Tuesday, March 31, 2009

Mycron Steel Bhd ... Mar 09

Mycron Steel Bhd will bank on a three-pronged strategy to bounce back from the current economic slowdown which has severely affected demand for its cold-rolled coils (CRC).

It will focus on producing higher-end CRC for the auto sector, the electro galvanised steel market and increase exports especially to the Asean region.

The flat steel manufacturer is currently producing some 500 tonnes of CRC monthly for Proton Holdings Bhd to manufacture auto components.

Mycron recorded a net loss of RM18.8mil for the second quarter ended Dec 31, 2008 versus a net profit of RM2.3mil in the corresponding quarter of 2007 after an impairment loss of RM21.1mil. However, the group made a marginal operating income of RM99,000 minus the impairment loss.

Related Post here:-

Monday, March 30, 2009

Toyochem Corp Bhd ... Mar 09

Toyochem Corp Bhd shareholders who oppose the takeover of the company by TIPP Malaysia Sdn Bhd and Toyo Ink Asia Ltd have until April 15 2009 to seek legal action to stave off compulsory acquisition of their shares.

TIPP and Toyo Ink said in a joint circular that the dissenting shareholders, who hold the outstanding 8.63% stake, could request for the names and addresses of all the other dissenting shareholders as a prelude to a possible legal action. The shareholders could jointly take the legal action if they did not want their shares to be compulsorily acquired, the companies said.

The offerors would not acquire the shares until 14 days after the names of other dissenting shareholders had been posted to them. However, unless these shareholders had applied to the High Court on or before April 15 2009, or the High Court ordered otherwise, the offerors would acquire the remaining shares in Toyochem.

In November 2008, TIPP and Toyo Ink, which held 51% or 20.8 million shares in Toyochem, had jointly made a conditional offer to acquire all the remaining 19.98 million shares at RM2.90 apiece. On Feb 17 2009, the offerors raised the offer price to RM3.20 but this was subject to them holding more than 90% of the offer shares on March 4 2009. The offerors announced the next day that they received 18.26 million shares and this raised their overall stake to 91.37% and the offer would remain open until March 4 2009.

Sunday, March 29, 2009






2009年的“地球一小时”是一项全球性的行动,它呼吁每个人,每个企业和社区都积极采取措施,投身其中,承担应尽职责,为创建一个可持续发展的明天而行动起来。届时,全球各地从欧洲 到美洲的地标性建筑都将伫立于黑暗之中。而世界各国人民将通过关灯这一方式,携手为创造地球更美好的明天而努力。

由地球一小时中国区活动推广大使李冰冰参与的系列活动公益广告将亮相。3月28日晚,李冰冰将与大家一起加入到“熄灯一小时”的活动中来。李冰冰表示:“地球是我们共同的家园,每一个人都有责任节约能源。我希望能用我的力量,号召更? 嗟娜瞬渭诱飧鲇幸庖宓幕疃黄鸨泶镂颐怯Χ云虮浠木鲂摹?


“地球一小时”活动其实就像开灯关灯一样容易。 2009年3月28日晚上8:30,全球各地的人们将为“地球一小时”而熄灯。我们希望能有超过1000个城市10亿人参加这一活动中来,用全球性的努力一起来应对气候变暖。





3月28日晚,你可尝试一下这美丽? 暮诎凳笨?



Saturday, March 28, 2009

Friday, March 27, 2009

Daya Materials ... Mar 09

While most companies are tightening their belts to ride the current global economic storm, Daya is busy scouting for potential acquisition targets abroad.

The company wanted to build a global presence and was eyeing oil and gas (O&G) companies in the US, Australia and China for acquisition or partnership.

With cash reserves of RM40 million, against borrowings of RM20 million, the company had the advantage and financial means to grow various parts of its business to become a full-fledged upstream and downstream market leader for O&G-related services.

With the current economic crisis, the valuations of some O&G companies have become very reasonable. Now (March 2009). The downturn has enabled Daya to pursue sensible acquisitions which were not possible before and are extremely excited about these prospects.
The DMB Group, which has a workforce of about 300, posted an 84% jump in net profit on-year to RM12.57 million for the financial year ended Dec 31, 2008, on the back of a 260% surge in revenue to RM224.11 million.

The company had made several acquisitions since it was listed on the Mesdaq Market on July 25, 2005 and is now (March 2009) a big player in the polymer market and the largest supplier of downstream chemicals for O&G industries in the northern region.

In August 2007, DMB acquired a 100% stake in Seca Dyme Sdn Bhd, a chemical and services company, at RM24 million and three months later, it acquired a 30% stake in CMT (Penang) Sdn Bhd, an engineering and construction company, at RM7.2 million. It also bought a 33% stake in a tank cleaning, repair and recyling specialist, Clarimax, at RM367,000.

In 2008, it acquired the remaining stake in CMT for RM19 million and a 20% stake in Proffscorp Sdn Bhd, a machineries leasing services provider, for RM5.3 million. It has since obtained shareholder approval to acquire the remaining 80% equity in Proffscorp at RM22.8 million.

Kemaman-based Proffcorp is the largest mobile crane and lifting service provider for country’s O&G sector.

DMB would also leverage on its expertise in design, engineering and construction of industrial plants for the O&G industries.

While some of the sectors of the O&G are affected by the current economic downturn, DMB’s expertise in tank cleaning services and crane operations was in demand as many of its customers undertook these services due to the slowdown.

DMB has teamed up with Singapore’s Chem-Solv to set up a tank services facility in Pulau Indah, Port Klang and will be starting its operations this July 2009. The facility will offer recycling of waste oil and solvent, tank cleaning, repair and refurbishment services.

At the end of 2008, DMB signed an agreement with Tianjin-based CNOOC Energy Technology & Services-Oilfield Technology Services Co to become a distributor of the latter’s products including oilfield chemicals, petrochemical additives and drilling fluids. DMB aimed to grab at least 15% to 20% share of the local oilfied chemicals market over the next few years with the introduction of CNOOC’s (China National Offshore Oil Corp Ltd) products..

It hopes that his will be our springboard to move upstream and we want to enlarge our offering to our customers in O&G industries with one stop service, packaging all the services they would ever need at one go.

From being just a supplier of downstream chemicals to the O&G industries, they want to add more upstream products and services, as in the long run, this will be much more profitable once we break into the market.

The venture into upstream products would contribute at least 20% towards its revenue from the O&G sector.

Thursday, March 26, 2009

Fajar Baru ... Mar 09

It is a small construction company with big ambitions, especially so with the emergence of Datuk Low Keng Kok, a substantial shareholder and MD cum CEO of the company. Low was formerly the joint MD of Road Builder Holdings Bhd, which was a large and respectable construction company prior to its takeover by IJM Corp Bhd. He owns 6.4% of FajaBaru while the chairman Datuk Kuan Peng Ching and Big Victory Holdings own 10.2% and 15.5% respectively.

FajaBaru specialises in design and build, which enables it to achieve relatively high margins for its contracts. The company currently (march 2009) has three projects with a total contract value of RM619 million. The contracts comprise LCCT Phase 2, double track project and Tampin Hospital.

The proposed construction of the new LCCT terminal costing around RM2 billion could provide more job opportunities for FajaBaru since it was involved in Phase 1 and is currently undertaking the construction of Phase 2.

The double track contract is for the stretch between Seremban and Gemas. FajaBaru has also clinched a contract to build the Tampin Hospital in Johor.

As at end of 2008, FajaBaru was sitting on cash reserves of RM80 million, which is close to its market capitalization of Rm100 million. It intends to use the cash for possible M&A opportunities and as working capital should it succeed in clinching larger projects.

With the imminent announcement of the second stimulus package, FajaBaru, with a strong balance sheet and experienced management, is well placed to bid for new contracts.

The company enjoys relatively good margins due to its design and build concept, which allows it flexibility in cutting costs. Furthermore, a reduction in construction material costs after the downturn has also improved margins.

It should be noted that FY2008 profits were boosted by a one off recovery of bad debts amounting to RM6 million and a profit guarantee payment of RM2.8 million arising from vendors under a profit guarantee agreement. The company is expected to receive an installment of rm931545 per quarter until Aug 20, 2011.

Financial Results … For six months ended Dec 2008, it posted a net profit of RM6.7 million.

Wednesday, March 25, 2009

KUB ... Mar 09

KUB MALAYSIA finally turned around after eight years. The Group managed to turn in a Net Profit of RM39.4m or 6.18 sen a share for FYE Dec 31, 2008.

The Net Profit was in part due to a one-off gain on disposal of assets/investments totalling RM21m." .... Operationally, this is the first time KUB MALAYSIA made profits since listed on BURSA MALAYSIA in 1997 ...." said Group MD - MOHD NAZAR SAMAD in aN EXCHANGE filing on Feb 27, 2009.

The Group's Revenue in FY08 increased by 50% to RM877.3m from RM585.5m in FY07, when it posted a Net Loss of RM88.8m. KUB said the growth in revenue was contributed by its newly aligned core businesses of information and communications technology (ICT), properties, engineering and construction (PEC) and food related (FR).

Revenue for its ICT sector in 2008 jumped to RM252.3m from RM72.6m due to an increase in contracts awarded to its subsidiaries, KUB TELECOMMUNICATIONS and its newly 70%-acquired unit - EMPIRICAL SYSTEMS (M) sb. Operating Profit for the ICT sector soared to RM23.4m from a Loss of RM40m previously.

Revenue for its Properties & Engineering Construction operations increased by more than 50% to RM149.2m, while its Food Division eked out a 4% Revenue improvement.

MOHD NAZAR said 2008 was a landmark year for the Group. " .... Our turnaround programme has borne fruits within one year as planned. We have strong management team, dedicated staff and supportive board members to realise the plan despite gloomy economy ....". He added that the Group intended to stay focused on its existing strategies as it had spent effective management time identifying sensitive areas for improvement aimed at higher productivity and efficiency in the long run.

See Hup ... Mar 09

Saudi national Shaik Khalid H A Zainy Motwakil has ceased to be a substantial shareholder in transportation and logistics services provider See Hup Consolidated Bhd after disposing of 200,000 shares on March 13 2009. Shaik Khalid was left with 1.86 million See Hup shares or a 4.63% stake in the company.

Shaik Khalid first emerged as a substantial shareholder in See Hup on Nov 20, 2007. He acquired a 5% direct stake comprising two million shares in the Penang-based company on Nov 7 2007. Since then, he had raised his stake in the firm to 5.17% before the disposal on March 13 2009.

Among See Hup's major substantial shareholders, Hean Brothers Holdings Sdn Bhd stood as the largest with a 20.45% stake while other substantial shareholders included Lee Hean Guan with 11.32% and LHG Holdings Sdn Bhd with 7.56%. See Hup closed untraded at 95 sen yesterday.

Moving forward, it expects its fourth quarter to be less favourable on a longer downtime arising from festive holidays and prolonged shutdown in certain manufacturing industries in the wake of anticipated challenging economic conditions.

Financial Results …

See Hup's net profit fell to RM574,000 for its third quarter ended Dec 31, 2008 (3Q08), from RM878,000 previously while revenue declined to RM27.3 million from RM28 million.

The company attributed the dip in revenue to lower contribution from the transportation and logistics sector, which declined by RM6.4 million. Due to that, operating profit was lower at RM1.1 million against RM2.4 million in the preceding quarter.

For the nine months to Dec 31, 2008, basic earnings per share fell to 6.69 sen from 7.7 sen.

Tuesday, March 24, 2009

Touch but cannot GO!

Bad experience with Touch and Go this evening. I thought I was able to reach home earlier but I was stuck and I have wasted my time in this nonsense Touch 'n Go problem. When I entered the NKVE Damansara toll today, somehow one of the Smart Tag lane was slow movement, one of the PLUS assistant was assisting this lane car to bypass this lane, when it reach my turn, my tags beep 3 times. I stopped and asked that personal any problem, he told me to proceed. I have a bad feeling that sure I will stuck when I want to exit, and I'm purposely check my balance, RM14.30, just in case when I exit it charge me more what is usual.

Bingo! I'm correct! The exit lane charge me RM43+, and I'm not able to go through because I don't have enough balance! One guy came to me, and he explained to me why why why. But I told him, I was given a GO signal to proceed when I'm in Damansara, when I can't now??!!.

The guy asked me to go in front and he will check for me. After 15 minutes, he told me to go Touch 'n Go counter. I'm wondering when he asked me to wait just now.

I went to the Touch 'n Go counter, queue up, fill in aduan form, and report the problem. Wasted 30 minutes in that counters.

According to them, I will only get back my refund afer 1 month! And I can't
use my card now, because it is RM0! Hay..this is unfair to me! But I can do anything now. :(

Found this in Touch ‘n Go website:-
Vision Statement
To be No. 1 in the electronic payment system for micro payment towards realising a cashless society.

Mission Statement
To provide secure, swift and convenient cashless payment mode to all

Quality Policy
TNGSB aims to enhance customer satisfaction by complying with the requirement of the Quality Management System (QMS) and continually improving the effectiveness of QMS

Our Values
Integrity, Customer Focused, Teamwork & Passion for Success

Strategic Theme
Creating value through productivity and growth “Leading with Passion”

Our Priorities
To provide innovative, reliable and efficient products and services
To provide continuous convenience and speed for payment for the traveling public

My comments:-
1. User who experience express tag and smart tag, which one is better in term
of response?

2. It used to able direct top up by credit card, but this is not available now, is
this convinience?

3. With above encountered, is the quality proper control?

4. I would said the person asked me to go is staff from PLUS, when one asked me to go, but that person was not able to contact the same location to verify this immediately? Where is the value?

5. Holding customer money, and only able to refund in 1 month time, where is the strategic?

6. If the company still having a priorities, then why it is happen to me?

Have you ever think of this?
1. Anyone out there trace and check the amount that are deduct when you bypass the toll?

2. Anyone satisfy with it’s product & services? You are force to buy the smart tag, and it is not refundable. And it is not always smart, sometime you need to queue very long, and the worst is after paying the tolls, you are stuck with the jam!

3. You need to make used of it frequently, you don’t have other choice to choose from other, you can’t auto top up by credit card automatically, you need to go counter to top up your card, credit card is not acceptable by all counter. You need to pay cash! If you can’t make it, you can top up in any ATM machine, and it charge RM0.5 when you top up, which is 1% when you top up RM50.

4. A 100% sure win company which collecting money in advance, and then provide you so much restriction, but you still want to use it!

Related posted:-
Touch 'n Go with expired, here:-


Despite challenging market conditions, GUINNESS ANCHOR (GAB) recorded a Net Profit rise of 29% from previous corresponding quarter to rise to RM34.68m for 2QE Dec 31, 2008 from RM26.8m previously. Revenue increased 13% to RM328.5m compared with RM290.3m previously.

MD - CHARLES IRELAND was quoted in THE STARONLINE on Feb 28, 2009 saying that the better performance was driven in part by the 'sell-in' for the earlier CHINESE NEW YEAR and its continuous marketing activities.

He added that the Company is seeing the business strengthening from month to month, quarter to quarter, and actually the revenue and market shares have grown for the seventh consecutive year. GUINNESS ANCHOR's share in the competitive malt liquor market (MLM) in Malaysia increased to over 60% as at end-2008.

For 1HE Dec 2008, GUINNESS ANCHOR's Net Profit grew to RM82m from RM70m in the previous corresponding period while Revenue rose to RM694.3m from RM615.5m.

IRELAND says he expects the market to be flat in the next 12 to 18 months due to the current economic situation, adding that domestic consumption in malt liquor market (MLM) still has a marginal growth.

He says what the Company has done now is putting in more efforts to deliver results. They are confident of achieving a satisfactory performance for FYE Jun 2009.

Going forward, GUINNESS ANCHOR plans to continue developing and raising the skills of its employees and investing in building its brands to ensure that the Company remains competitive during these difficult times. CHARLES IRELAND also said that the Company invested a total of RM3m in the past three years in training and development of employees.

Jotech ... Mar 09

It has acquired a 40% stake in British Virgin Islands-based Rockhill Resources Ltd (RHR) for US$2 million (RM7.4 million), a deal which marks its diversification into coal mining.
Jotech, which fabricates metal stamped parts and components for electrical and electronic appliances, had entered into a conditional sale and purchase agreement with Concord Alliance (HK) Ltd to acquire the stake in RHR.

The proposed acquisition is expected to diversify the future income stream of the Jotech Group of companies to include exploration and extraction of coal mining.

With the guaranteed profit as part of the terms of the proposed acquisition, the group would be assured of future earnings contribution from RHR.

Based on Jotech's intended 40% stake in RHR, Jotech is expected to fork out another US$400,000 to finance RHR's capital expenditure, and working capital needs. The proposed acquisition is expected to be completed in the second quarter of 2009.

Monday, March 23, 2009

IOI Corp/IOI Prop ... Mar 09

Retail minority shareholders of IOI Properties Bhd are holding out for a better offer price in the proposed privatisation of the company. The retail minority shareholders had expressed the following concerns.

One, they expect a better offer price. Retail minority shareholders prefer to hold out and not accept the voluntary takeover offer (VTO) unless they are given a better offer price. And second, they believe the offer should come in one preferred option, to be fully satisfied in cash.

These investors had originally wanted to invest in the property sector. The swapping of IOI Prop shares for IOI Corp shares would inevitably expose them to the plantation industry which is now facing a downturn.

IOI Corp had offered to buy the remaining shares it does not own in IOI Prop for RM519mil, through an offer of 33 sen in cash and 0.6 IOI Corp shares at an issue price of RM3.78 each for the remaining stock.

The proposal by IOI Corp to take its property arm private values IOI Prop at RM2.598 a share. However, the investors view the offer was below IOI Prop’s revised net tangible value.

Meanwhile IOI Corp Bhd has no intention to revise the offer price to buy out minority shareholders of IOI Properties Bhd, made in early February 2009. It is also sticking to plans to delist the property arm. IOI Prop’s minority shareholders are holding out for a better deal from IOI Corp.

Retail minority shareholders of IOI Properties Bhd are holding out for a better offer price in the proposed privatisation of the company. The retail minority shareholders had expressed the following concerns.

IOICORP is buying back their share agressive lately:-
Date Stock Shares Acquired (Cancelled) Min Price Max Price Total Shares In
20 Mar 2009 IOICORP 2,447,300 3.720 3.780 265,508,500
17 Mar 2009 IOICORP 968,200 3.740 3.740 263,061,200
16 Mar 2009 IOICORP 3,387,600 3.740 3.740 262,093,000

Hing Yiap Knitting ... Mar 09

Apparel maker and retailer Hing Yiap Knitting Industries Bhd is prepared to absorb losses during the current economic downturn to promote the growth of its lesser known brands.

It wants to grow its Theobroma Chocolate Lounge and Unionbay in this recession. It may need to suffer losses for a couple of years.

The group has five apparel brands under its belt, namely Antioni, Bontton, B.U.M. Equipment, Diesel and Unionbay.

The group had plans to expand its children segment and move into fashion accessories and bags as these had high growth opportunities.

Majority of its customers are Malays and they are the key driver of the retail sector. Despite a softening in the general demand, its market is still consistent.

The company also invested into a chocolate cafe business last July 2008. There are currently four Theobroma Chocolate Lounge outlets in 1 Utama, Pavilion KL, Bangsar Village Shopping Centre in the Klang Valley and the low-cost carrier terminal (LCCT).

It does not just see itself as a textile company anymore. They want to expand into the total lifestyle of young people. And there is a niche market in this as the chocolate lounge is a new concept here and it is a good component of a lifestyle company.

It hoped to see its food and beverages (F&B) arm contribute about 15% to the group’s revenue in five years’ time.

Financial Results … For its second quarter ended Dec 31, 2008 Hing Yiap’s net profit fell 34.6% to RM2.9 million from RM4.4 million the previous year as the Hari Raya seasonal buying was early last year and most of the sales were captured in the first quarter. Revenue for the quarter dropped to RM34.3 million from RM42 million.

However, it recorded higher net profit and revenue for its six months with net profit increasing 23.4% to RM9.2 million and revenue rising 4.2% to RM81.9 million.

Sunday, March 22, 2009

Saturday, March 21, 2009

Friday, March 20, 2009

Trade US Stock? Brokerage Firms Comparison

Above are some brokerage firms, which you can open an online trading account there to trade US stock.

I think the best one is Interactive Brokers in term of charges. But if you have financial restriction (minimum of USD10K to open an account), then the next one is Options Xpress. I found that Options Xpress provide a more user friendly interface, no restriction, and some useful tools available.

AsiaBio ... Mar 09

Asia Bioenergy Technologies Bhd's (AsiaBio) associate and investee company, Grand Inizio Sdn Bhd (Inizio) has entered into a strategic alliance and subscription agreement with the Philippines' Process Technologies Inc (PTI).

PTI had agreed to grant Inizio exclusive rights to its proprietary distillation, fractionation and esterification technologies specific for the geographical areas of Malaysia and Indonesia, and non-exclusively for the rest of the world.

Inizio had agreed to allot 900,000 new shares of RM1 each, representing 3.47% of the enlarged paid-up capital of Inizio, to Syno Prism Sdn Bhd (SynoPrism), the appointed allottee of PTI, for RM2.1 million or US$600,000 by way of capitalisation of an amount owing to PTI of an equivalent amount.

Inizio is a specialist technology provider for methyl ester processing technologies using its proprietary “Wet Trans” technology.

Inizio had on June 27, 2008 formed a strategic alliance with PTI to collaborate in the field of oleochemical and esterification technologies by way of combining their proprietary technology.

AsiaBio group, via its subsidiary Asia Bioenergy Research Sdn Bhd, currently holds a 20% stake comprising five million shares in Inizio.

The agreement presented an opportunity for Inizio to secure a long-term partner in its expansion plans into the oleochemical technology industry in Malaysia and Indonesia, and to add to its existing biodiesel related services and technologies.

Inizio would be able to take advantage of the expected growth in the oleochemical sector as well as in the biodiesel sector that was likely to emanate from the abundance in supply of palm oil feedstock in this region, particularly in Malaysia and Indonesia.

For the five months to May 31, 2008, Inizio posted revenue and net profit of RM22.41 million and RM6.25 million, respectively, with net assets of RM37.9 million.

Thursday, March 19, 2009

Foreign cheque bank-in charges @ Malaysia banks

After getting the reward from Google AdSence, now the questions are how to bank in foreign cheque and which bank has the lowest charges for foreign cheque deposit.

First that I went to ask is Maybank, as this is my most active bank account, and they told Maybank charge RM20+, and USD15, for foreign cheque deposit. Which mean with 100USD cheque deposit, you will incur lost of USD20, which is RM70 sucked by the bank. I'm really shock about this. I'm decided not to do so, get the deposit bank in slip, and told them let me decide first.

After some investigation, these are the information I obtain:-

  • Bank Muamalat: (03-2059 1211, 03-2059 1250) **
    Eg: Bank in USD100, Charges RM5

  • CIMB: (1 300 880 900 )
    1% charge (min: RM5, max: RM100)
    Postage: RM5
    Stamp duty: RM0.15
    The 0.1% is only applicable if it is above USD 1000.
    USD15 clearing fee from bank issue.
    Eg: Bank in USD100, Charges RM10 + USD15
    Note: You can deposit your check to the home branch only. But, you can mail your check to your BCB account's home branch for bank-in.

  • EON Bank: (03-26161313) **
    Commission : 0.03% of the cheque amount min – RM0.50 and max – RM500.00
    Eg: Bank in USD100, Charges RM10

  • Hong Leong Bank: +603-76268899
    RM5,000 equivalent & below (Flat 0.03% per item (Min RM0.50 / Max RM500)
    Above RM5,000 equivalent (Flat 0.1% per item (Min RM5 / Max RM100)
    Eg: Bank in USD100, Charges: RM11.1

  • HSBC: (1300 88 0181) **
    1% of cheque amount (min: RM10, max: RM100)
    Stamp duty - RM0.15 per cheque
    Other charges - below 10k = RM1.15
    Eg: Bank in USD100, Charges: RM11.3

  • RHB: (03-9206 8118) **
    Postage: RM5.00
    Stamp Duty: RM0.15
    Commission: 0.1% of your cheque amount (minimum RM 10.00 and maximum RM 100.00)
    Eg: Bank in USD100, Charges RM15.5

  • PublicBank: (1-800-88-3318)
    1% of cheque amount (min: RM20, max: RM100)
    Postage: RM5
    Stamp duty: RM0.15
    Eg: Bank in USD100, Charges: RM25

  • Alliance bank: (1-300-88-0880, 03-5516 9988) **
    Alliance Bank and it charge RM30
    Eg: Bank in USD100, Charges RM30

  • Standard Chartered: (1 300 888 888) **
    01% of cheque amount OR min RM 50.
    Eg: Bank in USD100, Charges RM50

  • MayBank:: (1800-629 2265 )
    1% of the cheque amount drawn in RM with minimum of RM25.00 and maximum of RM100.00 Eg: Bank in USD100, Charges USD15 = RM53

** Information are source from the bank website, didn't call for clarification.

For CIMB, I called twice, one is call center and another branch office, they told me CIMB charges RM10, and additional of USD15 agent charges. After some research, some blogs mentioned agent charges only applicable to deposit amount > USD1000. This might also true, but I didn't call further for clarification.

Bravo to CIMB call center and branch office officer, both handle my problem/queries very well, actually they need further clarification (from other department or officer) , and they did call back to me for clarification.

I called Hong Leong Bank call center, they told me they can't assist for this, I need to call branch office. Hmmm..what kind of call center? Cannot provide me one stop solution? Actually I voice that out and hang up my phone...:)

After making some comparison on foreign cheque deposit charges, I decided to go for Hong Leong bank, as they mentioned they only charges RM11, and they have a branch office near my house area.

I don't have account on this bank, after making comparison their available account types, I'm decided to open HL Basic Deposit Account (although it has limited of 6 On The Counters, 8 ATMs withdraw restriction), but I don't think this impact me, as my purpose is just to deposit foreign cheque. :)

Ask of ATM card, they said customer need to pay RM8 annual charge for this. They told me this is standard bank charges. I doubt about this, so far I know my Maybank ATM card didn't charge me annual fee. I didn't apply for this, as I think no worth to pay RM8 annually.

Next, I want to apply online access, they told me I can't do that because I don't have ATM card. Don't you think this is funny to have online access, you will need to have ATM card?

My Public bank online access, without an ATM card!!!!!

I hope above foreign cheque information is helpful!

Wijaya Baru ... Mar 09

The group, which is engaged in the infrastructure, timber and healthcare activities, is looking at setting up a full-fledged commercial banking unit in Djibouti.

They are looking at (offering) conventional and Islamic banking services as 95 per cent of the population there are Muslims. Djibouti, with a population of about 500,000 is a republic measuring 23,000 sq km. It is located at the horn of Africa and is bordered by Eritrea, Ethiopia and Somalia. It lies on the Gulf of Aden, at the southern entrance to the Red Sea.

Wijaya Baru sees ample opportunities in the republic due to its port facility. The Port of Djibouti serves the landlocked Ethiopia's primary link to the sea. The economy of Djibouti is based on service activities connected with the country's strategic location and status as a free trade zone in northeast Africa. Djibouti provides services as both a transit port for the region and an international transshipment and refuelling centre.

Asia Capital Ltd, it is the largest investment bank listed on the Colombo Stock Exchange with an issued share capital of 1.1 billion Sri Lanka rupees (100 rupees = RM3.37). Tiong is a shareholder with 29.9 per cent stake and a board member.

The chairman of Wijaya Baru, Datuk Seri Abdul Azim Mohd Zabidi, is also the chairman of Bank Simpanan Nasional Bhd, while executive director Stephen Bin Abok's banking experience was with Malaysian Banking Bhd, Sabah Region, from 1979 to 1997.

On February 3 2009, Wijaya Baru signed a memorandum of understanding with the government of Djibouti to participate in the development of various projects there, including a beach satellite city at Doraleh, an international university, a medical complex, an up-market residential area, an international school and a national-scale English language development programme.

Wednesday, March 18, 2009

Tek Seng ... Mar 09

Tek Seng posted over 37% jump in revenue to RM38.38mil while its pre-tax profit nearly doubled to RM3.15mil for the first quarter ended March 2008 compared with a year earlier.

For the fourth quarter ended Dec 31, Tek Seng reported pre-tax loss of RM1.17mil on revenue of RM25.87mil against a pre-tax profit of RM4.59mil on revenue of RM41.54mil in the previous corresponding period.

For the full fiscal year, the main board company showed improved revenue of RM158.44mil from RM142.38mil in 2007. Its pre-tax profit however, declined to RM9.38mil against RM13.38mil before.

Tek Seng sells its PVC flooring products to about 40 countries, with its export sales contributing about 36% to group revenue.

The group would invest about RM7.7mil this year to equip its plant in Bukit Minyak Industrial Estate with another calendering machine line to produce coloured and transparent sheets used in PVC flooring products.

Tuesday, March 17, 2009

CHHB ... Mar 09

It will not be launching any new property project this year as part of its aim to conserve cash amid the current economic slowdown.

The company would focus on paring its debts and only start launching new property projects next year.

It still have a lot of existing properties for sale. And its leisure and health division is doing pretty well despite the economic downturn.

CHHB had also recently implemented a special instalment scheme to spur sales of its unencumbered stock of completed homes and bungalow lots. Under the scheme, purchaser would only have to pay 3% of the 10% downpayment upon booking and settle the remaining 7% over nine months, after which the buyer can occupy the property.

Financial Results …

CHHB slipped into the red in its fourth quarter ended Dec 31, 2008 (4Q08) with a net loss of RM5.73 million versus a net profit of RM98.1 million a year earlier due to the lower sale of properties and timeshares membership.

Revenue dropped 24.23% to RM44.88 million from RM59.23 million a year earlier, while loss per share was 2.08 sen versus earnings per share of 35.58 sen.

For FY08, net profit dived to RM13.6 million from RM100.48 million in FY07, on the back of RM240.97 million revenue, which was 9.64% higher than a year earlier.

CHHB had also diversified into preventive healthcare services business in 2007.

As at Dec 31, 2008, the company had cash and cash equivalents of RM9.14 million, which was 79.74% lower than a year earlier. Long-term borrowings stood at RM320.5 million.

Monday, March 16, 2009

Kim Loong Resources Bhd ... Mar 09

Mid-sized plantation company Kim Loong Resources Bhd plans to double its oil palm cultivation acreage in the next one or two years. The company would then have almost 26,000ha of oil palm estates from close to 13,000ha now.

They are looking for ‘green land’ in Johor and Sabah, referring to land not yet planted with oil palm. Apart from Kota Tinggi in Johor and Keningau, Sabah, the company would also be looking at Sarawak as the state still had vast tracks of land for oil palm cultivation.

Shareholders approved the company’s proposed share buyback of up to 10% of its issued and paid-up share capital.

Sunday, March 15, 2009

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Saturday, March 14, 2009

Thursday, March 12, 2009

BAT ... March 2009

BRITISH AMERICAN TOBACCO (M) recorded a Net Profit rise of 10% y-o-y for FYE Dec 31, 2008 to RM811.7m. Revenue for the year increased 8% to RM4.1 bil from RM3.8 bil in 2007 in the Company's filing on Feb 18, 2009.

BAT said that the improvement was due to higher pricing and better sales mix, which managed to offset the lower sales volume from the domestic market.

For 4QE Dec 2008, BAT's Revenue and Net Profit came in lower with a Net Profit of RM172.9m compared to RM232.2m in 3QFY08.

In tandem with the decline in total industry volume (TIV), BAT saw its volumes shrink by 1.5% versus the same period in 2007. Analysts said this was the result of the current economic slowdown and the Government's hefty excise duty hike of 20% announced in Aug 2008.

Analysts expect tobacco players to face a tough 2009 due to tighter government regulations, intense competition as well as the ever-present threat of an increase in sin taxes. Among the new regulations to be introduced this in 2009 include pictorial warnings on all cigarette packs effective Jun 2009 as well as the imposition of a floor price.

BAT's MD - JACK BOWLES said, " .... The impact of the economic crisis on consumer spending power adds to the mounting challenges faced by the industry. As a result there is no room for complacency ....".

BOWLES mentioned the difficulties brought about by the ongoing high level of illegal cigarettes in Malaysia, which was spurred by the high and occasionally sporadic tax increases over the past four years.

" .... The sporadic tax increases had lead to greater price differentials between legal and illegal cigarettes. Mindful of this, the Company hopes that the Government will consider tax increases that are moderate and gradual ...." said BOWLES.

Analysts say that illegal cigarettes now account for close to 25% of total industry volume.

BAT's BOD are recommending a Final Net Dividend of 76 sen per share, which will go ex on Apr 22, 2009. This brings the Total Net Dividend for FY08 to 265 sen per share.

Wednesday, March 11, 2009

Tenaga ... March 2009


TENAGA NASIONAL is serious in addressing its foreign curreny debt problems by repurchasing and cancelling a portion of its USD- -denominated bonds.

TENAGA in a filing on Feb 17, 2009 reported that the Utility distribution monopoly repurchased USD165.3m (RM595.1m) of nominal value debt papers, reducing its Total Debts by 2.6% to RM23.39 bil. The utility company also stated that it planned to repurchase more of its debt papers over the next six months.

The Company added that its plans to repurchase 2011 & 2015 notes, 2025 debentures and 2096 debentures amounting to a total of USD300m over the next six months.

Analysts are of the opinion that the reduction in USD debt will remove a financial weakness in the Company. TENAGA, despite having a strong cashflow, has been saddled with translation losses or gains in its Profit & Loss statement due to its forex-denominated borrowings. For instance, for 1QE Nov 2008, TENAGA had translation losses amounting to RM1.4 bil, which resulted in the Company recording a loss of RM944.1m

TENAGA's CFO - IZZADDIN IDRIS said that it was an opportune time for the Company to reduce its debts given its strong cash pile. " .... We have the cash and took advantage of the slump in the current bond market to utilise it to reduce our gearing ...." said IZZADDIN to THE EDGE FINANCIAL DAILY.

TENAGA's Deposits, Bank and Cash Balances amounted to RM5.17 bil at end Nov 2008. The notes which were repurchased and cancelled carry a coupon of 7.62%. The amount outstanding after the cancellation is USD404.7m.

IZZADDIN explained: " .... A big chunk of TENAGA's Bonds are due in 2011, some RM3.7 bil. So before that we try to buy back these bonds, thus reducing our refinancing risk ....". The CFO also added that TENAGA would not use all its cash to repurchase its bonds going forward, but that it would look to do so only if the rates turned favourable.

" .... It was also a chance for us to reduce our exposure to foreign currency debt ...." said IZZADDIN addeding that the Group might also borrow in Ringgit to retire some of its USD loans instead of dipping into its cash pile.

As at Nov 30, 2008, TENAGA's borrowings in USD represented 27.5% of the Group's Total Debts, while Japanese yen borrowings accounted for 22.8%.

Tuesday, March 10, 2009

IJMPLNT ... March 2009

10/March/09 closing price: RM2.05
HLE suggest with a BUY; PT RM 2.50

HLE initiate coverage on IJMP with a BUY and PT RM2.50 as we turn more positive on the plantation sector. IJMP is among the Malaysian companies that have embarked on expansion into Indonesia. With the recent acquisitions in Indonesia, IJMP’s landbank has doubled. Immediate growth will be driven by its maturing young tree profile of average 9 years. IJMP stands out with its high dividend payout ratio of circa 40%.

Indonesian estates to fuel LT growth
Indonesian plantation land doubling current landbank
Apart from IJMP’s current 30,000 hectares of mature plantation landbank in Sabah, IJMP had recently acquired another 32,000 hectares in East Kalimantan Indonesia, doubling current landbank. IJMP had budgeted RM600m to develop new oil palm estates in Indonesia over the next 5 years but we may see this being reduced due to lower CPO prices and lower cost of acquisition. We expect trees to bear fruit within the next 3-5 years with 2000 hectares of new planting annually. We believe the close proximity and fertile land on Borneo Island is positive to IJMP’s future growth

Current Sabah oil palm estates are efficiently run, with FFB yield and OER of 25.1mt/ha and 21.3% which compares favorably against Malaysian average of 20mt/ha and 20.2%.

Biodiesel JV been deferred
IJMP entered into a biodiesel JV with CTI Biofuels Malaysia in 2006 to set up a
90,000 mt biodiesel plant. However, due to the falling crude oil prices and high
CPO prices, the project has been further delayed as the current biodiesel
pricing is not viable for commercialization and we view this as positive.

IJM Plantation began its venture into oil palm plantation back in 1985 and has since grown to its current size with oil palm estates in Sabah and Indonesia. IJMP gained its listing status on the Main Board of Bursa in July 2003 by taking over the listing status of Rahman Hydraulic Tin Bhd. IJMP is one of the 5 main divisions of the parent company IJM Group. The main business segments of IJMP are:

* Upstream plantation:
Malaysia-IJMP’s Malaysian operations are concentrated in Sandakan and Sugut region in Sabah. It currently owns 11 oil palm estate covering an area of 30,000 hectares, 4 palm oil mills capable of processing 1 million tonnes of FFB per year and 1 kernel crushing plant.
Indonesia- IJMP had acquired 32,634 ha of land in East Kalimantan in CY06-07 and is in the process of developing and planting oil palm.

* Downstream:
Biofuel-IJMP had ventured into the biofuel business to complement its upstream business with a 60:40 JV with a US company, CTI Biofuels Malaysia LLC. The plant is expected to have 90,000 tonnes capacity, with the first 30,000 tonnes coming on stream in end-08.

Going Forward:-
Investment into Indonesia
IJMP had recently acquired 32,634 ha of landbank in East Kalimantan for palm oil plantation development. Geographically the new landbank is close to their existing Sabah landbank and should yield some synergistic cost savings.

IJMP had targeted to plant on average 2,000 ha annually on the newly acquired Indonesian land. However due to poor weather conditions, we believe the new planting for FYMar09 maybe behind schedule. However, we think once the weather conditions improve, they will be able to resume planting. IJMP had budgeted RM600m for new plantation development over the next 5 years but may see it being lowered due to lower CPO prices and lower acquisition costs.

Young tree profile to mature over next 3-5 years
Average age profile of IJMP’s plants is still young with a third below prime mature age and maturing over the next 3-5 years. We expect the overall FFB yield to improve 28 mt/ha (similar to Malaysian industry leader IOI).

New planting on Indonesian landbanks will start to bear fruit within the next 3-5 years. Despite being fairly young trees, the new breed and fertile soil will have better FFB yields compared to Malaysia.

Higher payout ratio
Despite IJMP’s commitment to develop its newly acquired landbank in Indonesia, we believe IJMP is able to maintain its high dividend payout ratio.

IJMP currently trades at 13x CY09PE, this is in-line with larger capitalized planters. However IJMP is a pure play and should not be compared to an integrated planter.

Monday, March 9, 2009

Asian stocks sink amid anxiety over world economy

Asian stocks sink as concerns about global economy, financials persist; Tokyo hits 26-year low

HONG KONG (AP) -- Asian stock markets sank Monday, with Japan's benchmark tumbling to a 26-year closing low, amid deepening anxiety that economies in the U.S. and elsewhere will take far longer to emerge from recession.

Investors continued to shun banks on worries the financial sector still hasn't raised enough capital to make up for its massive losses on bad assets. Heavyweight lender HSBC, Europe's largest bank, plunged over 24 percent in Hong Kong trade.

Japanese shares, already among Asia's worst performing this year, crumbled further after the world's second-largest economy posted a record current account deficit in January, its first in 13 years. Oil prices, meanwhile, were higher ahead of an anticipated production cut from OPEC.

Recent losses in Asian markets, while somewhat tame compared to those in the West, have still been severe as investors ratchet down their expectations for global growth in the face of abysmal economic data and signs of ongoing struggles at banks and major firms like General Motors.

"Sentiment is terrible," said Ben Pedley, managing director of LGT Investment Management Ltd. in Hong Kong. "We're going to be in a funk, not only in Asia, but in the rest of the world for the next year or two."

Japan's Nikkei 225 stock average fell 87.07 points, or 1.2 percent, to 7,086.03, and Hong Kong's Hang Seng tumbled 576.94, or 4.8 percent, to 11,344.58 on the coattails of HSBC, a huge component in the index.

Also weighing on Hong Kong were steep falls in mainland markets, where investors booked some profits after the government didn't announce new and bigger policies to stimulate the economy at an ongoing legislative meeting. Shanghai's benchmark plummeted 3.4 percent.

Stock measures in India, Singapore and Taiwan also fell; those in South Korea and Australia gained 1.6 percent and 0.3 percent respectively.

Friday in New York, Wall Street ended a volatile session slightly higher after investors digested news that the world's largest economy shed 651,000 jobs last month. The unemployment rate jumped to a 25 year high of 8.1 percent.

The Dow rose 32.50, or 0.5 percent, to 6,626.94. The Standard & Poor's 500 index rose 0.83, or 0.1 percent, to 683.38, while the Nasdaq composite index fell 5.74, or 0.4 percent, to 1,293.85.

Wall Street futures pointed to a weaker open in the U.S. Dow futures were down 70 points, or 1.1 percent, at 6,604 while S&P500 futures fell 9.8 points, or 1.4 percent, to 678.

Banks were among the day's biggest losers. The region's financial firms are in generally better shape than their Western peers, but investors still worry about the impact of overseas lenders on Asia's economy and its financial sector.

In Hong Kong, the broader market was dominated by the downward spiral of HSBC Holdings PLC. The British lender dived 24 percent to HK$33.3 -- its lowest point in over a decade -- ahead of its offering of new shares to raise capital. Just last year, its stock traded above HK$130.

In Japan, lender Shinsei Bank Ltd. lost 8.8 percent after saying Friday it will issue preferred shares to shore up its capital base.

In the oil market, benchmark crude for April delivery rose 61 cents to $46.16 a barrel in Asia as investors anticipated another OPEC production cut will shrink global supplies.

The dollar rose to 98.62 yen from 98.27 yen. The euro traded at $1.2627 from $1.2653.

Sunday, March 8, 2009

Saturday, March 7, 2009

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Friday, March 6, 2009

Bina Puri ... Mar 09

Sources say it is close to securing a contract valued at some Rm700 million for the development of a housing project in Kuala Belait, Brunei.

It is said to be about to conclude negotiations with the Brunei Economic Development Board to build 2000 houses under the oil rich nation’s National Housing Scheme.

The new contract also puts Bina Puri in a good position to secure more jobs in Brunei.

Other than Brunei, it has undertaken jobs in Abu Dhabu, Thailand, Pakistan and Libya.

About 59% of the company’s jobs were abroad, which could work as a buffer in the current slow construction and property development market in Malaysia.

However, these forays abroad also could work as a double edged sword, with several companies getting burnt, especially in the Middle East.

The Brunei project will help the company busy over the next two years.

Financial Results

For the year ended December 2008, Bina Puri posted a profit of RM4.3 million on the back of RM677 million in revenue. In contrast to a year ago, net profit fell some 38.6% despite revenue gaining 11.4%.

Thursday, March 5, 2009

Metrod ... Mar 09

Copper prices are expected to remain volatile this year (2009), as demand for the metal slows due to the global economic downturn, leaving recent gains short-lived.

While copper wire, rod and strips manufacturer Metrod (Malaysia) Bhd could benefit from the lower prices, the weakening demand for its products domestically is likely to more than offset any improvement in margins.

Meanwhile, the company said the ongoing slowdown in economic activity was likely to have an adverse impact on the performance of the group, going forward, with the volatility of copper prices and weak domestic demand posing key risks to its business.

Metrod also has operations in Austria, and while its production facilities there were operating at full capacity last year (2008), the company had to contend with lower selling prices due to increasing competition.

Financial Results

For the third quarter ended Sept 30, 2008, Metrod recorded a 22.49% decline in net profit to RM22.49 million compared to a year earlier, while revenue slipped to RM518.24 million from RM544.97 million, due to costs associated with the setting up of its new plant in China, and the execution of new greenfield projects in India and the US that began trickling in during 4Q07.

Wednesday, March 4, 2009

EPIC/AZRB ... Mar 09

Sources said that the attempt by Terengganu Inc Sdn Bhd (TISB) to privatise Eastern Pacific Industrial Corp Bhd (EPIC) has hit a snag, citing the resistance from EPIC’s second-largest shareholder Ahmad Zaki Resources Bhd (AZRB). TISB owns 40% of EPIC and AZRB, 21.3%.

It is learnt that TISB, an investment vehicle of the state of Terengganu, had wanted to offer RM2.10 a share for the remaining shares in EPIC. However, AZRB had demanded RM2.50 apiece. AZRB felt that the offer price was not high enough.

The state wants to take over Kemaman Port’s operations, and to fully control all port activities in Kemaman. Which is why it wants to privatise EPIC, which is a major operator in Kemaman port.

Kemaman Port, a deepwater harbour, can handle ships weighing 150,000 deadweight tonnes. The port can manage up to 14 million tonnes of cargo. In October 2006, Konsortium Pelabuhan Kemaman Sdn Bhd (KPK) took full control of the East Dockyard and the Liquid Chemical Berth (LCB) Terminal in Kemaman Port from Lembaga Pelabuhan Kemaman. EPIC and Road Builder (M) Holdings Bhd own 61% and 39% of KPK, respectively. During the year, IJM Corp Bhd launched a RM1.56 billion takeover of Road Builder, which also owns Kuantan Port.

Apart from the East Dockyard and LCB Terminal, Kemaman Port has three other terminals — the Liquified Petroleum Gas Terminal (managed by Petronas), Kemaman Supply Base (managed by Pangkalan Bekalan Kemaman Sdn Bhd), and West Dockyard (managed by Road Builder).

But while there is no official letter of offer yet, initial overtures have been turned down.

TISB emerged as a major shareholder in EPIC in November 2007 with a 38.32% stake. This is by virtue of the transfer of 64.63 million shares in EPIC owned by Perbadanan Memajukan Iktisad Negeri Terengganu to TISB under a reorganisation exercise.

TISB had obtained a waiver from the Securities Commission from undertaking a general offer then. Nevertheless, it had been actively acquiring shares in EPIC from the open market since October 2008. As at December 2008, TISB’s equity interest in EPIC had grown to 40.03%, comprising 67.68 million shares. Meanwhile, AZRB is EPIC’s second-largest shareholder with a 21.27% stake as at October 2008.

At RM2.10 a share, TISB has to fork out some RM213.13 million to acquire the remaining 60% or 101.49 million shares in EPIC it doesn’t own.

Tuesday, March 3, 2009

BSL ... Mar 09

Precision metal part maker BSL Corporation Bhd sees it "highly unlikely" that it can maintain the 30% revenue growth rate it achieved in the last financial year ended Aug 31, 2008 (FY08) amid the current global financial crisis that has severely affected its electrical and electronic (E&E) division.

The company's main concerns now were in managing its balance sheet and in cutting operation costs. It has also put its overseas expansion plans on hold.

BSL has a factory in China, making seamless pipes for boilers, automotives and bearings. In Malaysia, it has four factories in Klang and Batu Caves.

The group's major customers include JVC Electronics (M) Sdn Bhd, Matsushita Electric Co (M) Bhd, Panasonic HA Air-Conditioning (M) Sdn Bhd, Samsung Electronics (M) Sdn Bhd, Hitachi Electronic Product (M) Sdn Bhd, Sony EMCS Malaysia Sdn Bhd and Canon Opto (M) Sdn Bhd.

Given the economic impact on its E&E division, it is now looking for more businesses for its agricultural division. They are developing more sales from non-traditional (non E&E) customers, such as (those in the) agricultural (sector).

The company's agricultural division was involved in building feed troughs for high-end chicken farming. The company began the business in the provision of such a technology, starting with a German company based in Malaysia two to three years ago.

It expects this division to continue to be strong, as food is a resilient Industry - and this technology is getting popular in Malaysia, as it is a self-contained technology. They are looking at opportunities to provide such a technology to other customers as well.

They are looking for further new projects and it is good to grow this business. The agriculture industry is a growth driver, but it is not necessary that it be the group's main contributor.

They hope to grow the business to teen-percentage by FY09 (in contribution to group revenue.

Financial Results

For FY08, its revenue surged 33.45% to RM139.65 million from RM104.65 million in the previous year, while net profit grew 12.54% to RM4.83 million from RM4.29 million.

Basic earnings per share rose to five sen from four sen. It declared a dividend of 1.33 sen for the year, representing a yield of 4.4% at 30 sen per share.

For FY08, the E&E and industrial divisions contributed 76% to the group's revenue, while the automotive and agriculture divisions accounted for 19% and 5% respectively.

The company hoped to pay 30% to 40% of its net profit as dividends to shareholders in the future.

For its first quarter ended Nov 30, 2008 (1QFY09), it posted a 85.6% drop in net profit to RM237,000 from RM1.65 million a year earlier, due to a lower margin from its printed circuit board (PCB) assembly, precision stamping as well as fabrication and forging division.

Revenue rose 9.86% to RM36.17 million from RM32.93 million a year earlier. It did not declare any dividend.

Monday, March 2, 2009

Puncak Niaga/KPS ... Mar 09

Puncak Niaga and its 70% owned unit SYABAS are said to be exploring the possibility of taking over SPLASH.

It is understood that initial negotiations have been held between officials from both companies.

It is believed that a meeting has been slated soon between the controlling shareholders of Puncak Niaga and those of SPLASH and possibly Konsortium Abbas Sdn Bhd. Apart from SYABAS, Konsortium Abbas and SPLASH, the other water concessionaire in Selangor is PNSB.

Existing Water Industry Structure In Selangor

Puncak Niaga
Ø 100% PNSB


Ø 55% Abass


The Sweet Water Alliance

Operasi Murni
Ø 45% Abass

Rozali is understood to be eyeing control of SPLASH to take the operation and maintenance contracts for water assets in the state.

With SYABAS under Rozali’c ontrol and possibly the majority of SPLASH under him as well, and possibly shares in Konsortium Abbas, he could wrangle for the lion’s share of the operations and maintenance of water assets in the state.

Although it is unlikely that KDEB will be looking to exit SPLASH, the other two shareholders, Gamuda and The Sweet Water Alliance, could be enticed to exit with an offer from Rozali or his vehicles.

Financial Results …

Puncak Niaga Bhd reported a 66.7% jump in profit before tax to RM7mil for the fourth quarter ended Dec 31, 2008 (Q4’08) compared to RM4.2mil in the same period a year ago, thanks to higher water revenue.

It posted higher revenue of RM422.5mil in the fourth quarter from RM363.4mil a year earlier while full year turnover rose to RM1.5bil against RM1.4bil previously.

Pre-tax profit for FY08, however, fell 50.9% to RM56.7mil from RM115.4mil in the year before due to higher operating and finance costs, as well as depreciation and amortisation expenses.

Interest expense was higher during the year due to the further draw down of Bai Bithaman Ajil Medium Term Notes in 70%-owned subsidiary, Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) to fund its operating cash flow deficit.

The increase in depreciation and amortisation was due to changes in the projected revenue of Syabas following a review at the end of 2007 and 2008.

Sunday, March 1, 2009