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MMC Corp Bhd saw major development in two of its subsidiaries yesterday but there was hardly any movement in its share price. It was flat at RM2.78 at the end of the morning session today after opening two sen higher at RM2.80. Yesterday, its unit, Gas Malaysia Sdn Bhd, signed a new agreement for the sale and purchase of dry gas with Petronas for a 10-year period from 2013, with the option to extend for another five years. HwangDBS Vickers Research said the absence of the agreement was the key stumbling block for Gas Malaysia's listing, originally slated for the first quarter, but now scheduled for the second quarter this year. "Hence, this piece of news will certainly pave the way for the listing soon," said the research house, which put Gas Malaysia's valuation in MMC's sum of part at RM2.8 billion. HwangDBS Vickers Research put RM3.70 target price per share for MMC. The second major news from MMC was Tanjung Bin Energy Sdn Bhd entering into a RM5 billion engineering, procurement and construction contract with a consortium comprising Alstom Power Systems SA, Alstom Services Sdn Bhd, Mudajaya and Shin Eversendai Engineering. The contract is to build a 1,000MW power plant in Tanjung Bin, Johor, which is expected to be completed in 48 months from the notice to proceed. Malakoff Corporation Bhd's power generation capacity will increase by 20 per cent to 6,020MW. HwangDBS Vickers Research expects the cost synergy for the new power plant, with Malakoff's adjacent 2,100MW plant, enabling the power generation capacity to be achieved in a shorter period. -- Bernama