12 December 2011
PAAB: restructuring about two-thirds of the RM6b Selangor water bonds. PAAB, is likely to restructure only about two-thirds of the amount outstanding for the RM6b Selangor water bonds Among the issuers, SYABAS is able to serve its coupon and principal payments. PAAB has met up with the other issuers- Splash and, Puncak Niaga Holdings and Kumpulan Perangsang Selangor - on the mode of restructuring that will probably on a matching basis. To fund the massive purchase, PAAB has issued its own bonds of a similar amount, paying an average coupon rate of 4.0%-4.5%. (Source: The Star)
Khazanah selling Proton stake to DRB-Hicom. Khazanah is selling its 42.7% stake in Proton Holdings Bhd to DRB-Hicom Bhd. It has been reported that Khazanah had approached Sime Darby Motors, the Naza Group, Hyundai-Berjaya Sdn Bhd, DRB Hicom and UMW Holdings Bhd. So far, only DRB-Hicom had expressed interest in Khazanah's proposal. (Source: The Star)
Ekovest Bhd: Set to gain most. Ekovest Bhd is expected to be the prime beneficiary of the RM2.2b River of Life (ROL) project, given that the company has a 60% stake in the joint-venture company with MRCB, which was recently appointed the project delivery partner (PDP). The JV-company is also eyeing RM1b works for the beautification works portion of the ROL project and could potentially secure a bigger role of cleaning up the 10.7km river over 3 years. (Source: The Star)
Ta Ann Holdings: looking at PNG expansion. TA Ann Holdings Bhd, having planted three quarters of its 45,000ha agricultural landbank in Sarawak, is looking to venture into Papua New Guinea. Headquartered here, the group ventured into oil palm planting in 2000. Within 11 years, it has planted 75 per cent of its plantable landbank. Eight months ago, Ta Ann had forecast 380,000 tonnes of fresh fruit bunches at its Sarawak estates for the year. However, its trees are fruiting well and the company is reaping bumper harvest, with Wong now expecting the company to harvest 450,000 tonnes. (Source: News Straits Times)
UDA Holdings: To build affordable shoplots. UDA Holdings Bhd will build affordable shoplots at 15 strategic locations with a RM30m allocation provided by the government. Cost for each location would only be RM2m on average as the sites would be provided by local authorities. Construction for each project will only take 8 months and once completed, UDA will hand it to the respective local authorities. (Source: News Straits Times)
(Information from MBB)
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