Monday, September 30, 2013

Tiong Hiew King owned Singapore-based RH Petrogas in stke sale

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

Thursday, September 19, 2013

Barry Tan advised Ibraco gets Treatment Plant project

Ibraco announces proposed JV for treatment plant

by Sharon Kong, 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.

Wednesday, September 18, 2013

Jalanraya di Sarawak perlu lebih batu kerana 'Peat Soil'

SEIC addresses engineering challenges on soft soil

by Marilyn Ten, 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.

Tuesday, September 10, 2013

Debassa diberi kontrak RM 82 juta

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.