Puncak Niaga Bhd and other water related companies in Selangor could come under the spot light as politicians, some shareholders and NGOs spoke up on issues linked to water privatisation and the impending sale of privatised assets to Selangor government.
Tan Sri Rozali Ismail’s annual remuneration package of RM33.4 million as the executive chairman of PUNCAK NIAGA HOLDINGS BHD [] and its unit Syarikat Bekalan Air Selangor (Sybas) has come under DAP scrutiny.
DAP’s Publicity Secretary Tony Pua said today he is prepared to raise it as a national issue in Parliament. This is because he suspects this payout to Rozali last year as “a pre-emptive golden handshake” ahead of the Selangor state takeover of water concessionaires.
Separately, a group of shareholders supporting Rozali hit out at the Selangor Mentri Besar today for making allegations against the company chairman.
And the Federal Court is hearing the case brought by the Coalition Against Water Privatisation (CAWP), which is demanding that the concession agreement among the Federal government, Selangor state government and Syarikat Bekalan Air Selangor (Syabas) signed in 2004 be made public.
This comes after the Court's decision to grant leave to the applicants in January this year, following a seven-year court battle to disclose the agreement along with an audit report to justify a 15% hike in water rates in Selangor.
HONG LEONG BANK BHD []’s (HLB) Cambodian entity will begin operations beginning July 8.
The Malaysian-based financial services provider said it has been granted the license to carry out banking operations by the National Bank of Cambodia.
“With the operations of Hong Leong Bank (Cambodia) PLC (HLBCAM) in the Kingdom of Cambodia, HLB will be able to contribute to the banking sector as well as the broader economy of Cambodia,” said HLB.
HLBCAM is a fully owned commercial bank and subsidiary of HLB, with a capital of US$37.5 million (RM119.25 million).
Axiata Group Bhd's wholly-owned subsidiary Celcom Axiata Bhd will share their long-term evolution (LTE) high-speed wireless communication network with another player.
Axiata said Celcom has signed a master collaboration agreement with Altel to share their respective LTE2600 MHz spectrum.
“The rationale of this collaboration is to establish a smart alliance that will benefit both Celcom and Altel in achieving their short- and long-term business goals.
"In the proposed collaboration, the parties aim to maximise the usage of the allocated spectrum with the view to provide the best broadband speed in the market,” Axiata said.
The collaboration between Celcom and Altel will see Celcom become the exclusive infrastructure and wholesale provider to the latter and enable Altel to operate as a mobile virtual network operator (MVNO), a telecommunication network provider which does not have its own infrastructure.
YINSON HOLDINGS BHD []’s share will come under pressure as the board of SapuraKENCANA PETROLEUM BHD [] is deliberating on whether Datuk Mokhzani Mahathir's planned acquisition of a stake in Yinson Holdings Bhd will create conflict of interest.
Mokhzani, SapuraKencana's executive director and executive vice chairman, via Kencana Capital Sdn Bhd is acquiring a stake in Yinson.
TA ENTERPRISE BHD [], which is holding its annual general meeting tomorrow, is likely to clarify whether it is selling its stockbroking business to K&N Kenanga Holdings Bhd.
Speculation surfaced a month ago that the major shareholder of TAE was looking to sell its wholly-owned subsidiary TA Securities Holdings Bhd (TAS) to Kenanga.
After its annual general meeting last Thursday, Kenanga’s group managing director Chay Wai Leong avoided questions on possible takeover of TAS.
Industry sources say unofficial overtures have been made to both parties. At the moment, the difference in pricing is about RM100 million to RM200 million, reported the Edge Weekly.
Plantation companies may attract interest after a Reuter survey of five planation companies showed that Malaysia's end-June palm oil stocks had likely dropped to their lowest in a year as demand for the edible oil continued to outstrip supply.
Inventory levels may have eased 4.2 percent from a month ago to 1.74 million tonnes in June, which would be the sixth straight monthly decline, Reuters said.
Output in the world's second largest palm oil producer likely rose 6 percent in June from the previous month, its biggest jump so far this year, to 1.47 million tonnes, suggesting the start of a higher production cycle in the second half of the year.
Production, however, still fell short of the 1.59 million tonnes of total demand represented by exports and local consumption.
Shipments rose 2.7 percent to 1.45 million tonnes in June as buyers from India and Pakistan stocked up in preparation for the Muslim festival of Ramadan in July.
China also purchased more volumes last month, cargo surveyor data showed.
Written by Ho Wah Foon of theedgemalaysia.com
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