News Highlights - Glenealy Plantations, Construction Sector, Malayan Banking

Glenealy Plantations (Malaya) Bhd (RM7.95/share)

Nod for Glenealy buyout

Minority shareholders fighting for a higher buyout price in the Glenealy Plantations (Malaya) Bhd privatisation lost their battle after the voting results were revealed at the court-convened meeting yesterday. After a prolonged four-hour meeting, Glenealy independent non-executive director Md Yusof Hussin told the press that the privatisation of the company, via a scheme of arrangement method, would be carried through.“All conditions (for the privatisation) were met,” he said, in reference to the voting result that favoured the Samling group that is seeking to take Glenealy private.In its announcement to Bursa Malaysia, Glenealy stated that 85.31% of non-interested shareholders who turned up had voted in favour of the privatisation scheme. Glenealy said these votes made up 94.17% in value terms of the non-interested shareholders who turned up to vote. A mere 4.23% (in value terms) voted against the resolution. – Starbiz

Construction sector

MRT contract winners to be known today

Recipients of several contracts worth RM2.5 billion to build the 51km Sungai BulohKajang My Rapid Transit (SBK MRT) project will be known today. Business Times understands that the contracts are for the supply of train sets, track works, signaling, power supply and depot equipment. The biggest award would be for the supply of 58 sets of four-car trains worth about RM1.3 billion. The contract had three bidders -Changchun Railways Vehicles Co Ltd, CSR Zhuzhou Electric Locomotive Co Ltd and Siemens-SMH Rail Consortium. – Business Times

Malayan Banking Bhd (RM9.27/share)

Maybank a potential buyer of 33pc stake in Bank of Ayudhya

Malayan Banking Bhd (Maybank) has emerged as one of the potential buyers of Bank of Ayudhya pcl (BoA), Thailand’s fifth-largest lender.General Electric Co (GE) is said to be mulling plans to sell its US$2.2 billion (RM6.8 billion) stake in BoA to cut losses suffered during the financial crisis.Maybank declined to comment on whether it is keen to buy GE’s 33 per cent stake in BoA, although a financial newswire quoted the American giant as saying that it may contact potential buyers including Maybank. A Maybank spokesperson told Business Times yesterday that the bank “does not comment on market speculation”. – Business Times

Source: AmeSecurities