Axiata Group Bhd
(RM5.27/share)
To stay put in India
Axiata Group Bhd will stay put in the Indian mobile market
but is hoping to operate in a more stable regulatory environment. The Indian Government’s
recent revocation of 122 of the 2G licences issued in 2008 had created
uncertainty and angered some foreign investors, some of whom have threatened to
withdraw from the market place and to even sue the government. Axiata is a
regional telecoms player with a 19.7% stake is India’s Idea Cellular. The investment
was made some years ago and Idea has since grown to become the third largest in
terms of subscribers. It has 110 million mobile subscribers in a market comprising
656 million users as at end-February this year. Up to now there is little
clarity as to how the new 2G licences will be auctioned and whether the amounts
paid for the spectrum that has been revoked will be taken into account when the
new licences are given out. Idea is one of the seven companies affected. Axiata
president and group chief executive officer Datuk Seri Jamaludin Ibrahim said
the impact on both Axiata and Idea of the revocation of the licences will be minimal
as the cancelled licences were in Ebitda loss-making circles representing 4% of
revenues for Axiata. - StarBiz
Malayan Banking
Bhd (RM8.88/share)
Locally incorporates
Cambodian business
Malayan Banking Bhd (Maybank) has locally incorporated its
Cambodian operation, Maybank (Cambodia) plc, in line with its plans to be among
the top five banks in the country by 2015. Maybank Cambodia is currently ranked
seventh in terms of assets among 33 banks operating in Cambodia. It will see
its capital boosted from the existing US$30.0mil (RM91.8mil) to US$50.0mil,
which will enable it to operate at a comfortable capital adequacy ratio above
12.0% while maintaining an aggressive growth strategy in the years ahead. Maybank
president and CEO Datuk Seri Abdul Wahid Omar said that the local incorporation
would provide Maybank greater opportunities to expand its branch network in
Cambodia. Maybank, which set up a branch in Cambodia in 1993, has expanded to
11 branches in the last 3 years. – The Edge
Malaysia Marine
and Heavy Engineering Holdings Bhd (RM5.39/share)
Firm revises use of
IPO proceeds
Malaysia Marine and Heavy Engineering Holdings Bhd, which
raised RM980.7mil from its initial public offering (IPO), has revised the
utilisation of listing proceeds. The money would now include the purchase of
Sime Darby Engineering Sdn Bhd’s fabrication yard in Pasir Gudang, Johor, for
RM393.4mil. In a statement yesterday, Malaysia Marine said utilisation of the
proceeds will be carried out immediately by its wholly-owned subsidiary
Malaysia Marine and Heavy Engineering Sdn Bhd, as it forms part and parcel of
the yard optimisation programme. – Business Times
YTL Power
International Bhd (RM1.82/share)
Xchanging enters JV
with YTL Comms
Xchanging, the business process and technology service
provider-integrator, has signed a joint venture (JV) agreement with YTL Communications Sdn Bhd, a subsidiary of
YTL Power International Bhd. A joint statement from Xchanging and YTL Communications yesterday said the agreement
was for the establishment of Xchanging Malaysia Sdn Bhd, a 50:50 JV to develop
and deliver enhanced mobile Internet and cloud-based hosting offerings in Malaysia.
It said the JV would combine Xchanging’s technology,
delivering expertise and international domain knowledge with YTL Communications’ award-winning 4G network
and market reach, to deliver next-generation, mission-critical cloud solutions and
platforms. - StarBiz
Source: AmeSecurities
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