Bumi Armada Bhd
(RM3.90/share)
Unit bags Caspian Sea
contract
Bumi Armada Bhd’s unit, Armada Marine Contractors Caspian
Pte Ltd, won a charter contract to lay about 15km of various sized pipelines in
the Caspian Sea, off Turkmenistan. The offshore oilfield services provider in a
statement said that the contract is for a period of 30 days, from May or early
June with an extension period of a further 15 days. The company’s executive
director and chief executive officer Hassan Basma said the award together with
the recent Lukoil-Nizhnevolzhskneft contract has brought the firm’s order book
to over RM7.0bil. – Business Times
Berjaya Sports
Toto Bhd (RM4.25/share)
Sports Toto plans
listing in Singapore
Tan Sri Vincent Tan’s Berjaya Sports Toto Bhd (BST) plans to
spin off Sports Toto Malaysia Sdn Bhd (STM) into a business trust, with the
intentions of listing the said trust on the Singapore stock exchange in a deal
valued at more than RM6.0bil.
Vincent Tan indirectly owns some 53% of BST, whose wholly
owned subsidiary STM is regarded as the jewel in the crown of the Sports Toto
family. STM is the largest number forecast operator in the Malaysia both in
terms of number of outlets and product offering.
In a nutshell, BST will divest STM to STMTrust for RM6.0bil,
which will be done by issuing trust units and a promissory note. Under the
deal, STM-Trust will issue 4.43 billion trust units at S$0.50 (RM1.24) a unit,
while some RM527.4mil will be settled via the issuance of a promissory note,
also by STMTrust.
The initial public offering will involve a up to one billion
STM-Trust units in total, representing about 20.46% of the STM-Trust. This will
be done via an offer for sale of up to 540 million trust units by Berjaya
Sports Toto and issuance of 460 million new units by STM-Trust. The money
raised by STM-Trust via the issuing of new units will be used to settle the
RM527.4mil promissory note, and to defray expenses of the issue and for working
capital. – Business Times
Sime Darby Bhd
(RM9.65/share)
Joins SP Setia in bid
for London’s Battersea site
Sime Darby Bhd has joined Malaysian developer SP Setia Bhd’s
bid for London’s Battersea Power Station, Europe’s largest brick building. In a
statement, Sime Darby said the consortium is positive that its plan for a
mixed-sustainable development will be well received.
The derelict 38-acre site on the south bank of the River
Thames was put on sale in February after its owners failed to pay lenders owed
more than £500.0mil (RM2.5bil). SP Setia is one of three remaining bidders for
the landmark power station, chief executive officer Tan Sri Liew Kee Sin said
May 29. – StarBiz
Power Sector
New power plant
tender
Minister of Energy, Green Technology and Water Datuk Seri
Peter Chin Fah Kui said a tender for the construction of a new 1,000 megawatt
(MW) power plant is expected to be out by end of this year. He said the Energy
Commission will be conducting another competitive bidding exercise for the
planting up of a new 1,000MW capacity power plant for commissioning in 2017.
The minister said there will also be new tenders for
additional 2,000MW for commissioning in 2018 and 2019, depending on the outcome
of the current competitive bidding exercise. The construction of these power
plants is to meet the growing electricity demands of Malaysian homes, offices,
and factories. – Business Times
Source: AmeSecurities
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