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Gamuda: Double-track project will complete on schedule. MMC-Gamuda Joint Venture Sdn Bhd, a JV between MMC Corp Bhd and Gamuda Bhd (GAM MK, Buy, TP:RM3.18), said it is confident of completing the construction of the RM12.49bn Ipoh-Padang Besar electrified double tracking project (EDTP) on schedule by Dec 2013 without any increases in costs. EDTP executive director Datuk Azmi Mat Nor mentioned that it had hedged three quarters of the required raw materials and if the scope of work remained the same, the company will bear the extra costs. The company has so far spent RM2bn to purchase raw materials and completed 43% of the physical works.
AirAsia: Welcomes MAS’ invite to be ‘co-pilot’
Azran Osman-Rani, CEO of AirAsia X Sdn Bhd, a unit of AirAsia Bhd (AIRA MK, Buy, TP:RM1.67), said the company welcomes Malaysian Airlines Bhd’s (MAS) (MAS MK, Hold, TP:RM2.03) invitation to work with the government on delineating a clear aviation policy – one that offers real choices to consumers and that benefits the country – as well as ensuring free and fair competition on a level playing field. He asserted that “the whole idea is that consumers should gain and Malaysia can benefit from increased tourist arrivals. Hence, a clear aviation policy, overseen by an independent regulator, provides strategic benefits to a nation’s economy as a whole.”
Azran Osman-Rani, CEO of AirAsia X Sdn Bhd, a unit of AirAsia Bhd (AIRA MK, Buy, TP:RM1.67), said the company welcomes Malaysian Airlines Bhd’s (MAS) (MAS MK, Hold, TP:RM2.03) invitation to work with the government on delineating a clear aviation policy – one that offers real choices to consumers and that benefits the country – as well as ensuring free and fair competition on a level playing field. He asserted that “the whole idea is that consumers should gain and Malaysia can benefit from increased tourist arrivals. Hence, a clear aviation policy, overseen by an independent regulator, provides strategic benefits to a nation’s economy as a whole.”
Bina Puri: Granted Saudi Arabia license, starts bid
Bina Puri Holdings Bhd is venturing into Saudi Arabia in search of construction projects after its joint venture (JV) company Bina Puri Saudi Co Ltd was granted a license. “We are bidding for infrastructure and building projects worth close to RM1bn. But we are careful in Saudi Arabia as there are Malaysian companies not getting paid there,” said executive director Matthew Tee. In total, Bina Puri is now bidding for construction jobs worth RM4bn including two packages of the new LCCT terminal, Universiti Islam Antarabangsa Malaysia (UIAM) in Pahang and the Gombak integrated transport terminal.
Bina Puri Holdings Bhd is venturing into Saudi Arabia in search of construction projects after its joint venture (JV) company Bina Puri Saudi Co Ltd was granted a license. “We are bidding for infrastructure and building projects worth close to RM1bn. But we are careful in Saudi Arabia as there are Malaysian companies not getting paid there,” said executive director Matthew Tee. In total, Bina Puri is now bidding for construction jobs worth RM4bn including two packages of the new LCCT terminal, Universiti Islam Antarabangsa Malaysia (UIAM) in Pahang and the Gombak integrated transport terminal.
Menang Corp: Wins RM300m UiTM Seremban concession
Menang Corporation Bhd’s 71% subsidiary, Inovatif Mewah Sdn Bhd (IMSB), has been awarded a concession from the government to build the UiTM Campus at Seremban 3 on a private finance initiative. The construction cost of the campus is RM300m. Under the agreement, IMSB will build the campus over three years and lease it to UiTM for 20 years. IMSB will also be maintaining the facilities and infrastructure of the campus. The campus is located in the heart of the 830 acre Seremban 3 Township currently developed by Menang.
Menang Corporation Bhd’s 71% subsidiary, Inovatif Mewah Sdn Bhd (IMSB), has been awarded a concession from the government to build the UiTM Campus at Seremban 3 on a private finance initiative. The construction cost of the campus is RM300m. Under the agreement, IMSB will build the campus over three years and lease it to UiTM for 20 years. IMSB will also be maintaining the facilities and infrastructure of the campus. The campus is located in the heart of the 830 acre Seremban 3 Township currently developed by Menang.
Three-A Resources: In RM128m China JV with Wilmar
Three-A Resources Bhd plans to jointly invest up to US$40m (RM128m) with Wilmar International Ltd to set up a factory in China. Both Three-A and Wilmar will finance the joint venture on an equal basis to manufacture and sell food and beverage ingredients. The proposed joint venture is expected to commence operations upon completion of the factory in 2011. The joint venture would require about US$12m (RM39m) as capital expenditure and working capital of the factory which would be located in Shanhaiguan, China.
Automotive: Lending rate hike may hit new car sales in Q2
New vehicles sales may have grown more than 20% in the first three months of this year, but a senior industry executive cautions that things may not remain rosy in the second half. Edaran Tan Chong Motor Sdn Bhd (ETCM) executive director Datuk Dr Ang Bon Beng said interest rate hikes expected from June could affect sales momentum. Nevertheless, Ang maintains that total sales for 2010 may surpass the 550,000 units expected by the industry.
New vehicles sales may have grown more than 20% in the first three months of this year, but a senior industry executive cautions that things may not remain rosy in the second half. Edaran Tan Chong Motor Sdn Bhd (ETCM) executive director Datuk Dr Ang Bon Beng said interest rate hikes expected from June could affect sales momentum. Nevertheless, Ang maintains that total sales for 2010 may surpass the 550,000 units expected by the industry.
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