Sabah & Sarawak
MyCC accepts undertakings from logistics service providers
The Malaysia Competition Commission (MyCC) on Tuesday accepted undertakings in accordance with Section 43 of the Competition Act 2010 from Giga Shipping Sdn Bhd and Nexus Mega Carriers Sdn Bhd. The undertakings are in relation to exclusive agreements between the two enterprises with vehicle manufacturers, distributors and retailers. Both enterprises are major providers of logistic and shipment services by sea for moor vehicles from ports in Peninsular Malaysia to ports in Sabah, Sarawak and Labuan.
Petronas, Shell begin oil production from Gumusut-Kakap deepwater platform
Major oil and gas corporations Petronas and Shell have started oil production from the Gumusut-Kakap floating platform off the coast of Sabah, the latest in a series of deep-water projects for the group. The platform is expected to reach an annual peak oil production of around 135,000 barrels a day, once fully ramped up.
Uncertain tariff transition for Bintulu Port
Bintulu Port Holdings Bhd’s (Bintulu Port) growth prospects have been priced in for the medium term, hinging on the Samalaju Industrial Park, a growth node of Sarawak Corridor of Renewable Energy (SCORE). AmResearch Sdn Bhd on Wednesday noted Bintulu Port is expected to gear up for Samalaju Port with a proposed sukuk issue of which AmResearch valued to be between RM700 million to RM800 million.
Sarawak Cable obtains RM493 million contract
Sarawak Cable Bhd has been awarded a contract for the engineering, procurement and construction (EPC) works for the Balingian coal-fired power plant with a contract value of RM493 million. The company in a filing to Bursa Malaysia Thursday said it has received a letter of award from Shanghai Electric Group Co Ltd, the main contractor of the two times 300 megawatt (MW) Balingian coal-fired power plant for the EPC works on the local portion of the works for the project.
Tas offshore optimistic new demand for osvs will boost fy15 earnings
TAS Offshore Bhd is confident that new demand for offshore support vessels (OSVs) with higher technical specifications for deep sea operation will contribute positively to its earnings in fiscal 2015. The company also believes that the demand for shallow water OSVs will remain firm. Managing director Datuk Lau Nai Hoh on Friday said the group aimed to enhance its market share growth by focusing on shipbuilding activities and prospecting for new markets.
—–
National
Jimmy Choo IPO pricing values firm at up to US$1.1 bln
Luxury shoe company Jimmy Choo is on course to join London’s main stock market with a value of up to US$1.1 billion, industry sources said on Monday, citing the initial price range quoted by banks arranging the sale. The company, whose shoes cost up to 600 pounds (US4960) a pair and are worn by celebrities across the globe, is looking to use the money raised from the listing to expand, particularly in Asia.
Malaysia’s 1MDB seeks January listing for power assets Malaysian state investor 1Malaysia Development Bhd (1MDB) is seeking a January listing of its power assets, three people with direct knowledge of the matter said, adding that the paperwork for the long-delayed IPO will be filed later this month.
Malaysia’s total trade in August increases to rm123.9 Bln
Malaysia’s total trade in August 2014 increased to RM123.90 billion from the RM118.58 billion recorded in the same month last year. The trade surplus, meanwhile, stood at RM3.86 billion.The Ministry of International Trade and Industry (Miti) in its Malaysia External Trade Statistics report said exports in August expanded 1.7 per cent, year-on-year to RM63.88 billion, while imports surged 7.6 per cent to RM60.02 billion.
Merger deal submitted to BNM for approval
CIMB Group Holdings Bhd (CIMB), RHB Capital Bhd (RHB Capital) and Malaysia Building Society Bhd (MBSB) Thursday announced that an application has been made to Bank Negara Malaysia to seek approval for its proposed three-way merger. The merger will see a share swap between CIMB Group and RHB Capital at an exchange ratio of 1.38 (one RHB Capital share for 1.38 CIMB Group share).
Sime Darby plantation to buy Kulim’s stake in nbpol for 1.073 bln pounds
Sime Darby Bhd’s unit, Sime Darby Plantation Sdn Bhd, intends to make a cash offer to acquire all the voting shares in New Britain Palm Oil Ltd (NBPOL) from Kulim (Malaysia) Bhd for 1.073 billion pounds. At 7.15 pounds per share, it would be a premium of 85 per cent to NBPOL’s last closing price on the London Stock Exchange on Oct 8, 2014 and a premium of 79.9 per cent to NBPOL’s last closing price on the Port Moresby Stock Exchange.
Economy to sustain growth momentum in 2015
The Malaysian economy is expected to sustain its growth momentum in 2015, driven by resilient domestic demand and the improving external sector. The Ministry of Finance on Friday said Gross Domestic Product growth is expected to expand at a steady pace of between five and six per cent in 2015 given the better global economic outlook and underpinned by the 2015 Budget measures.
Report: Private investment to remain vibrant in 2015
The final year of the 10th Malaysia Plan next year will see a steady push from the private sector, with private investment remaining vibrant and registering a double-digit growth. According to the Economic Report 2014-2015 issued by the Finance Ministry, the positive performance is due to the supported ongoing implementation of the ETP and GTP plans.