The week at a glance 31 July 2016

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TA03696Sabah & Sarawak

KKB-WCT procures RM1.29 billion Pan Borneo Highway project

KKB Engineering Bhd (KKB) together with its joint venture partner WCT Bhd (KKB-WCT JV) has secured a package of the Pan Borneo Highway Sarawak project worth RM1.289 billion.The company in a filing to Bursa Malaysia yesterday it received a letter of award from Lebuhraya Borneo Utara Sdn Bhd for the development and upgrading of the proposed Pan Borneo Highway in Sarawak, Phase 1 Works Package Contract (WPC) 09: Sungai Arip Bridge to Bintulu Airport junction.

 

CMS to benefit from higher demand for cement and construction materials

Cahya Mata Sarawak Bhd (CMS) is poised to benefit from higher demand for cement as well as construction materials in Sarawak, fresh from securing a package of the Pan Borneo Highway through its 51 per cent owned subsidiary PPES Works (Sarawak) Sdn Bhd (PPES) together with its joint venture partner Bina Puri Holdings Bhd on Monday.

 

Naim-Gamuda JV procures RM1.57 billion Pan Borneo job

Naim Holdings Bhd (Naim) and its joint venture partner Gamuda Bhd (Gamuda) has secure a package of the Pan Borneo Highway job worth approximately RM1.57 billion. The company in a filing to Bursa Malaysia said its wholly-owned subsidiary Naim Engineering Sdn Bhd (NESB) had on July 28  accepted the award of the development and upgrading of the proposed Pan Borneo Highway in Sarawak from Lebuhraya Borneo Utara Sdn Bhd.

 

Pansar declares 4 pct dividend for FY16

Pansar Bhd has declared a four per cent dividend of 20 sen per ordinary share of its financial year ended March, 2016. At its annual general meeting this week, the company also reported a total turnover of RM3604 million net income of RM7.9 million and earnings per share of 2.81 sen for the fiscal year.

 

RAM Ratings assigns AAA rating to Sarawak Hidro’s sukuk

RAM Ratings has assigned an AAA/Stable rating to Sarawak Hidro Sdn Bhd’s (Sarawak Hidro or the Company) Sukuk Murabahah of up to RM5,540 million in Nominal Value.  It said the rating considers the Federal Government of Malaysia’s (Federal Government) commitment to top up any shortfall in cashflow throughout the life of the Sukuk Murabahah.

 

National

CGC sees steady growth for smes with OPR cut

Credit Guarantee Corporation Malaysia Bhd (CGC) expects continued steady growth for Malaysian Small and Medium Enterprises (SMEs), saying the recent Overnight Policy Rate (OPR) cut will positively impact business sentiment as it will reduce their financing cost. President and chief executive officer Mohd Zamree Mohd Ishak said the corporation would continue to provide competitive financing at a reasonable cost or Malaysian SMEs.

 

AirAsia surprised with MyCC’s appeal to reinstate fines on carriers

AirAsia Bhd has expressed surprise over the Competition Commission of Malaysia’s (MyCC) decision to appeal to the High Court in Kuala Lumpur to reinstate fines against AirAsia and Malaysia Airlines Bhd (MAS). The low-cost carrier said that this new appeal against the tribunal’s decision is not a productive means of spending public resources and funds.

 

McDonald’s seeks franchise partners for Singapore, Malaysia stores

McDonald’s Corp said it is seeking franchise partners for its restaurants in Malaysia and Singapore as part of its move to away from direct ownership and operation in Asia. “McDonald’s has taken the decision to adopt a development licensee model for the Malaysia and Singapore markets in order to enable focused investment in the brand and speed up growth in these key Asian markets,” a Singapore-based spokeswoman at McDonald’s said in a statement on Tuesday.

 

Hong Leong Bank, Islamic unit cut rates

Hong Leong Bank Bhd (HLBB) and Hong Leong Islamic Bank Bhd (HLISB) will reduce their base rate (BR) and base lending rate (BLR),in line with the cut in the overnight policy rate by Bank Negara Malaysia. HLBB said this will bring the bank’s BR to 3.69 per cent from 3.94 per cent and BLR to 6.70 per cent from 6.95 per cent.

 

RHB further revises base rate, BLR and BFR

RHB Banking Group announces further revision in its base rate (BR), base lending rate (BLR) and base financing rate (BFR), effective July 29, 2016.

A bank statement said RHB Bank, RHB Islamic Bank and RHB Investment Bank would further revise its BR from 3.80 per cent to 3.65 per cent per annum, BLR and BFR from 6.75 per cent to 6.60 per cent per annum, respectively.