Genting Bhd/Genting SP: Concerns of a possible reduced volume in its VIP customers at Genting SP resort caused its share prices to fell. A leading research house revised Genting’s performance forecasts came after Sands Corp reported q-to-q drop in its VIP gaming business in its Singapore casino Marina Bay Sands, sparkling concerns that RWS could see similarly weak performance.
Genting SP: S$1.55 (JP Morgan), S$1.75 ( Macquarie ), $3.00 (CLSA), CITIgroup $2.60, $1.01 (Nomura), S$2.38 (OCBC), S$2.55 (RHB), S$1.73 (Goldman Sachs), S$2.60 (AMResearch)
Premium Nutrients: It has received an offer from Indonesia incorated Agro Asia Pacific Ltd to take over Premium’s core businesses for a total rm118 million. Should Premium accept the offer, it would be formalized in the form of a share sale agreement. The current offer values each share at about 35 sen. This does not take into account long and short term borrowings of rm194 million. It has cash of rm42 million and receivables of rm95 million as at Sept 30, 2010.
PUC: London ’s AIM RedHot Media Intl Ltd’s move to take control of PUC will enable it to tap the latter’s major shareholder’s presence in China ’s media and advertizing industry. The corporate exercise would see RHM disposing of three subsidiaries to PUC for rm95 million. In return PUC would issue 950 million new shares of 10 sen each to RHM.
Kencana plans to finance the US$200 million required to jointly develop and operate the Berantai oil and gas field through an equity/debt fund raising exercise. The detailed breakdown between the various sources of funding has yet to be determined at this juncture, pending completion of the company’s proposed fund raising exercises in its entirety.
BHIC: Expectations the ship builder could secure more government defence contracts. Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi said the government has agreed to allocate RM6 billion to build six second generation patrol vessels for the navy. Construction of the ships will boost the economy while benefiting 632 vendor companies. Thus, the government will ensure that at least RM2 billion of the allocation will benefit these vendor companies which are strategic partners of Boustead Naval Shipyard Sdn Bhd. The project is due to start next year (2012).
BHIC: 5.50 (AMResearch), 4.40 (HDBS)
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