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Sona Petroleum shares, warrants up on stake acquisition in Singapore-based company

 September 28, 2013, Saturday

KUALA LUMPUR: Sona Petroleum Bhd shares and warrants increased in trading yesterday on speculations that it is looking to buy a stake in Singapore-listed RH Petrogas Ltd.

RH Petrogas is controlled by Sarawak tycoon Tan Sri Tiong Hiew King, who is also chairman of the oil and gas company.

As of closing yesterday, Sona Petroleum gained one sen to 44.5 sen, with 35.4 million shares transacted, while its warrants were up 0.5 sen to 28 sen, with 107.14 million shares changing hands.

Based on a news report, Sona Petroleum could be buying a stake in RH Petrogas via a placement of shares, and acquiring some of its assets, which are offshore oil and gas blocks.

Sona Petroleum wants to acquire 10 per cent share placement in RH Petrogas as the latter is looking to raise US$60 million for capital expenditure. — Bernama

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Ibraco announces proposed JV for treatment plant

by Sharon Kong, sharonkong@theborneopost.com. Posted on September 18, 2013, Wednesday

KUCHING: Ibraco Bhd (Ibraco) has proposed a joint venture (JV) between its 70 per cent-owned subsidiary Ibraco HGS Sdn Bhd (Ibraco HGS), BDA Properties Sdn Bhd (BDAP) and Warisar Sdn Bhd (Warisar) for the design, construction and completion of a centralised sewerage treatment plant (STP) on land designated for a treatment plant and joint development on the remaining lands.

In a statement to Bursa Malaysia yesterday, Ibraco said the proposed STP is to construct a plant in Bintulu, encompassing 5.8 acres with an additional 10 metres width green buffer along the perimeter.

The proposed STP will consist of a pumping station, secondary screen, aerated grit and grease chamber, blower house, sequencing batch reactor tank, equalisation tank, chlorination tank and house, sludge holding tank, sludge thickening, sludge dewatering house and sludge storage shed, stand-by diesel generation set and administrative house.

Upon completion of the proposed STP, the Ibraco Group will be granted the rights to the proposed joint development (PJD).

“Pursuant to the PJD, the development lands are envisaged to be developed into shopoffices, commercial mall, offices and hotel developments which are expected to create a comprehensive major urban service centre with various commercial related developments,” the group explained in its filing to Bursa.

“These are expected to generate economic benefits to the surrounding areas due to the good infastructure and accessibility of the development lands.”

Ibraco further added in the statement that in line with the positive outlook of both Sarawak and Bintulu, the board is of the opinion that there is significant potential in the development lands.

As such, with the completion of the Sarawak Corridor of Renewable Energy (SCORE) and 10th Malaysia Plan projects, the board expects growing demands for both residential and commercial properties in Bintulu.

Furthermore, with the proposed development manager being awarded and undertaken by a wholly-owned subsidiary of Ibraco – Ibraco Construction Sdn Bhd – the key functions related to the construction and development of the proposed JV will be undertaken in-house.

“As such, this will enable us to have a better control and coordination of the proposed JV and is expected to imporve the efficiency in the construction and development in terms of time and cost,” Ibraco reiterated.

Overall, the board is optiomistic of the future prospects of the proposals and ultimately, the Ibraco group, as it believes the proposals will enhance the future earning of the group and that the proposed JV is expected to generate a stable stream of cash flows in the future financial years.

Ibraco also stated that the proposed JV is not expected to have any material effect on the net assets per share of the group as the development lands are alienated to Bintulu Development Authority.

In addition, it pointed out that the JV will be fundded partly by bank borrowings by the group and the gearing level of the Ibraco will be increased accordingly.

“The construction of the proposed STP is expected to commence in the fourth quarter of 2013 (4Q13) and is expected to be completed by the end of 2014, thus it is not expected to have any effect on the earnings and earnings per share (EPS) of the group for the estimated financial year ended 2013 (FYE13)

“As for the construction of the PJD, it is expected to commence in FYE14 and is not expected to have any effect on the earnings and EPS of the group for FYE13,” Ibraco explained.

Thus, in accordance with the timing and commencement of the construction in relation to the proposed JV, the proposed development manager is not expected to have any effects on the earnings and EPS of the group for FYE13.

Jalanraya di Sarawak perlu lebih batu kerana 'Peat Soil'

SEIC addresses engineering challenges on soft soil

by Marilyn Ten, reporters@theborneopost.com. Posted on September 18, 2013, Wednesday

TECHNICAL EXHIBITS: Manyin (second left) taking a closer look at one of the exhibits on display at the SEIC exhibition booths in the company of other guests.— Photo by Jeffrey Mostapa

KUCHING: Engineers designing roads in the state face a major challenge of building them over peat soil which makes up 15 per cent of the state’s land.

Minister of Infrastructure Development and Communications, Dato Sri Michael Manyin said the peat soil could reach a depth of 30 metres.

“When we build roads on peat soil running as deep as 30 metres, which is more than 100 feet, the road may be useable in the beginning but after two years, the road surface will become undulating,” he said when officiating at the opening ceremony of Soft Soils Engineering International Conference 2013 (SEIC) at a hotel here on behalf of Chief Minister Pehin Sri Abdul Taib Mahmud yesterday.

He hoped SEIC, jointly organised by Universiti Tun Hussein Onn Malaysia (UTHM) Research Centre for Soft Soils (RECESS) Centre of Excellence and Faculty of Civil Engineering and Environment (FKAAS), and the university’s involvement in soft soil research in the state could help identify effective solutions for the development of infrastructure in Sarawak.

“I hope participants will touch on these challenges in their deliberation at this conference,” he said.

The three-day conference is jointly organised by Universiti Tun Hussein Onn Malaysia (UHTM) Research Centre for Soft Soils (RECESS) Centre of Excellence and Faculty of Civil Engineering and Environment (FKAAS) in collaboration with seven organisations including Ministry of Infrastructure Development
and Communication, Sarawak Public Works Department (JKR) and Universiti Malaysia Sarawak.

Manyin said the involvement of several Sarawak-based companies the conference could bring significant impact to the state’s development. UTHM’s involvement in soft soil research in Sarawak could help identify effective solutions for the state’s infrastructure development.

He said: “We welcome UTHM to spread its wing to Sarawak as we need 200,000 to 300,000 engineers in the years ahead.”

Meanwhile, UHTM vice-chancellor Prof Dato’ Dr Mohd Noh Dalimin said SEIC aimed to create a platform for knowledge-sharing between universities, government agencies and industries in relation to construction in soft soil areas.

“Through the conference, we hope to organise academic programmes that create awareness among participants of the challenges and achievements in the field of soft soil engineering while generating income for RECESS Fund that would activate research activities related to soft soil engineering,” he said in his welcoming address.

A total of 172 delegates from countries such as Japan China, Nigeria, Yemen, Indonesia, Sri Lanka, Singapore and Malaysia are participating in SEIC where four keynote speeches, 11 invited papers and 40 technical papers will be presented.

When contacted, Works Minister Datuk Fadillah Yusof said his ministry would be obtaining recommendations and resolutions from SEIC for further studies.

“We will be taking in the resolutions to be studied to further improve and maintain roads in Sarawak,” he said.

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BDA dan Debassa Development tandatangani kontrak bina jalan

Posted on September 10, 2013, Tuesday

MEMETERAI: Mohidin (dua kanan) dan Leonard bertukar dokumen perjanjian kontrak sejurus selesainya acara menandatangani kontrak berkenaan di Bintulu semalam.

BINTULU: Lembaga Kemajuan Bintulu (BDA) dan Debassa Development Sdn Bhd (Debassa Development) menandatangani kontrak pembinaan jalan sepanjang 4.8 kilometer bernilai RM81.9 juta di Taman Perindustrian Samalaju (SIP) di sini semalam.

BDA diwakili Pengurus Besarnya Datu Mohidin Ishak manakala Debassa Development diwakili oleh Pengarah Urusannya Leonard Martin Uneng yang turut disaksikan oleh wakil kedua-dua pihak.

Mohidin berkata BDA dan kerajaan negeri terus menjalinkan kerjasama erat untuk memastikan penyediaan prasarana dan infrastruktur di kawasan SIP dan penambahbaikan dari semasa ke semasa demi keselesaan pelabur yang menjalankan aktiviti perindustrian di kawasan terbabit.

Jelasnya, Projek Koridor Tenaga Diperbaharui Sarawak (SCORE) merupakan projek terpenting kerajaan negeri pada masa sekarang dalam membantu dalam mewujudkan pelbagai peluang pekerjaan kepada anak-anak tempatan sekali gus memajukan kawasan wilayah tengah Sarawak yang kurang maju jika dibandingkan kawasan-kawasan lain di negeri ini.

“Justeru, BDA merupakan badan pelaksana kemajuan dan projek pembangunan di Bintulu dengan bantuan kerajaan pusat dan negeri bagi memastikan projek SCORE dapat dilaksanakan dengan lancar dan sebagaimana dirancang demi kesinambungan pembangunan industri di Kota Tenaga Sarawak ini,” katanya.

Menurutnya, buat masa sekarang BDA berpuas hati dengan kelancaran projek pembangunan di SIP yang mana lebih banyak projek penambahan infrastruktur dan prasarana terutama struktur jalan sedia ada dan jalan baharu bagi melancarkan perjalanan trafik di kawasan terbabit.

Kerja-kerja penambahbaikan itu memudahkan aktiviti perindustrian di kawasan SIP dari segi logistik dan pengangkutan yang merupakan antara aspek terpenting bagi memajukan sesebuah kawasan perindustrian.

“Justeru, projek pembinaan jalan berkembar di SIP ini membantu mengurangkan kesesakan di kawasan terbabit terutama pada waktu puncak sekali gus memberi keselesaan kepada pekerja berulang-alik dari SIP ke bandar Bintulu setiap hari,” ujarnya.

Mohidin turut menasihati kontraktor dilantik (Debassa Development) agar melakukan kerja-kerja pembinaan jalan mengikut spesifikasi jalan yang ditetapkan sebagaimana termaktub dalam perjanjian.

“Apa yang paling penting, segala bahan pembinaan hendaklah daripada bahan berkualiti bagi memastikan jalan tersebut dapat digunakan dalam jangka masa yang lama setelah siap,” katanya.

Hadir sama Pengarah Eksekutif Debassa Development Joseph Sinayun dan Setiausaha BDA Siti Aishah.

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CMS’ stock will go up, more profits soon via SCORE

Borneo Post August 17, 2013, Saturday

DEEPLY UNDERVALUED: CIMB Research believes that CMS’ stock remains deeply undervalued, at a 48 per cent discount to its RNAV of RM10.45 per share, even after it had surged 60 per cent YTD, spurred by renewed investor interest in its dominant position in Sarawak via SCORE.

KUCHING: CIMB Investment Bank Bhd (CIMB Research) believes that the stocks of Cahya Mata Sarawak Bhd (CMS) is still undervalued even after its year to date (YTD) surge, with its position to benefit from the Sarawak Corridor of Renewable Energy (SCORE) over the long term.

As the sole cement and clinker manufacturer in Sarawak with a capacity of 1.75 million metric tonnes (MT) per annum, CMS stands to gain from cement-demand growth which should be underpinned by SCORE’s development.

“With development in SCORE expected to pick up over the next five years, local cement demand is expected to exceed supply over the next two years as existing plants are running at 90 per cent capacity, close to their maximum,” CIMB Research highlighted.

Cement remains the group’s biggest revenue and profit generator having contributed 43 per cent to group revenue and 29 per cent to group pretax profit in financial year 2012 (FY12). Its near-monopoly gives the group pricing power, that is, zero rebates compared to Peninsula Malaysia.

The group’s construction materials complement its cement, construction and property-development businesses. It currently operates five quarries with licences of up to 20 years with a rated capacity of 3.2 million MT per annum, controlling 23 per cent of the market in Sarawak.

Other facilities are six premix plants with market shares of 50-60per cent, and a 5,500 MT per annum facility to manufacture steel wires and mesh with a market share of 15 per cent. In line with the progress of SCORE, it will be expanding its quarries and wire facilities.

In its property division, earnings have been climbing since 2012 thus allowing the group to aim for more aggressive launches with new products over the next 12-18 months.

While property development makes up just 11 per cent of group profits, there is stable longer-term potential from its huge land bank consisting of two large land parcels in Kuching measuring 4,511 acres and other smaller parcels. The progress of SCORE should catalyse property demand for CMS.

Generally, CMS is directly exposed to SCORE within the Samalaju Industrial Park. Its first exposure is the Samalaju Development, where the group provides worker accommodation and other services.

This business should continue to grow as more workers populate the area together with upcoming projects in the industrial area.

Contributions from this venture were 11 per cent in FY12 (maiden profits) and with high barriers to entry as it is the only government-approved provider of worker, supervisor and executive camps in Samalaju.

The 2,000-acre land will be developed over 10 years on a fast-track basis and will also include hotels and serviced apartments by mid-2014.

In terms of new associate earnings, CMS aims to add more to its earnings with its 20 per cent investment in OM Materials Sarawak Sdn Bhd (OM Materials) – the first ferrosilicon alloy, manganese ferroalloy and sintered manganese ore facility in SCORE.

This facility is touted as one of OM Holdings Ltd’s (OM) – the 80 per cent stakeholder – lowest-cost plants in the region as the price of hydro power is generally 20-30per cent cheaper than in India and China.

“As such, CMS expects RM80 million-100 million in new associate profits from this project from 2016, representing 45 to 57 per cent boosts to the group’s average pretax profits in the past three years, by our estimates,” CIMB Research projected.

As SCORE is expected to make rapid progress in the next few years, the management will try to make new investments in energy-intensive industries beyond its OM Materials venture for more recurring income.

Overall, CMS hopes to derive a profit mix of 50:50 from SCORE and non-SCORE projects from 2016 onwards.

With all these insights into long term gains, CIMB Research believed that CMS’ stock remains deeply undervalued, at a 48 per cent discount to its revised net asset value (RNAV) of RM10.45 per share, even after it had surged 60 per cent YTD, spurred by renewed investor interest in its dominant position in Sarawak via SCORE.

Its re-rating was also triggered by progress of its venture in OM Materials and the fact that management has been more proactive engagement of investors in the past year.

“It is clear that CMS’s earnings are set to scale new highs, in line with the more rapid progress of SCORE and infrastructure rollout in Sarawak under the 10th and 11th Malaysia Plans,” the research house opined.

Unlike other pure building-material/cement companies, CMS’s businesses go beyond cement, rendering it a direct proxy for and beneficiary of the progress of SCORE in Sarawak.

“ Pegging a 30 per cent small/mid cap discount to our RNAV of RM10.45 per share, the stock is worth RM7.31 per share, in our reckoning, implying upside of 37 per cent.

“The more upbeat valuation basis now reflects our positive expectations on the progress of SCORE and management’s clearer growth strategy,” CIMB Research reiterated.

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RM 212 lost profits every month by Palm FFB sellers due to Diesel shortage

Diesel shortage hits palm oil sector

BY HANIM ADNAN
NEM@THESTAR.COM.MY

KUALA LUMPUR: A repeat episode of the diesel shortage in Malaysia this year can badly jeopardise the entire supply chain for palm oil, one of the country’s top revenue earners, warned industry players.

Sidhu Brothers Group, the country’s leading palm oil tanker haulage company, is hopeful that the Government could come up with a “fixed” long-term solution to counter the diesel shortage, which has been rampant particularly in the past seven years.

Its commercial director Jimmy Sidhu told StarBiz that: “This can be via narrowing down the price differences between the government subsidised diesel and non-subsidised diesel for industry users.

“Another option is for a total removal of fuel subsidy eventhough it can be a rather painful decision to make.”

This year, the Government is expected to fork out RM19.46bil to subsidise diesel versus RM19.5bil last year.

In Malaysia, there are two parallel diesel markets – legally subsidised diesel and illegal siphoning/smuggling of subsidised diesel with their own market clientele.

“This is a lucrative market as the difference between non-subisidised diesel at RM2.67 per litre and subsidised diesel at RM1.80 per litre is 87 sen per litre,” said Jimmy who is a palm oil logistics expert.

He said: “The current cheaper local subsidised diesel makes it a constant target of rampant smuggling or syphoning into neighbouring countries where diesel prices are mostly sold higher than Malaysia.”

He pointed out that the consequences of continued delay in transporting fresh fruit bunches (FFB) to palm oil mills could lead to decomposition, thus affecting the palm oil extraction rate (OER) content.

The OER is an important performance indicator for crude palm oil (CPO) production.

“The higher the OER means better CPO production,” said Palm Oil Refiners Association of Malaysia (Poram) chief executive officer Mohammad Jaaffar Ahmad.

Once the quality of FFB deterioriates due to late delivery to the mills, the OER percentage would drop.

“Just 1% drop of OER per month in the country can translate into a loss of almost 77,000 tonnes of CPO per month valued at about RM212mil per month based on an average CPO price of RM2,764 per tonne in 2012.

“This is a big loss per month for Malaysia if the diesel shortage is prolonged for one month,” explained Jaafar.

Last year, the monthly average OER for Malaysia is 20.35% while the monthly FFB processed by mills in Malaysia is about 7.69 million tonnes.

For palm oil refiners, Jaaffar noted that the issue was on the delivery of CPO to refineries and from refineries to the bulking installation and/or port for export shipment.

There would be shutdown of refineries because of unavailability of CPO deliveries, build-up of stocks if processed palm oil cannot be shipped out in time, demurrage charges at the port because palm oil cannot be loaded on the ships, product quality drop and lost of business because of non-delivery performance which does not bode well for the local palm oil industry.

“This will affect Malaysia’s reputation as a reliable supplier of palm oil globally often touted by the Malaysian Palm Oil Board and Malaysian Palm Oil Council,” he added.

It is estimated that there are 2,000 palm oil tankers in Peninsular Malaysia alone.

Each tanker can carry an average 30 tonnes of CPO and processed palm oil (PPO).

“In a single day, there will be a movement of about 60,000 tonnes of CPO and PPO from mills to refineries and from refineries to the ports.

“Also, bear in mind that this does not include the FFB trucks which must supply the FFB to the mills every day,” explained Jaaffar.

Meanwhile, Jimmy pointed out that Sidhu Brothers Group has a timely delivery agreements, which cannot exceed 24 hours once the FFBs are harvested at the oil palm plantations.

“We are penalised based on the time recorded from the point it is harvested to mill. But because the national diesel shortage is beyond the operators’ control, the penalties are usually waived,” he added.

However, this would not resolve the problem. In fact it becomes worse for the palm fruit harvesters to generate income.

“The harvesters will quickly move on to other jobs as they are usually 100% based on commission because harvesting and transporting are outsourced to another party. Further delays will result in overripe fruits due to delays in harvesting and transporting,” explained Jimmy.

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CMS to build new plant and further increase market dominance

New plant, increasing cement production to spur growth for CMS

Borneo Post July 24, 2013, Wednesday

 Photo shows an aerial view of CMS Clinker’s facilities. RHB Research notes that the plant has been operating without any problems since March, projecting annual cost savings of RM15 million each from efficiency improvement, and switching to a local low calorific value coal source.

KUCHING: With a string of major development projects either underway or in the pipeline, busy years ahead is anticipated for construction players in Sarawak, in particular for Cahya Mata Sarawak Bhd (CMS).

According to RHB Research Institute Sdn Bhd (RHB Research) in a report on the group yesterday, growth in demand for cement will continue to push CMS forward.

To note, cement demand in 2012 was reported to be at 1.64 million tonnes compared to the grinding capacity of 1.6 million tonnes.

In fact, CMS had to import some 95,000 tonnes of cement last year to cope with demand.

“Based on conservative growth estimates of five per cent for 2013 to 2014, and a constant growth of 2.5 per cent from 2015 onwards, the group will be importing some half a million tonnes of cement to meet the shortfall in the state by 2020, although the actual deficit may be greater than estimated,” it highlighted in the report.

“This led to the board approving proposals for a new cement grinding line with a one million tonne per day (tpy) capacity, which will require a capital expenditure (capex) of RM150 million to cater to demand,” it stated.

To note, the plant’s management confirmed the construction of this new plant, which will take 18 to 24 months and is slated to begin early next year.

This was on the back of a RM78 million investment in plant upgrade works for wholly owned subsidiary CMS Clinker Sdn Bhd (CMS Clinker), which will increase the group’s production to 2,800 tonnes per day (tpd), or 896,000 tpy.

RHB Research noted that this particular upgrade had been delayed owing to technical hiccups relating to equipment supply.

“We are relieved to learn that these issues have been resolved and that the plant has been operating without any problems since March,” it stated.

“Meanwhile, we are projecting annual cost savings of RM15 million each from efficiency improvement, and switching to a local low calorific value coal source.

“The additional internally-produced clinker will also boost CMS’ bottomline from 2014 onwards. All in all, we are confident that this division – which recorded a loss of RM29 million as a result of the prolonged shutdown in financial year 2012 (FY12) – is indeed well on track to return to the black in FY13.”

To note, the group supplies about half of Sarawak’s high quality asphaltic concrete (premix) and bitumen emulsion.

It is also a substantial player in stone aggregates and a trader of various types of construction materials within Sarawak.

With the government setting its sights on the state’s infrastructure development, the research house expect the demand for construction-related materials to be well supported.

Separately, the group maintains approximately 4,800km of state roads and 680km of federal roads via two separate concession agreements expiring in December 2017 and August 2018 respectively.

RHB Research further explained that CMS’ share price has surged 75.4 per cent since its March 2013 initiation report entitled ‘Set To SCORE’.

“We believe the group’s cement division remains its c’rown jewel’ given its stranglehold on Sarawak’s cement market.

“Nonetheless, its market cap only represents an approximate estimate of the full value of its cement division, if we apply a multiple similar to its regional peers based on FY14 earnings.”

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Maybank grossly overpaid for BII acquisition?

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Maybank lost billions in BII acquisition’

Lisa J. Ariffin | July 23, 2013

DAP's Tony Pua urges Prime Minister Najib Tun Razak to look into Maybank's acquisition of Bank International Indonesia to determine possible reckless abuse of power. UPDATED KUALA LUMPUR: Maybank Berhad has incurred losses amounting to billions of ringgit since its record acquisition of Bank International Indonesia (BII) in 2008, a DAP MP claimed today. Petaling Jaya Utara MP Tony Pua today disclosed that Maybank had “quietly” disposed of 5,065,380,000 ordinary shares to a third party investor on June 20 at Rp355 per share – a significant 21.9% lower than the cost of acquisition. “This 9% (of the issued and paid-up share capital) stake sale will immediately translate to an estimated realised loss of RM157 million. And if these loss is extrapolated, Maybank could be looking at a potential loss of RM1.74 billion,” Pua told a press conference today. He also said that Maybank was “staring at a staggering paper losses of RM2.5 billion” as a result of the acquisition, namely when BII shares closed at Rp315 or 30.7% drop from the acquisition price as of last week. In 2008, Maybank acquired BII at the cost of RM8.25 billion at approximately Rp455 per share and was flayed by critics for paying more than four times the asset value of BII. “In reality, as at Dec 31, 2012, Maybank has already made impairments of RM1.62 billion for the acquisition. This is from Maybank records itself,” he said. He noted that since the acquisition, the return on Maybank’s investment has been abysmal at -0.17%, 1.86%, 2.31% and 6.27% in 2009, 2013, 2011 and 2012 respectively. “Despite the above, in the announcement to Bursa Malaysia, Maybank has claimed that ‘the disposal will not result in any material financial impact to the group’,” Pua said. “However, evidence points to the contrary and in the light of billions of ringgit of losses incurred by Maybank… it is crucial now for Maybank to come clean,” he added, referring particularly to the disposal of 9% of shares. He then explained that Maybank was under pressure to sell its stake in BII due to the Indonesian stock market regulation which requires that at least 20% of BII’s shares to be “free float”. “This condition was imposed by the Indonesian authorities and accepted by Maybank when BII was acquired in 2008,” he said. “More losses will likely be realised when Maybank is forced to sell another 8.3% of BII shares to third parties by Dec 31, 2013, the new extended deadline granted,” he added. ‘Good for the country’ Pua then urged Prime Minister Najib Tun Razak, who is also Finance Minister, to “personally look into this matter”. “We call upon (Najib) to personally look into the matter, whether the cause of losses was ‘a bad business decision’ or possibly a reckless abuse of power,” he said. “Whichever the cause, action must be taken against those found at fault so that the rakyat’s interest in Maybank Bhd will continue to be protected.” In 2008, then prime minister Abdullah Ahmad Badawi defended the acquisition claiming that “the government is confident that the management of Maybank and its board of directors have made the purchase not only in the best interest of Maybank but also for the country”. Najib had insisted then that the “move was still a good one for the country”. In 2012, Maybank chairman Megat Zaharuddin Megat Mohd Nor told Reuters that Maybank is “not going to sell down if we’re going to make a loss compared to what we thought it should be”. Zaharuddin, who is also BII’s president commissioner, said the bank will not sell BII’s stake below Rp510 per share, the price it paid to buy the bank in 2008 before discount.

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Kemasukan pelancong ke Sarawak meningkat 7.2 peratus

Borneo Post on March 11, 2013, Monday

KUCHING: Kemasukan pelancong ke Sarawak men­ingkat sebanyak 7.2 peratus tahun lepas berbanding ta­hun sebelumnya kata Ketua Pegawai Eksekutif Lembaga Pelancongan Sarawak (STB) Datuk Rashid Khan.Beliau memberitahu, jum­lah kemasukan pelancong ke Sarawak mencatat peningkatan yang amat memberangsang­kan iaitu sebanyak 4.07 juta pada 2012 berbanding tahun sebelumnya.

“Untuk kemasukan pelan­cong asing sahaja ia meningkat 12.4 peratus daripada jumlah keseluruhan pelancong tahun lepas hasil promosi, program dan aktiviti yang kita adakan di negeri ini,” katanya.

Beliau berkata demikian ketika berucap pada Program Apresiasi Media Berbasikal di Sama Jaya Forest Park, Tabuan di sini semalam.

“Malah, kita turut memu­lakan tahun ini dengan baik. Dalam laporan awal tahun ini kita telah menerima anugerah perak pada Anugerah HSMAI Adrian 2012 di New York,” tambahnya.

Pada masa yang sama Rash­id memberitahu, Festival Muzik Hutan Hujan Sedunia (RWMF) turut mendapat anugerah untuk kali keempat dalam festival antarabangsa sebagai antara 25 yang terbaik pada 2013.

“Ini adalah hasil sokongan para media yang bersama-sama dengan STB mempromosikan keunikan Sarawak,” katanya sambil menambah bahawa STB akan meneruskan ker­jasama dengan media di negeri ini.

Sementara itu, Pengarah Urusan Biro Konvensyen Sarawak (SCB) Mike Can­non mempelawa para media di Sarawak untuk turut serta dalam anugerah MICE pada tahun ini.

“Antara hadiah yang bakal dimenangi adalah wang tunai RM12,000,” katanya.

Hadir sama pada majlis itu, Pengarah Operasi Pusat Konvensyen Borneo Kuching (BCCK) Eric Van Piggelen, Pengurus Wilayah Sarawak Forestry Corporation Semilan Ripot dan tetamu kehormat lain.

Dalam program itu pihak media diajak bersama-sama mengayuh basikal di sekitar kawasan Pending untuk meng­galakkan atau mempromosikan kawasan itu.

Selain itu, ia bagi merapatkan lagi hubungan STB dan agensi-agensi berkaitan dengan pihak media yang ada di negeri ini.

D-Valley Mall a shopping haven once completed

Posted on March 3, 2013, Sunday

NEW INVESTMENT: Donald (left) talks to a potential buyer during the soft launch of the D-Valley Mall, Apartment and Hotels at the realty office showroom.

KUCHING:  D-Valley Mall, Apartment and Hotels, which is strategically located at Jalan Tun Razak here, will become a true shopping haven upon its completion in 2016.

Situated at the prime city centre area in the midst of rapid commercial and residential development surrounding its catchment area, the modern architecture mall complimented with a seven-storey service apartment and hotel, will be looking to attract medium and above market to suit consumers various financial strength.

Encompassing almost six acres, D-Valley mall offers four designated retail floors occupying approximately a total built-up area of 900,000 square feet (sq ft), about 460,000 sq ft of floor area and a total of 400,000 sq ft area to let out.

The ground floor will accommodate either a hypermarket or supermarket, complimented with various renowned food and beverage outlets facing the main entrance. The food court will be situated on the second floor for the convenience of shoppers. A children amusement park measuring about 12,000 sq ft will be situated at the third floor while some 30,000 sq ft at the fourth floor will accommodate a cinema.

Hotel amenities such as function rooms, fitness/spa centre and poolside will be placed at the fourth levels of the mall. Fifth floor onwards are dedicated to hotel and apartment units totalling 258 rooms. The property is owned by MD Realty & Development Sdn Bhd (MD Realty), a subsidiary of the MD Group of Companies.

“Every aspect of the mall is being meticulously looked into at its planning stage for the past one year. Each floor has proper zoning area so that retail outlets are in order and ensuring the floors are constantly vibrant.

“Negotiations are presently on-going with reputable international and local retail brands, promising a wide spectrum of comprehensive consumer preferences,” Group chairman Donald Lawan told a press conference at MD Realty office here yesterday.

Promising an ideal and convenient shopping environment, the former Bukit Begunan assemblyman said three naturally ventilated basement parking bays for about 1,500 vehicles will be built. Each basement has its own entrance and exits for easy access while avoiding traffic congestion. Entrances are available via Jalan Tun Razak, Jalan Wan Alwi and Jalan Chawan.

D-Valley Mall, with its gross development value (GDV) of about RM400 million, will offer investors an opportunity to convert their surplus funds into lucrative tangible investments as owners of a commercial property in a fast appreciating sector.

“Given the tremendous potential for appreciation in value of commercial properties in Kuching, the retail density provided by the existing shopping malls in this city is still much lower than that of other Malaysian cities.

“Investors can expected to benefit whether or not they utilise the shop units they purchase as similar properties in other parts of the country could fetch a much higher commercial value,” Lawan continued.

He assured that the property management will have control of about 70 per cent of the area while the remaining 30 per cent are those who lease back their properties to the mall. Investors will be given a nine-year initial limit so that they could capitalise on the appreciation in value.

A total of 560 units of retail outlets, with size ranging from 114 sq ft to 782 sq ft, are offered for sale at the mall with prices ranging from an affordable RM116,000 onwards per unit. The duration of the strata title is 99 years. Exclusive studio apartment units are available for sale and leased back to the management for 25 years with a guaranteed return of six per cent annually for the first three years. Buyers are also entitled to six-night complimentary stay at the hotel per year. The studio unit apartments are priced from RM290,000.

Malaysia has 30 USD Billionaires

3 more join Malaysia’s billionaires’ club

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KUALA LUMPUR: Malaysia now has 30 billionaires, three more than last year, despite a slight drop in the combined wealth of the country’s 40 richest individuals.

Hong Kong-based Robert Kuok remains Malaysia’s richest, despite some eight per cent drop in his fortune to RM45.7 billion.

At number two is T. Ananda Krishnan, whose wealth eased six per cent to RM42.9 billion, but narrowing the gap with Kuok.

Malaysia’s 40 richest were collectively worth RM193.2 billion as of Jan 20, a seven per cent decline from RM206.3 billion a year ago, as the global credit crisis and weak equity markets took a toll on them.

In its Feb 16 issue, Malaysian Business magazine said Public Bank founder Tan Sri Teh Hong Piow kept his third spot relatively intact with a fortune of RM12.6 billion, one per cent lower than a year before.

Despite a 10.8 per cent drop in his worth to RM11.3 billion, plantation firm IOI Corp Bhd’s Tan Sri Lee Shin Cheng maintained his fourth position.

Fifth is Bumiputera entrepreneur Tan Sri Syed Mokhtar AlBukhary of DRB-Hicom group, whose wealth grew by eight per cent to RM9.5 billion.

 Hong Leong Group's Tan Sri Quek Leng Chan remained at No. 6 with a 25 per cent decline in value to RM8 billion.

 Next was Genting Group's Tan Sri Lim Kok Thay, who slipped two rungs down to seventh with RM7.5 billion.

 His wealth was down by about 30 per cent while his mother, Puan Sri Lee Kim Hua, widow of Tan Sri Lim Goh Tong, returned to No. 8 with a fortune of RM6.5 billion even though down by some 11 per cent.

 Tan Sri Tiong Hiew King of timber and newspaper group  Rimbunan Hijau,  and Singapore domiciled tycoon Ong Beng Seng, reaffirmed their ninth and 10th spots, respectively.

 Tiong's wealth was estimated at RM6.4 billion, while Ong's soared by 23 per cent to RM4.9 billion.

 The three newcomers to the list are Datuk A.K. Nathan of Eversendai Corp and Ngau Boon Keat of oil and gas firm Dialog Group, who made it to the billionaire's list for the first time.

  Datuk Abdul Hamed Sepawi of timber-based Ta Ann Holdings Bhd also made a comeback after a four-year lapse.

 The full list of the 40 tycoons and details of their wealth are in the magazine's Feb 16 issue. It also features the 10 richest tycoons on the ACE market.

(From left) Datuk A.K. Nathan and Ngau Boon Keat are new billionaires in Malaysia. Datuk Abdul Hamed Sepawi (right) returned to the list after a four-year lapse.