IGB Corporation
Bhd (RM2.85/share)
Mulls over megamall
in JB
IGB Corporation Bhd is looking to develop a megamall in
Johor Baru (JB), similar to the multi-billion ringgit Mid Valley Megamall in
Kuala Lumpur that was built by the group about 12 years ago. According to
sources in the property sector, IGB is to sign a memorandum of understanding
(MoU) with Selia Pantai Sdn Bhd today for the joint development of the megamall
in JB. The JB megamall project is estimated to cost RM2.0bil to
RM3.0bil, and will take up some 40 acres (16.2ha) of land, with about three
million sq ft in built-up area. In comparison, the Mid Valley Megamall has a
built-up area of about 4.5 million sq ft.
The sources said IGB may take up a 70.0% stake in the JB
megamall project, with Selia Pantai holding the rest. Selia Pantai is a joint
venture between Teluk Zamrud Sdn Bhd and Kumpulan Prasarana Rakyat Johor
(KPRJ), which is the Johor state investment company. – The Edge
Malaysian Airline
System Bhd (RM1.36/share)
To fly AirAsia X
passengers from four cancelled routes
Malaysia Airlines (MAS) has signed a re-accommodation
agreement (RA) with AirAsia X to accommodate the latter’s passengers on four
routes cancelled by using excess capacity on Malaysia Airlines flights. The
four routes involve Mumbai, New Delhi, London and Paris. In a statement, MAS said both economy- and premium-class
passengers with confirmed AirAsia X tickets issued before January 13 to the
four routes would be transferred to MAS and flights will be between March 28
and October 27. It added that under the
terms of the RA, Malaysia Airlines would receive upfront cash payments or pre-payments
on tickets for the re-accommodated passengers before departure. To date, MAS
has received a prepayment of RM20.0mil in cash. The national carrier said it benefits from the arrangement
as it is able to achieve higher passenger numbers on its flights which would be
incremental to its normal load patterns.
– Business Times
Malaysia Building
Society Bhd (RM2.17/share)
Denies eyeing London
properties
Malaysia Building Society Bhd (MBSB) has refuted a local
newspaper report that it is looking into opportunities in the London property
market. In a statement yesterday, MBSB said it has not made any such statement
and wishes to inform that the company has no plans to expand its business
overseas.
Quoting an industry source, the report in a local Malay
daily said that MBSB’s overseas venture plan will be made with the cooperation
of its main shareholder, the Employees Provident Fund. It also said the plan
with a time-frame of between five and seven years was aimed at enhancing the
scope of future income generation and profit for MBSB. – The Edge
Tenaga Nasional
Bhd (RM6.49/share)
Signs Reppa with Core
Competencies to purchase energy generated from waste
Utility giant, Tenaga Nasional Bhd, has signed a Renewable
Energy Power Purchase Agreement (Reppa) with Core Competencies Sdn Bhd to
purchase energy generated from municipal solid waste. The move marked a new era
for the national energy company in promoting energy generation using green
technology.
Core Competencies chairman Datuk Ariffin Aton said through
the agreement, the national utility company will purchase energy generated from
its plant, currently in Semenyih, Selangor, for 42 sen per KW/hour, over three
times higher than the rate of normal IPP of 13 sen. The agreement, for a tenure
of 21 years, would see the company initially providing 64 megawatt (1 megawatt
= 1000 kilowatt) of electricity per day.
Ariffin said a plant in Batu Pahat, Johor, estimated to cost
RM200.0mil, has already been approved by the government and will be developed
via public-private-partnership. The plant, scheduled to be operational in 2014,
will produce an extra 13 megawatt per hour of electricity from 1000 tonnes of
waste per day of which 10 megawatt per hour will be exported to the national
grid and the rest will be used internally. – Bernam
Source: AmeSecurities
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