Axis Real Estate
Investment Trust (RM2.73/share)
Posts higher profit
Axis Real Estate Investment Trust (REIT) has reported a net
profit increase of 27.1% from a year earlier to RM21.0mil for its first quarter
ended March 31, 2012, on higher revenue and property revaluation surplus.
During the quarter in review, the company posted revenue of RM30.3mil, up 18.5%
from a year earlier.
Axis REIT told Bursa Malaysia that it had registered a
property revaluation surplus of RM300,000 for the first quarter of 2012. It had
proposed a first interim income distribution of 4.3 sen per unit, up from 4.2
sen per unit for the corresponding period last year. -StarBiz
CIMB Group
Holdings Bhd (RM7.61/share)
To buy 60pc of San
Miguel’s unit soon
Yesterday, the chairman of Philippine conglomerate San
Miguel Corp’s Bank of Commerce, Jose Pardo, said Malaysia’s second largest
lender CIMB Group will sign a deal soon to buy a 60.0% stake.
It would be the first foray by the Malaysian bank in the
Philippines, further boosting its regional footprint after it bought some
equities and investment banking units from Royal Bank of Scotland Group plc
elsewhere in Asia earlier this month.
Pardo presumed that with the 60.0% stake, CIMB will have
about eight board seats. Medium-sized lender Bank of Commerce has 15 board
members. He also said San Miguel Properties Inc and San Miguel Retirement Fund,
which together hold about 76.0% of Bank of Commerce, were in negotiations with
CIMB about the deal. A source added that
some minority shareholders would also sell their stakes in the bank.
The deal will be presented to Bank of Commerce shareholders
at a meeting on April 24. CIMB’s buy-in may be worth about US$200.0mil to
US$250.0mil (RM614.0mil to RM767.5mil) and could be finalised in the next few
days, said a report by the Philippine Daily Inquirer. – Business Times
Construction
Sector
MMC-Gamuda to
subcontract 4km of tunnelling works
Sources said MMC-Gamuda Joint Venture Sdn Bhd is looking to
subcontract 4km of the My Rapid Transit (MRT) tunnelling works to foreign
parties. A source told The Edge Financial Daily that the consortium would
subcontract a 4km stretch of the total 9.5km MRT tunnelling works to foreign
firms and would also lease the boring machines to them.
The sources said that from a project management perspective,
the subcontracting of the easier portion will allow the consortium to focus its
key personnel on the harder stretch of the work. The benefactors are foreign
parties that have experience in tunnelling. It is believed that the 4km portion
is located within the Kenny Hill formation between the northern portal at
Semantan and the Pavilion shopping complex.
The 9.5km tunnelling works stretch from Semantan to Maluri
and include the construction of seven underground stations. MMC-Gamuda will use
10 tunnel boring machines, with the first two expected to be delivered by
year-end. Works is expected to begin by March 2013. – The Edge
Telecommunication
Sector
MCMC targets 65pc
household broadband penetration in 2012
The chairman of Malaysian Communications and Multimedia
Commission (MCMC), Datuk Mohamed Sharil Tarmizi, said it is targeting a 65.0%
household broadband penetration this year, amid the current saturated market
condition. Last year, he said Malaysia’s household broadband penetration
reached about 63.0%, compared to 31.0% in 2009.
Mohamed Sharil said that although the market is saturating,
there is now the need for a high-speed broadband network. He also said that
under the national broadband strategies, MCMC is now working on creating the
demand side.
Mohamed Sharil clarified that the government had yet to
award the 4G, or 2.6GHz, spectrum to any telecommunications players. – Business
Times
Source: AmeSecurities
No comments:
Post a Comment