News in brief

  • Business
  • Saturday, 22 Mar 2003

Telekom Malaysia Bhd and PT Telekomunikasi Indonesia (Telkom) have signed a preliminary agreement to collaborate on telecoms services and the development of the Dumai-Melaka cable system. 

Telekom said in a statement the scope of co-operation would cover optical submarine cable development, international traffic exchange, multimedia and Internet services, a call centre, and human resources development. 

The two companies would jointly develop the Dumai-Melaka cable system, a new high capacity fibre-optic submarine cable system which would cater to the growing demand for the telecommunication traffic between Indonesia and Malaysia, the statement said. – AFX 

British American Tobacco (M) Bhd plans to seek shareholders' approval to buy back up to 28.553 million shares or 10% of its paid-up capital. 

The company said in a statement that if the proposed share buy-back were carried out in full and all the shares acquired were cancelled, its paid-up capital would be reduced to RM128.588mil comprising 256.977 million shares, from RM142.765mil comprising 285.53 million shares now. – AFX 

KUMPULAN EMAS BHD said its unit Salcon Engineering Bhd has secured a RM35mil contract from the Sabah Water Department. 

In a statement, the company said the contract was for a period of 30 months from April 16. 

The project, it said, was for the reduction of non-revenue water losses and it involved setting up district metered zones network, pressure management system, repair of leakages, replacement of pipelines including upgrading as well as providing related technical and management advice. – AFX 

DRB-Hicom Bhd said Proton City Development Corp Sdn Bhd (PCDC) has proposed to dispose of a 2.52-acre freehold industrial land in Mukim Ulu Bernam Timur in Perak to Automotive Industries Sdn Bhd for RM1.32mil, or at RM12 per sq ft. PSDC is a 60% indirect subsidiary of DRB-Hicom

According to DRB-Hicom, PCDC has signed a sale and purchase agreement with Automotive Indus-tries on Thursday. Automotive Industries is a wholly-owned subsidiary of UMW Toyota Motor Sdn Bhd, which in turn is a 51% subsidiary of UMW Holdings Bhd. - Bernama 

CARLSBERG BREWERY MALAY-SIA BHD has appointed Bjorn So-denskov as its managing director with effect from April 1. Sodenskov was previously the chief financial officer at Carlsberg GmBH Germany.  

The company has also appointed its present chief financial officer Chin Voon Loong as executive director with effect from April 1. - AFX 

ARAB-MALAYSIAN CORP BHD has drawn down a 5-year fixed rate loan facility of RM500mil granted by Employees Provident Fund's Board to fully redeem all its outstanding RM299.12mil loan stocks. 

It has managed to secure a discount of RM24.4mil as a result of using the facility for early redemption of its existing loan stocks. The discount will contribute to the company's earnings for the financial year to March 2003. - AFX  

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