Finance Focus 财经焦点 - 22/05/2014
Highlights:
1. 1MDB --- Delays Repaying RM6.1bn Loan ---
2. TITIJYA --- Related Party Transaction ---
3. ETITECH --- Awarded RM70mil Contract ---
4. ETITECH --- Likely RTO ---
5. MUDAJYA --- Solar Farm Completed ---
6. PERDANA --- Contract Extension ---
1. 1MDB --- Delays Repaying RM6.1bn Loan ---
2. TITIJYA --- Related Party Transaction ---
3. ETITECH --- Awarded RM70mil Contract ---
4. ETITECH --- Likely RTO ---
5. MUDAJYA --- Solar Farm Completed ---
6. PERDANA --- Contract Extension ---
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1. 1MDB --- Delays Repaying RM6.1bn Loan ---
1MDB obtained 2nd 6-months extension oto repay RM6.1bn loan provided by Maybank Investment Bank because of its delay in power assets listing plan. [Financial Daily]
1MDB obtained 2nd 6-months extension oto repay RM6.1bn loan provided by Maybank Investment Bank because of its delay in power assets listing plan. [Financial Daily]
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2. TITIJYA --- Related Party Transaction ---
City Meridian Development Sdn Bhd proposed to acquire a land from Titijaya Group Sdn Bhd for a cash consideration of RM126mil. The land is located at Daerah Barat Daya, Pulau Pinang. The Proposed Acquisition augurs well with the Group’s strategy to expand and establish its footprint outside Klang Valley to other states of Malaysia and would position the Group as an upcoming property developer in Penang. The Group intends to develop a residential and commercial project on the Land. The estimated gross development value (“GDV”) of the proposed development shall be approximately RM2.0 billion. [Bursa]
2. TITIJYA --- Related Party Transaction ---
City Meridian Development Sdn Bhd proposed to acquire a land from Titijaya Group Sdn Bhd for a cash consideration of RM126mil. The land is located at Daerah Barat Daya, Pulau Pinang. The Proposed Acquisition augurs well with the Group’s strategy to expand and establish its footprint outside Klang Valley to other states of Malaysia and would position the Group as an upcoming property developer in Penang. The Group intends to develop a residential and commercial project on the Land. The estimated gross development value (“GDV”) of the proposed development shall be approximately RM2.0 billion. [Bursa]
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3. ETITECH --- Awarded RM70mil Contract ---
received a Letter of Award for a contract worth RM70.0 million from Tulangis Maju Sdn Bhd to carry out the Project Management Works in relation to the design, construction and completion of 500 units of apartments in Kampung Kilat, Alor Setar, Kedah Darul Aman under the People’s Housing Programme. The Contract is expected to commence upon handing over the site possession which is anticipated in May 2014 with a construction period of 36 months. [Bursa]
3. ETITECH --- Awarded RM70mil Contract ---
received a Letter of Award for a contract worth RM70.0 million from Tulangis Maju Sdn Bhd to carry out the Project Management Works in relation to the design, construction and completion of 500 units of apartments in Kampung Kilat, Alor Setar, Kedah Darul Aman under the People’s Housing Programme. The Contract is expected to commence upon handing over the site possession which is anticipated in May 2014 with a construction period of 36 months. [Bursa]
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4. ETITECH --- Likely RTO ---
ETI Tech Corp Bhd, controlled by AirAsia Bhd’s Datuk Kamarudin Meranun, is likely to be a reverse takeover (RTO) target of Zenith Construction Sdn Bhd, part of a consortium that will develop the proposed RM6.3bn Penang undersea tunnel project. Last Friday, two Zenith directors, Zarul Ikhwan Zarul Ahmad and Datuk Mohamad Amin Mohamad Salleh, were appointed to the ETI Tech board. Sources said Zarul Ikhwan and people aligned to him have gained control of ETI Tech after taking over the 10% new shares issued by the company through their privately held Hong Kong vehicle. “This is not a hostile takeover. They have briefed the major block shareholders of ETI Tech of their long-term plans for the company. [CIMB Daybreak]
4. ETITECH --- Likely RTO ---
ETI Tech Corp Bhd, controlled by AirAsia Bhd’s Datuk Kamarudin Meranun, is likely to be a reverse takeover (RTO) target of Zenith Construction Sdn Bhd, part of a consortium that will develop the proposed RM6.3bn Penang undersea tunnel project. Last Friday, two Zenith directors, Zarul Ikhwan Zarul Ahmad and Datuk Mohamad Amin Mohamad Salleh, were appointed to the ETI Tech board. Sources said Zarul Ikhwan and people aligned to him have gained control of ETI Tech after taking over the 10% new shares issued by the company through their privately held Hong Kong vehicle. “This is not a hostile takeover. They have briefed the major block shareholders of ETI Tech of their long-term plans for the company. [CIMB Daybreak]
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5. MUDAJYA --- Solar Farm Completed ---
Special Universal Sdn Bhd, a 60%-owned subsidiary of Mudajaya Energy Sdn Bhd, which in turn is a wholly-owned subsidiary of Mudajaya Corporation Berhad, which in turn is a wholly-owned subsidiary of the Company, has successfully completed and commissioned the 10MW solar energy power farm, located at Gebeng, Pahang. The concession period for the 10MW Solar Energy Power Farm is for 21 years as per the Renewable Energy Power Purchase Agreements signed with Tenaga Nasional Berhad. The Feed-in Tariff Rates approved by the Sustainable Energy Development Authority Malaysia (“SEDA”) for Phase I and Phase II of the solar energy power development with 5MW each are RM0.9016/kWh and RM0.8295/kWh respectively. [Bursa]
5. MUDAJYA --- Solar Farm Completed ---
Special Universal Sdn Bhd, a 60%-owned subsidiary of Mudajaya Energy Sdn Bhd, which in turn is a wholly-owned subsidiary of Mudajaya Corporation Berhad, which in turn is a wholly-owned subsidiary of the Company, has successfully completed and commissioned the 10MW solar energy power farm, located at Gebeng, Pahang. The concession period for the 10MW Solar Energy Power Farm is for 21 years as per the Renewable Energy Power Purchase Agreements signed with Tenaga Nasional Berhad. The Feed-in Tariff Rates approved by the Sustainable Energy Development Authority Malaysia (“SEDA”) for Phase I and Phase II of the solar energy power development with 5MW each are RM0.9016/kWh and RM0.8295/kWh respectively. [Bursa]
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6. PERDANA --- Contract Extension ---
Secured a one-year extension worth RM30mil to its original two year contract for the supply of one unit of anchor handling tug supply vessel (AHTSV) to support Murphy Sabah/ Sarawak Oil Co. Ltd’s 2012/2014 shallow water drilling program. [The Star]
6. PERDANA --- Contract Extension ---
Secured a one-year extension worth RM30mil to its original two year contract for the supply of one unit of anchor handling tug supply vessel (AHTSV) to support Murphy Sabah/ Sarawak Oil Co. Ltd’s 2012/2014 shallow water drilling program. [The Star]
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