Malaysia Daily Media Highlights

UMNO election deferred
The UMNO election scheduled for next year has been deferred until after the next general election, which is due in 2009. Party president Datuk Seri Abdullah Ahmad Badawi said the decision was based on “party policy”, adding that UMNO had done this in two previous party elections. “It has proven to be beneficial to the party, as it allows us to give full attention and focus on the country’s development and projects”.

Selling Volkswagen marques
Edaran Otomobil Nasional Bhd (EON), through its wholly-owned subsidiary Euromobil Sdn Bhd, has secured the rights to market and sell all products of the German Volkswagen (VW) marques in Shah Alam, Selangor. Euromobil chairman, Datuk Syed Hisham said the addition of the VW marque to its multi brand stable will have a positive impact on EON group’s earnings as a whole in the longer term. Euromobil will now offer the VW range of Polo, Cross Polo, new Golf, Golf GTI, new Beetle, Jetta, Passat, Touareg and Touarag and Touranmodels as well as after sales support at its 3S facility in Glenmarie, Shah Alam.

De-merges Parkson
Lion Diversified Holdings Bhd is selling its Parkson retail businesses here and in China to Amalgamated Containers Bhd (ACB) for RM4.3bn via a share swap, as part of a streamlining exercise within the Lion group. LionDiv will end up with a 99.16% stake comprising 960.5m shares in ACB, which will be entirely distributed to its shareholders via a capital distribution on the basis of 13 shares for every 10 LionDiv shares. The Lion group said it was streamlining the businesses of LionDiv, ACB and Lion Corporation Bhd (Lion Corp) for them to be more focused.

Raise RM150m via private placement
Green Packet Bhd plans to raise over RM150m via a private placement of up to 40.4m shares based on an indicative issue price of RM3.93 per share. The company said the proceeds would be used to fund the capital expenditure and operating expenses for the rollout of the SONMetro Internet broadband services here and aroad.

RM391m UAE contracts
Malaysian Resources Corporation Bhd’s (MRCB) 49% stake associate Al Fattan MRCB Construction Co LLC has been awarded RM391.6m construction projects by Al Fattan Properties LLC. The company said the projects consisted of the construction of a hotel and residences building for RM341.4m cost plus basis and a RM50.2m office building. The hotel and residences building would take 24 months to complete from Dec 1, 2006, while the office building would take 10 months from Oct 25, 2006.

Eyes China's vast water treatment market
PBA Holdings Bhd fresh from the successful commission of its water treatment plant in Yichun of Jangxi province, China in June now wants to tap into the vast potential to supply and provide treated piped water to some 200 towns in China. It has received enquiries from several parties in the province expressing their interest in seeking PBA’s services to handle their water treatment operations.