Sime Darby Bhd
(RM9.79/share)
Files RM863m suit in
Qatar
Sime Darby Bhd has filed a 1.0bil Qatari riyals (RM863mil)
legal suit against Qatar Petroleum (QP) in relation to an engineering project
offshore in Qatar undertaken by the Malaysian conglomerate’s wholly-owned
subsidiary, Sime Darby Engineering Sdn Bhd (SDE).
Sime Darby told Bursa Malaysia that on Aug 15, SDE had filed
a statement of claim at the Qatar Court against QP. The claim was regarding the
outstanding invoices, compensation, performance bonds and additional costs in
relation to the engineering project, pursuant to a contract signed by both SDE
and QP on Sept 27, 2006.
However, Sime Darby said the contract came into effect much
earlier on April 15, 2006 and SDE had commenced work since then. The first
court hearing has been fixed for Oct 9. – StarBiz
MISC Bhd
(RM4.49/share)
Logs higher pre-tax
profit
MISC Bhd’s pre-tax profit for the second quarter ended June
30 2012 rose to RM458.5mil, from RM379.6mil in the same period of 2011.
However, revenue decreased slightly to RM2.5bil from RM2.6bil, Malaysia’s
leading international shipping line said in a filing to Bursa Malaysia
yesterday.
The higher pre-tax profit was driven by an improved
performance in the offshore business and higher contributions from the tank
terminal segment. It was also due to lower losses in the petroleum business
following the one-off settlement received from an early redelivery of vessels
on time charter contracts, MISC said. The drop in revenue was due to lower
income in petroleum and chemical businesses following lower earning days and
softer petroleum freight rates. – Business Times
Pos Malaysia Bhd
(RM2.91/share)
Q1 net profit up from
a year ago
Pos Malaysia Bhd recorded a gain in net profit to RM36.8mil
in the first quarter ended June 30, 2012, compared to RM21.6mil in the same
period a year ago. The increase in net profit was attributed to higher profit
from operations. Revenue also increased 8.5% to RM311.3mil in the period,
against RM286.9mil last year. In its filing on Bursa Malaysia, Pos Malaysia
said its five-year strategic plan is in place, and expects its financial year
ending March 31, 2013 to be positive. – StarBiz
DRB-Hicom Bhd
(RM2.58/share)
On divestment trail
DRB-Hicom Bhd announced yesterday that Affin Bank Bhd had
obtained Bank Negara Malaysia’s (BNM) approval to start negotiation to buy the
group’s stake in Bank Muamalat Malaysia Bhd, in which it holds 70% equity
interest. DRB-Hicom said the potential disposal of interest in Bank Muamalat is
in line with the condition imposed by BNM when it bought the 70% stake from
Bukhary Capital Sdn Bhd, controlled by its major shareholder Tan Sri Syed
Mokhtar Al-Bukhary, for RM1.1bil in October 2008. The condition required
DRB-Hicom to reduce its stake in Bank Muamalat to 40%. The announcement did not reveal the size of
the stake in Bank Muamalat that DRB-Hicom intends to sell to Affin Bank.
Khazanah holds the remaining 30% stake in Bank Muamalat. The
negotiations are to be completed on or before Dec 31 this year, Affin Holdings
said. – The Edge
Source: AmeSecurities
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