Puncak Niaga/KPS: The proposed consolidation of water assets in Selangor is expected to be wrapped up by 2011 with more meaningful action by end-January 2011. This was because the Selangor state government's offer would expire by then. Industry observers was convinced the federal government will step in order to resolve the issue should the state government fails to wrap up the deal by the first half of 2011. The attractiveness of the offer depended on the operation and maintenance (O&M) licence entitlement. Puncak Niaga may seek a higher price should the offer excluded its entitlement for O&M licence (post-consolidation).
KEUro/Talam: Kumpulan Europlus Bhd has disposed of 60 million ordinary shares of 20 sen each, representing 1.84 per cent of the total voting share capital of Talam Corp Bhd, for RM5.99 million. The disposal has also reduced the gearing ratio of the company from 2.95 to 2.92. The proceeds would be used to pay creditors. The disposal will assist the group reduce its liabilities.
Showing posts with label KEuro. Show all posts
Showing posts with label KEuro. Show all posts
Sunday, August 7, 2011
Saturday, August 6, 2011
What’s Up? IJM Corp/KEuro
IJM Corp/KEuro
What’s Up? … dated Jan 2011
Sources say the long overdue West Coast Expressway (WCE), which will run from Banting, Selangor, to Taiping in Peak, is posed for a financial close.
According to sources, the National Economic Action Council, which is chaired by OM Datuk Seri Najib has approved the project. It is now awaiting approval from the Cabinet.
The sources say the promoter of the project, Konsortium LPB Sdn Bhd has already firmed up the financial close of the project. Some portions of the expressway will be constructed with a soft loan from the government. The government has in principle agreed to the soft loan because some stretches of the highway are not commercially viable.
The highway proposal was mooted some 15 years ago by Tan Sri Chan Ah Chye who established KLPB. KEURO, which is substantially controlled by Tan Sri Chan and IJM Corp, has a 60% stake in KLPB. The remaining 40% is belonged to LTAT and a private company.
Industry observers have described the highway as the closet alternative to the North South Expressway.
In relation to the financial close of the WCE, a new shareholder is likely to emerge in KEuro. The company has placed out new shares amounting to 10% of its capital at rm1.22 per share. The shares are believed to be have taken up by new parties who would also be in the driving seat of the WCE project.
The placement would net KEURO some rm57 million, which would beef up the company’s balance sheet. KEURo has long and short term debts of rm257 million and not much cash in hand.
IJM Corp’s entry into KEURO at some 25 sen per share.
What’s Up? … dated Jan 2011
Sources say the long overdue West Coast Expressway (WCE), which will run from Banting, Selangor, to Taiping in Peak, is posed for a financial close.
According to sources, the National Economic Action Council, which is chaired by OM Datuk Seri Najib has approved the project. It is now awaiting approval from the Cabinet.
The sources say the promoter of the project, Konsortium LPB Sdn Bhd has already firmed up the financial close of the project. Some portions of the expressway will be constructed with a soft loan from the government. The government has in principle agreed to the soft loan because some stretches of the highway are not commercially viable.
The highway proposal was mooted some 15 years ago by Tan Sri Chan Ah Chye who established KLPB. KEURO, which is substantially controlled by Tan Sri Chan and IJM Corp, has a 60% stake in KLPB. The remaining 40% is belonged to LTAT and a private company.
Industry observers have described the highway as the closet alternative to the North South Expressway.
In relation to the financial close of the WCE, a new shareholder is likely to emerge in KEuro. The company has placed out new shares amounting to 10% of its capital at rm1.22 per share. The shares are believed to be have taken up by new parties who would also be in the driving seat of the WCE project.
The placement would net KEURO some rm57 million, which would beef up the company’s balance sheet. KEURo has long and short term debts of rm257 million and not much cash in hand.
IJM Corp’s entry into KEURO at some 25 sen per share.
JIT News - Integrax/KYM,MUIB,Tanco,SP Stia,IJM Corp/KEURO ....17/1/2011
Integrax/KYM/Perak Corp: Harun Halim Rasip, Integrax CEO is said to be looking for an exit from the company after a long drawn out feud among shareholders of the port operator. Sources said Harun is in talks with several parties for the disposal of his block of shares. Currently, Harun jointly holds a 37.8% stake in Integrx with his brother, Amin Halim, via private companies. Amin is also chief executive of the company. Among the parties said to be interested in Harun’s block are Datuk Lim Kheng Yew of KYM and Perak Corp Bhd.
MUIB: Negotiations to sell MUI Continental Insurance Bhd, if successful, is expected to improve MUI’s debt balance sheet. Reducing gearing aside, the sale of MUI’s insurance arm means that the group’s financial services division will be left with mainly the universal broker – PM Securities Sdn Bhd – which is parked under PM Capital, and indirect associated company of MUI. Some quarters may reckon that MUI may concentrate on expanding the stockbroking arm going forward. The sale could potentially fetch rm135 million for its 52.21% stake in the insurer.
MUI’s total net debts stood at rm754 million or gearing ratio of 107% as at Sept 2010. Its shareholders’ funds had down to rm701 million due to rm2.1 billion in negative reserves caused by accumulated losses mostly in the 1997/1998 crisis. Without major asset disposals over the last three years, the group’s had pared down borrowings using mostly internal generated funds. A bulk of debts was at MUI’s level, with minimal borrowings at its two listed subsidiaries PM Holdings and PM Corp.
Going forward, a source said MUI’s focus in is financial services division would be to elevate its UB into IB. The group is still in the process of finding a strategic partner to help PM Securities in its aspirations to become an IB with a regional reach with no time frame.
Tanco: Sources say Tanco which is bogged down by a rm270 million loan it took from a unit of Lehman Brothers in 2007, may have secured a substantial reduction in its debt obligations.
SP Setia: In late Sept 2010 that SP Setia might be acquiring one of the largest pieces of prime land in Bangsar, KL. The report, quoting Ministry of Health deputy director general Datuk Maimunah, said the six research centres of the Ministry’s Institute for Medical Research would be brought together under one roof as the 1NIH integrated complex, which would be built in Setia Alam, Shah Alam, a 2500 acre township being developed by SP Setia.
This would mean that several thousnad ministry staffers will soon be shopping there, thus benefiting the shops and retail outlets in the township. The icing on the cake, however is that the government will swap the 1MR land in Jalan Bangsar for the land and construction of the 1NIH is Setia Alam by the SP Setia group. This way, the cost for the integrated complex will not appear as a cost in the federal budget. SP Setia offered the government a parcel of land in Setia Alam where it would build the proposed 1NIH at a cost of rm600 million to rm700 million.
It is believed that SP Setia won the bid through a consortium that includes one or two partners. However, SP Setia is not expected to develop the 1MR land soon, because the company will have to build new facilities for the six research institutes in Setia Alam to make the move possible. The company will need to draw up a master plan for the development and submit it for approvals.
SP Setia: 7.23 (OSK), 5.51 (CIMB), 4.46 (ECM), 6.90 (MBB), 4.94 (Inter Pacific), 8.05 (RHB), 5.50 (Kenanga), 6.80 (AMResearch)
IJM Corp/KEURO: Sources say the long overdue West Coast Expressway (WCE), which will run from Banting, Selangor, to Taiping in Peak, is posed for a financial close. According to sources, the National Economic Action Council, which is chaired by OM Datuk Seri Najib has approved the project. It is now awaiting approval from the Cabinet. The sources say the promoter of the project, Konsortium LPB Sdn Bhd has already firmed up the financial close of the project. Some portions of the expressway will be constructed with a soft loan from the government. The government has in principle agreed to the soft loan because some stretches of the highway are not commercially viable.
IJM Corp: 5.01 (RHB), 7.50 (HDBS), 5.24 (MIDF), 7.52 (AmResearch), 5.51 (TA), 6.60 (OSK), 6.40 (MBB), 7.70 (Credit Suisse)
MUIB: Negotiations to sell MUI Continental Insurance Bhd, if successful, is expected to improve MUI’s debt balance sheet. Reducing gearing aside, the sale of MUI’s insurance arm means that the group’s financial services division will be left with mainly the universal broker – PM Securities Sdn Bhd – which is parked under PM Capital, and indirect associated company of MUI. Some quarters may reckon that MUI may concentrate on expanding the stockbroking arm going forward. The sale could potentially fetch rm135 million for its 52.21% stake in the insurer.
MUI’s total net debts stood at rm754 million or gearing ratio of 107% as at Sept 2010. Its shareholders’ funds had down to rm701 million due to rm2.1 billion in negative reserves caused by accumulated losses mostly in the 1997/1998 crisis. Without major asset disposals over the last three years, the group’s had pared down borrowings using mostly internal generated funds. A bulk of debts was at MUI’s level, with minimal borrowings at its two listed subsidiaries PM Holdings and PM Corp.
Going forward, a source said MUI’s focus in is financial services division would be to elevate its UB into IB. The group is still in the process of finding a strategic partner to help PM Securities in its aspirations to become an IB with a regional reach with no time frame.
Tanco: Sources say Tanco which is bogged down by a rm270 million loan it took from a unit of Lehman Brothers in 2007, may have secured a substantial reduction in its debt obligations.
SP Setia: In late Sept 2010 that SP Setia might be acquiring one of the largest pieces of prime land in Bangsar, KL. The report, quoting Ministry of Health deputy director general Datuk Maimunah, said the six research centres of the Ministry’s Institute for Medical Research would be brought together under one roof as the 1NIH integrated complex, which would be built in Setia Alam, Shah Alam, a 2500 acre township being developed by SP Setia.
This would mean that several thousnad ministry staffers will soon be shopping there, thus benefiting the shops and retail outlets in the township. The icing on the cake, however is that the government will swap the 1MR land in Jalan Bangsar for the land and construction of the 1NIH is Setia Alam by the SP Setia group. This way, the cost for the integrated complex will not appear as a cost in the federal budget. SP Setia offered the government a parcel of land in Setia Alam where it would build the proposed 1NIH at a cost of rm600 million to rm700 million.
It is believed that SP Setia won the bid through a consortium that includes one or two partners. However, SP Setia is not expected to develop the 1MR land soon, because the company will have to build new facilities for the six research institutes in Setia Alam to make the move possible. The company will need to draw up a master plan for the development and submit it for approvals.
SP Setia: 7.23 (OSK), 5.51 (CIMB), 4.46 (ECM), 6.90 (MBB), 4.94 (Inter Pacific), 8.05 (RHB), 5.50 (Kenanga), 6.80 (AMResearch)
IJM Corp/KEURO: Sources say the long overdue West Coast Expressway (WCE), which will run from Banting, Selangor, to Taiping in Peak, is posed for a financial close. According to sources, the National Economic Action Council, which is chaired by OM Datuk Seri Najib has approved the project. It is now awaiting approval from the Cabinet. The sources say the promoter of the project, Konsortium LPB Sdn Bhd has already firmed up the financial close of the project. Some portions of the expressway will be constructed with a soft loan from the government. The government has in principle agreed to the soft loan because some stretches of the highway are not commercially viable.
IJM Corp: 5.01 (RHB), 7.50 (HDBS), 5.24 (MIDF), 7.52 (AmResearch), 5.51 (TA), 6.60 (OSK), 6.40 (MBB), 7.70 (Credit Suisse)
JIT News - Tenaga, Steel Players, Cocoa/F&N, H Seng, MTD Cap, KEuro ... 6/1/2011
Tenaga: The severe flooding in Australia has resulted in a dip in Tenaga share price on the back of rising coal prices following a supply disruption. In its financial year ended Aug 31 2010, TNB purchased about 17% of its coal from Australia , 71% from Indonesia and 11% from South America . For TNB, the costs of coal in FY2010 accounted for 48% of its fuel expenses based on full year average cost of US$88.20 per tonne.
Target Prices: Tenaga: 9.00 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Lion Industries/Ann Joo/Kinsteel/Sino Hua-An: Possible tightening of supply of coal is yet to be reflected in the share prices of most local steel players. Several steel counters saw their share prices rising during the same period. Among the local steel players, Ann Joo would require cooking coal to fuel its blast furnace, for which commissioning is expected to be delayed until the end of this quarter. It is unsure whether Ann Joo has yet to stock up on cooking coal or has already done so but eventually everyone is going to be affected by rising costs.
Despite present high prices, millers have not been able to react immediately, let alone rising iron ore prices. Most steel players would require electricity to power their steel plants. Hence they would not be immune to TNB’s pending tariff review, which in turn would be affected to a certain extent by the increase in coal prices especially if the mines are shut for an extended period. Sino Hua An produces coking coal exclusively for the China market and does not expect the situation in Australia to have any significant impact on the company as it sells and buys locally.
It is estimate that half of the world’s coking coal for Asia’s steel mills from Australia . The floods have forced 75% of its coal mines to close.
Cocoaland/F&N: Cocoaland was given a contract to prepare, package and deliver F&N Beverage products with an option to extend the contract for another year. F&N is a major shareholder of Cocoaland with a 23.08% stake.
Target Prices: 2.18 (CIMB), 3.11 (TA), 3.70 (AMResearch)
Hap Seng: It is set to distribute 50% of its group net profit in the form of dividends, after its board approved the dividend policy. The group had approved the dividend policy of 50% of group profit after tax taking into account the level of cash, gearing, return on equity and retained earnings. The company also said it will make necessary announcements to Bursa if and when there is a definite corporate proposal in relation to the possible bonus issue and share split. Eight million shares crossed off-market via a direct deal on 03 Jan 2011 at a total value of RM48.32 million or RM6.04 a share. The new owner of the shares has not been announced to Bursa Malaysia yet.
MTD Capital: Its subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit. MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike. Its legal counsel had yet to receive any order or notice of action from the Supreme Court. A temporary restraining order could not undo the implementation of the toll rate hike which had already been implemented.
Target Prices: Tenaga: 9.00 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Lion Industries/Ann Joo/Kinsteel/Sino Hua-An: Possible tightening of supply of coal is yet to be reflected in the share prices of most local steel players. Several steel counters saw their share prices rising during the same period. Among the local steel players, Ann Joo would require cooking coal to fuel its blast furnace, for which commissioning is expected to be delayed until the end of this quarter. It is unsure whether Ann Joo has yet to stock up on cooking coal or has already done so but eventually everyone is going to be affected by rising costs.
Despite present high prices, millers have not been able to react immediately, let alone rising iron ore prices. Most steel players would require electricity to power their steel plants. Hence they would not be immune to TNB’s pending tariff review, which in turn would be affected to a certain extent by the increase in coal prices especially if the mines are shut for an extended period. Sino Hua An produces coking coal exclusively for the China market and does not expect the situation in Australia to have any significant impact on the company as it sells and buys locally.
It is estimate that half of the world’s coking coal for Asia’s steel mills from Australia . The floods have forced 75% of its coal mines to close.
Cocoaland/F&N: Cocoaland was given a contract to prepare, package and deliver F&N Beverage products with an option to extend the contract for another year. F&N is a major shareholder of Cocoaland with a 23.08% stake.
Target Prices: 2.18 (CIMB), 3.11 (TA), 3.70 (AMResearch)
Hap Seng: It is set to distribute 50% of its group net profit in the form of dividends, after its board approved the dividend policy. The group had approved the dividend policy of 50% of group profit after tax taking into account the level of cash, gearing, return on equity and retained earnings. The company also said it will make necessary announcements to Bursa if and when there is a definite corporate proposal in relation to the possible bonus issue and share split. Eight million shares crossed off-market via a direct deal on 03 Jan 2011 at a total value of RM48.32 million or RM6.04 a share. The new owner of the shares has not been announced to Bursa Malaysia yet.
MTD Capital: Its subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit. MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike. Its legal counsel had yet to receive any order or notice of action from the Supreme Court. A temporary restraining order could not undo the implementation of the toll rate hike which had already been implemented.
KEuro: KEURO priced the placement at RM1.22 per share.
Subscribe to:
Posts (Atom)