KUALA LUMPUR (June 20): The FBM KLCI could extend its gains for the third day running on Wednesday, riding on the positive higher close a day earlier, lifted by select blue chips as the local market outperformed most key regional indices.
European shares and the euro inched higher on Tuesday, but the gains were likely to be limited because investors are worried about Spain's financial problems ahead of two debt auctions, according to Reuters. Spain is expected to pay record high rates for short-term bills later in the day and at a sale of longer-term bonds on Thursday, heightening fears the government will soon need international help, it said.
Among the stocks that could be in focus are KUMPULAN PERANGSANG SELANGOR [] Bhd (KPS), Eversendai Corporation Bhd, AHMAD ZAKI RESOURCES BHD [] (AZRB) and AEON CREDIT SERVICE (M) BHD [].
KPS's unit Perangsang Telco Sdn Bhd (PTSB) is acquiring a 30% equity stake in Ceres Telecom Sdn Bhd for RM24.24 million as part of its expansion into the mobile telecommunications industry in Malaysia.
In a filing on Tuesday, KPS said it had entered into an investment and shareholders’ agreement with SAMENA Telecom Ltd, Connect Mena Ltd Jebel Ali Free Zone and Ceres Telecom Sdn Bhd for the investment in a mobile virtual network operator (MVNO) business. KPS said it was investing in Ceres, a company with all the necessary licenses, thus, providing an immediate entry into the telecommunications industry in Malaysia.
Eversendai is eyeing several companies ranging from oil and gas entities to manufacturing companies in a bid achieve its RM2 billion in revenue by 2016, group managing director Datuk A K Nathan said.
"Apart from our core business, we have to acquire some other businesses related to our core. I foresee within the next couple of months we will be announcing the new acquisitions," he said after the company's annual general meeting on Tuesday.
Although more than half of the group's revenue came from the Middle East, Nathan said, it was exploring opportunities in Vietnam, Indonesia, Singapore as well as neighboring Commonwealth of Independent States countries.
AZRB's orderbook had ballooned to RM1.9 billion with the the Klang Valley mass rapid transit (MRT) in hand. "We complete roughly half-a-billion worth of projects each year. Therefore, the target is to replenish the orderbook by at least RM500 million. With the MRT project and the hospital project we have more than surpassed our targets. Any additional tenders we win will be a bonus," said AZRB managing director Datuk Wan Zakariah Muda.
The RM700 million MRT Package V6 contract along with a recently secured contract to build a teaching hospital worth RM400 billion make up more than half of AZRB's orderbook. However, the mega projects will require the group to be prudent with its cash pile of RM116.20 million as of Dec 31, 2011. "Right now, we need to make sure cash is preserved for the projects as well as our PLANTATION [] business," said Zakariah.
AEON is eyeing to convert a third its existing 900,000 members under the AEON Co member programme to AEON credit card users. "The AEON credit card doubles up as a AEON member card. It should take us around two years to achieve our target of converting 300,000 members under the the AEON member programme to AEON credit card users," said AEON Credit Service managing director Yasuhiro Kasai at the company's AGM on Tuesday.
No comments:
Post a Comment