Today Local News

05 December 2011

Hiap Teck Ventures: Eastern Steel secures funds for Rm1.8b mill. Eastern Steel Sdn Bhd, a JV between China Shougang Group and Hiap Teck Ventures Bhd, has secured funding for the construction of its RM1.8b steel mill in Kemaman Heavy Industrial Park. The first stage of the phase one of the mill with annual capacity of 700,000 tonnes of steel is expected to be completed by mid-2013 at a cost of RM750m. (Source: The Star)

Tan Chong Holdings: May reach break-even earlier in Vietnam. Having invested nearly USD45m in Nissan Vietnam Co Ltd (NVL) since acquiring a controlling stake in the company last year, Tan Chong Motor Holdings hopes its Vietnam operations will reach break-even sooner than expected based on its current performance despite continuing losses by NVL. (Source: The Edge Financial Weekly)

Fibon: New invention to boost growth. Fibon Bhd is poised to enter a new phase of growth with the upcoming launch of its new swtitchboard Fibon Logicube, which was developed after years of R&D. Unlike the conventional switchboard, Fibon Logicube is compact and fully insulated without conductor exposed. Fibon is currently in the process of obtaining pioneer statues for Fibon Logicube from the Ministry of International Trade and Industry. (Source: The Edge Financial Weekly)

Oil & Gas: Petronas expanding downstream potential. The downstream division is embarking on a RM60b refinery and petrochemicals integrated development project (RAPID) that will be bigger than all of its existing refineries and chemical plants put together. The downstream business itself is split into three segments; refining and trading, downstream marketing and petrochemicals. (Source: Business Times)

Healthcare: Khazanah to list healthcare business on Bursa and SGX. Khazanah Nasional has engaged seven investment banks to map out a plan to list its healthcare assets on both Bursa Malaysia and the Singapore Exchange in the next six months. Sources say that the size of the IPO will not be less than 25% of the company or USD2b (RM6.2b) valuing Khazanah’s healthcare asset at about USD8b. (Source: The Edge Financial Weekly)