AirAsia gears up for Asia network expansion
AirAsia Bhd is gearing up for network expansion in India with more destinations after achieving a wide coverage in China. The company currently has about 200 flights a week to seven cities in China. Air Asia regional head of commercial Kathleen Tan, said the budget carrier had been looking at the Indian market for a long time and that it took a while to go there due to a lot of documentation issues. “There is a lot of demand for flights between India and Kuala Lumpur. The expansion of the Indian routes will help open up the tourism industry in both countries and stimulate the labour market as well” she told reporters in Kolkata last Friday at an event to commemorate the inaugural KL-Kolkata flight. (Starbiz)
AirAsia plans listings in Thailand, Indonesia
Listing of its shares on Thailand and Indonesian stock exchanges is on the cards for Asia’s largest low-cost carrier AirAsia Bhd. The airline is following in the footsteps of CIMB Group Holdings Bhd which recently said it was seeking a dual listing in Thailand. AirAsia group chief executive officer Datuk Seri Tony Fernandes had said the timing was very good for a dual listing as AirAsia’s associate companies – Thai AirAsia and Indonesia AirAsia – were doing very well operationally. Bloomberg quoted Fernandes as saying that the plan to list in Thailand “is the first step before listing in Indonesia as well. (Starbiz)
Breakthrough move for ICBC
Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks in terms of market value and profitability, describes the proposed opening of a subsidiary bank in Malaysia as a significant breakthrough in ICBC’s globalisation strategy.“It is also a reflection of the fast expanding trade, economic and commercial ties between China and Malaysia,” it said in a statement yesterday. ICBC was granted the banking licence by Bank Negara on Nov 20. Previously, its application had been approved by the China Banking Regulatory Commission. It said Malaysia was one of China’s most important trading partners in Asean, with bilateral trade standing at USD53.469bn in 2008, representing about one quarter of total trade volume between China and the Asean countries. (Starbiz)
RM111m profit from redevelopment JV for Star
Star Publications (M) Bhd expects to get RM111m in profit under a proposal to redevelop its Section 13 property here via a joint venture, sources said. It is learnt that Star will team up with a reputable developer and secure up to 30% share of the GDV (gross development value) of the project in exchange for the use of its land. The redevelopment of the former headquarters site is estimated to cost RM215m with a GDV of RM370m. The GDV is based on the total net lettable area of 740,000 sq ft valued at RM500 per sq ft. (Financial Daily)
Bina Puri plans RM1.5bn resort development
Bina Puri Holdings Bhd is planning a luxury resort development in Kota Kinabalu that could cost more than RM1.5bn. Bina Puri Construction S/B (BPCSB) managing director Datuk Henry Tee Hock Hin, who oversees projects in Sabah, Sarawak and Brunei, said the development will feature hotels, resorts, high-end condominiums and villas. Tee said it would be Bina Puri's first luxury development of such scale. BPCSB is in talks with local developers and foreign parties, and a joint-venture company will be set up once all parties reach agreement. "It is too early to say when the project will start, but we are looking at it seriously. What is important is to get the right partners in to build it together. "We have seen a few parcels of land. BPCSB will ink some deals soon for the project," Tee said. BPCSB will offer its expertise in design and construction, and assist the local authorities in promoting Sabah tourism, while its partners will provide the funding. Tee also said that Bina Puri, through BPCSB, will launch Phase 2 of its Jesselton condominium project in Tuaran, Kota Kinabalu, costing some RM5m. Phase 1, comprising 133 luxury condominium units worth RM64m, was sold within a year of its launch at end-2006. (BT)
Samchem partners Prasandha to enter Indonesia
Industrial chemical distributor Samchem Holdings Bhd is expanding to Indonesia by forming a new subsidiary to tap the chemicals market there, estimated to be at least three times the size of the Malaysian market. Chairman and chief executive officer Ng Thin Poh said the company was teaming up with shareholders of Indonesia-based chemical distribution company PT Prasandha Byantara Abadi to set up the new subsidiary. “Samchem will fork out about USD2.2m for the paid-up capital and asset acquisition (from Prasandha). It will then control 60% of the capital structure of the subsidiary that may begin its business in the first quarter next year. Ng said Samchem expected the Indonesian business to contribute RM100m revenue in 2011. (Starbiz)
Bumi Armada and partner win USD700m contract in Vietnam
Bumi Armada Bhd and Vietsovpetro have signed a USD700m deal with Vietnam-based Hoang Long Joint Operating Co for the lease of a floating, production, storage and offloading (FPSO) vessel to be deployed at the Te Giac Trang (TGT) oilfield, off the coast of Vietnam.The contract will run for seven years, with an option for yearly extensions of up to 15 years. Bumi Armada executive director and chief executive officer Hassan Basma said the company would get a “substantial portion” of the USD700m. He said Bumi Armada would be supplying the vessel while Vietsovpetro a joint venture established in Vietnam between government-owned PetroVietnam and a Russian corporation would conduct the offshore installation and subsequent maintenance of the vessel. (Starbiz)
Bursa proceeds to de-list Nepline
Bursa Malaysia has decided to disallow Nepline Bhd’s appeal and will proceed to de-list the company’s securities effective 3 Dec, the company said in a stock exchange filing.Bursa said upon the de-listing, Nepline would continue to exist but as an unlisted entity. Nepline, a PN17-status company, has been suspended since 11 Sept as it has failed to submit its regularisation plan to the Securities Commission and other relevant authorities for approval within the timeframe stipulated by Bursa. (Starbiz)
AirAsia Bhd is gearing up for network expansion in India with more destinations after achieving a wide coverage in China. The company currently has about 200 flights a week to seven cities in China. Air Asia regional head of commercial Kathleen Tan, said the budget carrier had been looking at the Indian market for a long time and that it took a while to go there due to a lot of documentation issues. “There is a lot of demand for flights between India and Kuala Lumpur. The expansion of the Indian routes will help open up the tourism industry in both countries and stimulate the labour market as well” she told reporters in Kolkata last Friday at an event to commemorate the inaugural KL-Kolkata flight. (Starbiz)
AirAsia plans listings in Thailand, Indonesia
Listing of its shares on Thailand and Indonesian stock exchanges is on the cards for Asia’s largest low-cost carrier AirAsia Bhd. The airline is following in the footsteps of CIMB Group Holdings Bhd which recently said it was seeking a dual listing in Thailand. AirAsia group chief executive officer Datuk Seri Tony Fernandes had said the timing was very good for a dual listing as AirAsia’s associate companies – Thai AirAsia and Indonesia AirAsia – were doing very well operationally. Bloomberg quoted Fernandes as saying that the plan to list in Thailand “is the first step before listing in Indonesia as well. (Starbiz)
Breakthrough move for ICBC
Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks in terms of market value and profitability, describes the proposed opening of a subsidiary bank in Malaysia as a significant breakthrough in ICBC’s globalisation strategy.“It is also a reflection of the fast expanding trade, economic and commercial ties between China and Malaysia,” it said in a statement yesterday. ICBC was granted the banking licence by Bank Negara on Nov 20. Previously, its application had been approved by the China Banking Regulatory Commission. It said Malaysia was one of China’s most important trading partners in Asean, with bilateral trade standing at USD53.469bn in 2008, representing about one quarter of total trade volume between China and the Asean countries. (Starbiz)
RM111m profit from redevelopment JV for Star
Star Publications (M) Bhd expects to get RM111m in profit under a proposal to redevelop its Section 13 property here via a joint venture, sources said. It is learnt that Star will team up with a reputable developer and secure up to 30% share of the GDV (gross development value) of the project in exchange for the use of its land. The redevelopment of the former headquarters site is estimated to cost RM215m with a GDV of RM370m. The GDV is based on the total net lettable area of 740,000 sq ft valued at RM500 per sq ft. (Financial Daily)
Bina Puri plans RM1.5bn resort development
Bina Puri Holdings Bhd is planning a luxury resort development in Kota Kinabalu that could cost more than RM1.5bn. Bina Puri Construction S/B (BPCSB) managing director Datuk Henry Tee Hock Hin, who oversees projects in Sabah, Sarawak and Brunei, said the development will feature hotels, resorts, high-end condominiums and villas. Tee said it would be Bina Puri's first luxury development of such scale. BPCSB is in talks with local developers and foreign parties, and a joint-venture company will be set up once all parties reach agreement. "It is too early to say when the project will start, but we are looking at it seriously. What is important is to get the right partners in to build it together. "We have seen a few parcels of land. BPCSB will ink some deals soon for the project," Tee said. BPCSB will offer its expertise in design and construction, and assist the local authorities in promoting Sabah tourism, while its partners will provide the funding. Tee also said that Bina Puri, through BPCSB, will launch Phase 2 of its Jesselton condominium project in Tuaran, Kota Kinabalu, costing some RM5m. Phase 1, comprising 133 luxury condominium units worth RM64m, was sold within a year of its launch at end-2006. (BT)
Samchem partners Prasandha to enter Indonesia
Industrial chemical distributor Samchem Holdings Bhd is expanding to Indonesia by forming a new subsidiary to tap the chemicals market there, estimated to be at least three times the size of the Malaysian market. Chairman and chief executive officer Ng Thin Poh said the company was teaming up with shareholders of Indonesia-based chemical distribution company PT Prasandha Byantara Abadi to set up the new subsidiary. “Samchem will fork out about USD2.2m for the paid-up capital and asset acquisition (from Prasandha). It will then control 60% of the capital structure of the subsidiary that may begin its business in the first quarter next year. Ng said Samchem expected the Indonesian business to contribute RM100m revenue in 2011. (Starbiz)
Bumi Armada and partner win USD700m contract in Vietnam
Bumi Armada Bhd and Vietsovpetro have signed a USD700m deal with Vietnam-based Hoang Long Joint Operating Co for the lease of a floating, production, storage and offloading (FPSO) vessel to be deployed at the Te Giac Trang (TGT) oilfield, off the coast of Vietnam.The contract will run for seven years, with an option for yearly extensions of up to 15 years. Bumi Armada executive director and chief executive officer Hassan Basma said the company would get a “substantial portion” of the USD700m. He said Bumi Armada would be supplying the vessel while Vietsovpetro a joint venture established in Vietnam between government-owned PetroVietnam and a Russian corporation would conduct the offshore installation and subsequent maintenance of the vessel. (Starbiz)
Bursa proceeds to de-list Nepline
Bursa Malaysia has decided to disallow Nepline Bhd’s appeal and will proceed to de-list the company’s securities effective 3 Dec, the company said in a stock exchange filing.Bursa said upon the de-listing, Nepline would continue to exist but as an unlisted entity. Nepline, a PN17-status company, has been suspended since 11 Sept as it has failed to submit its regularisation plan to the Securities Commission and other relevant authorities for approval within the timeframe stipulated by Bursa. (Starbiz)
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