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KLSE News: 12 June 2013 – CIMB buy BoC (San Miguel) US$300 million…


Industrial production index (IPI) increased by 4.7% yoy in Apr (-0.1% in
Mar), beating market expectations of 1.6% gain. The stronger growth was due to
increases in manufacturing and electricity indices by 6% and 8% respectively
(-0.1% and 7% respectively in Mar). The mining index, however, declined by
0.1% (-1.8% in Mar). In Jan-Apr, IPI rose 1.1%. (Bernama, BT)

The manufacturing sales declined 5.2% yoy to RM49.7bn in Apr (-6.5% to
RM51.7bn in Mar). On a mom basis, it decreased by 3.9% (+11.6% in Mar). In
Jan-Apr, the sales down 3.9% to RM198bn.

Tenaga Nasional Bhd, Malaysia’s largest power group, is considering a bid
for the retail and power generation unit of Irish state-owned gas company Bord
Gais Eireann, according to two people with knowledge of the matter. A
successful offer would mark Tenaga’s initial foray into the European utilities
market, said one of the people, who asked not to be identified, as the talks are
private. Fazlur Rahman Zainuddin, chief financial officer at Tenaga, didn’t
immediately respond to calls and e-mail seeking comment on the planned bid.
UK energy companies Centrica plc and SSE plc are also among companies
preparing bids with initial offers for Bord Gais Energy due today. In an e-mail
response to questions, a Bord Gais spokesman declined to comment on
potential bidders. (Bloomberg)

Cypark Resources Bhd’s move to diversify into less cyclical businesses of
renewable energy (RE) generation and waste management is set to strengthen
its income generating capability and ability to reward shareholders. The
company is now investing RM300m to build a waste to energy plant in Port
Dickson, Negeri Sembilan that will be commissioned early next year. The facility
will be able to produce 25MW of power from handling solid waste disposal and
has the ability to increase capacity in the future. (Malaysian Reserve)

CIMB Group Holdings Bhd, has decided to pursue a deal worth nearly
US$300m (RM900m) to buy a 58% in San Miguel Corp’s banking unit, the
president of San Miguel said today. “We reached a deal last night. Closing is
within 30 days. Same terms,” Ramon Ang told reporters on the sidelines of San
Miguel‟s stockholders‟ meeting. Closing the deal involving San Miguel‟s unlisted
Bank of Commerce had hit a snag due to minor issues related to the bank‟s IT
infrastructure and property holdings. (Reuters)
BIMB Holdings yesterday received approval from Bank Negara Malaysia to
start talks to buy Tabung Haji’s 18.5% stake in Bank Islam. BIMB owns 51% of
Bank Islam, while the remaining 30.5% stake is held by the Dubai Financial
Group (DFG). In a statement to Bursa Malaysia yesterday, BIMB said the
central bank has set 31 Dec 13 as the deadline for the proposed acquisition.
 BIMB has already begun discussions with DFG to acquire the latter’s
interest in the bank and has till the end of this month to announce the
result of the discussions. The talks were originally slated to be
concluded on March 31. (BT)

The 2012-2020 financial sector blueprint should be reviewed every six
months in accordance with market conditions, says Deputy Finance Minister
Datuk Ahmad Maslan. He said Bank Negara Malaysia, as the secretariat, must
always carry out reviews and include new inputs in order for the blueprint to
remain relevant with the changing financial landscape. (BT)
Petroliam Nasional Bhd (Petronas) expects to invest some US$20bn (RM63bn)
in its west Canada liquefied natural gas (LNG) export project. Petronas VP of
corporate planning Md Arif Mahmood said the estimated cost includes the
construction of a LNG plant on Lelu Island and a 750km pipeline, to be built by
TransCanada Corp, to supply gas to two trains at the facility.

Petronas will build two LNG trains delivering 12m tonnes per annum for the
company’s LNG project in British Columbia, Canada. Slated for completion by
2019 at the latest, the US$20bn investment costs for the projects includes about
US$5bn for a pipeline to be built by TransCanada Corp to supply gas to the two
LNG trains. There is room to build a third LNG train if capacity is needed for
another 6mtpa. (Malaysian Reserve)
Low-cost carrier AirAsia has urged Malaysia Airports Holdings Bhd
(MAHB) to issue a definite delayed opening date for Kuala Lumpur
International Airport 2 (klia2). AirAsia chairman Datuk Aziz Bakar said MAHB,
as the airport operator, has the responsibility to notify those airlines that will be
using klia2 of a definite opening date to enable them to get ready to shift their
operations there. (BT)
AirAsia may look for other partners to continue servicing its Japanese routes if
its current JV with Air Nippon Airways (ANA) is dissolved following
disagreements between the two airlines. AirAsia said its Japan budget carrier
unit and ANA have been facing some challenges attributed to a difference of
opinion in management, most critically on the points of how to operate a
low-cost business and operating from Narita. (Malaysian Reserve)

In contrast with peers in the local aviation industry, Malindo Air is not
considering a public listing yet. CEO Chandran Rama Muthy said the airline
does not intend to go public in the next few years as it was optimistic the
company‟s capital base would remain strong to buffer the airline‟s aggressive
expansion plan. He said Malindo Air would like to build a strong track record,
network and financial abilities, before planning for any initial public offering.

Malindo Air is targeting a 5-8% share of the domestic market by year-end.
Speaking to the media during the airline’s inaugural flight from Kuala Lumpur
to Sibu, its CEO Chandran Ramamuthy said it is premature to talk about
Malindo’s market share as it was just in operation for two and a half months.
However, its presence in the market will be strengthened with more aircraft
coming on stream, he added. “We have 10 aircraft to operate by end of this year
and we should have a 5-8% domestic market share by year-end,” Chandran said.
Malindo is expected to operate 10 to 12 Boeing 737-900ER aircraft and six ATR
72-600 turboprop aricraft by 2013. “Our load factor for the first month was 70%
and it rose to 80% in the second month. We are confident of achieving a 80-85%
load factor,” he said. (BT)

DRB-Hicom has proposed to acquire a 100% equity interest in Symphony
Lotus Ltd (SLL), a company incorporated in Hong Kong, which will allow the
group access to the vast China vehicle market.Its wholly-owned subsidiary,
Lotus Advance Technologies (LAT), had yesterday entered into a conditional
share sale and purchase agreement with SLL shareholders for a total
consideration of US$15m (RM47m). (BT, BMSB)

Shareholder of Benalec Holdings voted overwhelmingly in favour of the
disposal of three parcels of land valued at RM96.95m to companies that one of
its executive director and a major shareholder have interests in. The land
parcels measuring a total of 79.49 acres are located in the mixed development
areas of Kota Shah Bandar and Taman Kota Laksamana in Melaka. (Financial
Favelle Favco Bhd has secured RM161.1m in contracts to supply six offshore
cranes to six different international companies. The company told Bursa
Malaysia yesterday that its units, Favelle Favco Cranes Pte Ltd, Favelle Favco
Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd, had received the
purchase orders in May and June. (Starbiz)

Integrated healthcare services provider Pantai Holdings Bhd plans to
augment its foothold in the country with the addition of three new hospitals
with a total investment of RM530m. Chief operating officer for its Malaysian
operations Aminudin Dawan said two hospitals, one each in Kota Kinabalu,
Sabah, and Manjung, Perak, were scheduled to be operational by the first
quarter of next year, while the one in Medini, Iskandar Malaysia, Johor, would
be operational by the last quarter of 2015. (Starbiz)

Malton Bhd’s shares sizzled yesterday on news that it is on the verge of taking
control of Johor Corp (JCorp)’s prized asset, Pusat Bandar Damansara in
Kuala Lumpur, for RM700m. This was the stock’s second day rally with big
volume and turnover as investors expect the deal, which was first announced in
2009, to be finalised “very” soon. Malton is controlled by executive chairman
Datuk Desmond Lim Siew Choon and among those projects launched and
completed by the company are the 144ha Bukit Rimau township in Shah Alam,
Selangor, and the Vila Mutiara luxurious apartments in Bangsar, Kuala Lumpur.

Staff of The Malaysian Insider (TMI) are walking out on the five year old
news website to start a new company that will run the rival web portal of The
Malay Mail print newspaper. The brother and sister team of Leslie and Joan Lau
will lead the team of 30 who will leave TMI for Trinity Diligence Sdn Bhd, which
has been contracted to manage The print
and online teams will be managed separately and the Insider team coming over
will have no impact on the print partnership with MalaysiaKini said a source.
The move was triggered by differences between the TMI editorial team and its
financiers on its editorial direction, especially during the run up to the general
elections. (Financial Daily)

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