Business

1MDB addresses wide-ranging criticisms levelled at lt

PETALING JAYA: 1Malaysia Development Bhd (1MDB), which has come under fire from various quarters for a wide range of issues from buying assets at inflated prices to paying high fees in its issuance of debt papers, has defended its decisions.

Citroen Asean area manager Aswi Bujang (left) and Samson with the Citroen Grand C4 Picasso.

Naza opens 6th Citroen outlet

PUCHONG: Naza Euro Motors Sdn Bhd, the official distributor of the French brand Citroen, has expanded its network with the addition of Citroen Puchong, which now brings the total number of outlets nationwide to six.

Tey Por Yee

Tey seeks to remove Chong from Protasco

PETALING JAYA: Protasco Bhd’s non-executive director Tey Por Yee (pic) wants to remove managing director Datuk Seri Chong Ket Pen as a director of Protasco and is calling for an EGM for this purpose.

  • previous
  • 1
  • 2
  • 3
  • next
  • Top Stories
  • Latest
1MDB has power plants (top right) which it acquired from Tanjong Plc and the Genting group in 2012. It has also been given the rights to develop the Tun Razak Exchange and Bandar Malaysia in Sungai Besi.

1MDB clears the air

1MDB, a strategic development company wholly-owned by the Government of Malaysia, clears the air in a press statement issued on Thursday, Oct 30:

30 October 2014 | 4:45PM |

Corporate News

Carimin Petroleum public tranche oversubscribed 22.1 times

KUALA LUMPUR: Carimin Petroleum Bhd’s initial public offer of 11.70 million shares at RM1.10 for the public was oversubscribed by 22.1 times. The offshore oil and gas (O&G) support services company said on Friday there were 13,421 applications for 269.70 million shares. The IPO comprised of a public issue of 60.7 million new ordinary shares and an offer-for-sale of 5.9 million vendor shares. This would see it raising RM66.80mil. Carimin is scheduled to list on the Main Market of Bursa Malaysia on Nov 10. Its managing director Mokhtar Hashim said despite the current volatility in the O&G sector, the significant oversubscription of its IPO reflected the investing public's strong confidence in the company’s growth prospects and its underlying fundamentals as one of the leading providers of O&G support services. “Carimin's upcoming listing is a key milestone that grants us access to capital for capacity building, to better execute ongoing projects and strengthen our technical capabilities. At the same time, being a listed entity backed with strong track record would boost our profile for future tenders," he said. The company provides offshore hook-up and commissioning (HUC), platform maintenance services, and supplies skilled workers for the O&G industry in Malaysia. Its clientele include O&G majors such as Petronas Carigali, Shell, Murphy Oil, Talisman, Exxon Mobil and Newfield. As at end-September 2014, Carimin’s work value in hand was RM900.8mil and scheduled for delivery until 2018. For the FY ended 30 June 2011 to 2014, Carimin recorded a 15.7% in compounded annual growth rate (CAGR) in revenue to RM245.6 million. Net profit rose 32.0% CAGR to reach RM21.9mil in the same period. Of the RM66.80mil to be raised from the IPO, RM35.3mil would be used to purchase an accommodation workboat, RM12mil to upgrade the group's fabrication yard in Kemaman and RM8mil to repay of bank borrowings. Another RM8mil would be used as working capital and the remaining RM3.5mil to defray listing expenses.

31 October 2014 | 1:08PM |

Corporate News

1MDB incurs cost of RM8mil for Project 3B

PETALING JAYA: The consortium of 1Malaysia Development Bhd (1MDB) and Mitsui Co Ltd of Japan had paid less than RM8mil to assemble and submit its bid for the highly sought after Project 3B and not US$100mil (RM325mil) as speculated by a business daily.

31 October 2014 | 12:00AM |

1MDB

BOJ unexpectedly eases monetary policy further

TOKYO: The Bank of Japan unexpectedly eased monetary policy on Friday in a 5-4 vote, due to concerns that a decline in oil prices would weigh on consumer prices and delay a shift in sentiment away from deflation.

31 October 2014 | 1:20PM |

Banking

Brokers to get smaller IPO share

SYDNEY: Australia said it will sell A$1.5bil (US$1.32bil ) worth of shares in health insurer Medibank Private to retail brokers at home and in New Zealand, a fraction of what they had applied for, to give the public and institutions a bigger share.

31 October 2014 | 12:00AM |

Banking

BOJ unexpectedly eases monetary policy further

TOKYO: The Bank of Japan unexpectedly eased monetary policy on Friday in a 5-4 vote, due to concerns that a decline in oil prices would weigh on consumer prices and delay a shift in sentiment away from deflation.

31 October 2014 | 1:20PM |

Banking

Carimin Petroleum public tranche oversubscribed 22.1 times

KUALA LUMPUR: Carimin Petroleum Bhd’s initial public offer of 11.70 million shares at RM1.10 for the public was oversubscribed by 22.1 times. The offshore oil and gas (O&G) support services company said on Friday there were 13,421 applications for 269.70 million shares. The IPO comprised of a public issue of 60.7 million new ordinary shares and an offer-for-sale of 5.9 million vendor shares. This would see it raising RM66.80mil. Carimin is scheduled to list on the Main Market of Bursa Malaysia on Nov 10. Its managing director Mokhtar Hashim said despite the current volatility in the O&G sector, the significant oversubscription of its IPO reflected the investing public's strong confidence in the company’s growth prospects and its underlying fundamentals as one of the leading providers of O&G support services. “Carimin's upcoming listing is a key milestone that grants us access to capital for capacity building, to better execute ongoing projects and strengthen our technical capabilities. At the same time, being a listed entity backed with strong track record would boost our profile for future tenders," he said. The company provides offshore hook-up and commissioning (HUC), platform maintenance services, and supplies skilled workers for the O&G industry in Malaysia. Its clientele include O&G majors such as Petronas Carigali, Shell, Murphy Oil, Talisman, Exxon Mobil and Newfield. As at end-September 2014, Carimin’s work value in hand was RM900.8mil and scheduled for delivery until 2018. For the FY ended 30 June 2011 to 2014, Carimin recorded a 15.7% in compounded annual growth rate (CAGR) in revenue to RM245.6 million. Net profit rose 32.0% CAGR to reach RM21.9mil in the same period. Of the RM66.80mil to be raised from the IPO, RM35.3mil would be used to purchase an accommodation workboat, RM12mil to upgrade the group's fabrication yard in Kemaman and RM8mil to repay of bank borrowings. Another RM8mil would be used as working capital and the remaining RM3.5mil to defray listing expenses.

31 October 2014 | 1:08PM |

Corporate News

Tenaga surges ahead of earnings results (Update)

KUALA LUMPUR: Tenaga Nasional Bhd’s (TNB) share price rose to a high of RM13.32 on Friday, underpinned by investor confidence of strong earnings from the power giant when it releases its full-year results ended Aug 31, 2014 after market close.

31 October 2014 | 10:38AM |

Corporate News

KLCI dips in early trade, KLK falls

KUALA LUMPUR: The FBM KLCI slipped in slightly volatile trade early Friday on some mild profit taking of index stocks including KL Kepong and UMW but market sentiment is expected to remain firm in line with key Asian markets and strong overnight close on Wall Street.

31 October 2014 | 9:51AM |

Corporate News

  • Page 1 of 34

Go to page:

advertisement

advertisement

advertisement