Oil & Gas Sector
Plan to float NGC
Energy
While it is still in the midst of acquiring Shell’s
Malaysian liquefied petroleum gas (LPG) business, Oman-based Natural Gas Co
SAOG (NGC) is already making plans to take its local unit, NGC Energy Sdn Bhd,
to the next level. NGC chairman Sheikh Abdulla Suleiman Hamed Al-Harthy, who
was in the country last week, told StarBiz that the group aimed to transform
NGC Energy into a public listed company in three to four years.
We could use the operation in Malaysia as a hub to grow into
the region. It could be either industrial or domestic as penetration like in
Vietnam and Indonesia are still very low and there’s a lot of potential to grow
the market - Star Biz
DRB Hicom Bhd
(RM2.58/share)
Lotus submits new
plan to stem losses / Exige production
to start
Group Lotus Plc, the British sportscar maker ultimately
owned by DRB-HICOM Bhd through Proton Holdings Bhd, has submitted a fresh plan
to put its house in order, bankers familiar with the matter said yesterday. The
plan was submitted to Lotus’ six main creditors, the source said, adding that
the revised plan was crucial to stem the its losses.
Lotus obtained some RM1.3bil in long-term facilities in
April last year to help turn around the company, with the national carmaker
Proton standing as guarantor for the loans. The money was to be used as part of
a RM2.4bil turnaround plan that was announced a year earlier. The turnaround
plan was centred on Lotus coming up with five new sportscar models within five
years for the mass market. However, the plan had been hit with snags from day
one, and by the end of last year, Lotus was bleeding red ink and had widened
its operating loss to RM166.6mil from RM102.4mil at the end of 2010. - Business Times
Group Lotus Plc will start production on its new EXIGE S
model by as early as this week. The car is described as the “ultimate
lightweight high performance sportscar” with more than 100 horse power to its
output.Ironically, DRB-HICOM is going ahead with the brand new Lotus model at a
time when it is also doing major spring cleaning at the British sportscar
maker. Lotus chief executive officer Dany Bahar was sacked recently and it is
understood that a probe on how Lotus was run previously is undergoing. Three
Lotus executives have so far been suspended while 50 contractors have had their
contracts terminated. - Business Times
Source: AmeSecurities
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