Sime Darby Bhd
(RM9.94/share)
Plans Liberian palm
oil bulking facilities
Sime Darby Bhd, one of the top three largest plantation
companies in the world, plans to build palm oil bulking facilites in Liberia or
neighbouring areas in the next one or two years. This will be a preparatory
move in storing the edible oil before it is exported to markets such as Africa,
Europe and the United States. Bulking facilities consist of tank farms used to
store processed palm oil such as palm olein or crude palm oil in a regulated
environment before they are pumped into vessels and shipped to their export
destinations. A source said Sime Darby had tasked Felda-Johore Bulkers Sdn Bhd
with building a tank farm as a prepatory move before it starts harvesting its
oil palm plantations in Liberia.
Felda-Johore is an associate of Felda Global Ventures Holdings Bhd (FGV)
in which Sime Darby also owns a 10% stake. Sime Darby ventured into the African
country two years ago and now owns some 220,000ha there. – Business Times
DRB-Hicom Bhd
(RM2.73/share)
DRB-HICOM, Proton
lifeline for Lotus
Proton Holdings Bhd may have to pump in another STG100mil
(RM491mil) in troubled British sports car maker Group Lotus plc in order to
keep it afloat. DRB-HICOM Bhd managing director Datuk Seri Mohd Khamil Jamil
said the money will have to be pumped in by March 2013. Proton has pumped in
STG100mil into Lotus so far this year after several banks cut their credit
lines to the sports car maker. Mohd Khamil, who is also the chairman of Proton
and Lotus, said Lotus was being funded via internally generated funds from Proton
and DRB-HICOM. He also confirmed that Proton had submitted a revised plan to
the national carmaker’s six big lenders. Lotus has already drawn down more than
STG200mil before the banks stopped the remaining STG62.5mil to be disbursed to
Lotus, a move that could push it into technical insolvency. Mohd Khamil added
that if Lotus fails, DRB-HICOM will fail as Proton has given the guarantees for
the loan. –Business Times
Automotive Sector
Strong pick-up in
commercial vehicle sales
The commercial vehicle segment is expected to see a bigger
increase in sales compared with passenger vehicle this year, as demand is
expected to be buoyed by rising commercial activity and healthy construction
sector growth. According to the Malaysian Automotive Association (MAA), sales
of commercial vehicles is expected to grow 4.6% to 68,000 units in 2012 from
65,010 units a year earlier. Sales of passenger vehicles, meanwhile, is
forecast to grow 2.2% to 547,000 this year, less than half of the growth
projected for the commercial vehicle segment. According to the MAA, a total of
35,369 units of new commercial vehicles were sold in the first six months of
this year, which accounted for 11.7% share of the total industry volume. This
was marginally higher than the 10.6% share achieved in the same period last
year where 31,549 units were sold. – StarBiz
Water Sector
MMC eyeing JV with
PAAB
Tan Sri Syed Mokhtar Al-Bukhary’s flagship outfit, MMC Corp
Bhd, is believed to have proposed to the government to form a special purpose
vehicle with Pengurusan Aset Air Bhd (PAAB) to take over the country’s water
assets. MMC managing director Datuk Hasni Harun revealed the proposal to co-own
the water assets with PAAB two weeks ago in a presentation to the government
with the Finance Ministry, Energy, Green Technology and Water Ministry, and
PAAB. Some government officials said it could be tricky for MMC in realizing
the plan. He said it is not easy for MMC to venture into the water sector after
PAAB was given the mandate to develop and manage the country’s water assets as
it would be a step backwards, after the privatized water assets were bought
back by PAAB only a while ago.
Furthermore, such a plan would be perceived as being contradictory to
the initial goal of PAAB – water asset nationalization. – The Edge
Source: AmeSecurities
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