News in brief

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  • Thursday, 04 Dec 2003

  • LOSS-MAKING finance firm Malaysia Building Society Bhd (MBSB) may sell up to RM2bil (US$526mil) of bonds backed by its non-performing loans, sources close to the deal said yesterday. 

    The sources told Reuters that MBSB, a provider of end-financing and mortgage facilities, wanted to sell RM1bil to RM2bil of the bonds through a special purpose vehicle by the middle of next year. 

    “This is part of MBSB's restructuring,” said one of the sources. 

    The firm, which is 63%-owned by Employees Provident Fund, is due to make a decision soon on proposals submitted by four banks including AmMerchant Bank, CIMB Bhd and RHB Sakura.  

    A second source said the EPF, concerned about MBSB’s high rate of NPLs, wanted the bonds to be underwritten by the arranging bankers. – Reuters 

  • IJM Corp Bhd
  • has won a RM77.45mil construction contract from Perbadanan Putrajaya, a company statement said. 

    The contract involves superstructure works for two blocks and for the Malay Water Village and Boat Gallery for the Alam Warisan project in the federal administrative capital of Putrajaya. 

    The construction period was expected to last 79 weeks, IJM said. – AFX 

  • A consortium led by PJI HOLDINGS BHD has secured contracts for mechanical and electrical works worth RM57.5mil from Perbadanan Putrajaya, a statement from the company said. 

    The PJI Consortium has signed an acceptance of award of the contracts for the proposed Alam Warisan project in the Putrajaya. 

    The contract sum for package two of precinct five in Putrajaya is RM34.18mil, of which RM23.92mil is PJI’s portion, while packages three & four are worth RM23.32mil, of which RM16.33mil will accrue to PJI. 

    PJI said the projects are expected to contribute positively to its earnings for the financial year to June 2004. – AFX 

  • PLANTATION and cement manufacturer Gopeng Bhd has entered into agreements with several parties to sell 885ha of palm oil plantation land near Ipoh, Perak, for RM37.15mil in cash. 

    Gopeng said in a statement the disposal was in line with its internal reorganization exercise to streamline its operations in order to focus on its cement manufacturing business which was held via an associate company, Perak-Hanjoong Simen Sdn Bhd. 

    Gopeng expects to realize a gain from the disposal amounting to RM28.66mil, or about RM0.16 per share in earnings based on the company's paid-up share capital of 179.33 million shares. – AFN 

  • TONG Kooi Ong, a former Malaysian banker, said he plans to buy a stake in SUNRISE BHD, the country's biggest condominium developer. 

    “I will be joining the Sunrise board on Friday,'' he told Bloomberg in Kuala Lumpur yesterday.  

    Sunrise would also hold a press conference on that day, he said. He did not give more details. – Bloomberg 

  • HYUNDAI-Berjaya Corp BHD, formerly known as Transwater Corp Bhd, saw a total of 7.61 million shares traded off-market for RM21.3mil, or RM2.80 apiece, dealers said. 

    “The shares were traded in two blocks,” a local brokerage dealer said, adding that the identities of the buyers and sellers were not known. – AFX  

  • MALAYSIA MINING CORP BHD (MMC) and Gamuda Bhd have signed an agreement to set up a joint venture for engineering, procurement and construction (EPC) works for the Kuala Lumpur flood mitigation project. 

    The two companies will have equal stakes in the joint venture, which will be the EPC contractor for the Stormwater Management and Road Tunnel (SMART) project. 

    Gamuda said in a statement that it had also signed a deed of revocation with MMC Engineering Group Bhd, a subsidiary of MMC, in relation to an earlier joint-venture agreement signed between the two parties in July 2002. 

    Gamuda and MMC Engineering had originally formed a joint venture known as MMCEG-Gamuda Joint Venture to undertake the design, construction and commissioning of an integrated bypass tunnel and motorway for the project. – AFX 

  • SYMPHONY HOUSE BHD has appointed Abdul Hamid Sheikh Mohamed as executive director effective today. 

    The company said in a statement that immediately preceding his appointment at Symphony, Hamid was the chief financial officer of the KLSE. – AFX 

  • The sources told Reuters that MBSB, a provider of end-financing and mortgage facilities, wanted to sell RM1bil to RM2bil of the bonds through a special purpose vehicle by the middle of next year. 

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