News Highlights - Bandar Raya Developments, WCT, Aviation Sector, Property Sector

Bandar Raya Development Bhd (RM2.31/share)

Closer to open tender

Bandar Raya Development Bhd (BRDB) is one step closer to selling off its four prime assets via an open tender, after the company announced the appointment of its legal and financial advisers to assist in the deal. In a filing with Bursa Malaysia, the company said it was working with Lee Hishammuddin Allen & Gledhill and CIMB Investment Bank Bhd to assist in the proposed disposal. It said the board had decided to proceed with the proposed disposal, while noting that Ambang Sehati Sdn Bhd had to-date been unable to confirm its plans to increase its stake in BRDB. - StarBiz

WCT Bhd (RM2.39/share)

OCBC a substantial holder

Oversea-Chinese Banking Corp Ltd (OCBC) has emerged as a substantial shareholder in construction company WCT Bhd, after it acquired 5.01% stake in WCT.  WCT said the Singapore-based bank had acquired 40.9 million shares in the open market on Monday. The closing price for WCT shares on Monday was at RM2.51. Meanwhile, WCT also informed that Kumpulan Wang Persaraan (KWAP) had acquired a total of 2.1 million shares on Wednesday and Thursday last week. As a result, KWAP now holds a 6.04% stake in WCT. – StarBiz

Aviation Sector

MAS-AirAsia share swap probe still ongoing

The Malaysia Competition Commission (MYCC) said investigations into the share agreement between Malaysia Airlines (MAS) and AirAsia Bhd is still ongoing. MYCC commissioner Datuk Dr S. Sothi Rachagan said the investigation would take a longer time as it was a complex process involving an examination of agreements. Domestic  Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob has said the MYCC investigation into the share-swap deal would focus on whether it involved an abuse of monopoly or formation of a cartel. - StarBiz

Property Sector

Prasarana in property joint venture

Syarikat Prasarana Negara Bhd will work with a local property developer to build a RM200.0mil high- rise mixed development project over its underground Dang Wangi light rapid transit (LRT) station. Managing director Datuk Shahril Mokhtar said they had made the decision last week in selecting the best developer to work with Prasarana and due announcement would be made soon. This property venture will be the first for Prasarana that is expected to enhance its revenue stream. It was previously reported that UDA Holdings Bhd was one of the developers that had sent a proposal to Prasarana to jointly develop the 11,008 sq m. Previous reports also described that the Dang Wangi development might be emulating the Kuala Lumpur City Centre with underground LRT. Going forward in this new venture, Prasarana would also be looking at other locations with potential to have property developments especially in high traffic areas such as Ara Damansara, Subang Jaya KTM station and Awan Besar along the Kesas Highway. - StarBiz

Source: AmeSecurities