RM2,000.
As at Jan 1, 2012, about 5,500 youths have registered for the rebate. (BT)
AirAsia, which has partnered Manipal International University (MIU) to
help it produce fresh talent for the airline, aims to grow its total workforce in the
region by around 17% a year in line with its expansion plans. “Some (markets)
may grow faster than others, but I would say, on average, 15% to 17% growth a
year. It should grow in line with capacity, which we are increasing by 17% or so
(annually) as a group,” chief executive officer Aireen Omar said. (BT)
AirAsia has scrapped plans for a Singapore joint venture due to high operating
costs and lack of domestic market potential in the island republic. “We are
concentrating on markets which have big domestic markets and big populations
and markets that are more liberal and market-orientated,” Tony Fernandes,
group chief executive, was quoted as saying in Monday’s Wall Street Journal.
Palm oil shipments from Malaysia fell 17% in the first 20 days of this month,
according to Intertek, with the pace of decline slowing as buyers adjust to new
rules in China and taxes in India, the biggest consumers. Exports fell to 830,830
tonnes from 1m tonnes in the same period in December, Intertek said. (StarBiz)

Mah Sing Group says it receives “overwhelming” response for its luxury
Aspen bungalows. The units, located within the 60.75ha Garden Residence in
Cyberjaya, were launched last week. Priced from RM3.88m, the 3.5-storey
Aspen bungalows in Precinct 4 sit on comfortable lot sizes of 60′ x 90′ and have
spacious built-up areas of 7,796 square feet. (BT)

Hua Yang is planning to tap into the growing market for affordable homes in
major urban centres of Penang and in Sabah and Sarawak, which have become
attractive with government incentives for first-time homebuyers. Hua Yang
chief financial officer May Chan said the affordable housing segment, which is
the segment between low-cost and prime developments, will continue to grow
due to the large number of newlyweds, young professionals and young families
seeking to fund their first homes. (Malaysian Reserve)

Mudajaya Group will start developing phase one of its for US$750m
(RM2.3bn) coal-fired power plant project in Myanmar in 2H14. It is understood
that the special purpose vehicle (SPV) set up by Mudajaya and IJM Corp
co-founder Datuk Koon Yew Yin will build the plant over several phases. Phase
one will supply up to 500MW of electricity to the Mandalay region, sources said.
“Myanmar has an open market policy and the government has not limit as to
how big we can build the plant. Depending on fuel supply and use, the plant
could get bigger,” a source said. (BT)

Hong Leong Bank Bhd (HLBB) has made two key appointments by making
Foong Pik Yee its chief financial officer and Jean Yap its regional head for cards
and personal financing effective Jan 18 and Jan 3, respectively. Prior to joining
HLBB, Foong was with Standard Chartered Bank where her most recent
role was chief executive officer of Standard Chartered Bank Sal Lebanon.
Meanwhile, Yap brings with her a wealth of experience spanning 25 years in the
unsecured lending business across regional and global banks, and is one of the
respected card business heads in Malaysia. Her last posting was with CIMB as
regional head of group cards and personal financing and notably her
involvement in establishing Malaysia as its Regional Centre of Excellence as well
as launching the unsecured lending business in Singapore, making it a niche
player in the market (Starbiz)
Bursa Malaysia Securities has publicly reprimanded Malaysian
Merchant Marine Bhd (MMM) and its four directors for breaching the
listing rules. Bursa Securities had on Monday also fined four directors a total of
RM0.49m. The regulator said the breaches had been committed while MMM
was listed on the Official List of Bursa Securities. It was delisted on March 17,
2011. “MMM was publicly reprimanded for committing various disclosure
breaches arising from its failure to disclose/make accurate disclosures in respect
of the termination/non-completion of certain vessel acquisitions and financial
reporting breaches,” it said. (Starbiz)
City of London Investment Management Co Ltd has acquired an additional
334,400 shares in closed-end fund Bhd between 14-16 January
2013. The London-based hedge fund now owns 10,83m shares or 7.74% in
iCapital. (BMSB)

The Pasdec-Konsortium Ashbayu Conlay joint venture (JV) has been awarded a
purchase, build, lease and transfer (PBLT) contract for the UMS Link
International Precinct in Kota Kinabalu by UMS Link Holdings. The
unincorporated JV is by Pasdec Corp and Konsortium Ashbayu Conlay. Pasdec
is a wholly-owned subsidiary of Pasdec Holdings Bhd. (Starbiz)

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