MRCB to formalise Saudi venture this year
Published: 2008/03/27 BUSINESS TIMES
INVEST MALAYSIA 2008 CONFERENCE
MALAYSIAN Resources Corp Bhd (MRCB) is expected to formalise its Saudi Arabia venture to develop a US$2 billion (RM6.4 billion) property and urban transportation hub this year. "We hope to replicate what we've done here in KL Sentral," MRCB group managing director Shahril Ridza Ridzuan said. He declined to identify the group's partner in Saudi Arabia. KL Sentral, Malaysia's biggest bus and rail hub, include strategically located hotels, apartments and government offices. Shahril was speaking to reporters at the sidelines of the two-day Invest Malaysia 2008 conference held in Kuala Lumpur yesterday.
In January, Syarikat Prasarana Negara Bhd had given a letter of intent for the Penang monorail project to MRCB and its consortium partners, namely Penang Ports Sdn Bhd and Scomi Group subsidiary MTrans Transportation Systems Sdn Bhd.
There is concern that a change in government in Penang could evoke investment uncertainty.
Asked to comment on the proposed Penang monorail project, Shahril replied, "it cannot be said there is a delay or not when in the first place, the project has not been awarded." He also said it was premature to talk about the estimated cost of the proposed Penang monorail project as the route has not been finalised. While the project will be funded by the federal government, land on which the rail will run through will come under the state government's purview.
"Let us not speculate on what is going to happen. Both the federal and state governments have stated their intentions to implement mega projects, they will finalise the terms of the project," he said.
On key performance indicators for the current financial year, Shahril said the MRCB is on track to achieve a pre-tax profit of RM90 million on RM1.2 billion. "We're optimistic of a 30 to 40 per cent growth from last year," he said.
Wednesday, April 30, 2008
MRCB: KL Sentral to be completed by 2015
MRCB: KL Sentral to be completed by 2015
By Kamarul Yunus Published: 2008/04/30 BUSINESS TIMES
MALAYSIAN Resources Corp Bhd (MRCB), a construction and property company, expects to complete the whole development of its RM8.4 billion comprehensive and integrated Kuala Lumpur Sentral development project (KL Sentral) by 2015. Its retail asset development general manager Zulkifli Ibrahim said the company has completed more than RM2 billion worth of development, and another RM5 billion new development is under construction and progressing rapidly.
"This new development includes the construction of high-rise office buildings, a shopping mall, a five-star hotel, condominiums, luxury service apartments, and a media and education centre," he told reporters during a media tour around KL Sentral's latest edition called Sooka Sentral - a lifestyle, health and dining centre - in Kuala Lumpur yesterday.
Zulkifli said construction work on the new shopping mall is expected to begin by the middle of the year, with targeted completion by 2011, while the office buildings, condominiums and luxury service apartments, located opposite the National Museum, are scheduled to start by the end of the year.
KL Sentral is being developed as a futuristic self-contained city, providing the perfect living, work and play environment. Located in the heart of Kuala Lumpur, it is also dedicated to be the transport hub of the city.
The Sooka Sentral, meanwhile, is located directly opposite the southern entrance of the KL Sentral station. The six-storey building is managed by Sooka Sentral Sdn Bhd, a wholly-owned subsidiary of MRCB.
"It is the only and ultimate centre for relaxation within KL Sentral development that focuses on luxurious health, beauty, wellness and dining outlets," Zulkifli said, adding that Sooka Sentral has reached a 100 per cent occupancy rate.
He said the gross development value of Sooka Sentral is about RM60 million, offering some 9,290 sq m of space. It houses a fitness centre, a spa, beauty and health centre, a food court, fine dining restaurants and alfresco dining outlets.
Among its tenants include Centro, Kiliney Kopitiam, Zen, Chili Espresso, myNEWS.com, Oriental Spoom, Sushi King, Kelantan Delights, Kabul restaurant, World of Perfume, Cuttery, Beaubelle, Equal Fitness Sports Massage, Tanamera Tropical Spa, Chiill Reflexology, The Spa, and SynarGym.
By Kamarul Yunus Published: 2008/04/30 BUSINESS TIMES
MALAYSIAN Resources Corp Bhd (MRCB), a construction and property company, expects to complete the whole development of its RM8.4 billion comprehensive and integrated Kuala Lumpur Sentral development project (KL Sentral) by 2015. Its retail asset development general manager Zulkifli Ibrahim said the company has completed more than RM2 billion worth of development, and another RM5 billion new development is under construction and progressing rapidly.
"This new development includes the construction of high-rise office buildings, a shopping mall, a five-star hotel, condominiums, luxury service apartments, and a media and education centre," he told reporters during a media tour around KL Sentral's latest edition called Sooka Sentral - a lifestyle, health and dining centre - in Kuala Lumpur yesterday.
Zulkifli said construction work on the new shopping mall is expected to begin by the middle of the year, with targeted completion by 2011, while the office buildings, condominiums and luxury service apartments, located opposite the National Museum, are scheduled to start by the end of the year.
KL Sentral is being developed as a futuristic self-contained city, providing the perfect living, work and play environment. Located in the heart of Kuala Lumpur, it is also dedicated to be the transport hub of the city.
The Sooka Sentral, meanwhile, is located directly opposite the southern entrance of the KL Sentral station. The six-storey building is managed by Sooka Sentral Sdn Bhd, a wholly-owned subsidiary of MRCB.
"It is the only and ultimate centre for relaxation within KL Sentral development that focuses on luxurious health, beauty, wellness and dining outlets," Zulkifli said, adding that Sooka Sentral has reached a 100 per cent occupancy rate.
He said the gross development value of Sooka Sentral is about RM60 million, offering some 9,290 sq m of space. It houses a fitness centre, a spa, beauty and health centre, a food court, fine dining restaurants and alfresco dining outlets.
Among its tenants include Centro, Kiliney Kopitiam, Zen, Chili Espresso, myNEWS.com, Oriental Spoom, Sushi King, Kelantan Delights, Kabul restaurant, World of Perfume, Cuttery, Beaubelle, Equal Fitness Sports Massage, Tanamera Tropical Spa, Chiill Reflexology, The Spa, and SynarGym.
2nd Penang Bridge: More ships for sea-deepening job
2nd Penang Bridge: More ships for sea-deepening job
By Marina Emmanuel Published: 2008/04/30 BUSINESS TIMES
CHINA Harbour Engineering Company Ltd (CHEC), the main contractor of the second Penang bridge, is awaiting the arrival of 18 more ships to complete its sea-deepening work for the project. It is learnt that the Beijing-based company, which has already brought in two dredging ships, is waiting for permits from local authorities to bring in the remaining vessels.
"It is likely to take CHEC four months to complete the deepening work, and the company remains confident that it can finish its 17km sea-portion of the bridge on schedule," industry sources told Business Times.
CHEC, which set up an office in Penang last year, has so far deployed 200 of its staff for the project.
The 24km second Penang bridge (of which 17km will be on water) linking Penang island and Seberang Prai, is the largest overseas project for CHEC in terms of value. Upon completion in 2011, the bridge is set to be the longest in Southeast Asia.
State-owned CHEC is a Fortune 500 company, with a global footprint via 15 companies and 20 overseas resident offices. It is a unit of China Communications Construction Co Ltd, China's top port builder. UEM Construction Sdn Bhd has named CHEC as its main contractor for the bridge project and a consortium, named CHEC-UEMC, has been formed. CHEC holds 51 per cent of the venture while UEM has the rest.
Meanwhile, Prime Minister Datuk Seri Abdullah Ahmad Badawi, who is also Finance Minister, is expected to chair a special meeting this week on the bridge project. It is learnt that Abdullah, together with Tan Sri Zaini Omar, who heads a taskforce on the project, is expected to sit down with the project's stakeholders which include Minister of Finance officials, UEM and CHEC to finalise cost and design issues.
Sources say that the government will allow no variation orders to the ceiling price of the bridge which has been set at RM4.3 billion. "CHEC has told the government that its 17km sea portion will cost RM2.3 billion and expressed its willingness to have independent parties verify its costing for the sea portion," they added.
By Marina Emmanuel Published: 2008/04/30 BUSINESS TIMES
CHINA Harbour Engineering Company Ltd (CHEC), the main contractor of the second Penang bridge, is awaiting the arrival of 18 more ships to complete its sea-deepening work for the project. It is learnt that the Beijing-based company, which has already brought in two dredging ships, is waiting for permits from local authorities to bring in the remaining vessels.
"It is likely to take CHEC four months to complete the deepening work, and the company remains confident that it can finish its 17km sea-portion of the bridge on schedule," industry sources told Business Times.
CHEC, which set up an office in Penang last year, has so far deployed 200 of its staff for the project.
The 24km second Penang bridge (of which 17km will be on water) linking Penang island and Seberang Prai, is the largest overseas project for CHEC in terms of value. Upon completion in 2011, the bridge is set to be the longest in Southeast Asia.
State-owned CHEC is a Fortune 500 company, with a global footprint via 15 companies and 20 overseas resident offices. It is a unit of China Communications Construction Co Ltd, China's top port builder. UEM Construction Sdn Bhd has named CHEC as its main contractor for the bridge project and a consortium, named CHEC-UEMC, has been formed. CHEC holds 51 per cent of the venture while UEM has the rest.
Meanwhile, Prime Minister Datuk Seri Abdullah Ahmad Badawi, who is also Finance Minister, is expected to chair a special meeting this week on the bridge project. It is learnt that Abdullah, together with Tan Sri Zaini Omar, who heads a taskforce on the project, is expected to sit down with the project's stakeholders which include Minister of Finance officials, UEM and CHEC to finalise cost and design issues.
Sources say that the government will allow no variation orders to the ceiling price of the bridge which has been set at RM4.3 billion. "CHEC has told the government that its 17km sea portion will cost RM2.3 billion and expressed its willingness to have independent parties verify its costing for the sea portion," they added.
Tuesday, April 29, 2008
Brazil's Vale: Oman, Malaysia Pellet Plants On Tap - Report
Next Dow Jones Article
Brazil's Vale: Oman, Malaysia Pellet Plants On Tap - Report4-18-08 3:07 PM EDT
RIO DE JANEIRO -(Dow Jones)- Brazilian mining giant Companhia Vale do Rio Doce (RIO), or Vale, expects to move forward with pellet plant projects in Oman and Malaysia, a company executive told the local Estado news agency Friday.
Vale has completed a feasibility study to build a pellet plant to produce 10 million metric tons per year in Oman, said Jose Carlos Martins, Vale's director of iron ore mining. According to Martins, Vale's board should vote to approve the project in April or May.
Martins made the comments during the inauguration of a third pellet plant at pellet producer Samarco. Samarco is a 50-50 joint venture between Vale and BHP Billiton (BHP).
Construction on the Oman pellet project was expected to begin later in 2008, Martins said.
In addition, construction on a pellet plant in Malaysia should start in 2009, Martins said. Vale is currently looking for a local partner to also take part in the project, which has also not yet been given the green light by Vale's board.
"We have an interest in meeting growing demand in Southeast Asia," Martins told Estado.
-By Jeff Fick, Dow Jones Newswires; 55-21-3288-5011; jeff.fick@dowjones.com (END) Dow Jones Newswires
04-18-081507ET
Copyright (c) 2008 Dow Jones & Company, Inc.
Brazil's Vale: Oman, Malaysia Pellet Plants On Tap - Report4-18-08 3:07 PM EDT
RIO DE JANEIRO -(Dow Jones)- Brazilian mining giant Companhia Vale do Rio Doce (RIO), or Vale, expects to move forward with pellet plant projects in Oman and Malaysia, a company executive told the local Estado news agency Friday.
Vale has completed a feasibility study to build a pellet plant to produce 10 million metric tons per year in Oman, said Jose Carlos Martins, Vale's director of iron ore mining. According to Martins, Vale's board should vote to approve the project in April or May.
Martins made the comments during the inauguration of a third pellet plant at pellet producer Samarco. Samarco is a 50-50 joint venture between Vale and BHP Billiton (BHP).
Construction on the Oman pellet project was expected to begin later in 2008, Martins said.
In addition, construction on a pellet plant in Malaysia should start in 2009, Martins said. Vale is currently looking for a local partner to also take part in the project, which has also not yet been given the green light by Vale's board.
"We have an interest in meeting growing demand in Southeast Asia," Martins told Estado.
-By Jeff Fick, Dow Jones Newswires; 55-21-3288-5011; jeff.fick@dowjones.com (END) Dow Jones Newswires
04-18-081507ET
Copyright (c) 2008 Dow Jones & Company, Inc.
Work on permanent LCCT to start this year
Friday April 4, 2008
Work on permanent LCCT to start this year
By CHOW HOW BAN
The Star
SHANGHAI: Work on the permanent low-cost carrier termina (LCCT) in KL International Airport (KLIA) is likely to commence this year, said Malaysia Airports Holdings Bhd (MAHB) managing director Datuk Seri Bashir Ahmad.
He said the new LCCT, which would have a capacity of handling 30 million to 35 million passengers per annum, would replace the present one, which could only handle 10 million passengers per annum.
“We (MAHB) are in discussion with the Government to look for a place to build the permanent LCCT because the present one will be outgrown in terms of passenger demand,” he told the Malaysian media at the two-day Airports Council International conference here.
The permanent LCCT would be built in the masterplan area to provide easier connectivity with KLIA’s main terminal, Bashir said, adding that the existing building would also be expanded to handle 15 million passengers per year “very soon.”
“We fully agree that the current terminal needs to be expanded because based on AirAsia’s forecast, we will achieve 10 million passengers per annum earlier than 2012,” he said.
The existing RM108mil LCCT, built on a temporary site near the cargo-handling area, started operations two years ago.
Currently, AirAsia, Thai AirAsia, Cebu Pacific Airlines, Tiger Airways and AWAIR operate from the LCCT.
On expansion of KLIA, Bashir said MAHB also planned to build the second satellite terminal as the number of passengers would exceed the airport’s capacity of 25 million passengers per annum in future.
MAHB was working with its consultants to ascertain the kind of future commercial development around the airport, he said, adding: “There have been many suggestions like a theme park and golf course. We should make an announcement soon.”
Work on permanent LCCT to start this year
By CHOW HOW BAN
The Star
SHANGHAI: Work on the permanent low-cost carrier termina (LCCT) in KL International Airport (KLIA) is likely to commence this year, said Malaysia Airports Holdings Bhd (MAHB) managing director Datuk Seri Bashir Ahmad.
He said the new LCCT, which would have a capacity of handling 30 million to 35 million passengers per annum, would replace the present one, which could only handle 10 million passengers per annum.
“We (MAHB) are in discussion with the Government to look for a place to build the permanent LCCT because the present one will be outgrown in terms of passenger demand,” he told the Malaysian media at the two-day Airports Council International conference here.
The permanent LCCT would be built in the masterplan area to provide easier connectivity with KLIA’s main terminal, Bashir said, adding that the existing building would also be expanded to handle 15 million passengers per year “very soon.”
“We fully agree that the current terminal needs to be expanded because based on AirAsia’s forecast, we will achieve 10 million passengers per annum earlier than 2012,” he said.
The existing RM108mil LCCT, built on a temporary site near the cargo-handling area, started operations two years ago.
Currently, AirAsia, Thai AirAsia, Cebu Pacific Airlines, Tiger Airways and AWAIR operate from the LCCT.
On expansion of KLIA, Bashir said MAHB also planned to build the second satellite terminal as the number of passengers would exceed the airport’s capacity of 25 million passengers per annum in future.
MAHB was working with its consultants to ascertain the kind of future commercial development around the airport, he said, adding: “There have been many suggestions like a theme park and golf course. We should make an announcement soon.”
Second Penang Bridge plan on despite delay
GEORGE TOWN (NST 2008-04-27): The Second Penang Bridge project is on track despite announcements that may have suggested otherwise.
Second Finance Minister Tan Sri Nor Mohamed Yakcop said the federal government would proceed with the RM4.3 billion project linking Batu Kawan in Seberang Perai Selatan and Batu Maung on the island.He said the government had wanted to review the construction cost, design and land acquisition process and not the project itself.
"Once these issues are resolved, we expect the construction of the bridge to proceed as planned but pending that, there will a delay in carrying out the project," he said after chairing the inaugural Federal Action Council for Penang meeting in Tasek Gelugor yesterday."This, however, does not suggest that the federal government is reviewing the project with an intention to scrap it," he told a news conference here after meeting his constituents in Teluk Air Tawar here yesterday.
Nor Mohamed said many quarters had misunderstood Prime Minister Datuk Seri Abdullah Ahmad Badawi's announcement that the project would be delayed and would be reviewed under the Ninth Malaysia Plan (9MP).Nor Mohamed, who is Tasek Gelugor member of parliament, said the main concern was to ensure that the design would reduce cost."We are also reviewing the entire cost of the project as we are facing a steep price increase in construction materials," he said.The building of the 24km bridge is expected to be completed by 2011.The deadline to complete the building of the bridge has been extended by nine months. UEM and its consortium partner, China Harbour Engineering Company, are building the bridge.
Nor Mohamed said the review was not subject to the Second Penang Bridge alone but to all major projects to be rolled out under the 9MP due to the rising cost of building materials."This global trend (price hike) has forced the government to adjust major economic policies as we foresee the situation lasting for the next few years."He added that the government was looking into ways to ensure that all projects under 9MP were carried out.
Meanwhile, Nor Mohamed said both the federal and state governments needed to work together for the proposed RM2.2 billion Penang monorail project. He said it would be difficult for the federal government to proceed with the project if the two governments did not co-operate."This is important because land matters are under their (state government's) purview. It would be difficult for us to implement the project."There must be understanding among us or it will be difficult to implement projects."Nor Mohamad did not elaborate on the help required by the federal government but added that it had no intention to put such projects in the state on hold."We have stated that we are sincere in bringing development, progress and prosperity to the people of Penang."
He said the government had yet to approve the monorail system and the Penang Outer Ring Road, another mega project."They are not in the list of projects approved under the Ninth Malaysia Plan."We have not come to that stage yet. "There are some matters relating to land acquisition which have to be settled," he said when asked to comment on Chief Minister Lim Guan Eng's statement that the state was keen to proceed with the monorail project.
NST 2008-04-28
He (LGE) said the project needed the cooperation and approval of the state government as it involved state land.
The RM1.2 billion monorail project is among mega projects under the Ninth Malaysia Plan that involves building a 51.2km track to complement the island’s public transportation network.
Second Finance Minister Tan Sri Nor Mohamed Yakcop said the federal government would proceed with the RM4.3 billion project linking Batu Kawan in Seberang Perai Selatan and Batu Maung on the island.He said the government had wanted to review the construction cost, design and land acquisition process and not the project itself.
"Once these issues are resolved, we expect the construction of the bridge to proceed as planned but pending that, there will a delay in carrying out the project," he said after chairing the inaugural Federal Action Council for Penang meeting in Tasek Gelugor yesterday."This, however, does not suggest that the federal government is reviewing the project with an intention to scrap it," he told a news conference here after meeting his constituents in Teluk Air Tawar here yesterday.
Nor Mohamed said many quarters had misunderstood Prime Minister Datuk Seri Abdullah Ahmad Badawi's announcement that the project would be delayed and would be reviewed under the Ninth Malaysia Plan (9MP).Nor Mohamed, who is Tasek Gelugor member of parliament, said the main concern was to ensure that the design would reduce cost."We are also reviewing the entire cost of the project as we are facing a steep price increase in construction materials," he said.The building of the 24km bridge is expected to be completed by 2011.The deadline to complete the building of the bridge has been extended by nine months. UEM and its consortium partner, China Harbour Engineering Company, are building the bridge.
Nor Mohamed said the review was not subject to the Second Penang Bridge alone but to all major projects to be rolled out under the 9MP due to the rising cost of building materials."This global trend (price hike) has forced the government to adjust major economic policies as we foresee the situation lasting for the next few years."He added that the government was looking into ways to ensure that all projects under 9MP were carried out.
Meanwhile, Nor Mohamed said both the federal and state governments needed to work together for the proposed RM2.2 billion Penang monorail project. He said it would be difficult for the federal government to proceed with the project if the two governments did not co-operate."This is important because land matters are under their (state government's) purview. It would be difficult for us to implement the project."There must be understanding among us or it will be difficult to implement projects."Nor Mohamad did not elaborate on the help required by the federal government but added that it had no intention to put such projects in the state on hold."We have stated that we are sincere in bringing development, progress and prosperity to the people of Penang."
He said the government had yet to approve the monorail system and the Penang Outer Ring Road, another mega project."They are not in the list of projects approved under the Ninth Malaysia Plan."We have not come to that stage yet. "There are some matters relating to land acquisition which have to be settled," he said when asked to comment on Chief Minister Lim Guan Eng's statement that the state was keen to proceed with the monorail project.
NST 2008-04-28
He (LGE) said the project needed the cooperation and approval of the state government as it involved state land.
The RM1.2 billion monorail project is among mega projects under the Ninth Malaysia Plan that involves building a 51.2km track to complement the island’s public transportation network.
Thursday, April 24, 2008
Boards of Selangor state agency units reshuffled
By SURAJ RAJ (http://biz.thestar.com 23/4/1008)
PETALING JAYA: Kumpulan Perangsang Selangor Bhd (KPS) and its 56.47%-owned Kumpulan Hartanah Selangor Bhd (KHSB) announced a reshuffling of their boards, which took effect yesterday.
KPS and KHSB are both controlled by Kumpulan Darul Ehsan Bhd (KDEB), which is the Selangor government's special-purpose agency to undertake investments. KDEB, in turn, owns 60.12% of KPS.
KPS announced yesterday the resignations of directors Datuk Dr Karim Mansor and Datuk Dr Amran Kasimin, and two independent directors Datuk Sumadi Ismail and Datuk Ikhwan Salim Sujak. Sumadi and Ikhwan also resigned as members of the audit committee.
Datuk Azlan Hashim
According to the announcements to Bursa Malaysia, KPS said Karim, 49, was also a director of KDEB, Perbadanan Kemajuan Negeri Selangor and Syarikat Pengeluar Air Selangor Holdings Bhd.
KPS also said it had appointed AMMB Holdings Bhd deputy chairman Datuk Azlan Hashim to its audit committee.
As for KHSB, the directors who resigned yesterday were Datuk Muhammad Bushro Mat Johor, Datuk Amiruddin Setro and independent director Datuk Fateh Iskandar Mohamed Mansor. Fateh is also group managing director of Glomac Bhd.
Bushro, the State Assemblyman for Paya Jeras, also had resigned as a member of the audit committee, it said, adding that Azlan was also appointed a director of the company and member of the audit committee.
The new appointments were Wong Yien Kim as director of KHSB and Mohamed Marzuk Mohamed Basir as an executive director. The company said Wong was currently an executive director of KPS.
KPS is involved in the multi-billion ringgit Selangor-Pahang water transfer project.
PETALING JAYA: Kumpulan Perangsang Selangor Bhd (KPS) and its 56.47%-owned Kumpulan Hartanah Selangor Bhd (KHSB) announced a reshuffling of their boards, which took effect yesterday.
KPS and KHSB are both controlled by Kumpulan Darul Ehsan Bhd (KDEB), which is the Selangor government's special-purpose agency to undertake investments. KDEB, in turn, owns 60.12% of KPS.
KPS announced yesterday the resignations of directors Datuk Dr Karim Mansor and Datuk Dr Amran Kasimin, and two independent directors Datuk Sumadi Ismail and Datuk Ikhwan Salim Sujak. Sumadi and Ikhwan also resigned as members of the audit committee.
Datuk Azlan Hashim
According to the announcements to Bursa Malaysia, KPS said Karim, 49, was also a director of KDEB, Perbadanan Kemajuan Negeri Selangor and Syarikat Pengeluar Air Selangor Holdings Bhd.
KPS also said it had appointed AMMB Holdings Bhd deputy chairman Datuk Azlan Hashim to its audit committee.
As for KHSB, the directors who resigned yesterday were Datuk Muhammad Bushro Mat Johor, Datuk Amiruddin Setro and independent director Datuk Fateh Iskandar Mohamed Mansor. Fateh is also group managing director of Glomac Bhd.
Bushro, the State Assemblyman for Paya Jeras, also had resigned as a member of the audit committee, it said, adding that Azlan was also appointed a director of the company and member of the audit committee.
The new appointments were Wong Yien Kim as director of KHSB and Mohamed Marzuk Mohamed Basir as an executive director. The company said Wong was currently an executive director of KPS.
KPS is involved in the multi-billion ringgit Selangor-Pahang water transfer project.
Subscribe to:
Posts (Atom)