Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 06 December 2012 18:59
KUALA LUMPUR (Dec 6): The FBM KLCI could edge higher on Friday to extend its positive run for a fourth day, albeit with limited gains after most Asian markets reversed their earlier gains to close mixed on Thursday.
Meanwhile, European stocks hit their highs for the year on Thursday while the euro slipped as investors awaited the outcome of a European Central Bank (ECB) policy meeting for signs of any future rate cuts, according to Reuters.
The prospect of more support from Europe's central bank, signs of gathering momentum in China's giant economy and the modest recovery in the United States have encouraged investors back into the world's main equity markets ahead of the new year, it said.
Among the stocks that could be in focus on Friday are Maxis Bhd; Malaysia Marine and Heavy Engineering Bhd (MMHE); TAKASO RESOURCES BHD []; YINSON HOLDINGS BHD []; and Sentoria Group Bhd.
Maxis said its unit Maxis Broadband Sdn Bhd had been allocated 2 x 10MHz Frequency Division Duplex spectrum for 4G Mobile Broadband in the 2600 MHz band by the Malaysian Communications and Multimedia Commission (MCMC), which allows it to provide 4G Mobile Broadband Wireless Access Services.
MMHE has been awarded a RM165 million contract by ExxonMobil Exploration and Production Malaysia Inc for the Damar gas development project.
Under the terms of the contract, MMHE will engineer, procure, construct and commission the topsides and platform jacket for the project, according to a report by Bernama.
The Damar project is located about 200km off the east coast of Peninsular Malaysia in approximately 55 metres of water. It consists of one four-legged gas satellite platform. Full well stream gas will be produced via a new 22km pipeline to the existing Lawit A platform for processing.
A total of 16 development wells are planned for the platform, and field peak capacity is forecasted to be 200 million cubic feet of gas per day.
The Damar project was the second project secured by MMHE this year. Earlier, it obtained three contracts totaling to RM278 million, from Sarawak Shell Bhd.
Bursa Malaysia Securities queried Takaso over the unusual market activity (UMA) in the trading of the company’s shares.
It said on Thursday that the query was regarding the sharp rise in the price of the shares recently.
Yinson has acquired a controlling 51% stake in a Vietnam-based subsidiary which will build two warehouses at a port owned by the Malaysian logistics firm in the Indochina nation.
In a statement to Bursa Malaysia on Thursday, Yinson said the firm via its wholly-owned unit Yinson Vietnam Co Ltd had bought the stake in Yen Son Diversified Co Ltd, in which, Yen Son Transport Co Ltd will hold the remaining 49% portion.
"At present, Yinson has warehousing facilities in Malaysia. The joint venture (JV) will enable Yinson to expand its warehousing facilities to Vietnam," Yinson said.
Meanwhile, Sentoria is strengthening its foothold in Kuantan with the Taman Bukit Rangin 2 mixed development project, with a gross development value (GDV) of RM315 million.
In a statement Thursday, Sentoria said the the project, located on 210 acres of land owned by Fajar Pertiwi Sdn Bhd, was slated to have 2,500 residential and commercial units being developed by Sentoria's wholly-owned subsidiary Sentoria Alam Sdn Bhd.
Sentoria said that to facilated the development, a joint development agreement had been signed between Sentoria Alam and Fajar Pertiwi, under which the former would receive 91.5% of the sales proceed with the latter entitled to the 8.5% balance.