Splash sues Syabas for RM196m
Gamuda Bhd's 40%-owned associate Syarikat Pengeluar Air Sungai Selangor SB (Splash) has filed a suit against Puncak Niaga Holdings's 70% subsidiary Syarikat Bekalan Air Selangor SB (Syabas) with a claim of RM196m owing, excluding interests, in relation to the supply of treated water to the latter. Puncak Niaga said Splash’s claim was for alleged outstanding amount due and owing in respect of the supply and capacity charges under a privatization agreement dated 24 Jan 2000, supplementary agreement dated 3 February 2005 and the novation agreement dated 3 February 2005. It said Syabas was required to enter appearance within eight days and it had instructed its lawyers to defend the claim. (Financial Daily)
Maxis closes at RM5.42 after hitting high of RM5.50
A hunger for quality stocks among large investors has helped sustain interest in shares of Maxis in their trading debut. The stock, the most heavily traded yesterday, rose 9.2% at the opening before hitting a high of RM5.50 for a 10% gain. It closed at RM5.42, with a market value of RM40.6bn, making it the fourth most valuable listed Malaysian company. Some local institutional investors even felt they were given too few shares. (BT)
MAS-Transmile deal off
Malaysia Airline System has scrapped a deal to buy the engineering and maintenance unit of Transmile Group. MAS unit Malaysian Aerospace Engineering SB (MAE) and Transmile decided not to extend the letter of intent, which expired yesterday. “However, both parties will continue to be in dialogue in the event that an opportunity arises for the parties to pursue the proposed transaction in the future,” MAS and Transmile said in separate statements to Bursa Malaysia Bhd. (BT)
Astro unit gets USD35m loan
Astro All Asia Network PLC’s wholly owned subsidiary Astro Global Ventures (L) Ltd has secured a USD35m term loan facility from DBS Bank Ltd. Astro said it had guaranteed the loan facility and had a tenure of 3.5 years from the first date of utilization of the facility. (StarBiz)
MRCB prices rights at RM1.12
Malaysian Resources Corp (MRCB) has priced its share rights issue with an entitlement basis of one-for-two at RM1.12 per share. It said, yesterday the rights issue would raise gross proceeds of about RM540.7m and RM508.3m under the maximum and minimum scenarios, respectively. The issue price was a 13.2% discount to the theoretical ex-rights price of RM1.29 base on five day volume weighted average market price up to18 Nov 2009 of RM1.37. (Financial Daily)Please see accompanying report
AirAsia sets its sights on listing in Thailand
Low-Cost carrier AirAsia has plans for a dual listing in Thailand to achieve its vision of becoming a full-fledged Asean airline. The airline has harboured plans of listing abroad since the inception of its Thai and Indonesian associate airlines some five years ago, AirAsia group chief executive officer Datuk Seri Tony Fernandes said. AirAsia plan to list AirAsia group in Thailand and later on in Indonesia as the performance of both associates is dramatically improving and they are working on a suitable structure to inject them into a common share. By focusing on a single Asean airline identity, AirAsia will have a common identity among the 600m people in the region and strengthen its brand. The airline is currently in discussions with lead arranger CIMB Group to map out its listing details. The listing structure would be similar to CIMB Group's dual listing in Thailand. (BT)
Axis REIT buys properties for RM96m
Axis REIT is acquiring several properties in Klang and Seberang Perai from IDS Logistics Services (M) SB for RM96m cash and a long term lease back option. The acquisition of the properties, comprising warehouses and office blocks, comes with a leaseback option on a fixed term of 15years. The properties in Klang cost RM71.75m and those in Seberang Perai RM24.25m. (Financial Daily)
Gamuda Bhd's 40%-owned associate Syarikat Pengeluar Air Sungai Selangor SB (Splash) has filed a suit against Puncak Niaga Holdings's 70% subsidiary Syarikat Bekalan Air Selangor SB (Syabas) with a claim of RM196m owing, excluding interests, in relation to the supply of treated water to the latter. Puncak Niaga said Splash’s claim was for alleged outstanding amount due and owing in respect of the supply and capacity charges under a privatization agreement dated 24 Jan 2000, supplementary agreement dated 3 February 2005 and the novation agreement dated 3 February 2005. It said Syabas was required to enter appearance within eight days and it had instructed its lawyers to defend the claim. (Financial Daily)
Maxis closes at RM5.42 after hitting high of RM5.50
A hunger for quality stocks among large investors has helped sustain interest in shares of Maxis in their trading debut. The stock, the most heavily traded yesterday, rose 9.2% at the opening before hitting a high of RM5.50 for a 10% gain. It closed at RM5.42, with a market value of RM40.6bn, making it the fourth most valuable listed Malaysian company. Some local institutional investors even felt they were given too few shares. (BT)
MAS-Transmile deal off
Malaysia Airline System has scrapped a deal to buy the engineering and maintenance unit of Transmile Group. MAS unit Malaysian Aerospace Engineering SB (MAE) and Transmile decided not to extend the letter of intent, which expired yesterday. “However, both parties will continue to be in dialogue in the event that an opportunity arises for the parties to pursue the proposed transaction in the future,” MAS and Transmile said in separate statements to Bursa Malaysia Bhd. (BT)
Astro unit gets USD35m loan
Astro All Asia Network PLC’s wholly owned subsidiary Astro Global Ventures (L) Ltd has secured a USD35m term loan facility from DBS Bank Ltd. Astro said it had guaranteed the loan facility and had a tenure of 3.5 years from the first date of utilization of the facility. (StarBiz)
MRCB prices rights at RM1.12
Malaysian Resources Corp (MRCB) has priced its share rights issue with an entitlement basis of one-for-two at RM1.12 per share. It said, yesterday the rights issue would raise gross proceeds of about RM540.7m and RM508.3m under the maximum and minimum scenarios, respectively. The issue price was a 13.2% discount to the theoretical ex-rights price of RM1.29 base on five day volume weighted average market price up to18 Nov 2009 of RM1.37. (Financial Daily)Please see accompanying report
AirAsia sets its sights on listing in Thailand
Low-Cost carrier AirAsia has plans for a dual listing in Thailand to achieve its vision of becoming a full-fledged Asean airline. The airline has harboured plans of listing abroad since the inception of its Thai and Indonesian associate airlines some five years ago, AirAsia group chief executive officer Datuk Seri Tony Fernandes said. AirAsia plan to list AirAsia group in Thailand and later on in Indonesia as the performance of both associates is dramatically improving and they are working on a suitable structure to inject them into a common share. By focusing on a single Asean airline identity, AirAsia will have a common identity among the 600m people in the region and strengthen its brand. The airline is currently in discussions with lead arranger CIMB Group to map out its listing details. The listing structure would be similar to CIMB Group's dual listing in Thailand. (BT)
Axis REIT buys properties for RM96m
Axis REIT is acquiring several properties in Klang and Seberang Perai from IDS Logistics Services (M) SB for RM96m cash and a long term lease back option. The acquisition of the properties, comprising warehouses and office blocks, comes with a leaseback option on a fixed term of 15years. The properties in Klang cost RM71.75m and those in Seberang Perai RM24.25m. (Financial Daily)
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