Market News 19/6/06
ACP Industries Bhd and its Indian joint venture partner Punj Lloyd Ltd. received a contract from Delhi Metro Rail Corp of India to help build a 4.8km elevated viaduct and conduct structural work on 4 elevated stations on the Delhi rail project. The total project's value is RM118.6m (US$33m) of which ACP's portion is RM42.4m.
Amway (Malaysia) Holdings Bhd said it's building a new corporate headquarters in Petaling Jaya, outside Kuala Lumpur, for RM57.5m.
Bumiputra-Commerce Holdings Bhd: Amanah Raya Bhd and Macquarie Malaysia Sdn Bhd have jointly offered to buy Southern Investment Bank Bhd, the Edge financial weekly reported, citing people it didn't identify. The Hong Leong Group has also offered to buy Southern Investment for about RM200m, the report said. Southern Investment is a unit of Southern Bank Bhd which has been bought by Bumiputra.
DVM Technology Bhd said it plans to sell 20% of new stock to private investors to help fund its marketing, branding and promotion plans as well as for working capital. The sale may raise as much as RM3.52m, the company said.
ECM Libra Bhd said it completed its merger with Avenue Capital Resources Bhd on June 16.
DRB-Hicom Bhd said its 70% owned Scott & English (Malaysia) Sdn Bhd unit and Edaran Otomobil Nasional Bhd have scrapped plans to jointly sell Tata Motors Ltd vehicles in Malaysia.
Kumpulan Guthrie Bhd plans to cut its debt to RM2.5b from RM2.9b by selling assets and listing its Indonesian unit, the Business Times reported on June 17. The company plans to sell shares in Minamas, its Indonesian plantation unit, on the Jakarta Stock Exchange in 2007, and is in talks to sell a RM730m highway by the end of this year, the report said.
Proton Holdings Bhd began selling its first new model this year on June 16 to replace its Satria three-door hatchback. It priced the Satria Neo between RM43,500 and RM54,800 each, and plans to sell 14,000 to 15,000 units of the car this year.
Rashid Hussain Bhd: The Employees Provident Fund is joining an overseas financial institution in a bid to buy Utama Banking Group Bhd's 32.9% stake in Rashid Hussain, which controls RHB Capital Bhd, the Edge weekly reported. Lender EON Capital Bhd has a separate proposal to buy RHB Bank Bhd, RHB Capital's banking unit, which would result in RHB Capital owning both RHB Bank and EON Capital, the Edge said.
Global Carriers Bhd is planning to become a niche clean petroleum product (CPP) carrier and phased out of the more volatile container segment, its chairman Datuk Azlan Hashim said. The plan was to convert Global Carriers into a niche player, focusing solely on the local and regional CPP carrier markets. It now has six 7,000-tonne single hull tankers and is divesting two container vessels for RM90.2 m. It is also expecting to get a new 12,000-tonne double hull tanker in August.
Amcorp Group Bhd said Bank Negara has approved shareholder Azman Hashim's plan to privatize the company. Azman currently owns 38.06% of Amcorp.