TENAGA NASIONAL BHD [] (TNB) announced that it has been selected by the Energy Commission as the preferred bidder for the proposed development of a 1,000 megawatt power plant in Manjung, Perak.
"TNB has been invited to enter into negotiations in respect of the bid…the letter of award for the said project will be issued upon successful completion of the negotiations," TNB said.
The power plant, which will take 45 months to build, is expected to begin commercial operations on October 1, 2017, according to TNB.
MAGNA PRIMA BHD [] has come under Bursa’s scrutiny (unusual market activity query) after the stock rose 34% to hit limit-up today, the property developer said.
Top gainer Magna Prima had risen as much as 30 sen to RM1.18 before closing at RM1.16. Some 8.5 million shares changed hands.
The exchange regulator requires Magna Prima to confirm if there are any corporate developments within the firm which had led to the gains in its shares.
HEXAGON HOLDINGS BHD [] (HHB) said it has been served by MALAYAN BANKING BHD [] a writ of summons and statement of claim on debts amounting to more than RM5.2 million.
The sum was part of the corporate guarantee Hexagon had given for loans given by Maybank to Hexagon Tower Sdn Bhd, a subsidiary of Hexagon which is now in liquidation.
“The RM5,209,071.56 sum as claimed by Maybank has been accrued in the company’s financial liability. If the claim of RM40,599,049.46 pursuant to the corporate guarantee provided by HHB to Hexagon Tower would subsequent crystallize, this liability would however have financial and operation impact to the company,” the statement read.
The case will be heard at the High Court of Kuala Lumpur on 24 July.
AirAsia X Bhd (AAX) announced that Maybank Investment Bank, as the price stabilising manager of AAX shares, had entered the market again to mop up the company’s shares at RM1.25 – its IPO price.
Maybank IB bought 6.014 million shares of AAX from the open market today, AAX informed Bursa. Yesterday, the investment bank also bought 750,000 shares from the open market at RM1.25.
Shares in AirAsia X, which made its debut trading on July 10, closed flat at RM1.25.
AAX has raised US$310 million from its IPO to help it expand amid strong growth prospects for travel to and from Southeast Asia.
CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) announced that its unit Modipalm Engineering Sdn Bhd has entered into an agreement to build a 15-tonne per hour Continuous Sterilisation palm oil mill in Colombia.
The amount of the turnkey CONSTRUCTION [] is US$3.43 million or RM10.66 million.
“The agreement is expected to contribute positively to the earnings of CBIP for the financial years ending 31 December 2013 and 2014,” CBIP informed Bursa.
ALLIANCE FINANCIAL GROUP BHD [] is targeting a loan growth of 11-13% for its 2014 financial year ending March 31, 2014.
Speaking to reporters after the group's AGM, group CEO Sng Seow Wah said he expects the figures to stay within the same range as last year's growth of 13.4%.
"Last year's growth came mostly from our consumer mortgage loan book which grew about 18%, while our small to medium enterprises (SME) sector was around 10.6%," he said.
"However our SME loan growth numbers could be stronger, depending on the effects of big capital investment projects which are yet to be launched, as SMEs will have to be the supporting industries down the line," he added.
UMW HOLDINGS BHD []’s unit UMW Oil & Gas Corporation Bhd is seeking to sell about 2.36 billion ringgit ($740 million) in shares by the fourth quarter of this year.
The unit may sell as many as 843.2 million shares at an indicative price of 2.80 ringgit apiece.
UMW Holdings may take as much as 647.9 million ringgit for itself from the IPO to pay debt as well as for capital expenditure and working capital.
The parent company has 1.24 billion ringgit of debt falling due by 2017, according to data compiled by Bloomberg.
BOUSTEAD HOLDINGS BHD [] plans to privatise the group's oil palm PLANTATION []-based AL-HADHARAH BOUSTEAD REIT [] via a selective unit redemption and repayment (SUR) exercise.
Under the SUR, holders of Al-Hadharah Boustead REIT units will receive a cash repayment and special dividend amounting to a total of RM2.10 per unit.
This compares with the REIT's net assets per unit of RM1.80 and the stock's five-day volume weighted average price of RM1.85 as at 12 July 2013.
In a statement today, Boustead deputy chairman group managing director Tan Sri Lodin Wok Kamaruddin said the proposed privatisation comes amid the group’s plan to consolidate the its plantations under Boustead Plantations Bhd (BPB), which will be listed locally.
BPB owns 53.6% in Al-Hadharah Boustead REIT which was listed on February 8, 2007.
Trading of shares in Boustead, and Al-Hadharah Boustead REIT which has been suspended, will resume tomorrow (July 17).
Written by Ho Wah Foon of theedgemalaysia.com
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