IJM remains a sell: AmResearch
Published: 2008/10/29
The research firm also revises the construction group's target price to RM2.60
IJM Corp could be hurt by an accident at its building site in India last week, raising uncertainty on the project, AmResearch says. The stock remains a "sell" at AmResearch, which revised the target price to RM2.60.IJM Corp fell five per cent to close at RM3.04 yesterday, after losing 64.7 per cent this year. This compares with a 42.4 per cent fall in the benchmark Kuala Lumpur Composite Index this year.IJM, which has substantial projects in India, last Friday said an accident occurred at one of its building projects in Bangalore. IJM was awarded the civil work contracts worth an equivalent of RM99 million in March 2006.
"Management revealed that the project is insured under the comprehensive 'Constractors All Risks Insurance Policy and Third Party Liability Policy'," AmResearch wrote in a note to client yesterday. "Nevertheless, we believe sentiment on the stock could be further weighed down by lingering uncertainties surrounding the project's status and any subsequent delay in work flows," AmResearch said. It maintained the construction firm's profit assumptions pending further updates from IJM.
An unexciting earnings outlook, weakening order flows and rising concerns over the tight balance sheet are likely to keep IJM's shares valuation compressed at fiscal 2010 and 2011 forward price-earnings ratio of between eight and nine times, AmResearch said.Its earnings forecast for IJM in the next two years are 18 to 29 per cent lower than consensus estimates.IJM's foreign shareholding level also remains relatively high at more than 20 per cent, the research said.Malaysian shares with high foreign shareholding are more vulnerable in the current bearish market as overseas investors tend to sell emerging market assets to bring money home or switch to safer investments.
Wednesday, October 29, 2008
Tuesday, October 28, 2008
Marubeni gets Malaysian order for 30 train cars
Marubeni gets Malaysian order for 30 train cars
Published: 2008/10/28
TOKYO: Marubeni Corp, the Japanese trading house that is helping build a rail tunnel under the Bosporus strait, has won a RM240 million order for 30 train cars from Malaysia, the Nikkei newspaper said here.
The cars will be used on a new 180km rail link between Kuala Lumpur and Ipoh, Nikkei reported without saying where it got the information.
Japan's Mitsubishi Electric Corp and South Korea's Hyundai Rotem Co will manufacture the cars for delivery by 2010, the newspaper said.
None of the companies were available for comment. - Bloomberg
Blogger's Note: RM240/30=RM8mil per car
Published: 2008/10/28
TOKYO: Marubeni Corp, the Japanese trading house that is helping build a rail tunnel under the Bosporus strait, has won a RM240 million order for 30 train cars from Malaysia, the Nikkei newspaper said here.
The cars will be used on a new 180km rail link between Kuala Lumpur and Ipoh, Nikkei reported without saying where it got the information.
Japan's Mitsubishi Electric Corp and South Korea's Hyundai Rotem Co will manufacture the cars for delivery by 2010, the newspaper said.
None of the companies were available for comment. - Bloomberg
Blogger's Note: RM240/30=RM8mil per car
Thursday, October 23, 2008
Global crisis will slow UEM's growth
UEM: Global crisis will slow growth
By Zaidi Isham Ismail
Published: 2008/10/23
BT
INFRASTRUCTURE and property group UEM Group Bhd expects slower growth in the months ahead because of the global economic slowdown.Managing director and chief executive officer Datuk Ahmad Pardas Senin said, however, that UEM Group, which has up to RM5 billion worth of projects in the country and overseas, will not be severely affected by the crisis although slower growth is expected."We don't feel the impact just yet, but there will definitely be slower growth."But our projects in Iskandar Malaysia and India are proceeding as planned," Ahmad Pardas told Business Times at the group's Hari Raya gathering in Kuala Lumpur yesterday.
The diverse group, which has interests in construction, property and highways, among other sectors, controls UEM Builders Bhd, Pharmaniaga Bhd and UEM Land Bhd, which is expected to be listed by month-end.UEM Group in turn is wholly owned by government investment arm Khazanah Nasional Bhd.
On the second Penang bridge, Ahmad Pardas said the group was still awaiting word from the government on any new development.The government last month withdrew the second bridge concession awarded to the group.
By Zaidi Isham Ismail
Published: 2008/10/23
BT
INFRASTRUCTURE and property group UEM Group Bhd expects slower growth in the months ahead because of the global economic slowdown.Managing director and chief executive officer Datuk Ahmad Pardas Senin said, however, that UEM Group, which has up to RM5 billion worth of projects in the country and overseas, will not be severely affected by the crisis although slower growth is expected."We don't feel the impact just yet, but there will definitely be slower growth."But our projects in Iskandar Malaysia and India are proceeding as planned," Ahmad Pardas told Business Times at the group's Hari Raya gathering in Kuala Lumpur yesterday.
The diverse group, which has interests in construction, property and highways, among other sectors, controls UEM Builders Bhd, Pharmaniaga Bhd and UEM Land Bhd, which is expected to be listed by month-end.UEM Group in turn is wholly owned by government investment arm Khazanah Nasional Bhd.
On the second Penang bridge, Ahmad Pardas said the group was still awaiting word from the government on any new development.The government last month withdrew the second bridge concession awarded to the group.
Wednesday, October 22, 2008
Scomi aims for more monorail jobs
Scomi aims for more monorail jobs
By Marina Emmanuel
Published: 2008/10/22
BTimes
The company is preparing technical and financial proposals for Bangalore as well as looking at monorail systems for Patna and New Delhi
SCOMI Engineering Bhd, which won its first overseas job for a monorail system in Mumbai last week, is eyeing two more Indian cities for monorail projects worth RM4 billion over the next two years.Scomi Group Bhd's senior vice-president of group marketing, Kanesan Velupillai, said the company is looking at Bangalore in the state of Karnataka and Patna in Bihar.It is also believed to be looking at a monorail system for New Delhi."We are working concurrently in preparing technical and financial proposals for Bangalore.
"The technical proposal is expected to be submitted to the Bangalore Metro Rail Corp (which oversees the implementation of metros and monorails in Karnataka) by next week, while the financial proposal should be sent by the end of November," Kanesan told Business
Times.
According to Kanesan, Scomi was invited to work with Indian Railway Construction Co (Ircon) on a feasibility study for the implementation of a monorail system in Patna following the working visit of India's Railways Minister Lalu Prasad Yadav to Kuala Lumpur in May this year."The feasibility report should be ready by the middle of next year," Kanesan said.
Apart from the Indian subcontinent, Scomi has also set its sights on Nigeria.Kanesan said the company has sent an advance team to Nigeria to work on an accelerated implementation and execution plan for a monorail system in Lagos."The plan is to be completed and submitted by the end of November," he said.
Scomi's new-generation monorail, employing the Scomi Urban Transit Rail Applications technology, will be featured in all the overseas monorail projects.Each car can carry 142 passengers, and each train will have four to six cars.On the feasibility study Scomi is undertaking for a monorail system in Hanoi, Vietnam, Kanesan expects it to be completed by the end of next month. "The next phase for Vietnam will be to carry out a detailed project report for implementation," he said.
By Marina Emmanuel
Published: 2008/10/22
BTimes
The company is preparing technical and financial proposals for Bangalore as well as looking at monorail systems for Patna and New Delhi
SCOMI Engineering Bhd, which won its first overseas job for a monorail system in Mumbai last week, is eyeing two more Indian cities for monorail projects worth RM4 billion over the next two years.Scomi Group Bhd's senior vice-president of group marketing, Kanesan Velupillai, said the company is looking at Bangalore in the state of Karnataka and Patna in Bihar.It is also believed to be looking at a monorail system for New Delhi."We are working concurrently in preparing technical and financial proposals for Bangalore.
"The technical proposal is expected to be submitted to the Bangalore Metro Rail Corp (which oversees the implementation of metros and monorails in Karnataka) by next week, while the financial proposal should be sent by the end of November," Kanesan told Business
Times.
According to Kanesan, Scomi was invited to work with Indian Railway Construction Co (Ircon) on a feasibility study for the implementation of a monorail system in Patna following the working visit of India's Railways Minister Lalu Prasad Yadav to Kuala Lumpur in May this year."The feasibility report should be ready by the middle of next year," Kanesan said.
Apart from the Indian subcontinent, Scomi has also set its sights on Nigeria.Kanesan said the company has sent an advance team to Nigeria to work on an accelerated implementation and execution plan for a monorail system in Lagos."The plan is to be completed and submitted by the end of November," he said.
Scomi's new-generation monorail, employing the Scomi Urban Transit Rail Applications technology, will be featured in all the overseas monorail projects.Each car can carry 142 passengers, and each train will have four to six cars.On the feasibility study Scomi is undertaking for a monorail system in Hanoi, Vietnam, Kanesan expects it to be completed by the end of next month. "The next phase for Vietnam will be to carry out a detailed project report for implementation," he said.
Tuesday, October 21, 2008
Funds to buy undervalued stocks raised to RM10bil
Tuesday October 21, 2008
Funds to buy undervalued stocks raised to RM10bil
By FLORENCE A. SAMY
Malaysia ideal as hub for international dispute resolutions
KUALA LUMPUR: The Government has doubled the amount of money available to buy undervalued stocks to RM10bil and will also continue with its spending to boost the country’s economy. Finance Minister Datuk Seri Najib Tun Razak announced that these two moves were part of the Government’s plan to ensure that the economy would not be affected by the global financial crisis caused by the meltdown of banks in the United States. “The country is not in a financial crisis and we certainly should not talk ourselves into one,” said Najib during his keynote address at the Khazanah Megatrends Forum yesterday.
However, he warned that the country should brace for a lower economic growth next year in view of the global slowdown.
Among the measures Najib touched on were:
> INJECTION of RM5bil to double the size of Valuecap Sdn Bhd that was set up by the Government in 2003 to invest in undervalued companies;
> REVIEW of some foreign investment committee guidelines to make it more attractive for foreign investors, especially in the property and commercial sectors;
> LIBERALISATION of the service sector to attract more investment and generate more local employment;
> RE-PRIORITISING projects with focus on those that can be implemented expeditiously and with high economic multiplier effects; and
> STRENGTHENING of small and medium-scale enterprises through new initiatives by financial institutions and access to special Bank Negara funds.
Najib, who is also Deputy Prime Minister, said he would give more details in Parliament on Nov 4 during his Budget winding-up speech. On Valuecap, Najib said the funds were being pumped in given the current opportunities for value investing. “The stock market has many fundamentally strong companies. Many companies are presently trading at attractive valuations, creating opportunities for value investing.”
On re-prioritising projects, Najib said some “lumpy projects” with little economic multiplier effects could be postponed but promised that the Government would continue with its spending.
“The planned expenditure for 2009 will continue and there will be no financial cutbacks. This position was agreed upon by the National Economic Council executive council under the chairmanship of the Prime Minister.”
He said short-term measures to tackle external financial turmoil should not come at the expense of the country’s long-term development and global competitiveness. Najib also slammed the West who “incessantly lectured and hectored us to adhere to their advice (10 years ago during the Asian financial crisis).” “Ironically, they have now unfortunately failed to live up to their own high standards of lending and regulatory functions they had expected of us,” said Najib.
Funds to buy undervalued stocks raised to RM10bil
By FLORENCE A. SAMY
Malaysia ideal as hub for international dispute resolutions
KUALA LUMPUR: The Government has doubled the amount of money available to buy undervalued stocks to RM10bil and will also continue with its spending to boost the country’s economy. Finance Minister Datuk Seri Najib Tun Razak announced that these two moves were part of the Government’s plan to ensure that the economy would not be affected by the global financial crisis caused by the meltdown of banks in the United States. “The country is not in a financial crisis and we certainly should not talk ourselves into one,” said Najib during his keynote address at the Khazanah Megatrends Forum yesterday.
However, he warned that the country should brace for a lower economic growth next year in view of the global slowdown.
Among the measures Najib touched on were:
> INJECTION of RM5bil to double the size of Valuecap Sdn Bhd that was set up by the Government in 2003 to invest in undervalued companies;
> REVIEW of some foreign investment committee guidelines to make it more attractive for foreign investors, especially in the property and commercial sectors;
> LIBERALISATION of the service sector to attract more investment and generate more local employment;
> RE-PRIORITISING projects with focus on those that can be implemented expeditiously and with high economic multiplier effects; and
> STRENGTHENING of small and medium-scale enterprises through new initiatives by financial institutions and access to special Bank Negara funds.
Najib, who is also Deputy Prime Minister, said he would give more details in Parliament on Nov 4 during his Budget winding-up speech. On Valuecap, Najib said the funds were being pumped in given the current opportunities for value investing. “The stock market has many fundamentally strong companies. Many companies are presently trading at attractive valuations, creating opportunities for value investing.”
On re-prioritising projects, Najib said some “lumpy projects” with little economic multiplier effects could be postponed but promised that the Government would continue with its spending.
“The planned expenditure for 2009 will continue and there will be no financial cutbacks. This position was agreed upon by the National Economic Council executive council under the chairmanship of the Prime Minister.”
He said short-term measures to tackle external financial turmoil should not come at the expense of the country’s long-term development and global competitiveness. Najib also slammed the West who “incessantly lectured and hectored us to adhere to their advice (10 years ago during the Asian financial crisis).” “Ironically, they have now unfortunately failed to live up to their own high standards of lending and regulatory functions they had expected of us,” said Najib.
Monday, October 20, 2008
Transhipment cargo rise drives Malaysia port development
12 May 2008
Transhipment cargo rise drives Malaysia port development
By Huang Seeda
Kuala Lumpur
www.cargonewsasia.com
Despite strong competition, Malaysian ports, driven by strong growth in container transhipment traffic, are continuing to expand. Transhipment accounts for about 50 per- cent of Malaysian ports' total container trade.
At the southern tip of Peninsular Malaysia, the Port of Tanjung Pelepas (PTP) in Johor - the country's largest container port with a throughput of 5.4 million TEUs last year, up 14.5 percent over 2006 - is adding four berths to the existing 10, which will enable it to handle 12 million TEUs by 2011. Construction works for berth 11 and 12 will begin soon and are expected to be completed by the second quarter of next year while building of berths 13 and 14 will begin next year and be completed by the first quarter of 2010.PTP chairman Mohd Shaik Osman said: "The total cost of the expansion plan, which will also involve the construction of container yards and installation of equipment, will be about US$126.9 million."
PTP expects to see a surge of throughput this year with the port's recent signing of an agreement with Malaysia's top shipping company, MISC, for the setting up of a joint venture company so MISC vessels can use the port. PTP will hold a 70 percent stake in the venture and MISC the balance. MISC will become the third major shipping line to use PTP as their hub in the region following Maersk and Evergreen's move to PTP in 2000 and 2002 respectively. MISC said that the agreement would benefit the shipping company greatly.
"Besides being within Iskandar Malaysia, which promises a growing hinterland cargo, PTP is also strategically located at the confluence of the world's shipping lanes; and this is a crucial factor for our transhipment operations.''PTP chief executive officer, Harun Johari, said that the deal would contribute towards PTP's rapid growth and enhance the port's connectivity by at least 20 percent.
In central Malaysia, Port Klang, in the state of Selangor, comprises Westports and Northport. The two ports together handled a combined container throughput of 7.2 million TEUs in 2007, compared with 6.3 million TEUs a year earlier. But taken individually, PTP remains the top port, with Westports handling 4.34 milllion TEUs in 2007, a growth of 18 percent, and Northport 2.86 million TEUs, up 7.5 percent on 2006. The two Klang Valley ports were planning to merge but so far no decision has been reached. Westports executive director Ruben Emir Gnanalingam said: "Westports continues to show strong growth in throughput and we expect to become a five-million TEU port by year-end." Westports handled a record 1.16 million TEUs in the first quarter of this year, up 19 percent year-on-year. Transhipment business reached 730,101 TEUs, a 13.6 percent year-on-year growth. Westports has embarked on a $253.86 million three-year expansion plan which includes construction of two additional berths to beef up annual capacity by 30 percent from the existing six million TEUs to eight million TEUs. The new berths will be able to accommodate 13,400 TEU vessels.Northport posted a strong 17 percent growth in the first quarter of this year to 730,452 TEUs compared with a year ago.Northport managing director and chief executive officer Basheer Hassan Abdul Kader said: "We are confident the growth will be sustained since we are also witnessing a surge in regional transhipment. New feeder networks are also contributing towards more transhipment." Northport has allocated $185.64 million for a three-year expansion, which includes the re-development of a multi-purpose berth into a dedicated container terminal.
On the eastern seaboard of Peninsular Malaysia, Kuantan Port handled 127,600 TEUs in 2007, up two percent over 2006. In January and February, the port recorded a throughput of 22,009 TEUs, up 13.49 percent over the same period last year.Kuantan's goal is to transform itself into a megaport with the building of container berths with a 14 km quayline and draught of 18m as well as constructing a 120 hectares container yard, said managing director Wong Soon Fah of port operator Kuantan Port Consortium.
Penang Port, which operates a 900m container terminal handled 926,000 TEUs last year, up nine percent over 2006. The port aims to handle over one million TEUs this year.
In East Malaysia, Sabah container ports, comprising facilities at Tawau, Kota Kinabalu and Sandakan, handled a total 268,000 TEUs in 2007.
Transhipment cargo rise drives Malaysia port development
By Huang Seeda
Kuala Lumpur
www.cargonewsasia.com
Despite strong competition, Malaysian ports, driven by strong growth in container transhipment traffic, are continuing to expand. Transhipment accounts for about 50 per- cent of Malaysian ports' total container trade.
At the southern tip of Peninsular Malaysia, the Port of Tanjung Pelepas (PTP) in Johor - the country's largest container port with a throughput of 5.4 million TEUs last year, up 14.5 percent over 2006 - is adding four berths to the existing 10, which will enable it to handle 12 million TEUs by 2011. Construction works for berth 11 and 12 will begin soon and are expected to be completed by the second quarter of next year while building of berths 13 and 14 will begin next year and be completed by the first quarter of 2010.PTP chairman Mohd Shaik Osman said: "The total cost of the expansion plan, which will also involve the construction of container yards and installation of equipment, will be about US$126.9 million."
PTP expects to see a surge of throughput this year with the port's recent signing of an agreement with Malaysia's top shipping company, MISC, for the setting up of a joint venture company so MISC vessels can use the port. PTP will hold a 70 percent stake in the venture and MISC the balance. MISC will become the third major shipping line to use PTP as their hub in the region following Maersk and Evergreen's move to PTP in 2000 and 2002 respectively. MISC said that the agreement would benefit the shipping company greatly.
"Besides being within Iskandar Malaysia, which promises a growing hinterland cargo, PTP is also strategically located at the confluence of the world's shipping lanes; and this is a crucial factor for our transhipment operations.''PTP chief executive officer, Harun Johari, said that the deal would contribute towards PTP's rapid growth and enhance the port's connectivity by at least 20 percent.
In central Malaysia, Port Klang, in the state of Selangor, comprises Westports and Northport. The two ports together handled a combined container throughput of 7.2 million TEUs in 2007, compared with 6.3 million TEUs a year earlier. But taken individually, PTP remains the top port, with Westports handling 4.34 milllion TEUs in 2007, a growth of 18 percent, and Northport 2.86 million TEUs, up 7.5 percent on 2006. The two Klang Valley ports were planning to merge but so far no decision has been reached. Westports executive director Ruben Emir Gnanalingam said: "Westports continues to show strong growth in throughput and we expect to become a five-million TEU port by year-end." Westports handled a record 1.16 million TEUs in the first quarter of this year, up 19 percent year-on-year. Transhipment business reached 730,101 TEUs, a 13.6 percent year-on-year growth. Westports has embarked on a $253.86 million three-year expansion plan which includes construction of two additional berths to beef up annual capacity by 30 percent from the existing six million TEUs to eight million TEUs. The new berths will be able to accommodate 13,400 TEU vessels.Northport posted a strong 17 percent growth in the first quarter of this year to 730,452 TEUs compared with a year ago.Northport managing director and chief executive officer Basheer Hassan Abdul Kader said: "We are confident the growth will be sustained since we are also witnessing a surge in regional transhipment. New feeder networks are also contributing towards more transhipment." Northport has allocated $185.64 million for a three-year expansion, which includes the re-development of a multi-purpose berth into a dedicated container terminal.
On the eastern seaboard of Peninsular Malaysia, Kuantan Port handled 127,600 TEUs in 2007, up two percent over 2006. In January and February, the port recorded a throughput of 22,009 TEUs, up 13.49 percent over the same period last year.Kuantan's goal is to transform itself into a megaport with the building of container berths with a 14 km quayline and draught of 18m as well as constructing a 120 hectares container yard, said managing director Wong Soon Fah of port operator Kuantan Port Consortium.
Penang Port, which operates a 900m container terminal handled 926,000 TEUs last year, up nine percent over 2006. The port aims to handle over one million TEUs this year.
In East Malaysia, Sabah container ports, comprising facilities at Tawau, Kota Kinabalu and Sandakan, handled a total 268,000 TEUs in 2007.
Malaysian firm in US$2b Kerala port project
Malaysian firm in US$2b Kerala port project
By Kamarul Yunus
Published: 2008/10/20
BTimes
Pembinaan Redzai, which has some 40 per cent stake in Westports Holdings, will develop an international container transshipment hub with India's Lanco group
A CONSORTIUM comprising India's Lanco Group of Companies and Malaysia's Pembinaan Redzai Sdn Bhd has secured a US$2 billion (RM7 billion) deal to develop the Vizhinjam International Transshipment Terminal Port in India.Last month, the Kerala state government issued a Letter of Intent to Lanco, and the licence agreement for the project is expected to be signed next month.In a statement, Lanco said the licence agreement will be signed between the Kerala state government and the Special Purpose Company (SPC) to be incorporated by the Lanco-Pembinaan Redzai consortium members.The Kerala state government will hold a 24 per cent equity stake in the SPC, while the balance equity will be held by the consortium.
Lanco said the port project was awarded to the consortium of Lanco and Pembinaan Redzai after the Indian government formally granted the security clearance to the consortium earlier last month.Pembinaan Redzai owns some 40 per cent stake in Westports Holdings Sdn Bhd, the holding company for Westports Malaysia Sdn Bhd that runs Westports at Port Klang.
The Vizhinjam port project involves the development of an international container transshipment port. The port was put on tender by the Kerala state government in August last year. In February this year, Pembinaan Redzai teamed up with Lanco to submit a bid for the port project, along with four other consortium bidders.The project is envisaged to be developed in four phases, with an ultimate capacity of 6.5 million TEUs (20-foot equivalent units). The port will be equipped with state-of-the-art technology, equipment and highest industry service standards.Lanco said the project has distinct advantages of being a transshipment hub, given its 15-18 metre natural draft and proximity to international sea routes.Lanco will commence preparation of a detailed project report and start the process of obtaining clearances for the project and financial closure, which is expected to take about 12 to 18 months.The construction activities will start thereafter in order to commence commercial operations of Phase 1 by end of 2012.The port, when developed, will attract a major share of the container transshipment traffic of India from the ports of neighbouring countries like Sri Lanka, Malaysia, Saudi Arabia and Singapore."Indian companies engaged in exports and imports will save substantial foreign exchange outflow, time, risks and transshipment costs at foreign ports," Lanco said.
By Kamarul Yunus
Published: 2008/10/20
BTimes
Pembinaan Redzai, which has some 40 per cent stake in Westports Holdings, will develop an international container transshipment hub with India's Lanco group
A CONSORTIUM comprising India's Lanco Group of Companies and Malaysia's Pembinaan Redzai Sdn Bhd has secured a US$2 billion (RM7 billion) deal to develop the Vizhinjam International Transshipment Terminal Port in India.Last month, the Kerala state government issued a Letter of Intent to Lanco, and the licence agreement for the project is expected to be signed next month.In a statement, Lanco said the licence agreement will be signed between the Kerala state government and the Special Purpose Company (SPC) to be incorporated by the Lanco-Pembinaan Redzai consortium members.The Kerala state government will hold a 24 per cent equity stake in the SPC, while the balance equity will be held by the consortium.
Lanco said the port project was awarded to the consortium of Lanco and Pembinaan Redzai after the Indian government formally granted the security clearance to the consortium earlier last month.Pembinaan Redzai owns some 40 per cent stake in Westports Holdings Sdn Bhd, the holding company for Westports Malaysia Sdn Bhd that runs Westports at Port Klang.
The Vizhinjam port project involves the development of an international container transshipment port. The port was put on tender by the Kerala state government in August last year. In February this year, Pembinaan Redzai teamed up with Lanco to submit a bid for the port project, along with four other consortium bidders.The project is envisaged to be developed in four phases, with an ultimate capacity of 6.5 million TEUs (20-foot equivalent units). The port will be equipped with state-of-the-art technology, equipment and highest industry service standards.Lanco said the project has distinct advantages of being a transshipment hub, given its 15-18 metre natural draft and proximity to international sea routes.Lanco will commence preparation of a detailed project report and start the process of obtaining clearances for the project and financial closure, which is expected to take about 12 to 18 months.The construction activities will start thereafter in order to commence commercial operations of Phase 1 by end of 2012.The port, when developed, will attract a major share of the container transshipment traffic of India from the ports of neighbouring countries like Sri Lanka, Malaysia, Saudi Arabia and Singapore."Indian companies engaged in exports and imports will save substantial foreign exchange outflow, time, risks and transshipment costs at foreign ports," Lanco said.
Thursday, October 16, 2008
MMC may clinch US$5b Saudi job
MMC may clinch US$5b Saudi job
By Sharen Kaur
Published: 2008/10/16
The infrastructure group is awaiting the completion of the bid for an independent water and power project and will know the result by December
INFRASTRUCTURE group MMC Corp Bhd is in the running to win a US$5 billion (RM17.6 billion) independent water and power project (IWPP) in Saudi Arabia.Director and chief executive officer Hasni Harun said MMC is part of a consortium with a Saudi Arabian and an international firm that has been named preferred bidder for the project, which will have capacity to produce one million cubic metres (m3/day) of water per day and 1,100 megawatts (MW) of electricity ."We are close to completion (of the bid) and will know the result by December. We are now waiting for the financial close," Hasni told reporters after its shareholders meeting in Kuala Lumpur yesterday. "Looking at the liquidity in the Middle East, we are quite confident that there are funds available in Saudi Arabia to make the project bankable," he added.
MMC and its two partners have an equal shareholding in the consortium that will hold a 25- to 30-year concession for the plant, which will take four years to build.The project follows MMC's achievements in power and water projects in the Middle East.MMC, via 51 per cent-owned unit Malakoff Bhd, has a concession in the 900MW and 1,030,000 m3/day Shuaibah IWPP in Saudi Arabia and a 200,000 m3/day seawater desalination plant in Algeria. It also has interests in Central Electricity Generation Co in Jordan and Dhofar Power Co in Oman.In July this year, it won exclusive rights to undertake a study to build a US$2 billion (RM7 billion) coal-fired power plant of up to 1,000MW in Ajman in the United Arab Emirates.MMC is tipped to win the Ajman job, subject to a technical and economic feasibility study it is undertaking.It is learnt that MMC will form a consortium to operate and maintain the plant for 20 years, which will contribute positively to its financial figures.
Meanwhile, Hasni said MMC's offer to acquire more than 50 per cent equity in Aliran Ihsan Resources Bhd (AIRB) for up to RM238.6 million will spearhead plans to bid for more lucrative utilities and infrastructure projects overseas, especially in the Middle East.AIRB is a Johor-based water treatment plant operator with 16 plants under its belt, supplying about 70 per cent of the state's water needs."The acquisition will be our spring board to hold more water assets. We may take some equity stakes, get involved in water treatment plants and form joint ventures," Hasni said.He said the acquisition is the first move by MMC to be involved in the water business domestically and will be a strategic fit.It will complement MMC's global power generation business, particularly in the Middle East and North African regions, where power project bidders are invariably required to provide water solution proposals in their bids."We intend to keep AIRB's listing status and grow the business in terms of size, people and market capitalisation," Hasni said.
MMC's debt stands at RM20 billion, of which RM1.3 billion comes from the holding company and another RM16 billion from subsidiary Malakoff Bhd.
By Sharen Kaur
Published: 2008/10/16
The infrastructure group is awaiting the completion of the bid for an independent water and power project and will know the result by December
INFRASTRUCTURE group MMC Corp Bhd is in the running to win a US$5 billion (RM17.6 billion) independent water and power project (IWPP) in Saudi Arabia.Director and chief executive officer Hasni Harun said MMC is part of a consortium with a Saudi Arabian and an international firm that has been named preferred bidder for the project, which will have capacity to produce one million cubic metres (m3/day) of water per day and 1,100 megawatts (MW) of electricity ."We are close to completion (of the bid) and will know the result by December. We are now waiting for the financial close," Hasni told reporters after its shareholders meeting in Kuala Lumpur yesterday. "Looking at the liquidity in the Middle East, we are quite confident that there are funds available in Saudi Arabia to make the project bankable," he added.
MMC and its two partners have an equal shareholding in the consortium that will hold a 25- to 30-year concession for the plant, which will take four years to build.The project follows MMC's achievements in power and water projects in the Middle East.MMC, via 51 per cent-owned unit Malakoff Bhd, has a concession in the 900MW and 1,030,000 m3/day Shuaibah IWPP in Saudi Arabia and a 200,000 m3/day seawater desalination plant in Algeria. It also has interests in Central Electricity Generation Co in Jordan and Dhofar Power Co in Oman.In July this year, it won exclusive rights to undertake a study to build a US$2 billion (RM7 billion) coal-fired power plant of up to 1,000MW in Ajman in the United Arab Emirates.MMC is tipped to win the Ajman job, subject to a technical and economic feasibility study it is undertaking.It is learnt that MMC will form a consortium to operate and maintain the plant for 20 years, which will contribute positively to its financial figures.
Meanwhile, Hasni said MMC's offer to acquire more than 50 per cent equity in Aliran Ihsan Resources Bhd (AIRB) for up to RM238.6 million will spearhead plans to bid for more lucrative utilities and infrastructure projects overseas, especially in the Middle East.AIRB is a Johor-based water treatment plant operator with 16 plants under its belt, supplying about 70 per cent of the state's water needs."The acquisition will be our spring board to hold more water assets. We may take some equity stakes, get involved in water treatment plants and form joint ventures," Hasni said.He said the acquisition is the first move by MMC to be involved in the water business domestically and will be a strategic fit.It will complement MMC's global power generation business, particularly in the Middle East and North African regions, where power project bidders are invariably required to provide water solution proposals in their bids."We intend to keep AIRB's listing status and grow the business in terms of size, people and market capitalisation," Hasni said.
MMC's debt stands at RM20 billion, of which RM1.3 billion comes from the holding company and another RM16 billion from subsidiary Malakoff Bhd.
'Austerity drive may see some government projects put on hold'
BTImes
2008/10/16
KUALA LUMPUR: More large government projects, including those in the five growth corri
dors, will be reviewed to reduce operating costs ahead of the impending global economic slowdown, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.
However, he assured investors that only government projects would be affected and not those financed by private companies. "The projects which have not been implemented and some that have been started will be studied to see whether they could be postponed. "This is for big and expensive projects. If appropriate, we will postpone them," Abdullah said during a Hari Raya open house at Biro Tata Negara yesterday.The government has been on an austerity drive since June when the global price of oil increased beyond US$135 (RM474) per barrel.
Government ministries and departments have been told to trim their operating expenditures and when possible, to put off non-essential projects and plans.Some ministries, such as Defence Ministry, have had their original Ninth Malaysia Plan budgets slashed by about 10 per cent or RM300 million.In fact, in his speech earlier at the BTN, Abdullah said the agency had put its reorganisation plans on hold in order to save money. Speaking to reporters later, Abdullah reiterated that the Malaysian economy was resilient enough to withstand the worst of the global economic crisis.He also said Malaysia remained a competitive and attractive country to investors and that it had diversified its exports markets instead of being overly reliant on the US market.
(Blogger's note: Was there money in the first place to carry out all those "corridor" projects?)
2008/10/16
KUALA LUMPUR: More large government projects, including those in the five growth corri
dors, will be reviewed to reduce operating costs ahead of the impending global economic slowdown, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.
However, he assured investors that only government projects would be affected and not those financed by private companies. "The projects which have not been implemented and some that have been started will be studied to see whether they could be postponed. "This is for big and expensive projects. If appropriate, we will postpone them," Abdullah said during a Hari Raya open house at Biro Tata Negara yesterday.The government has been on an austerity drive since June when the global price of oil increased beyond US$135 (RM474) per barrel.
Government ministries and departments have been told to trim their operating expenditures and when possible, to put off non-essential projects and plans.Some ministries, such as Defence Ministry, have had their original Ninth Malaysia Plan budgets slashed by about 10 per cent or RM300 million.In fact, in his speech earlier at the BTN, Abdullah said the agency had put its reorganisation plans on hold in order to save money. Speaking to reporters later, Abdullah reiterated that the Malaysian economy was resilient enough to withstand the worst of the global economic crisis.He also said Malaysia remained a competitive and attractive country to investors and that it had diversified its exports markets instead of being overly reliant on the US market.
(Blogger's note: Was there money in the first place to carry out all those "corridor" projects?)
Wednesday, October 15, 2008
TNB wants IPPs to review power pacts
By Zuraimi Abdullah, BTimes
Published: 2008/10/15
If TNB's finances collapse, the independent power producers will also collapse and bring with them another RM22 billion of (TNB) debts, says TNB CEO
TENAGA Nasional Bhd (TNB) wants independent power producers (IPPs) to renegotiate and revise downwards their power pacts with the utility company, stressing that they will be dragged down too if its finances collapse.Chief executive officer Datuk Seri Che Khalib Mohamad Noh said TNB has RM22 billion of loans versus less than RM10 billion debts owed by the IPPs in the country."If TNB collapses, the IPPs will also collapse and bring with them another RM22 billion of (TNB) debts," he told reporters at a National Utilities Summit in Kuala Lumpur yesterday.TNB has long complained that the power purchase agreements (PPAs) it has with the IPPs were lopsided and a financial burden. That burden is being passed on to consumers in quantum never seen before.
Che Khalib stressed that it was not about "TNB versus IPPs".Rather, the latter - some of which had proclaimed that they were efficient - should pass on some of the efficiency gains to consumers to ensure equality or level-playing field, he said.Industry observers said TNB's financial viability depends on its ability to pass on the PPA burden, but there will be a limit to how much can be passed on to the consumers.Eventually, TNB's financial viability will be adversely affected to a greater degree than it is now, they said.Meanwhile, Che Khalib refuted industry estimates putting TNB's planned two hydro-electric plants at a combined cost of RM4 billion."It is a lot less than that," he said, referring to the two projects in Pahang and Terengganu.He said TNB has enough money for now to fund the projects and that they were on track to be completed in 2012.
TNB is to build a 212-megawatt (MW) plant in Hulu Terengganu and a 372MW Ulu Jelai hydro-electric plant in Pahang.Che Khalib said TNB will discuss more with the government on the Bakun project in Sarawak, although it had already started preliminary works on the dam.
Published: 2008/10/15
If TNB's finances collapse, the independent power producers will also collapse and bring with them another RM22 billion of (TNB) debts, says TNB CEO
TENAGA Nasional Bhd (TNB) wants independent power producers (IPPs) to renegotiate and revise downwards their power pacts with the utility company, stressing that they will be dragged down too if its finances collapse.Chief executive officer Datuk Seri Che Khalib Mohamad Noh said TNB has RM22 billion of loans versus less than RM10 billion debts owed by the IPPs in the country."If TNB collapses, the IPPs will also collapse and bring with them another RM22 billion of (TNB) debts," he told reporters at a National Utilities Summit in Kuala Lumpur yesterday.TNB has long complained that the power purchase agreements (PPAs) it has with the IPPs were lopsided and a financial burden. That burden is being passed on to consumers in quantum never seen before.
Che Khalib stressed that it was not about "TNB versus IPPs".Rather, the latter - some of which had proclaimed that they were efficient - should pass on some of the efficiency gains to consumers to ensure equality or level-playing field, he said.Industry observers said TNB's financial viability depends on its ability to pass on the PPA burden, but there will be a limit to how much can be passed on to the consumers.Eventually, TNB's financial viability will be adversely affected to a greater degree than it is now, they said.Meanwhile, Che Khalib refuted industry estimates putting TNB's planned two hydro-electric plants at a combined cost of RM4 billion."It is a lot less than that," he said, referring to the two projects in Pahang and Terengganu.He said TNB has enough money for now to fund the projects and that they were on track to be completed in 2012.
TNB is to build a 212-megawatt (MW) plant in Hulu Terengganu and a 372MW Ulu Jelai hydro-electric plant in Pahang.Che Khalib said TNB will discuss more with the government on the Bakun project in Sarawak, although it had already started preliminary works on the dam.
Monday, October 13, 2008
Tenaga to proceed with east coast plants
By Shahriman Johari
Published: 2008/10/13
BTimes
The utility will use internal funds to pay for the two hydro-electric plants in Pahang and Terengganu, but it welcomes proposals from bidders to arrange funding
TENAGA Nasional Bhd (TNB) will go ahead with its plan to build two new hydro-electric plants in Pahang and Terengganu despite poor response to a tender.The national utility called for bids to build the 212-megawatt (MW) plant in Hulu Terengganu but large players in the industry like Japan's Mitsubishi and Sumitomo, France's Alstom and Germany's Siemens, decided not to bid for the job."Yes, we're going ahead," TNB chief executive officer Datuk Che Khalib Mohamad Noh told Business Times.An industry source said the project would probably cost a third more than expected due to the rising cost of materials like steel. This means that one plant could cost up to RM2 billion.
"We have not reached that level yet," Che Khalib said when asked about the cost.TNB had said that it will use internal funds to pay for the two plants. The utility had also welcomed proposals from bidders to arrange funding for the project.
The Hulu Terengganu project is located north of the Kenyir Dam in Kuala Berang. Its detailed environmental assessment report is being reviewed currently.
As for the 372 MW Ulu Jelai hydro-electric plant in Pahang, TNB is negotiating directly with a privately-held company to build it. Both plants are due to start operations after 2012.
The country already has several hydro-electric dams, including in Cameron Highlands, Temenggor and Kenyir. Currently, hydro-electric plants in Peninsular Malaysia produce some 1,911MW, TNB said on its website.This accounts for some five per cent of the industry's total generation capacity.The bulk of hydro capacity comes from stations in Sungai Perak, followed by the Kenyir station in Terengganu.Pahang provides the smallest capacity from hydro-electric plants in Cameron Highlands.
Published: 2008/10/13
BTimes
The utility will use internal funds to pay for the two hydro-electric plants in Pahang and Terengganu, but it welcomes proposals from bidders to arrange funding
TENAGA Nasional Bhd (TNB) will go ahead with its plan to build two new hydro-electric plants in Pahang and Terengganu despite poor response to a tender.The national utility called for bids to build the 212-megawatt (MW) plant in Hulu Terengganu but large players in the industry like Japan's Mitsubishi and Sumitomo, France's Alstom and Germany's Siemens, decided not to bid for the job."Yes, we're going ahead," TNB chief executive officer Datuk Che Khalib Mohamad Noh told Business Times.An industry source said the project would probably cost a third more than expected due to the rising cost of materials like steel. This means that one plant could cost up to RM2 billion.
"We have not reached that level yet," Che Khalib said when asked about the cost.TNB had said that it will use internal funds to pay for the two plants. The utility had also welcomed proposals from bidders to arrange funding for the project.
The Hulu Terengganu project is located north of the Kenyir Dam in Kuala Berang. Its detailed environmental assessment report is being reviewed currently.
As for the 372 MW Ulu Jelai hydro-electric plant in Pahang, TNB is negotiating directly with a privately-held company to build it. Both plants are due to start operations after 2012.
The country already has several hydro-electric dams, including in Cameron Highlands, Temenggor and Kenyir. Currently, hydro-electric plants in Peninsular Malaysia produce some 1,911MW, TNB said on its website.This accounts for some five per cent of the industry's total generation capacity.The bulk of hydro capacity comes from stations in Sungai Perak, followed by the Kenyir station in Terengganu.Pahang provides the smallest capacity from hydro-electric plants in Cameron Highlands.
Saturday, October 11, 2008
Ranhill to undertake RM720m hospital project
By Sharen Kaur
BTimes
Published: 2008/10/11
BUILDER Ranhill Bhd has been asked by the government to undertake work on the Women and Children's Hospital Package 2 project in Kuala Lumpur worth RM720 million as a private financing initiative (PFI).The decision to complete the hospital project on a PFI basis instead of government financing was made in July due to lack of funds for it under the Ninth Malaysia Plan (9MP), a source close to the company said.It is learnt that Ranhill is currently preparing the PFI contract to be negotiated with the Ministry of Health.Ranhill Group president and chief executive officer Tan Sri Hamdan Mohamad and executive director and executive vice president Datuk Chandrasekar Suppiah were unavailable for comment.
The RM720 million Package 2 contract involves piling, superstructure, mechanical and electrical, clinical and non-clinical fit-out works, and building a 13-storey hospital on the premises of the current 2,350-bed Hospital Kuala Lumpur.Ranhill is expected to start work in December or after getting approval from the Ministry of Health, and complete the project by late 2011 or early 2012.The source said, however, that the cost has gone up by about 20 per cent due to additional equipment required and higher financing cost."Ranhill will be paid progressively for its work on the hospital project, therefore, its performance for the current year should also improve," the source said.Ranhill has completed Package 1, worth RM16 million, which involved demolishing existing buildings and diverting services at the General Hospital to pave the way for the construction of Package 2.
Blogger's Note: How can PFI projects be paid progressively? PFI means the contractor raises the fund to finance, build and complete the project. Then the Govt will start paying the contractor.
BTimes
Published: 2008/10/11
BUILDER Ranhill Bhd has been asked by the government to undertake work on the Women and Children's Hospital Package 2 project in Kuala Lumpur worth RM720 million as a private financing initiative (PFI).The decision to complete the hospital project on a PFI basis instead of government financing was made in July due to lack of funds for it under the Ninth Malaysia Plan (9MP), a source close to the company said.It is learnt that Ranhill is currently preparing the PFI contract to be negotiated with the Ministry of Health.Ranhill Group president and chief executive officer Tan Sri Hamdan Mohamad and executive director and executive vice president Datuk Chandrasekar Suppiah were unavailable for comment.
The RM720 million Package 2 contract involves piling, superstructure, mechanical and electrical, clinical and non-clinical fit-out works, and building a 13-storey hospital on the premises of the current 2,350-bed Hospital Kuala Lumpur.Ranhill is expected to start work in December or after getting approval from the Ministry of Health, and complete the project by late 2011 or early 2012.The source said, however, that the cost has gone up by about 20 per cent due to additional equipment required and higher financing cost."Ranhill will be paid progressively for its work on the hospital project, therefore, its performance for the current year should also improve," the source said.Ranhill has completed Package 1, worth RM16 million, which involved demolishing existing buildings and diverting services at the General Hospital to pave the way for the construction of Package 2.
Blogger's Note: How can PFI projects be paid progressively? PFI means the contractor raises the fund to finance, build and complete the project. Then the Govt will start paying the contractor.
Friday, October 10, 2008
Mideast role in Penang monorail project?
Published: 2008/10/08
The RM2.2 billion project's estimated 15 per cent internal rate of return is attractive enough to invite equity partners, especially from the Middle East, says Melewar Industrial
MELEWAR Industrial Group Bhd (MIG) may welcome Middle East partners to help finance the RM2.2 billion Penang monorail project."There is no way Melewar can fund it all by ourselves. We definitely have to invite equity partners," MIG managing director and chief executive officer Datuk Tunku Ya'acob Tunku Abdullah said.He said the project's estimated 15 per cent internal rate of return (IRR) was attractive enough to invite equity partners, especially from the Middle East.However, MIG will only call for partners when it gets the nod from the Penang state government.
With an equity partner, MIG would then hold between 20 per cent and 30 per cent of the monorail project, Tunku Ya'acob said.However, it can only take off a year from now as it is currently difficult to raise money via the bond market.Tunku Ya'acob said that the state government was keen on MIG's proposal as the state would not have to fund the project.
The RM2.2 billion project's estimated 15 per cent internal rate of return is attractive enough to invite equity partners, especially from the Middle East, says Melewar Industrial
MELEWAR Industrial Group Bhd (MIG) may welcome Middle East partners to help finance the RM2.2 billion Penang monorail project."There is no way Melewar can fund it all by ourselves. We definitely have to invite equity partners," MIG managing director and chief executive officer Datuk Tunku Ya'acob Tunku Abdullah said.He said the project's estimated 15 per cent internal rate of return (IRR) was attractive enough to invite equity partners, especially from the Middle East.However, MIG will only call for partners when it gets the nod from the Penang state government.
With an equity partner, MIG would then hold between 20 per cent and 30 per cent of the monorail project, Tunku Ya'acob said.However, it can only take off a year from now as it is currently difficult to raise money via the bond market.Tunku Ya'acob said that the state government was keen on MIG's proposal as the state would not have to fund the project.
Malaysia's largest urban project Medini launched
Published: 2008/10/07
Medini is Iskandar's first sizeable world-class offering to the international property space and is expected to bring in over US$20 billion in gross development value
MALAYSIA'S single largest urban development to date, Medini, was officially launched at the GCC's annual property investment event, Cityscape Dubai, yesterday.The catalyst development, previously referred to as 'Node 1', is located in Iskandar Malaysia and is expected to bring in gross development value (GDV) in excess of US$20 billion (RM69.6 billion) over a period of 15 to 20 years.In a statement, Iskandar Investment Bhd (IIB) managing director Arlida Ariff said Medini is Iskandar Malaysia's first sizeable world-class offering to the international property space. "The development is undoubtedly strong in its strategic positioning, government backing, and supporting infrastructure and resources and when you add the invaluable commitment, experience and expertise of our Middle-Eastern partners - we're looking at a winning formula," she added.
IIB's Middle-Eastern business partners in the development include
Rim City Sdn Bhd (RCSB),
Cultural Cluster Sdn Bhd (CCSB) and
Mubadala Development Company (Mubadala),
with the latter leading a consortium called
Global Capital comprising other well-known industry players
ALDAR Properties PSJC (ALDAR) and
Millennium Development International (Millennium).
CCSB is a special purpose vehicle which is majority-owned by
Al-Nibras 2 Limited, a Labuan-based private fund company managed by
Kuwait Finance House (Labuan) Bhd (KFHLB).
The other shareholders are
Khazanah, the government investment authority of Malaysia and the parent company of IIB, and
Jumeirah Capital.
Medini is set to be a 920ha international mixed-use urban development, located on prime greenfield land in the heart of Nusajaya, Johor. "We decided to capitalise on the exposure provided by the Cityscape platform to launch Medini, and in tandem, open up a limited number of exclusive opportunities within our space here for commitment from keen investors," said Richard Polkinghorne, country director of Millennium.
The company, highly experienced in large scale and mixed-use projects, will drive the 146ha International Financial District (IFD) set to be the world-class hub of Islamic Finance in Southeast Asia, with the presence of international financial institutions, banks and corporations.
Another segment in Medini known as the Lifestyle and Leisure Cluster is headed by Mubadala, whose plans include the development of 496ha of land into a City Centre, Golf Village, Medical and Wellness Village, Amusement Bay and a Residential District.
Lastly, CCSB will undertake 249.6ha in Medini to build the Creative Cluster which will include the Heritage District, Creative Park and Logistics Village.
IIB holds a 30 per cent stake across these collaborations in the Medini development. "Malaysia's long-term economic objectives will be strongly perpetuated with every success and progress made in Iskandar Malaysia. The launch of Medini is an important milestone for us, as we are now beginning to unlock our country's true potential to be a globally competitive nation," IIB chairman Tan Sri Azman Mokhtar added.
Blogger's note:
Int'l Financial District: 146ha, Millennium
Lifestyle Cluster: 496ha (largest chunk), Mu badala
Creative Cluster: 250ha, Cultural Cluster(CCSB)
Datuk Baharum Jani moves up the rank
2008/10/10
Four move up in civil service
BERNAMA
KUALA LUMPUR: The Finance Ministry's budget management division director Datuk Latifah Abu Mansor has been appointed deputy secretary-general (policy) of the Treasury.
Chief secretary to the government Tan Sri Mohd Sidek Hassan announced yesterday that Latifah, 56, would assume the post on Oct 17, taking over from Datuk Ibrahim Mahaludin Puteh.
The International Trade and Industry Ministry's sectoral policy and industrial service senior director Datuk Kamaruddin Ismail has been appointed deputy secretary-general (industry) of the same ministry, effective Oct 19.Kamaruddin, 55, will replace Datuk Ooi Say Chuan, who goes on mandatory retirement on the same date.
Director of the infrastructure and utilities section, of the economic planning unit of the Prime Minister's Department, Datuk Dr Baharom Jani, 53, has been appointed deputy secretary-general (development) of the Agriculture and Agro-Based Industry Ministry, effective Oct 6. He replaces Datuk Mohd Mokhtar Ismail, who was appointed the ministry's secretary-general. -- Bernama
Blogger's note: Dep SecGen= TKSU
Four move up in civil service
BERNAMA
KUALA LUMPUR: The Finance Ministry's budget management division director Datuk Latifah Abu Mansor has been appointed deputy secretary-general (policy) of the Treasury.
Chief secretary to the government Tan Sri Mohd Sidek Hassan announced yesterday that Latifah, 56, would assume the post on Oct 17, taking over from Datuk Ibrahim Mahaludin Puteh.
The International Trade and Industry Ministry's sectoral policy and industrial service senior director Datuk Kamaruddin Ismail has been appointed deputy secretary-general (industry) of the same ministry, effective Oct 19.Kamaruddin, 55, will replace Datuk Ooi Say Chuan, who goes on mandatory retirement on the same date.
Director of the infrastructure and utilities section, of the economic planning unit of the Prime Minister's Department, Datuk Dr Baharom Jani, 53, has been appointed deputy secretary-general (development) of the Agriculture and Agro-Based Industry Ministry, effective Oct 6. He replaces Datuk Mohd Mokhtar Ismail, who was appointed the ministry's secretary-general. -- Bernama
Blogger's note: Dep SecGen= TKSU
Idrose is Syarikat Prasarana CEO
Idrose is Syarikat Prasarana CEO
By Kang Siew Li
Published: 2008/10/10
DATUK Idrose Mohamed has taken the helm of Syarikat Prasarana Negara Bhd (SPNB) as its chief executive officer (CEO) effective October 1 2008, succeeding Shaipudin Shah Harun.Prior to this appointment, Idrose was tipped to head Keretapi Tanah Melayu Bhd. However, it did not materialise.Idrose currently heads the National Public Transport Task Force, a post he has held since September 1 2008.
He has been tasked with establishing a 15-member team over the next three to six months.The task force is a precursor to the Public Land Transportation Commission, which was established under the Prime Minister's Department, to plan, integrate, regulate and improve the overall public transportation services in the country. The commission is expected to commence operations by mid-2009. Before taking over at SPNB, Idrose was group managing director and CEO of Pos Malaysia & Services Holdings Bhd.He was also the former managing director of PLUS Expressways Bhd until his resignation on April 1, 2007.
SPNB is a wholly-owned subsidiary of the Ministry of Finance Inc, which owns the assets of the two light rail transit (LRT) lines, namely the Ampang Line and the Kelana Jaya Line.Apart from being the asset owners of the two LRT sys-tems, SPNB also supplied 1,055 new buses as of April 2008 to service routes within the Klang Valley.Both the LRT and bus services are operated by Rangkaian Pengangkutan Integrasi Deras Sdn Bhd, also a wholly-owned unit of MOF Inc.In December 2007, SPNB took over the assets and operations of the Kuala Lumpur monorail system, which is currently being managed by its wholly-owned subsidiary KL StarRail Sdn Bhd.
By Kang Siew Li
Published: 2008/10/10
DATUK Idrose Mohamed has taken the helm of Syarikat Prasarana Negara Bhd (SPNB) as its chief executive officer (CEO) effective October 1 2008, succeeding Shaipudin Shah Harun.Prior to this appointment, Idrose was tipped to head Keretapi Tanah Melayu Bhd. However, it did not materialise.Idrose currently heads the National Public Transport Task Force, a post he has held since September 1 2008.
He has been tasked with establishing a 15-member team over the next three to six months.The task force is a precursor to the Public Land Transportation Commission, which was established under the Prime Minister's Department, to plan, integrate, regulate and improve the overall public transportation services in the country. The commission is expected to commence operations by mid-2009. Before taking over at SPNB, Idrose was group managing director and CEO of Pos Malaysia & Services Holdings Bhd.He was also the former managing director of PLUS Expressways Bhd until his resignation on April 1, 2007.
SPNB is a wholly-owned subsidiary of the Ministry of Finance Inc, which owns the assets of the two light rail transit (LRT) lines, namely the Ampang Line and the Kelana Jaya Line.Apart from being the asset owners of the two LRT sys-tems, SPNB also supplied 1,055 new buses as of April 2008 to service routes within the Klang Valley.Both the LRT and bus services are operated by Rangkaian Pengangkutan Integrasi Deras Sdn Bhd, also a wholly-owned unit of MOF Inc.In December 2007, SPNB took over the assets and operations of the Kuala Lumpur monorail system, which is currently being managed by its wholly-owned subsidiary KL StarRail Sdn Bhd.
Medini Ready To Attract Foreign Investors
October 04, 2008 15:25 PM
Medini Ready To Attract Foreign Investors
By: Ramjit-->
KUALA LUMPUR, Oct 4 (Bernama) -- Foreign investors, such as those from the Middle East and the Far East, are critical in determining the success of Iskandar Malaysia.This is either in respect of project financing, acquiring properties to be developed, a place to live or a base for businesses.With billions to be spent annually over the next two decades on the development of Iskandar Malaysia, it is obvious Malaysian investors alone cannot provide the financing.Foreign partners are an advantage as they usually have the networking to promote the projects globally, and in Iskandar Malaysia, only top international developers are being invited to be partners.
A major marketing event for the development in Iskandar Malaysia next week, is Cityscape Dubai 2008, where Medini Iskandar Malaysia, now known as Node 1, will be unveiled.Cityscape Dubai 2008 will be held from Oct 6-9 at the Dubai International Exhibition Centre in the United Arab Emirates.The largest business-to-business international real estate event in the world, it is expected to attract over 60,000 professionals from over 140 countries.
Medini will be developed by Rim City Sdn Bhd, a subsidiary of Iskandar Inverstment Bhd, in collaboration with its foreign business partners Mudabala from Abu Dhabi, Dubai's Millennium Development International Company and Kuwait Finance House.Iskandar Investment, formerly known as the South Johor Investment Corporation Bhd, is the super developer of Iskandar Malaysia with a landbank of about 2,750 hectares.The foreign partners committed an initial investment of US$1.2 billion (RM4.1 billion) last year and it is being spent on land and basic infrastructure development in Medini.
Medini, is a name inspired by the ancient capital of Johor called Ujung Medini, or "End of the Continent".The international mixed-used development on a 920-hectare site will be the growth catalyst for Iskandar Malaysia which is expected to be developed over a 15-20 year period for over US$20 billion.The master plan for the development of Medini will be submitted by the year-end and approved in the first quarter of next year.The construction of the first building will be undertaken in the second half of 2009, said the head of marketing and business development for Node 1, Hanafiah Mansor.Development such as Medini is needed to provide a quantum leap and the right benchmark for Johor, he stated during a recent press visit there.Although the land is currently bare with just some preparatory works on the site, he highlighted that within the first six years, 50,000 people are expected to live and work in Medini.This will increase to 150,000 in 10 years and 300,000 people within the next two decades.-- BERNAMA
Medini Ready To Attract Foreign Investors
By: Ramjit-->
KUALA LUMPUR, Oct 4 (Bernama) -- Foreign investors, such as those from the Middle East and the Far East, are critical in determining the success of Iskandar Malaysia.This is either in respect of project financing, acquiring properties to be developed, a place to live or a base for businesses.With billions to be spent annually over the next two decades on the development of Iskandar Malaysia, it is obvious Malaysian investors alone cannot provide the financing.Foreign partners are an advantage as they usually have the networking to promote the projects globally, and in Iskandar Malaysia, only top international developers are being invited to be partners.
A major marketing event for the development in Iskandar Malaysia next week, is Cityscape Dubai 2008, where Medini Iskandar Malaysia, now known as Node 1, will be unveiled.Cityscape Dubai 2008 will be held from Oct 6-9 at the Dubai International Exhibition Centre in the United Arab Emirates.The largest business-to-business international real estate event in the world, it is expected to attract over 60,000 professionals from over 140 countries.
Medini will be developed by Rim City Sdn Bhd, a subsidiary of Iskandar Inverstment Bhd, in collaboration with its foreign business partners Mudabala from Abu Dhabi, Dubai's Millennium Development International Company and Kuwait Finance House.Iskandar Investment, formerly known as the South Johor Investment Corporation Bhd, is the super developer of Iskandar Malaysia with a landbank of about 2,750 hectares.The foreign partners committed an initial investment of US$1.2 billion (RM4.1 billion) last year and it is being spent on land and basic infrastructure development in Medini.
Medini, is a name inspired by the ancient capital of Johor called Ujung Medini, or "End of the Continent".The international mixed-used development on a 920-hectare site will be the growth catalyst for Iskandar Malaysia which is expected to be developed over a 15-20 year period for over US$20 billion.The master plan for the development of Medini will be submitted by the year-end and approved in the first quarter of next year.The construction of the first building will be undertaken in the second half of 2009, said the head of marketing and business development for Node 1, Hanafiah Mansor.Development such as Medini is needed to provide a quantum leap and the right benchmark for Johor, he stated during a recent press visit there.Although the land is currently bare with just some preparatory works on the site, he highlighted that within the first six years, 50,000 people are expected to live and work in Medini.This will increase to 150,000 in 10 years and 300,000 people within the next two decades.-- BERNAMA
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