Sime Darby Bhd
(RM9.88/share)
Judge to stay on Sime
Darby-E&O case
Securities Commission (SC) yesterday suffered an initial
setback in a widely followed court challenge over Sime Darby Bhd’s purchase of
a strategic stake in Eastern & Oriental Bhd (E&O), when the presiding
judge declined to recuse himself from the case.
High Court Judge Abang Iskandar Abang Hashim yesterday
disallowed the SC’s application to recuse him from hearing the judicial review
application filed by E&O minority shareholder Michael Chow Keat Thye. Abang Iskandar disagreed with the SC’s
submission that his previous employment with the SC was grounds for the recusal.
The matter is expected to return for case management next
Tuesday before the judicial review hearing begins. It is uncertain if the SC’s
lawyers will file an appeal against Abang Iskandar’s decision to continue
hearing the matter.
Chow filed the application for judicial review last December
in a bid to challenge the SC’s ruling that Sime Darby’s purchase of a 30.0%
stake in E&O from its three major shareholders did not trigger a mandatory
offer obligation. – The Edge
Alliance Finance
Group Bhd (RM3.96/share)
Singapore’s DBS Bank
to hold talks to buy stake in Malaysia’s AFG
Singapore’s DBS Bank Ltd has obtained the nod from Bank
Negara to commence discussions involving the acquisition of Temasek’s stake in
Alliance Finance Group (AFG). As at March 31,
Temasek’s Duxton Investments Pte Ltd and locally held Langkah Bahagia
are joint owners of a 29.1% controlling interest in AFG. Temasek’s effective
interest in AFG stands at 14.2%.
Yesterday, AFG told Bursa that the proposed transaction, if
successfully negotiated and completed, is not envisaged to trigger a takeover
offer for AFG. This long-awaited move by DBS into AFG comes hot on the heels of
a major purchase in Indonesia by DBS of Temasek’s 67.4% stake in PT Bank
Danamon for S$9.1bil (RM22.4bil).
However, there is speculation that going forward, DBS could
embark on a second phase in the AFG — taking over the 14.9% held by Langkah
Bahagia, which will give DBS the 29% controlling block in AFG. Another stage,
which is not really a priority now, may involve consolidating DBS’ stakes in
AFG and Hwang DBS Investment Bank. - StarBiz
Press Metal Bhd
(RM2.07/share)
To buy 480MW
electricity for its new aluminium smelting plant
Press Metal Bhd’s (PMB) new aluminium smelting plant in
Samalaju Industrial Park, Bintulu is the first factory to tap into electricity
from the Bakun dam. Sarawak Energy Bhd (SEB) chief executive officer Torstein
Dale Sjotveit said the 275kV transmission line linking SEB Samalaju’s power
station and PMB’s new plant was “energised” last Thursday.
Sjotveit said PMB was purchasing 480MW to power its new
smelter which was on track to start commercial operation by June this
year. The new smelter has a production
capacity of 240,000 tonnes per annum, which is double the capacity of its
aluminium smelter in Balingian, Mukah Division.
The Balingian plant is currently running at the full
capacity of 120,000 tonnes per annum. Both plants are located in the Sarawak
Corridor of Renewable Energy. -StarBiz
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