Showing posts from August, 2010

FBM KLCI Today's Market Preview

Since there was no major market lead over the weekend – with key U.S. equity barometers closing marginally down by between 0.2% and 0.4% last Friday – we anticipate share prices on the Malaysian stock exchange to drift lower on the back of profit-taking pressures.

Consequently, the FBM KLCI will probably slip a bit more from its overbought territory, though the benchmark index will not likely test its immediate support level of 1,340 anytime soon.

Against the market consolidation backdrop, we may see added trading interest in:
(a) Bandar Raya, which is looking to sell its 57%-owned listed subsidiary Mieco according to one media report;
(b) EPIC, as one news report speculated that the Company could be privatized; and
(c) SIG Gases, an industrial gas supplier that will make its debut listing today.
by HwangDBS Vickers

Costs at Bakun dam set to balloon

Costs at the RM7.3bil Bakun dam project are set to ballon with every step in the delay in impoundment and power supply to Sarawak, said Sarawak Hidro Sdn Bhd managing director Zulkiflie Osman. Starting next year, an additional interest payment of RM10mil per month will be incurred as the dam is already five mnths behind schedule for flooding. It akes seven months from the impoundment date forh te dam to reach its minimum operating level to generate power. - The Star

Mudajaya: Shares hit 9-month low on ongoing SC probe

Concerns about the ongoing investigation by the Securities Commission (SC) on Mudajaya Group Bhd resulted in Mudajaya shares hitting its lowest level since last November, ended trading yesterday at RM3.92. The decline since news first broke has wiped out more than RM650m in Mudajaya's market capitalization. Meanwhile, Mudajaya bought back 1m of its shares for RM4.4m yesterday. (Sources: The Star, The Edge Financial Daily)

Malaysia Construction: RM82bn projects to be implemented this year

A total of RM82.3bn worth of construction and infrastructure projects are expected to be implemented this year at the tail end of government’s stimulus package and the Ninth  Malaysian Plan (2006 – 2010), said the Construction  Industry Development Board (CIDB). Its senior GM and CEO Abdul Latif Hitam said RM19bn in construction and infrastructure projects were implemented in the first half of 2010. For 2011, he said about RM70bn in projects are expected to be implemented. Projects that are expected to take off  during the 10th  Malaysian Plan (10MP, 2011 – 2015) are the LRT expansion, new LCCT, electricity generation plants, world-class luxury condominium projects, Greater KL and the five economic regions. (Financial Daily)

M3nergy: Takeover offer get 90% acceptance

M3nergy Price RM1.82 Offer at RM1.85M3nergy Bhd said the takeover offer by Adamus Avenue Sdn Bhd (AASB) to minority shareholder at RM1.85 a share has crossed the 90% acceptance threshold as of yesterday. In a filing to the exchange, the offer now becomes unconditional and AASB intends to compulsorily acquire the remaining outstanding shares after the offer period closes on Aug 17, 2010. (Malaysian Reserve)

Multipurpose May Re-list Magnum

Multi-Purpose Holdings Bhd (MPHB) told Bursa Malaysia that it is currently at a “very preliminary stage” of looking at the possible relisting of Magnum Corp Sdn Bhd. It is exploring various options for the possible listing.
MPHB had said in a filing on Tuesday that it intended to maintain its 51% stake in Magnum even if the latter was relisted. MPHB said the relisting of Magnum on the Main Market was one of the exit strategies contemplated by CVC Capital Partnersa, a global private equity firm which holds 47% in Magnum. Magnum was taken private in 2008 in a deal worth RM4bil. - Star BizMagnumbelieves that gaming should be seen as a fun thing and not gambling.