Malaysian Airline
System Bhd (RM1.18/share)
To get up to RM1.5bil
bridging loan from CIMB
Malaysian Airline System Bhd (MAS) is close to securing up
to RM1.5bil in a bridging loan from CIMB Group Holdings Bhd (CIMB), giving it
ample time to structure a RM3.0bil bond for its long-term needs. According to
three separate sources, the one-year bridging loan is intended to finance the
national carrier’s daily operational needs. The sources added that CIMB could
be the front runner for the RM3.0bil sukuk offering, since it has provided the
bridging loan to MAS.
The national carrier is looking to issue RM3.0bil worth of
bonds this year in order to bridge the funding gap for its capital requirement
of RM6.0bil. At the end of 2011, MAS had RM1.0bil in its coffers while
borrowing amounted to RM5.7bil. MAS needs RM6.0bil to finance its new fleet,
which includes the Airbus A380, Boeing B777 and B737 aircraft.
A company source said MAS needs to issue the paper on a
commercial basis as a helping hand from the government could be seen as a
breach of competition laws. –The Edge
Sarawak Cable Bhd
(RM1.78/share)
HNG confirmed as
buyer of 15% stake
HNG Capital Sdn Bhd has been confirmed as the buyer of a
15.36% stake in Sarawak Cable Bhd from Leader Universal Holdings Bhd. Filings
with the stock exchange showed that HNG Capital, which has a 14.4% stake in
Penang-based cable manufacturer Leader Universal, bought 20.74 million shares owned
by the latter on Monday for RM1.70 per share, or a total of RM35.3mil. StarBiz
had reported the off-market trade on Tuesday, which was done at 21 sen or nearly
11% below Friday’s closing price of RM1.91. Incidentally, Leader Universal is currently
being privatised by HNG Capital, a company controlled by the H’ng family, making
this a related-party transaction. - StarBiz
AirAsia Bhd
(RM3.65/share)
Appoints new
Singapore head
AirAsia has appointed its former regional head of customer
experience, Logan Velaitham, as the new Country Head for Singapore, effective
May 9, 2012. The lowcost airline said Logan will be responsible for expanding
AirAsia’s presence in the island republic and Johor. AirAsia Group Chief
Executive Officer Tan Sri Tony Fernandes said AirAsia is currently the second
largest airline operating in Singapore with 10 planes and a total of 554
frequencies operating from the virtual hub. – Bernama
IGB Corp Bhd
(RM2.74/share)
Johor Mid Valley City
land to cost RM259mil
IGB Corp Bhd has agreed on a price of RM259.0mil or RM165
per sq ft with Selia Pantai Sdn Bhd for three parcels of leasehold land
measuring 36 acres in Plentong, Johor. The land is for a proposed Mid Valley
City-type mixed development, via a joint venture between IGB Corp and Selia
Pantai. IGB Corp will have a 70% stake in the joint venture, with the balance
owned by Selia Pantai. IGB Corp will fund its 70% portion of the project via
internal funds and bank borrowings. The company also told Bursa Malaysia that
no valuation was carried out on the land, which is owned by Selia Pantai. The purchase price was arrived at on a
willingbuyer-willing-seller basis, after considering factors such as the
prevailing market value of properties in the same vicinity and surrounding
infrastructure. – StarBiz
Source: AmeSecurities
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