Eastland Equity Bhd announced that it plans to undertake a private placement of shares, amid rumours that the Prime Minister’s son Mohd Nazifuddin Najib is backing a faction for control of the company.
According to Bernama, Nazifuddin has entered the fray to thwart a group led by businessmen Teh Soon Seng over the control of Eastland, which owns Renaissance Kota Bharu -- the only five-star hotel in Kelantan.
In the early 1990s, Teh was the corporate darling of the stock market. Aokam Perdana Bhd, controlled by him then, was a high-flying timber company. He also had small stakes in Idris Hydraulics Bhd, Granite Bhd and a majority stake in Golden Plus Bhd.
Eastland -- formerly known as FURQAN BUSINESS ORGANISATION [] Bhd -- said it has appointed M&A Securities Sdn Bhd as the main adviser for the private placement.
In a separate statement, Eastland said it will sign a joint-venture agreement with Zalam Corp Sdn Bhd to develop a piece of vacant land in Kota Bharu, Kelantan.
Eastland’s share price hit limit up last Friday. It soared as much as 19 sen or 17% to RM1.32 today before closing 5 sen higher at RM1.18.
SapuraKENCANA PETROLEUM BHD []’s wholly-owned unit, Kencana HL Sdn Bhd, has won a US$180 million contract from Trans Thai-Malaysia (Malaysia) Sdn Bhd (TTM) in relation to TTM's JDA Gas Balancing Evacuation project.
The contract comprises the provision of engineering, CONSTRUCTION [], installation and commissioning for the EVA project for a period of three years.
“The works are expected to commence in the second quarter of 2013 and expected to be completed by the first quarter of 2016,” said SapuraKencana in its filing.
The contract is expected to contribute positively to the earnings of the SapuraKencana Group for its duration.
Malaysia Airports Holdings Bhd (MAHB) targets to achieve RM1.46 billion in revenue from sales generated from its non-aviation segment this year, up from RM1.3 billion last year.
"Airport operators around the world including MAHB are now moving forward to the non-aviation segment, especially from commercial revenue," said MAHB’s senior general manager Faizah Khairuddin.
"The company has plans to grow a bigger portion of the non-aeronautical segment from the current contribution of 52% to our total revenue," she said at a media conference after a function.
"We aim to grow up to two-thirds of revenue from non-aviation segment while one-third will come from aviation segment," she added.
KUMPULAN EUROPLUS BHD [] (Keuro) plans to raise RM57 million from a private placement of up to 52.1 million new shares at RM1.11 each.
Keuro said the proceeds will be injected as equity into 80%-owned West Coast Expressway Sdn Bhd (WCESB).
WCESB is undertaking the RM6 billion West Coast Expressway (WCE) project, a 233km toll highway linking Banting in Selangor to Taiping in Perak.
"The proposed private placement will enable Keuro to raise the requisite funds to finance the WCE project in an expeditious manner," Keuro said.
IJM Corp Bhd which owns 23% in Keuro, also has a 20% stake in WCESB.
After the exercise, Keuro’s earnings per share will be diluted. The private placement is due for completion by the third quarter of 2013.
YTL CORPORATION BHD [], Gamuda and MMC CORPORATION BHD [] may be excited by news that the feasibility studies on the high-speed rail (HSR) link connecting Kuala Lumpur to Singapore is expected to be completed in July.
Minister in the Prime Minister's Department Nancy Shukri said this when responding to a question in Parliament on the status of the HSR project.
Nancy said the final technical report on this RM40 billion project should be submitted by the end of July. It will comprise the project's cost and building plans.
YTL's Tan Sri Francis Yeoh, who first mooted the project, has publicly declared that he is interested in handling the project.
It was also reported a consortium led by MMC and GAMUDA BHD [] is also keen on the project.
Felda Global Ventures Holdings Bhd (FGV) is investing RM283.5 million over the next five to six years to develop its newly-acquired land in Kalimantan Barat, Indonesia.
FGV's chairman, Tan Sri Mohd Isa Abdul Samad, said the investment covers agricultural costs of RM236.76 million and capital expenditure of RM46.79 million for the 21,037 hectares acquired by its unit Felda Global Ventures Kalimantan Sdn Bhd (FGVK).
FGVK today acquired 95% stake each in PT Temila Agro Abadi and PT Landak Bhakti Palma for RM44 million in Kalimantan Barat, Indonesia.
Isa said the acquisitions were a strategic investment to enhance the future earnings and shareholders value of the group.
Written by Ho Wah Foon of theedgemalaysia.com
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