Kulim/Sindora: Kulim is said to be privatizing Sindora. This could mark the start of a new corporate strategy for Kulim and its parent JCorp which in the past was seen as pushing for an asset divestment strategy. Kulim should be able to muster this amount as the end of March 2011, Kulim had cash and cash equivalent amounting to some rm424 million although it has also debts of rm1.96 billion.
DVM: Two of its substantial shareholders had called for an EGM to oust the company’s entire board of four directors. Both held 15.04% stake in DVM. The two substantial shareholders are seeking shareholders’ approval at the EGM to be appointed as directors along with two others to replace the four existing directors.
Bursa Malaysia had issued a query after observing the sharp increase in the price and volume of DVM.
On Aug 12, 2011, the company proposed a private placement involving 10% of its existing issued and paid up capital. It proposed of the issuance of 17.6 million new ordinary shares for 14 sen each, in order to raise rm2.46 million for working capital. It had not identified investors for the exercise.
For 1QFY201, DVM posted a new loss of rm1.59 million on revenue of rm7.13 million. Its net assets per share stood at 8 sen as at March 31, 2011. It made a net loss of rm2.14 million on revenue of rm4.75 million for FY2010.
MISC: Speculating that national carrier MISC Bhd may put in a bid for a fleet of eight liquefied natural gas (LNG) ships owned by shipping giant AP Moller Maersk. The bids are understood to be due by end-August 2011, with initial estimates valuing the fleet at US$1.3 billion (RM3.9 billion) to US$1.7 billion. AP Moller is understood to have roped in Deutsche Bank to assist with the sale.
O&G: Petroliam Nasional Bhd (Petronas) is expected to announce the second contract to develop a marginal oil field soon. Petronas is currently finalising the second risk services contract (RSC) and will make an announcement in due time.
Credit Rating Of Malaysia: Standard & Poor’s has cautioned that Malaysia could join India and Japan which may have lower sovereign ratings because they have yet to come out of the 2008 economic meltdown. Fitch Ratings affirmed Malaysia ’s sovereign ratings with a stable outlook but expressed its concern about the structural weaknesses in the public finances as well as over dependence on petroleum-linked revenues.
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