Renovation Plan for Intercontinental Hotels Group (IHG) hotels in Malaysia

All seven Intercontinental Hotels Group (IHG) hotels in Malaysia are at various stages of renovations and refurbishment exercise. Once the renovation and refurbishment exercise is completed, the UK-based hotel operator hopes to garner better yield from the hotels.

In Malaysia, IHG runs hotels under three brands – Intercontinental Hotels & Resorts, Crowne Plaza Hotel & Resorts and Holiday Inn Hotels and Resorts. IHG which take over the management contract for the Holiday Inn Glenmarie in October 2005, will see its owners DRB-HICOM Bhd forking out RM13.9million to renovate 168 of the hotel’s rooms inventory totaling 260 rooms. The renovation work commenced in the mid of October and will be completed in June 2007. The hotel is excepted a further 10 percent increase in occupancy and experiences an improvement in average room rates.

Tradewind Corp Bhd, the owner of Crowne Plaza Mutiara Kuala Lumpur which completed its RM90million renovation in 2003, has committed to spend another RM10million for the expansion of its meeting facilities. After renovation, it will add another 11 function rooms, bringing the total to 27. This will enhance the value of the hotel. The hotel target group is the meeting, incentive, convention and exhibition market. According to IHG Asia Pacific’s regional general manager for Malaysia, Philip Riley, the Gross Operating Profit (GOP) at Crowne Plaza Mutiara is in excess of the 30 percent mark. GOP is the cost of doing business or gross revenue (from rooms, food & beverage, laundry or business center) minus cost of operations (wages, electricity and amenities). Most five-star hotels in the city are churning in an average GOP of 30 percent.

Meanwhile, work on the Holiday Inn, Penang is at the design stage. Some soft renovation will take place by the end of this year. Holiday Inn in Penang is owned by Asia Garden Sdn Bhd. The Holiday Inn Kuching, Crowne Plaza Kuching, Holiday Inn Damai Beach and Crowne Plaza Damai Beach are owned by Sarawak Economic Development Corp. All the four hotels will undergo renovations over the next 5 years.

There is an additional supply of 4000 hotel rooms to be ready in the Klang Valley from 2006 to 2008. Hence, most of the hotels need to undergo some refurbishment work to keep up their competitiveness in the hotel industry. Amongst the new hotels are Novotel Hydro at Jalan Perak, Cendana Hotel at Jalan Conlay, Berjaya Central Park at Jalan Ampang and Bandar Utama Hotel at Damansara Utama.

Malaysia Daily Media Highlights

Malakoff: Gets desalination project in Algeria
Malakoff’s wholly-owned subsidiary, Malakoff International Limited (MIL) and Spring Utility Limited (SUL), a wholly-owned subsidiary of Hyflux Ltd, Singapore had received a letter of award from the Algerian Energy Company to develop, construct and operate a seawater desalination plant of 200,000m3/day at Souk Tleta, Algeria. The company will be granted a 25-year concession to supply desalinated water to L’Algerienne Des Eaux, the state-owned national public water entity of Algeria and Sonatrach. The total construction period is anticipated to be 24 months from financial close with total project costs estimated at US$238m (or RM881m). It will be project financed by a group of Algerian local banks. Malakoff’s investment based on its 40.8% effective equity interest in the project is circa US$19.42m (or RM73.44m). (Bursa Malaysia)

Carlsberg Brewery Malaysia Joint Venture in Taiwan
Carlsberg Brewery Malaysia is acquiring a 50% stake in Carlsberg Distributors Taiwan Ltd (CDT) for a total of NTD26.17m (RM3.05m). Under a joint venture agreement with Wiseline Ltd, which is ultimately owned by Hong Kong-based Lei Shing Hong (HK) Ltd, Carlsberg acquired an initial 3m shares in CDT for NTD6.71m. Carlsberg and Wiseline will each subsequently subscribe for another 2m shares in CDT for NDT20m cash. Carlsberg’s substantial shareholder, Carlsberg Breweries AS, has a distributor agreement with CDT that allows the latter to sell Carlsberg brands and products manufactured by Carlsberg in Taiwan. (theedgedaily.com)

Sugar Bun Corp: Queried by BursaMalaysia Daily Media Highlights
Sugar Bun Corporation has been queried by Bursa Malaysia Securities over the sharp increase in price and high volume in its securities recently, requesting SUGAR to make an announcement for public release after making a due enquiry seeking the cause of the Unusual Market Action in the company’s securities. The food-chain operator had announced to BURSA last week that its unit Borneo Oil and Gas Corp S/B acquired Borneo Oil (Thailand) Ltd for RM15,000 which would be used as a vehicle to venture into the oil, gas and energy industry. On another issue, SUGAR is raising funds via a special issue of up to 30m new shares, or 27.5% of its enlarged paid-up share capital, to Bumuputera investors in line with the National Development Policy and a renounceable rights issue of up to 52.62m new warrants 2007/2012 on the basis of one warrant for every 3 shares after the special issue. (theedgedaily.com)

LCL: Extension of Project Value
Atlantis The Palm Project, undertaken by a one-off non-integrated joint venture (namely LCL Mice Kraftwork JV) between LCL Corporation’s associated company LCL Interiors LLC and Mice Kraftwork LLC worth Dirhams 92.9m has a variation work order of Dirhams 12.7m which has therefore increased the total contractual value to Dirhams 105.6m. (Bursa)

IOICORP: No plans to de-list the latter
IOI Corp has dismissed ongoing market talk that it pans to take its profit-making property unit private, IOI Properties. According to IOICORP, IOIPROP will launch a new 220ha township in Cyberjaya early new year. The company is also building a RM100m jewellery retail centre in Hyderabd, India, which is expected to be ready in 2-3 months. (BT)

Nissan/ETCM Vehicle: Sales down 13.5% in 3Q
Nissan/Edaran Tan Chong Motor S/B’s overall vehicles sales fell 13.5% to 4,756 units in 3Q06 from 5,496 units in the preceding quarter. Total sales for January to September fell 18.5% to 16,435 units compared with the 20,148 units sold in the previous corresponding period. Key models from the company’s stable of products, however, remain significant market leaders. The Sentra continues to dominate the non-national 1.6 litre (perol) passenger segments with 72% market share. Quoting the Malaysian Automative Association figures, the X-Trail lead the non-national 4x4 station wagon 2.0 – 2.5 litre (petrol) passenger with a 48% market share. The company’s second assembly line in Serendah, Selangor will start in 2Q07 with a single shift production capacity of 14,000 units up to a maximum of 54,000 units per annum. Two models will be assembled when production starts next year. (theedgedaily.com)

Atrium REIT gets SC Approval for listing
Atrium REIT Managers S/B has received the Securities Commission’s (SC) approval to list Atrium Real Estate Investment Trust (Atrium REIT). 4 industrial properties comprising 3 warehouses and a specially built office and factory complex with approved valuation of RM158.3m with a gross revenue of RM14m a year will be injected into Atrium REIT. The properties, which are leased to multinational companies, Exel, TNT, DHL and Unilever, have a net lettable area of 75,220 sq.m., and are located in Shah Alam, Puchong and Rawang. Distributable yield shall be above 7.4% per annum based on the offer price of RM1.05 per unit. The proposed listing of the Atrium REIT includes the issue of 121.8 units of which 60m units will be offered for sale to institutional investors through a book-building process. A total of 13.5m units have been set aside for public subscription while 2m units are allocated to directors, employees and business associates. The vendors, Glory Blitz Industries S/B and Sparkle Skyline S/B, will retain 21.1m and 25.2m units, respectively. Atrium REIT is targeted to be listed by January next year. (theedgedaily.com)

Thailand: Central Bank Lifts growth forecast
Bank of Thailand (BOT) raised the lower end of its GDP growth forecast for the year 2006 and 2007 to 4.5-5% and 4.5-5.5% respectively. The upward revision in forecast was prompted by surging exports and declining fuel costs. BOT Assistant Governor said the formation of new interim government has reduced political instability, bossting consumer and investor confidence.

United States: Slowest GDP growth in three years

US GDP grew by 1.6% y-o-y in 3Q (2Q:2.6%), the slowest rate of expansion in more than three years. The moderation in growth was sharper than the expectation of 2.1% polled by Briefing.com. The slower GDP growth was led mainly by the housing sector correction and widening trade deficit. Residential housing construction fell by 17.4% y-o-y in 3Q while the trade deficit widened to US$639.9bn in 3Q (2Q: US$624.2bn). Nevertheless, most economists expects the GDP growth to rebound in 4Q aided by the rebound in consumer sentiment amid falling energy prices.

Japan Core Inflation growth slows in September

Japan’s core consumer prices (excluding fresh food) increased at a more moderate pace of 0.2% m-o-m in September (August: +0.3%), lower than the consensus forecast of 0.3%. the slower increase in inflation supported the argument that Bank of Japan will refrain from raising interest rates and all but one economists surveyed by Bloomberg expect Bank of Japan to keep rate steady at 0.25%.

Malaysia Daily Media Highlights

MMCCORP: PTP Open to foreign stake/Malakoff bidding for Pakistan Power Plant Job
MMCCORP’s 70% owned subsidiary, Port of Tanjung Pelepas (PTP) says it remains open to selling a part of its equity to foreign entities if it makes commercial sense. However, unconfirmed sources told the BT that talks between PTP and the Port of Singapore Authority (PSA) were called off as one of the conditions was for PSA International to shift half of its container business from Singapore to PTP. (BT)

In other news, Malakoff, MMC’s 22% owned subsidiary, is expected to know by the end of next week whether it has secured a Pakstan power plant construction and management contract worth as much as US$300m. The contract value is believed to be just for the construction of a 1000MW coal fired plant near Karachi while the winner of the bid will have to negotiate tariff terms with the Pakistan government. (BT)

Pos Malaysia: Shareholder Khazanah plans capital repayment
Pos Malaysia & Services Holdings said its biggest shareholder, Khazanah Nasional plans to restructure the group and implement a capital repayment. Khazanah is proposing a “restructuring of the group and a material capital repayment in cash to its shareholders,” Pos Malaysia said today. The proposal will be deliberated at a board meeting on Oct 31, it said, without giving more details. (Bloomberg)

Project Brief: Damansara Legenda

Located at the flourishing and thriving area of Damansara in Malaysia, Damansara Legenda, another prestigious project developed by Mah Sing Group, is an irresistible attraction for high-end investors.

Damansara Legenda consists of 116 luxury homes on a 17.44-acre prime freehold land. The project is accessible via Lebuhraya Damansara Puchong (LDP), New Klang Valley Expressway (NKVE) and SPRINT Highway. It is surrounded by numerous established distinguished neighbourhoods such as Taman Tun Dr. Ismail, Bandar Utama, Damansara Jaya, Damansara Intan and Damansara Utama.

Comprising 12 ultra luxurious bungalows and 104 superb semi-detached units, Damansara Legenda represents a slice of tantalising residential property for ownership and investment. The 3-storey bungalows are reminiscent of the palatial country-homes of the rajahs. Wide entrance way, expansive courtyards, creative layout and quality building finishes are some of the selling features. The built up area ranges from 4,781 sq.ft. to 11,494 sq.ft. The selling price is above RM2mil.

There are four remarkable types of the 3-storey semi-detached house in terms of layout and architectural design: Type A, B, C and D. All the semi-detached houses provide 7 + 1 bedrooms and 8 bathrooms for a sybaritic lifestyle. The land areas for the semi-detached lots are 40ft x 70ft (4 units) and 40ft x 80ft (100units) respectively. The built up area ranges from 3,991 sq.ft. to 4,070 sq.ft. The selling price is above RM1.4mil.

Other features available in the project are as follows: -
- 24-hour security guard service
- Gated community with state-of-the art perimeter security system
- CCTV located at the guard house
- Smart Home Automation & Alarm System
- Panic buttons & infrared detectors
- 24-hour Broadband access
- 2-way communication system between the guard house and the resident units
- Smart access card for express drive thru
- Air-conditioning units to living, dining & master bedroom
- Hot water storage heater to wet and dry kitchen, master bedroom, bathrooms 2 to 5
- Jacuzzi & shower cubicle to master bedroom
- Food waste disposal system to kitchen
- Water booster pump
- Anti termite treatment
- Free legal fees on Sale and Purchase Agreement
- 2 years’free maintenance charges from period of delivery of vacant possession

Insurance Policies for Residential Property Series – Making a Claim

You must submit your claim with all supporting information and documents to your insurance company. The more information you have on the damaged items, the easier it will be for your insurance company to assess your claim.You should cooperate fully with the adjusters/investigators appointed by you insurance company to assess your claim.

Singapore Macroeconomic Review (Volume V, Issue 2, October 2006)

The Macroeconomic Review is published twice a year by Monetary Authority of Singapore. This Review documents the Economic Policy Department’s (EPD) analysis and assessment of macroeconomic developments in the Singapore economy, and shares with market participants, analysts, and the wider public, the basis for the policy decisions conveyed in the Monetary Policy Statement.

The Review may be accessed in PDF format on the MAS website.

Insurance Policies for Residential Property Series – Settlement of Claims

The compensation amount depends on the basis of the cover:

a. Indemnity basis will pay the cost of repairing the damaged building less the amount for wear, tear and depreciation; or

b. Reinstatement value basis will pay the full cost of repairing the damaged building without any deductions for wear, tear or depreciation, provided that the sum covered is adequate to cover the total cost of reinstatement.

In the absence of any special provision, the cover will be on indemnity basis. If you want to be covered on reinstatement basis, your policy should have the relevant clause attached to it.

Excesses, being the amount you have to bear before your insurance company indemnifies you, are applicable for certain perils, such as overflowing of domestic water tanks, windstorm, earthquake and flood claims.

The Binjai Residency

The Binjai Residency is developed by Amity Binjai Sdn Bhd, a wholly-owned subsidiary of the Amity Property Group. The project commands prime location in Lorong Binjai, a high-profile address within paces of Nikko Hotel, Citibank, Suria KLCC and Petronas Twin Towers. It stands shoulder-to-shoulder with international standard commercial and business premises and a wide spectrum of socio-economic enterprises right at the heart of KL’s Golden Triangle.

Located on a 0.8-acre freehold plot, The Binjai Residency will feature 100 condos housed in a 32-storey block. The project will offer built-up sizes starting from 2,096sq ft to 2,300 sq ft. Although it has a name similar to KLCC Holdings’ The Binjai, The Binjai Residency is priced only about half as much, with units ranging from RM520psf to RM680psf. The condo units are priced from RM1.3million to RM1.8million.

All units of the project are facilitated with centralized LPG gas supply, centralized water filtration system, broadband internet access, Astro connection and 6 units of air-conditioners of which several are well integrated into the ceiling for an immaculate finish. The kitchens are comfortably set wit cabinets and top brand appliances including hotplate cooker, hobs, microwave oven, electric oven, ducted exhaust and waste disposer among others. All units are also designed for spatial living with large layout to accommodate wholesome family living.

Insurance Policies for Residential Property Series – Things should know when making a claim

If your property suffers damage/loss, first of all, you must notify your insurance company in writing with full details as soon as possible. Secondly, you must take the necessary measures to mitigate further loss/worsening of the situation. If temporary repairs are required to stop further damage, you should ensure that these are carried out immediately and the bills of work done should be kept as part of your claim. An example of temporary repair is to use a waterproof polyethylene/plastic sheet to cover damaged area to avoid further damage by rain water. If the repairs required are of a permanent nature, you should obtain estimates and send them to your insurance company for approval.

Insurance Policies for Residential Property Series – Things should know when buying insurance cover for your property: Insured value and sum insured

Ensure your property is adequately insured at all times, and take into account the renovations and enhancements made to your property.You should also decide on the basis of compensation for loss/damage to your property, whether it is on indemnity or reinstatement basis, and the sum insured shall reflect the choice. When purchasing a householder policy, you must ensure that the sum insured reflects the coverage needed to replace all the contents in your property.

You must also declare items that you want to insure specifically to ensure that you get the full compensation in the event of their loss/damage. You may also take additional coverage for valuable items such as artwork, jewellery, antiques or collectibles.It is also important to keep documents that show the proof of ownership and the value of items insured. Photographs of your valuable items, if available, may also be very helpful in the event of a claim.

Jana Tower

Location
Jana Tower is located at prominent area of Subang Jaya, Selangor, Malaysia. It is surrounded by Subang Parade Shopping centre, Carrefour Hypermarket, Subang Jaya Medical Centre, Inti College, Taylor College, Metropolitan College, several commercial centers such as SS15 and SS19. The project is easily accessed via the New Pantai Expressway, Federal Highway, KESAS Highway, NKVE and LDP.

Concept
Jana Towers is the first condominium project of its kind in Malaysia to offer the “Apartment within an Apartment” design concept and a “Zero Maintenance Plan”. The captivating, versatile and flexible layout plan deserves praise and admiration as it provides a rare yet nice home style. As each apartment unit adjoins a studio apartment, you practically get to own two homes for the price of one.

The project is developed by Everest Point Sdn Bhd. It offers 15 revolutionary designs and layouts to whet the purchasers’ appetite for luxury living. The apartment units range from 1,469sf to 5,535sf. Generally, the main apartment is well-appointed with 3 bedrooms, 3 or 4 bathrooms, living, family, kitchen, yard and balcony. The studio apartment comes complete with its own entrance, pantry and bathroom. Between the two halves, you are assured of your own space and complete privacy. Given such a wonderful setting, you might like to merge and turn the studio apartment into a second master bedroom, home office, a fully equipped gym, a home theatre, a guest room or even rent it out.

On its part, the Management has reserved and fixed the first car park rental at RM160 per month and subsequently at RM120 for use of the car-park bays at Jana Towers. In a direct way, there is a steady flow of funds to maintain the building and indirectly, the apartment owners are free from paying maintenance charges.

The management will also reserve a number of fully-furnished units as service apartments for rental on short and long term basis, inclusive of value added services such as a business centre, concierge and housekeeping. The owners could also place their units under the Management’s care for rental to maximize their investment potential.

Other facilities provided in Jana Towers: -
·Astro cable
·Access card system
·Broadband Connection
·Ample car parks & storage facilities
·24-hour security system with CCTV
·Service apartment facilities
·Concierge services
·Business centre
·Nursery
·Amenities available within the project such as supermarket, pharmacy, bistro & restaurants, convenience store, ice-cream parlour, launderette/dry cleaner’s, florist, fitness centre, clinic & dentist, news-stand, grooming centre, bakery, DIY store, etc.
·4.2-acre Park On-the-Deck complete with AV/TV room, gymnasium, spa & sauna, BBQ gazebo, indoor badminton courts, squash courts, tennis court, reading room, children’s play area, jogging & walking track, swimming & wading pools, sports/games room and multi-purpose hall.

Insurance Policies for Residential Property Series – Payment of Premium

Premium must be paid and received by your insurance company within 60 days from the inception date of the cover, otherwise the cover is automatically cancelled and you will still have to pay the proportion of the premium for the 60 days. It is advisable that you pay premium directly to the insurance company. Should you decide to pay the premium through your agent, ensure you cheque is made payable only in the name of the insurance company.

Insurance Policies for Residential Property Series - Responsibility for Purchase of Insurance

If you are buying a property from a developer, which is under construction, the insurance of the property is the responsibility of the developer. You only need to insure the property upon vacant possession from the developer.

For properties with strata titles such as flats, apartments and condominiums, it is mandatory for the management Corporation (MC) to purchase fire insurance for the whole building. The individual unit owner is required to pay to the MC his/her respective premium portion.

At the same time, if the unit is purchased through a loan, the financier would normally require the unit owner (borrower) to obtain an insurance policy for the unit, leading to a situation of double insurance.

But if you have obtained the loan from a financial institution under Bank Negara Malaysia’s supervision, borrowers will not have to buy another insurance policy for their units. Instead, these financial institutions will accept the insurance policy already purchased by the MC subject to terms and conditions. In this instance, you need to obtain the individual certificate of the master policy from the MC and present it to your financial as evidence of insurance. If your loan is not from a financial institution under the supervision of Bank Negara, you can negotiate with the institution concerned.

Malaysia Daily Media Highlights

Golden Hope: To bid for KUB’s oil Palm Plantations
Golden Hope Plantations will bid for the oil palm plantation lands held under KUB Agrotech and KUB Sepadu, subsidiaries of KUB Malaysia. KUB Malaysia announced on June 9 that it proposed to dispose off its oil palm plantation lands. It owns 100% of KUB Ekuiti, which in turn has a 100% stake in KUB Agrotech and 60% of KUB Sepadu. KUB Sepadu owns a total of 8,203ha of oil palm plantations in Sarawak, while KUB Agrotech has 2,656.3ha in Johor. (theedgedaily.com)

TOP Glove: To turn around Medi-Flex by Aug’07
Top Glove will use its proven business model to turn around loss-making Medi-Flex Ltd within six months after the completion of its acquisition of 60.06% of the latter in February next year. Top Glove Chairman, Datuk Seri Lim Wee Chai said the group would transfer its technology, management skills and marketing strategies to the new subsidiary. Top Glove has proposed to subscribe for 300.3m Medi-Flex shares at seven Singapore cents each for a total of S$21m (RM48.93m). Medi-Flex will also issue 28m new shares to other investors. Top Glove executive director KM Lee said the group had seen several successful cases in turning around newly acquired, loss-making subsidiaries for the past few years. (theedgedaily.com)

CME Awarded Fire Department Deal
CME has won a RM211.2m 23-month contract to build 200 light fire-fighting vehicles from the fire Department. It received a letter of award to design, manufacture and supply 200 units of Light Fire/Rescue Tender complete with accessories, it said in a statement to Bursa Malaysia yesterday. (BT)

Nextnation Communications: Eyes India entry in six months
Nextnation Communications, which is aiming for a transfer to the Main Board within a year, expects to enter India in the next six months via a joint venture. Its chief executive officer and managing director Tey Por Yee said NEXTNAT would focus on its core business of providing application services in India similar to its operations in China, where it has nationwide connectively with the most major mobile operators. He said NEXTNAT’s business model to enter into JVs or seek acquisitions abroad was to facilitate it to overcome the language, cultural and political barriers. (theedgedaily.com)

Kannaltec: Lands RM400m ICT Concession
Kannaltec has secured a 20-year concession worth up to RM400m to build and manage the Selangor State government’s broadband infrastructure network for 345 government offices (Sel*Net) the state. Under the concession, the state government will subscribe to the broadband services and applications at agreed rates for a period expiring Sept 22, 2025. Sel*Net will be the state government private network infrastructure that links its departments, statutory bodies, local authorities and agencies with high-speed broadband that support data, voice and images. (theedgedaily.com)

Hektar: To raise RM176m from REIT Listing
Hektar Group expects to raise about RM176m from the listing of its real estate investment trust on the main board of Bursa Malaysia before the end of the year. Known as the Hektar REIT, it comprises Subang Parade and Mahkota Parade shopping malls in Selangor and Malacca respectively and is the country’s first focused retail specialist. The REIT will be managed by Hektar Asset Management Sdn Bhd (HAM), which is part of Hektar Group. (BT)

Malaysia Secures more aviation rights in China
Malaysia has secured more air rights in China and significantly, permission for cargo freighters to operate from several Chinese cities to third destinations in Europe, Central Asia and the US. The two countries inked a memorandum of understanding (MOU) here yeaterday which comes into effect immediately, expanding the scope of services allowing airlines from both countries to enter into code-share arrangements to third countries. The agreement comes ahead of an “open skies” policy between the two countries which is expected to start by 2010 under the MOU, the frequency of Malaysian and Chinese passenger and cargo flights between the two countries would increase by 25% to 125 per week using any type of aircraft. Currently, Malaysian carriers operate 47 weekly flights to China which in turn flies 34 times a week into Malaysia. (BT)

Insurance Policies for Residential Property Series - Type of Insurance Policies

Generally, there are three main types of policies to protect your property and household goods: -

Fire Insurance Policy
Fire insurance policy covers loss/damage to your property building and contents caused by fire, lightning and explosion of gas used for domestic purposes only. Click here to read an article posted highlighting the risk and perils.

Houseowner Policy
This policy covers your building, including its fixtures and fittings, garage, walls gates and fences, against several specified risks.

Householder Policy
This policy covers your household goods only, i.e. the moveable possessions in your property, against specified risks.

If you wish to have comprehensive cover for both property and its contents, you should buy both houseowner and householder policies.

Malaysia Daily Media Highlights

F&N: Buy Nestle’s Liquid Milk for RM310m
Fraser & Neave Holdings Bhd (F&N) will fork out about RM310mil to buy Nestleˇs liquid milk business and, in the process, double F&N groupˇs dairies operations and expand its regional footprint. “The deal would increase the dairies divisionˇs annual turnover to over RM1.5bil from RM600mil now”, said Tan Ang Meng, chief executive officer of F&N.At present, Nestle has leading positions in the condensed, evaporated and sterilised milk markets in Thailand via the Carnation, Milkmaid and Bear brands. As part of the deal, these brands will be licensed to F&N, which will also acquire relevant Nestle production facilities and equipment in Thailand.

IJM: Awarded contract worth RM717m
IJM Corporation’s unit, IJM Construction S/B was awarded two contracts worth RM717m from Talam Corporation to complete the remaining construction works for several development projects in the area such as Taman Puncak Jalil, Putra Perdana, Ukay Perdana, Kinrara Section 3, Bukit Berunting and Lagoon Perdana for a period of 36 months. The award of the contracts has been pursuant to the settlement agreements reached by TALAM for the outstanding amount of the Al-Bai Bithaman Ajil Islamic Debt Securities of RM528.87m and Murabah Notes Issuance Facility of RM196m respectively, as announced on 6 October 2006 and 11 October 2006. (Brusa)

Puncak: Windfall for shareholders
Puncak Niaga Holdings plans to reward shareholders with up to RM767.8million, or 65 sen cash a share, under a capital distribution to improve its capital structure and shareholders’ value. It has also proposed a 1-for-1 bonus issue of up to 590.6m payout, Puncak Niaga plans to sell RM320m worth of inter-company advances for RM419m via preference shares and cash. It also plans to sell a 17.5% stake in subsidiary Puncak Niaga (M) S/B for RM306m to Arena Tekad S/B. Both deals would raise some RM439m for Puncak Niaga. The proposals still need the approval of regulators and shareholders. (BT)

TECFAST: 25% stake acquired by London’s Trifast Plc
Techfast Holdings’s 25% stake or 38m shares have been acquired by Trifast Plc, which is listed on the London Stock Exchange for RM19m cash. The vendors area Tecfast’s chairman and managing director Yap Yoon Sing, executive directors Lim Tock Ooi and Fong Kong Leong and substantial shareholder Chin Chee Heun. The vendors said assuming the completion of the sale and purchase agreement and based on the vendor’s shareholding as at Oct 13, 2006, Yap’s shareholding in Techfast would be reduced to 10.97% or 16.67m shares after selling 14.80m shares or 9.74% equity. Lim’s stake would decrease to 5.63% (8.55m shares) from 12.07% (18.35m) and Fong’s to 7.21 (10.96m shares) from 14.05% (21.36m shares). Chin’s stake would be reduced to 5.71% or 8.68m shares from 7.68% or 11.68m shares. (theedgedaily.com)

GHOPE: In JV with China’s detergent company
Golden Hope Overseas Capital (GHOC) has signed a JV agreement with Cognis Oleochemicals (HK) Ltd and China’s Lonkey Industrial Co Ltd to establish, Guangzhoe Keylink Chemical Co Ltd. The new company will manufacture, distribute and sell methyl ester sulphonates (MES), an oleochemical derivative used in the production of detergent. GHOC is a subsidiary of Golden Hope International Investments, which is wholly owned by Golgen Hope Plantations. Under the agreement, Lonkey will hold 49% of equity in the JV company with 36% under GHOPE and the remaining 15% under Cognis. Guangzhou Keylink will be responsible for building, developing and operating a plant to be built in Guangzhou to manufacture MES. (Bernama)

Genting: Unveils details of Singapore Casino Bid
The Genting group plans to re-invest more than S$200m (RM465.13m) annually in its proposed RM11.62bn integrated resort on Singapore’s Sentosa Island. Genting International plc and Star Cruises Ltd have unveiled details of the consortium’s world-class Resort World at Sentosa, which will hold 4 world-class gated attractions. They are Universal Studios Singapore, Quest Marine Life, Equarius Water Park and the Xperiential Maritime Museum, which will be developed by Univeral Studios, Dolphin Quest, Forrec Ltd and Ralph Appelbaum Associates, respectively. The resort will also boast 6 hotels with 1,830 hotel rooms, which include the exclusive ESPA Villas, the Hotel Michael boutique hotel designed by famed US architect Michael Graves and the Hard Rock Hotel. It will also have a Festivewalk promenade and the Bull Ring entertainment centre. The resort would also be home to the largest collection of flagship concept stores that include Nike, Cartier, Massimo Dutti and Hamley’s first toy store outside of Europe. The resort will have a soft launch planned for end-2009 with its official opening slated for early 2010. (theedgedaily.com)

Malaysia Daily Media Highlights

Tronoh: Win Power Deals
Tronoh and its subsidiary, Zelan Holdings, are set to win potentially lucrative contracts to build coal-fired power plants in Indonesia. Company sources said that working jointly with Indonesia’s PT Primanaya, the consortium has by default won at least one of four jobs tendered out by PT Perusahaan Listrik Indonesia (PLN) to construct power plants in the 300 megawatts (MW) to 400MW category. The four projects within the category tendered out were the Labuan Power Plant (2 x 300MW), Rembang Power Plant (2 x 300MW), Tanjung Awar – Awar Power Plant (2 x 300MW) and Indramaya Power Plant (3 x 300MW). Each of the projects attracted only one bidder, and as a condition to the tenders, should there be only one bidder for any of the projects, that bidder would automatically win the job. (BT).

Boustead: Buying 6.3m naval shipyard shares for RM21.54m
Boustead is acquiring KUB Malaysia’s 4.85% stake in Boustead Naval Shipyard (BNS), formerly known as PSC-Naval Dockyard, for RM21.54mn. Boustead said the acquisition of the stake, comprising 6.3mn RM1 shares, would raise its stake in BNS to 35.62 or 46.3mn shares, and it would be obliged to undertake a general offer for the remaining shares in BNS. However, it said it would seek an exemption from undertaking a mandatory general offer, which may arise from the acquisition, if required. Boustead said the acquisition was in line with its strategic intention to consolidate its investments and control BNS, given the importance of the Offshore Patrol Vessels Contract (theedgedaily.com)

RHBCAP: 2 Middle-East Groups Eyeing UTAMA
It was reported by the Edge Weekly that there are 2 Middle-East (Kuwait and Abu Dhabi based) Groups that are interested to acquire the equity stake of Utama Banking Group (UTAMA) from Cahya Mata Sarawak (CMS). As at 20th April 2006, CMS controls 51.83% of UTAMA.

AIRASIA: SIA to reduce fuel surcharge/Asmara Air no threat to other players
Singapore Airlines (SIA) is reducing its fuel surcharges following a decline in jet fuel prices in recent weeks. There reductions will apply for ticket purchased on or after Oct 14, 2006. The airline said the surcharge for flights between Singapore and the Asean countries would be reduced from US$20 to US$18. For flights between Singapore and the United States or Canada, the surcharge would be reduced from US$90 to US$82 while the surcharge for all other flights woud be reduced to US$54 from US$60. (theedgedaily.com)

In other news, soon to be launched Asmara Air says that it is not a threat to AirAsia or Malaysian Airline System (MAS) as it is expected to provide charter services rather than scheduled services. Asmara Air clarified that it will provide full-service charter flights through KLIA within Peninsular Malaysia. Although initially operating Fokker 50s, Asmara hopes to have B737s by early next year and start flights to Sabah, Sarawak and neighbouring countries. (Star).

Cabinet approves water tariff hike for Klang Valley
Malaysia’s Cabinet has approved a 6% to 15% rise in water tariffs for users in Kuala Lumpur and its vicinity although the effective date has yet to be announced. Water, Energy and Communications Minister Datuk Seri Dr Lim Keng Yaik announced Saturday that the government had agreed to increase water tariff in the Klang Valley but it would not affect 42 percent of its residents consuming less than 20 cubic metres of water a month. (Bernama)

Oil Price drop may cut fuel price
Malaysia could see fuel prices cut if oil prices fall below $50 or $45 a barrel Deputy of Domestic Trade and Consumer Affairs Minister said recently. He added that despite the sharp drop in crude oil prices in recent weeks the government is unable to cut prices now as it is still heavily subsidizing fuel prices. (Bernama)

PROTON: Police buying 2,000 Protons for RM80m
The Royal Malaysian Police is acquiring 2,000 Proton cars this year for about RM80m to beef up its mobile patrol vehicle programme. The Inspector General of Police Tan Sri Musa Hasan said on Oct 13 that the police are considering to buy another 300 more cars next year. Of the 2,000 cars this year, the police will receive 1,000 Wajas, 500 Wiras, 400 Iswaras and 100 Perdana V6s. The police are looking to have a fleet of about 3,990 by the end of next year. Currently, the police have about 1,690 Proton Cars. (theedgedaily.com)

Sarawak wants to take over Bakun Dam Project
The Sarawak state government has expressed interest in wanting to take over the Bakun Hydro-electric dam project as it seeks to keep the electricity generated in the state to help draw foreign investment. The Sarawak state government is keen for the aluminium smelter project to take off which would consume 80% of the power generated from the dam. Sarawak may use its publicly traded company, Sarawak Enterprise Corp Bhd to take over Sarawak Hydro. (BT)

Malaysia Daily Media Highlights

Puncak: RM1.25/share capital repayment
Puncak Niaga Holdings shareholders are expected to be rewarded with a bumper cash payout of RM1.25 per share on the prospects of its assets and debts being taken over by Finance Ministry-owned Pengurusan Aset Air Bhd. (theedgedaily.com)

TOPGLOV: Acquiring 300m new shares inSingapore’s MediFlex
Top Glove Corp Bhd has proposed to acquire 300.3m new shares in Singapore-listed Medi-Flex Ltd for S$21m (about RM49m), a move which will make the latter a subsidiary. The company said that it would pay seven Singapore cents for each new Medi-Flex share, which is below the latter’s last traded price of 12.5 cents. Simultaneously with the Proposed Subscription, Medi-Flex has also proposed to issue 28m new Medi0Flex shares to other investors. Medi-Flex’s subsidiaries are principally involved in the manufacturing and trading of rubber gloves and have a paid-up capital of S$19.5m. Medi-Flex posted a net loss of S$12.6m for the first half ended June 30, 2006 and had borrowings of S$26.8m. (theedgedaily.com)

LFE CORP: Bids for RM250m, jobs in China and Middle East
LFE Corporation Bhd, which is on track to return to the black next year, is bidding for RM250m in mechanical and electrical engineering projects in Chinaand the Middle East, its executive director Kevin Chin Soong Jin said. He said the LFE is tendering for sub-contracting jobs totalling some RM200m in the Middle East and another RM50m jobs in China. Kevin said LFE’s currenty order book amounted to about RM480m with the bulk of it from overseas projects that would last it over the next two financial years. (theedgedaily.com)

MTAKAB: Plans RM30m expansion
Mentakab Rubber company (M) Bhd plans to invest RM30m to increase its plantation land area to 10,000ha and also to set up a mill, its executive director Datuk Sabri Ahamd said. To ensure Mentakab Rubber has sustainable earnings, the company is looking to increase it heactarage to 10,000ha. Land is almost exhausted in the peninsula and will be looking at green fields in Sabah, Sarawak and Indonesia. (theedgedaily.com)

CCM: Acquires 15% stake in US R&D firm for RM18.5m
Chemical Company of Malaysia Bhd (CCM) is acquiring a 15% stake for US$5m (RM18.5m) in a US-based research and development (R&D) company, Synergy America Inc (SynAm) which is developing a new vaccine against pneumococcal deseases. CCM said SynAm had a strong scientific team with extensive experience in caccine research and development and was familiar with US Food and Drug Administration (US FDA) regulations. (theedgedaily.com)

Malaysia Daily Media Highlights

TM: In talks to get fixed-line business deregulated
Telekom Malaysia Bhd (TM), is in talks with the Government about de-regulation of the fixed-line business so TM can have more flexibility in determining call rates and rental fees. Once the fixed-line business is deregulated, TM can move to lower its long-distance call rates and compete with the much lower rates offered on the Voice over Internet Protocol (VoIP) and by some mobile players. This will mean cheaper calls for subscribers in general. It could also mean that TM will be able to increase local call rates to offset lower long-distance call rates. The current arrangement does not give TM the flexibility to adjust call rates or to review phone rental fees, even though there is a ceiling rate for call charges. “The whole fixed-line business should be reviewed. The idea here is to deregulate the business and let the market forces dictate the rate that can be offered” said TM’s Malaysia business chief executive officer Zamzairani Mohd Isa. He said that the company is in constant talks with the Government and authorities on the matter. However, no official proposal has been made. (BT).

Genting: To get RM5.5bn bridging loan
Genting has secured loans of close to US$1.5bn (RM5.54bn) from five banks for its proposed Singapore casino project. Genting had announced on Oct 10 its joint bid with Star Cruises Ltd to spend more than US$3.1bn (RM11.64bn) to build the casino on Sentosa Island, competing with rivals Kerzner International Ltd and Eight Wonder. Genting hired Barclays Plc, Citigroup Inc, DBS Group Holdings Ltd, HSBC Holdings Plc and Royal Bank of Scotland Group Plc for a bridging loan for one year according to unconfirmed source. The five banks also provided GBP368m (RM2.52bn) in funding to help finance Genting’s acquisition of Stanley Leisure Plc, according to data compiled by Bloomberg. (theedgedaily.com)

SIME: Tipped to launch Ramunia bid soon
Sime Darby Bhd plans to launch a takeover offer for Ramunia Holdings as early as next week, bankers familiar with the matter said. Sime would buy out the controlling shareholder of Ramunia, Ramunia & Marine Corp Sdn Bhd (Remcorp), which holds 55.92 per cent of Ramunia. Under the deal, Sime will offer Remcorp RM161.82m or RM1.24 a share for every ordinary share it owns in Ramunia.

OYL: Daikin’s takeover offer now unconditional
Daikin of Japan has secured more than 50% of OYL shares and the mandatory takeover offer for the remaining shares has become unconditional. Billionaire Tan Sri Quek Leng Chan’s Hong Leong Secretarial Services and Liu Wan Min, who is the president and chief executive officer of OYL, sold their stakes of 40% and 5.2% respectively to Daikin for RM3.05bn and RM395.37m respectively, or RM5.73 per share. Upon their agreement becoming unconditional, Daikin would undertake a mandatory general offer (MGO) for the remaining 54.8% stake in OYL for a total of RM4.17bn. (theedgedaily.com)

THPLANT: Seeks RM250m to expand
TH Plantations, the plantation arm of Lembaga Tabung Haji, is expected to raise RM250m from a bond sale to finance its oil palm land expansion. TH Plantations plans to double its current landbank of about 16,000ha in three years. It also manages about 122,000ha of plantation land owned by Lembaga Tabung Haji. Bankers said part of the bond issue could be subscribed by Tabung Haji. This would be a two-prong strategy that would enable both parent and subsidiary to help each other. (BT).

LCL: Plans Main Board transfer to boost profile
LCL is planning a transfer to the Main Board within the next six months via a corporate exercise that could include a bonus issue and private placement, as part of the effort to enhance its corporate profile among investors. Its group managing director Low Chin Meng said LCL was unable to attract investors’ interests despite its growth potential as long as it remained on the Second Board. Low said LCL had met the financial requirements for a Main Board listing and was now planning the corporate exercise pursuant to the intended transfer. As at April 24, 2006, LCL’s paid up capital stood at RM40.49m. (theedgedaily.com)

Malaysia Daily Media Highlights

TELCO Sector: The Government will sell up to 4 WIMAX Licenses
Malaysia’ government said it plans to issue up to 4 WIMAX licenses that will allow companies to offer wireless high-sped Internet services. The government hasn’t decided on a price for the so-called WIMAX permits, Energy, Energy, Water and Communications Minister Lim Keng Yaik told reporters toady in Kuala Lumpur. The government expects a decision “by the end of this month,” he said. The commission, which oversees the telecommunications and the multimedia industry in the country, changed an original plan to announce the winners in July after the minister said some specifications weren’t in line with government policy. Lim declined to say if the government wants the bidding process to be repeated. He said the government prefers companies which plan to roll out the service nationwide. The government will allocate 30MgH of spectrum for each of the winners to start WIMAX services. (BT)

No Tender for MNP clearing house
Energy, Water and Communications Minister, Datuk Seri Dr. Lim Keng Yaik has shot down any suggestion of a tender to appoint a central clearing house operator, a lucrative job, for the implementation of mobile number portability (MNP). “There will be no tender. There will be only one company,” he told reporters. Dr Lim had said one company, Talian Gerak Alih Sdn Bhd, had presented its plans to him and that he was impressed with it because of its US-based technology partner, Telcordia Technologies Inc. In an immediate response on Oct 10, Malaysian Communications and Multimedia commission (MCMC) chairman Datuk Dr. Halim Shafie said he was unaware of the minister’s decision not to have a tender for the clearing house operator. MCMC had also identified NP Clearinghouse Sdn Bhd (foreign partner Syniverse Technologies of Florida), MSCtrustgate.com (foreign partner Verisign of California), Solution Provider Asia and Swedtel Southeast Asia (foreign partner Worldtel Ltd of Sweden) and Nusa Advanced Systems (foreign partner Neustar plc of Virginia). The lucrative nature of the clearing house job stems from the high and growing mobile volume, which saw 75 billion calls and data traffic being sent last year. The report said the MCMC had hoped the charge by the clearing house through a competitive bidding process would be less that 0.1 send per re-routing. Dr. Lim on Oct 10 said that the ministry was sticking to its target to implement MNP next year.

Johore Tin: In Talks on 2nd Indonesian Plant
Johore Tin is in talks to set up another can-making factory in Indonesia, said its managing director Edward Goh Swee Wang. The company sees Indonesia as a high growth market due to the huge demand for cans there, and because the company has not yet gone aggressively into that market. He said the factory would service another part of Indonesia and not North Sumatra, where it already has operations. The North Sumatra factory caters to local demand only. On the home front, Johore Tin will see the completion of its factory in Seelong, Johor by the end of the month. (BT).

Genting: Proposed to invest RM11.4bn to develop resorts at Sentosa
Genting group has proposed to invest over S$5bn (RM11.4bn) to develop a world-class integrated resort at Sentosa Island in Singapore. The bid to build Singapore’s second casino resort was submitted by Genting International Plc and Star Cruises Ltd, both of which are part of the Genting group, on Oct 10. Two other groups – Kerzner International Ltd, which owns Atlantis gaming resort in the Bahamas, and Las Vegas based Eight Wonder – also submitted their bids to the Singapore authorities before the Oct 10 deadline. The winner is expected to be announced by year-end. (tehedgedaily.com)

Malaysia Airport: Bids for RM1b Jordan Terminal Job
Malaysia Airports Holdings has submitted a bid to build, operate and manage a US$280m (RM1bn) new terminal at the Queen Alia International Airport in Jordan according to company sources. Senior Airport officials confirmed a bid was made late last week and that it was a joint one with AIRPORT’s Kuwaiti partner. The new terminal in the Jordanian capital of Amman is expected to be built over a period of three years to help meet anticipated increase in passenger traffic over the next 30 years. Jordan is expected to announce the winning bid by as early as March next year. (BT)

SCN: Secures RM15m contract
Scan Associates has secured a RM15m government contract to provide maintenance and security support services to various agencies all over Malaysia. Scan had received a letter of award from the Malaysian Administrative Modernisation & Management Planning Unit (MAMPU) to provide its services for the government’s PRISMA project. The 24-month contract was expected to contribute positively to its earnings for the period of the contract. (thedgedaily.com)

Malaysia Daily Media Highlights

Genting: Stamps control over Stanley Leisure
Genting subsidiary Genting International Plc has stamped its control over UK’s largest casino operator, Stanley Leisure Plc, after its cash offer became unconditional with its stake raised to about 69.4%. Genting International announced over the weekend that it had received Stanley shareholders’ acceptances for 17.95m shares representing a 25.3% stake. With that, the total number of shares already held and to be acquired by the Genting International group rose to 49.3m, representing the 69.4% stake. The investment in Stanley provided it the platform to expand its business in the soon-to-be deregulated UK gaming industry and in Europe in Future. (theedgedaily.com)

DiGi: Introduce New Prefix Numbers
DiGi has introduced two prefix – 014-30x xxxx and 014-31x xxxx to meet surging growth in DiGi Prepaid subscribers. The new prefix numbers would be available in both the northern and southern regions due to the overwhelming demand in these areas. It said Kedah, Penang and Perak was allocated the 014-30 prefix and Johor the 014-31 prefix. The new packs will carry the same quality of service and coverage and the same benefits as 016 and 014-6. with the new prefix, a DiGi subscriber calling a DiGi subscriber will have to use the prefix 016, 014-6, 014-30 and 014-31 as per the receiver’s prefix number. (theedgedaily.com)

Gamuda: In running for US$2bn Saudi Rail Contract
Gamuda is vying for a job to build a US$2bn (RM 7.4bn) rail network in Saudi Arabia. According to unconfirmed sources, Gamuda submitted the bid late last month and will know by the year end if it is successful in clinching any of the jobs on offer. The North-south link, tipped to be Middle East’s largest ever rail project, will be split into four main contracts, comprising earthworks and bridges, ballast and track installation. Sources confirmed that a Gamuda-led consortium had been prequalified, but declined to elaborate further. The Gamuda-WCT partnership is also said to be eyeing for projects in Oman, especially infrastructure works related to Al Duqm Port. (BT)

Kotra: Proposes transfer to Main Board
Kotra Industries is seeking a transfer to the Main Board and has proposed a 6-for-5 bonus issue to facilitate the exercise. Its paid-up capital would increase to at least 123.7m shares of 50sen each or RM61.9m, assuming no exercise on its ESOS options. Kotra expects its transfer to be effected early next year. (theedgedaily.com)

KPJ: Buys 2 more hospitals for RM72m cash
KPJ Healthcare is acquiring the operator of two medical centres, Sentosa Medical Centre SB, from AMDB Bhd and 22 other corporate and individual shareholders for a total of RM72m cash. KPJ subsidiary, Kumpulan Perubatan (Johor) SB would acquire Sentosa’s entire paid up capital of 8.7m shares and 5.2m redeemable cumulative preference shares (RCPS) for RM66.8m and RM5.2m respectively. Sentosa operates a medical centre in Kuala Lumpur under Sentosa Medical Centre, while a subsidiary Hospital Sentosa SB also operates a centre in Kajang. (theedgedaily.com)

LBS: Signs development MoU in China
LBS Bina Group 51% subsidiary Linkway Property Co Ltd has signed a memorandum of understanding with the local authority of Wuhu City, China, to develop a 203.3ha recreational and ecological park. LBS said it would comprise property development, golf course, hotel, clubhouse and other recreational facilities in Wuhu City of Anhui Province. Phase one, which involve about 123.3ha, comprises 43.3ha for property development and 80ha for an 18 hole-golf course and other recreational facilities. The estimated gross development value for the 43.3ha of property development was RMB1.5bn (RM750m). (theedgedaily.com)

Knowledge and Preparation is Essential Before Buying a Second-hand Condominium

Condominium is an increasingly popular choice of living style and property investment due to many reasons. Most people choose to live in a condominium to avoid the headaches and hassle associated with owning a landed property. For a person who wishes to acquire a second-hand condominium, it is worth following some simple guidelines when checking out a unit: -

• Check with the developer of the selected condominium whether the Strata Title for the unit has been issued. If the Strata Title has yet to be issued, the transfer of the property must obtain prior consent from the developer if the unit owner intends to sell it.

• Get a copy of the Principle Agreement and Deed of Mutual Covenant signed by the developer and the first owner. The terms and conditions agreed to by both the developer and the first purchaser are spelled out in the agreement and covenant. These terms and conditions will continue to bind the new owner of the unit.

• Get a copy of the House Rules from the property manager in order to understand the “do’s” and “don’ts” regarding the condominium.

• Ensure that the car parking bay attached to the unit is an Accessory Parcel registered under the Strata Titles Act 1985.

• Get a copy of the building insurance policies. Be sure that you will be compensated if fire or some other catastrophe damages or destroys the condominium. After you have purchased the unit, make sure you get a copy of the insurance certificate that is issued under your name.

• Get a copy of the maintenance accounts (dating back to the previous three years) from the property manager. The accounts records will show you the extent to which charges have increased over the years and any trends or patterns in the sums levied. Find out about the maintenance collection record from the property manager. Poor collection records of the maintenance charges and sinking fund will affect the maintenance operation of the building and the new buyer might end up paying additional charges to maintain the property.

• Check out the rates of the service charges, sinking fund, assessment, quit rent, insurance policies, and water supply and electricity. If you are buying a Service Apartment, the rate that you are going to pay is much higher. This is because the Service Apartment in Malaysia is categorized under “commercial property” whereas the condominium is grouped under “residential property”.

• Watch out for any huge repair bills like replacement of the roof or structural repairs, building repainting, replacement of lifts, etc. which are likely to be incurred in the near future. The situation will be worsen if there is no sinking fund or reserve fund of the condominium.

• Check out whether there is any active resident association or management corporation committee. Take part in the meetings organized by the association or committee to find out more about what is happening.

Malaysia Daily Media Highlights

Genting: Strong Offer to buy Stanley Leisure is declared unconditional
Genting Bhd has announced that the offer to buy UK Casino owner Stanley Leisure Plc was declared unconditional. The company has received bid commitments representing 69.4 percent of Liverpool, England- based Stanley's stock, a Regulatory News Service statement released shows.

asiaEP: Propose to place out 20m shares
asiaEP Bhd has proposed to place out 20m new 10 sen shares or 10% of the company’s paidup capital at an issue price will be determined later. The exercise will provide the company with the capacity to tap into capital market to raise additional working capital to financae its growing operations.

Petronas & Chevron will pay Chad US$281.6m
US oil major Chevron and Malaysia's Petroliam Nasional Bhd (Petronas) will pay N’Djamena (Chad) US$281.6 million (RM1.04 billion) under a deal to end a tax dispute which saw them threatened with expulsion from the central African country, the Government said. “The two companies had refused to pay US$484.8 million, which the Government said it was owed under a 2000 taxation agreement” said by Chad’s President Idriss Deby. Deby had ordered Chevron and Petronas to leave the country in August but relented in September after both said they were prepared to make tax payments, though no figure was given then. Petronas owns 35 per cent of the US$4 billion Doba consortium, Chevron 25 per cent and operator ExxonMobil the remaining 40 per cent. – Reuters

MyEG plans share sale to fund expansion
MYEG Services Bhd (MyEG), an electronic government service provider, plans an initial public offering to raise funds for business expansion. It targets to list on the Malaysian Exchange of Securities Dealing & Automated Quotation Bhd (Mesdaq) market next month. Established in 2000, MyEG electronically links the public to agencies like the Road Transport Department, The Royal Malaysian Police, Kuala Lumpur City Hall, the Department of Statistics and the Health Ministry, and Insolvency Department Malaysia. “About 80 per cent of MyEG's business comes from its 15-year government concession” according to the executive chairman Datuk Norraesah Mohamad. - NSTP

FIC Guideline on Acquisition of Properties

The purchase of any property by a “foreign interest”, including a permanent resident, requires the prior approval of the Foreign Investment Committee (FIC) pursuant to Section 433A of the National Land Code 1965. “Foreign interest” means (a) an individual who is not a Malaysian citizen, or (b) a foreign company or institution, or (c) a local company or local institution whereby parties mentioned in (a) or (b) hold more than 50% of the voting rights therein. Acquisition of property by a foreign interest, if approved, is usually subject to conditions imposed by the FIC. FIC is formed under Economic Planning Unit (EPU), a government agency under Prime Minister’s Department.

Generally, foreign interests are only allowed to acquire property valued at more than RM150,000 per unit, with no limit on the number of properties. The State Authority may exercise its discretion in considering a proposed acquisition based on the area or location of the property, the type of property and the percentage that the property make up in a project. Financing from both external and internal sources are allowed for all acquisitions of property. In practice, non-compliance with the FIC Guidelines may have adverse consequences on the company concerned when it deals with governmental authorities such as the Immigration Department and the Stamp Duty Branch of the Inland Revenue (stamping of transfers of shares).

Complete set of FIC Guideline can be downloaded. Click here.

Malaysia Daily Media Highlights

Genting: Strong change to win Singapore Casino bid
Genting has a strong change to win the Singapore casino bid after the Harrah’s Entertainment Inc., the world’s biggest casino operator by revenue, dropped out of the running for the multi-billion dollar project on Friday, just days before the final bidding deadline on Tuesday. The firm, which had teamed up with Singapore developer Keppel Land to bid for a 30-year license to run a casino on the resort island of Sentosa, said it would not be able to meet its financial objectives if it went ahead with the project.

Bursa Malaysia sees muted start to short-selling
Malaysia's stock market is set for a cautious reintroduction of short-selling this month, with perhaps fewer than 50 stocks available to be short-sold, the exchange and sources familiar with the plan said on Friday. Bursa Malaysia says the procedures for the re-introduction of Securities Borrowing and Lending (SBL) are to ensure that the entire process takes off smoothly and it does not view its structure of SBL as a deterrent to market activity.

Global Upline: Secured RM450m projects
Global Upline Sdn Bhd, a second time winner of a European construction award has secured two infrastructure projects worth a total of RM450mil in Miri, Sarawak. The projects are the proposed RM350mil trunk road from Miri Airport to the Asean Bridge bordering Brunei and two proposed RM100mil flyover projects in Pujut and Puchong. “The proposed 32.5km trunk road was awarded by the Federal Government as a private funding initiative (PFI) more than a month ago”, said by Tan Sri Ting Pik Khiing who is the company adviser.

Malaysia Daily Media Highlights

IOICORP: RM2bn exchangeable bonds plan
IOI Corporation Bhd has proposed that its unit IOI Investment (L) Bhd (IOIL) issue up to US$500 million (RM1.84 billion) exchangeable bonds. The US$500 million nominal value five-year unsecured guaranteed second exchangeable bonds would be exchangeable into new 50 sen shares in IOI Corp at an exchange price to be determined.

SCOMI: KMCOB Proposes RM630m murabahah notes
Scomi Group Bhd 92.5%-owned KMCOB Capital Bhd has proposed to issue RM630 million of Islamic debt notes for future operational requirements and to realign its borrowings. The RM630 million nominal value murabahah notes issuance has received the Securities Commission's approval, subject to several conditions.

Melewar: To bid for more Thai power plant licences
Melewar Industrial Group Bhd (MIG) will use its first power plant in Thailand as a stepping stone to bid for more licences as the country gives out new permits next year. The group sees a great opportunity to expand as an independent power producer (IPP) when Thailand opens bidding additional generating capacity early next year. (BT)

Pantai: Khazanah offer for Pantai now unconditional
Khazanah Nasional Bhd’s takeover bid for Pantai Holdings Bhd has become unconditional after its stake increased beyond 33% yesterday. As at October 4, the company, Pantai said in its filling to Bursa Malaysia. With that, Khazanah will also sell 49% of Pantai Irama to Parkway Holdings Ltd, Singapore’s largest private hospital operator. Under the unconditional takeover offer, Pantai Irama will buy the remaining shares at RM2.65 apiece, the remaining warrants at RM1.53 each and the remaining loan stocks at RM2.53.

Malaysia to discuss timber deal with EU
Malaysia and the European Union (EU) will hold talks next month to formalise the certification of its multi-billion Ringgit timber exports to Europe. This will be the first time the EU is hammering out a formal agreement with any country based on a strict criteria of “sustainability, legality and traceability” involving the timber trade. Plantation Industries and Commodities Minister Datuk Peter Chin said a high-powered EU delegation led by the Netherlands would visit Kuala Lumpur next month to start negotiations on the relevant issues.

Malaysia Daily Media Highlights

Road Builder: Chua exit, Syed Mokhtar may be buyer
The founder of Road Builder (M) Holdings Bhd has sold all his sares and resigned from the board yesterday, the construction firm said, as feverish market speculation points to tycoon Syed Mokhtar Al-Bukhary as the buyer. Executive vice chairman Tan Sri Chua Hock Chin has disposed of 68mn shares, or a 13% stake, in several off-market transactions at RM3 apiece.

UEM World:Unveils to cut RM1.94b debt
UEM World Bhd unveiled plans on Oct 4 to shed RM1.94bn in debt that was weighed for almost a decade, a legacy of the Asian financial crisis. The state-controlled firm plans to repay the bond debt through the sale of land and equity and to enlist its parent, state investment arm Khazanah Nasional Bhd, to help finance the transactions. UEM world will sell RM1.43bn worth of land in Johor to special purpose vehicles to be owned by Khazanah, and RM505mn worth of equity in its property unit, UEM Land, to a Khazanah-owned entity.

MAS: Strengthening international route
Malaysian Airline System (MAS) is resuming its 3x weekly Kuala Lumpur – Beirut flights effective Oct 15. The Kuala Lumpur – Beirut route via Dubai is to meet the surge in travel demand for the destination arising from efforts for the return to normalcy in Lebanon. However, MAS will withdraw its operations between Kuala Lumpur and Cairo effective No 1. MAS will also be withdraw its Kuala Lumpur – Stockholm – Newark operations effective Jan 15, 2007 under its route profitability exercise as the company felt that the route would be best operated using code-sharing arrangements with KLM via Amsterdam, one of MAS continental European hubs. Meanwhile, MAS said it would increase its frequency between Kuala Lumpur and Paris from 5x weekly to daily flights, and the Kuala Lumpur – Taipei – Los Angeles route from 5 to 6x. At the regional level, 2 additional weekly frequencies have been mounted for KL – Hanoi and KL – Cebu flights.

CIMB: To tie-up with Bank of Tokyo-Mitsubishi UFJ
CIMB Group has sealed a strategic alliance with Bank of Tokyo-Mitsubishi UFJ (M) Bhd (BTMU) to offer integrated financial services to the latter’s customers, particularly Japanese companies operating in the country. The business alliance covered broad collaboration between both banks in various business areas, including investment banking (both conventional and Islamic) and cash management services. CIMB Investment Bank is also believed to offer its debt and equities capital market products as well as advisory services to BTMU’s Client.

PERISAI: Partners GPS for sub-sea technology
Perisai unit Alpha Perisai has signed an agreement with Dubai based Global Process Systems Inc to use AlphaPrime sub-sea technology at marginal oilfields in ASEAN. Under the agreement, any project undertaken shall be on a 75:25 profit or loss sharing basis. Funding for the project will be on the same basis.

Malaysia, My Second Home Program

Malaysia, My Second Home Programme (MM2H) is offered to foreign citizens from all over the world along with their spouse and children, to retire and reside in Malaysia. This exciting and unique programme is being offered by the Government of Malaysia. It is open to citizens of countries recognized by Malaysia regardless of race, religion, gender or age. This programme allows applicants to bring with them their spouses, and children who are unmarried and below the age of 18. Successful applicants will be granted a social visit pass initially for a period of 10 years, which is renewable thereafter (subject to the validity period of their passport).

MM2H evolved from the Silver Hair Programme, which the government introduced in 1996 to convince foreign retirees above 50 years of age into making Malaysia their second home. A new set of rules had been put in place in April. Under these rules, MM2H participants are no longer required to have a local sponsor and agents registered with the ministry will assist them to settle down in the country, among others. The number of MM2H participants has increased over the year with the total since 2002 to August 2006 standing at 9,576.

The current processing time for MM2H’s approval is up to six weeks. However, with the setting up an Immigration branch in the MM2H One-stop centre, the processing time will be shortened to 4 weeks.

More information on the rules can be downloaded from http://www.imi.gov.my/ENG/im_MalaysiaMy2Home.asp

Malaysia Daily Media Highlights

NACAP grabs Vietnam gas pipeline contract
NACAP Asia Pacific (Nacap) a pipeline construction group, through its Malaysian office has clinched a US$65million (RM239.2million) contract to build a 40km Phu My – Ho Chi Minh gas pipeline project in Vietnam. The company signed an equipment procurement and construction contract with Petro Vietnam project in Hanoi last week.

Japan's Daikin closer to buying OYL
Daikin Industries Ltd, Japan’s largest air-conditioner maker, has moved closer to acquiring its Malaysian rival OYL Industries Bhd. The plan to acquired OYL for about US$2billion (RM7.38billion) was approved by the European Commission. Thee acquisition also been approved by Malaysia’s Ministry International Trade and Industry and Securities Commission as well as the US governmental competition authorities since Daikin made the announcement in May. The deal would make Daikin the world’s second biggest air-conditioner maker after Carrier Corp, a unit of United Technologies Corp and give the Japanese firm a foothold in North America.

Road Builder/IJM: Huge Off-market deal
A large off-market deal for shares of Road Builder (M) Holdings was done yesterday amid talk that the builder may be a takeover target. The market has been buzzing with talk that IJM Corp could be the predator. Some 65.7million shares, or 12.59%, of Road Builder were crossed in the off-market deal valued at RM197.1million. the shares were crossed at RM3 a piece, a 7% premium over the stock’s closing price of RM2.80 each. According to source, Tan Sri Chua Hock Chin, who holds about 13% of the firm, could be the seller although no Road Builder officials contacted by the press yesterday were willing to comment on the speculation.

Genting: Tightens grip on Stanley Leisure
Genting has increased its stake in Britain’s Stanley Leisure Plc to 31.71% after buying a further 3.94m shares or 5.56% stake at its offer price of 860 pence apiece. Genting agreed last month to buy Stanley Leisure in a deal which values Britain’s biggest casino operator at 639m pounds (RM4.44bn). Including options, Genting’s stake is now 36.97%.

NEXNEWS: SC exempts shareholders from Mandatory Offers (MO)
The Securities Commission (SC) has approved an exemption for Net Edge Online Sdn Bhd and Tan Sri Vincent Tan Chee Yioun, and parties acting in concert from having to extend MO for al the remaining securities in Nexnews not held by them upon the completion of a proposed rights issue and exercise of warrants. At the EGM, NEXNEWS’ shareholders approved increasing its authorised share capital from RM300m to RM500m that would facilitate its proposed renounceable rights issue. They also approved the rights issue of new shares at RM1 each together with free warrants on the basis on 1 rights share and 2 warrants for every 3 shares held.

TM: Receives approval for Cambodian JV deletion
Telekom Malaysia’s unit Technology Resources Industries (TRI) has received approval to remove its Cambodian joint venture (JV) company TRICELCAM from the country’s trade list. TRICELCAM, which ceased to be TRI’s subsidiary from Oct 2, has stopped operations and became inactive since 2000. TRICELCAM a 70:30 JV between TRI and the Ministry of Posts and Telecommunications of Cambodia was incorporated in 1996 to develop telecommunications service networks in Cambodia.

Malaysia Daily Media Highlights

AirAsiaFree seats in East Malaysia
AirAsia is allotting 10,000 free seats for travel to or from its two hubs in Kota Kinabalu and Kuching. The free seats, excluding airport tax, fees and fuel charges will be for travel between Oct 10 and Dec 31. The seats are for domestic flights between Kota Kinabalu and Miri, Sandakan, Tawau and Kuching and between Kuching and Bintulu, Miri and Sibu. AirAsia said the budget airline wanted to demonstrate its commitment towards developing the Sabah and Sarawak market by stimulating inter and intrastate travel, and boosting inbound passenger traffic from the peninsula and around the region.

In other news, Sarawak State Urban Development and Tourism Minister Datuk Seri Wong Soon Koh, said that Fly AsianXpress (FAX) should strive to be better than Malaysia Airlines (MAS) in rendering rural air service (RAS). He said it should not be operating based only on areas where there was good response but also fulfil the social obligation of linking people in remote areas with the outside world. Local tourism players in Sarawak had claimed the uncertainties related to FAX schedule had discouraged travel agents outside Sarawak from promoting Miri and the Mulu National Park, a UNESCO World Heritage site, as tourist destinations.

SIMEENG Consortium Lands RM176m power plant expansion project
Sime Engineering Service’s wholly owned Sime Engineering SB (SE), together with consortium partner Mitsui & Company Power System Corporation, has won a US$47.6m (RM175.6m) contract from Sime LCP Power Co Ltd for the construction of a 60MW power plant in Laem Chabang, Thailand. The engineering, procurement and construction project for the combined cycle gas turbine power plant expansion was for 23 months. Sime Darby holds a 70% stake in SIMEENG and 100% equity in Sime LCP.

Sompo Japan Insurance Seeking to buy 30% stake in BGI
Japan’s second largest insurer Sompo Japan Insurance, Inc has proposed to acquire a 30% stake in Berjaya General Insurance Bhd (BGI) from Berjaya Capital. Both parties had received Bank Negara Malaysia’s (BNM) approval to commence negotiations. BGI is a unit of BJCAP with a paid-up of RM118m, however Sompo is listed on the Tokyo Stock Exchange with market capitalisation of over RM48bn.

E&O: Issues RM350m debt papers
E&O Property Development’s subsidiary has received the Securities Commission (SC) approval to issue up to RM350m in debt papers for the nominal value bank guaranteed commercial papers/medium term notes programme. The proposed BG CP/MTN programme is intended to reduce E&O property Penang’s borrowing costs by using cheaper source of funding from the private debt securities market.

TGOFFS: Awarded RM10m Switchgear deal
Tanjung Offshore via its wholly owned subsidiary Tanjung Offshore Services Sdn Bhd has won an RM10m contract from Larsen & Toubro Ltd for the provision of a low voltage and high voltage switchgear packages. The package would be installed at Petronas Penapisan (Melaka) SB’s Melaka Group 3 lubricant base oil project by March 2007 and would contribute positively to its earnings for the financial years ending Dec 31, 2006 and 2007.

Basic Knowledge on the Land System in Malaysia

The Regulatory Statutes
All land matters in Malaysia are regulated by the following legislations, namely:
The National Land Code, 1965
The National Land Code (Penang and Malacca Titles) Act, 1963
The Sarawak Land Code, Cap 81, 1958
The Sabah Land Ordinance, Cap 68 1953
The Strata Titles Act, 1985

The National Land Code, 1965
The National Land Code, 1965 (NLC) was enacted under Article 76(4) of the Federal Constitution on 18th September 1965. It applies only to Peninsula Malaysia. As the principal regulatory statute, it is the main land law in West Malaysia; Sabah and Sarawak, due to reasons of history, retain their own Land Codes. Hence, we have three different laws for three separate parts of the country.

The essence of the NLC is grounded on two basic issues – the various prescribed forms (the instruments of dealings) and registration at the relevant land registries. Since registration is everything under our Torrens system (the system of dealing in land), the NLC, in line with its legislative philosophy, is very much paper-oriented (instrument-oriented). There is a separate law on compulsory acquisition of alienated land, that is, the Land Acquisition Act 1960 (Act 486). The laws on Malay Reservations are not contained in the NLC. These are in the Malay Reservation Enactment and in the Johor, Kedah, Kelantan, Perlis and Terengganu Malay Reservations Enactments.

The National Land Code (Penang and Malacca Titles) Act, 1963
Due to historical reasons, Penang and Malacca practice a system of land tenure and dealing modeled on the English law of property and conveyencing whereby privately executed deeds formed the basis of titles to lands. The National Land Code (Penang and Malacca Titles) Act, 1963 came into force on Jan 1, 1966, thus abolishing the English deeds system in the two states. Effective Jan 1, 1966, with the National Land Code, 1965, the National Land Code (Penang and Malacca Titles) Act, 1963 coming into effect, all the eleven states in Peninsular Malaysia adopt a uniform system of land tenure and dealings commonly referred to as the Torrens system.

The Sarawak Land Code and the Sabah Land Ordinance
Since Sarawak and Sabah adopt their own Land Codes, the system of land tenure and dealings in the two states are grounded on different laws, hence their distinctive characteristics.

The Strata Titles Act, 1985
The law relating to Strata Titles was once codified under the NLC. In 1985, it was excised from the NLC to be rewritten into one separate Act of modest length dealing with specific issues of the law in question, that is the part of the law dealing with Strata Titles.

Meaning of Alienation and Land
All land initially belonged to the State. Then the State allows the use or occupation of land under a title, TOL, or by way of reservation or the extraction of rock material under a permit or any other right under the NLC. Upon alienation, when the title is registered for a piece of land the right over it passes from the State to the person or body named in the title subject to certain conditions. The provisions relating to the alienation of State land are mainly provided in Section 5 of the NLC.

In section 5 of the NLC, “alienate” means to dispose of State land in perpetuity or for a term of years, in consideration of the payment of rent, and otherwise in accordance with the provisions of section 76 or, when used in relation to the period before the commencement of this Act, to dispose of State land in perpetuity or for a term of years under a previous land law.

Also in Section 5 of NLC, it defines that “land” includes

i. that surface of the earth and all substances forming that surface;
ii. the earth below and all substances forming that surface;
iii. all vegetation and other natural products, whether or not requiring the periodical application of labour to their production, and whether on or below the surface;
iv. all things attached to the earth or permanently fastened to anything attached to the earth, whether on or below the surface, and
v. land covered by water

The general rule is that all fixtures attached to the land form part of the land.

Land is also a state matter in Malaysia which only the state Legislature may make laws in respect thereto. In simple words, all land matters come under the purview of the respective state government though the Parliament reserves the right to pass legislation where such legislation is enacted to ensure uniformity of the law and where it concerns national policy.

Land Titles
The end product of alienation is a land title. It serves as an evidence of ownership. With a title, the proprietor can transfer, lease, charge the land or grant right of easement over it. Basically, a land title bears only two particulars – who the proprietor is and which land he owns. However, a number of other particulars are included for certain purposes. For instance, the amount of annual rent, land use conditions and restrictions, registration of land dealing like transfers, leases, charges, caveat, etc.

For easy identification, land titles can be divided into two basic categories, namely the final title and the qualified title.

Final Title (FT) is issued after the land in question has been surveyed by the Chief Surveyor and upon his confirmation that, among other things, the area, the boundaries, the conditions, the category of land use and all the relevant particulars therein are certified as correct.

Qualified Title (QT) confers the same right as a FT except that in the case of land held under a QT, it cannot be sub-divided, partitioned and amalgamated with any other land and no sub-division of the building can be done if it is situated on the land held under a QT unless that the land has been duly surveyed and a certified plan has been approved. QT is provided in the NLC to enable land to be alienated in advance of survey or to enable title to be issued in advance of survey to the individual portions upon subdivision or partition of land or to the combined area upon amalgamation.

FT comprises of Registry Title and Land Office Title, while QT comprises of Qualified Title corresponding to Registry Title and Qualified Title, corresponding to Land Office Titles.

A Registry Title is one that is registered by the Registrar of Titles at the Land Registry. There is a Land Registry in each state and the same is mostly located at the state capital. If the land is alienated in perpetuity (freehold), the Registry Title will take the form of a Grant or “Geran”. If the land is alienated for a term of years (leasehold), the Registry Title will take the form of a State Lease or “Pajakan Negeri”.

A Land Office Title is one whose registration comes under the authority of the Land Administrator at the Land Office of the district. Each district in the country has a Land Office and the Land Administrator is the local registering authority. If the land is alienated in perpetuity (freehold), the title takes the form of a Mukim Grant and in the case of an alienation for a term of years (leasehold), the title takes the form of a Mukim Lease.

Malaysia Daily Media Highlights

MMHE looking for partnership with local shipyards
Malaysia Marine and Heavy Engineering (MMHE), a wholly-owned unit of MISC Bhd, is seeking to collaborate with other shipyards in the country in the construction of deepwater facilities for the oil and gas industry. “We are making initial contacts with other local shipyards to see whether we can work together on future projects” MMHE managing director and chef executive officer Wan Yusoff Wan Hamat told Business times in an interview. He declined to identify the shipyards, but said that any collaboration will be in deepwater projects in line with the company’s target to become the region’s centre of excellence for deepwater support services and maritime repairs. Currently, MHE is undertaking a RM1bn upgrade of its ard to better serve the development of the deepwater fields in Malaysia.

Ramunia Secures RM200m contracts
Ramunia has secured RM200mn worth of contracts to build a jacket and the topside of a platform for the East Belumut oilfield project off Terengganu. Its unit Ramunia Fabricators Sdn Bhd had received letters of award from Newfield Peninsula Malaysia Inc. It added that Ramunia Fabricators’ scope of work would comprise engineering, procurement and construction of the jacket. The other project is for the engineering, procurement, construction and commissioning of topside for East Belumut’s platform. “Both projects are expected to contribute positively towards the earnings of Ramunia Group for the financial year ending Oct 31, 2007,” it said.

GPACKET GMO Ltd to buy Chinese firm for RM412m
GMO Ltd, owned by Green Packet, mtouche and OSKVI will pay up to RM412m for a Chinese content provider, as it seeks to break in China’s interactive television market. The deal immediately gives it a 15% market share in China where there are more than 400m mobile phone users and over 1bn television viewers.

M3nergy in Mumbai Oil Venture
M3nergy is making a move into the upstream sector, working closely with consortium partners in the development of three offshore marginal fields in Mumbai, India. The consortium signed a formal service contract for the development of the marginal fields known as Cluster-7, with Oil and Natural Gas Corp Ltd (ONGC) in New Delhi last Wednesday. Other members in the consortium are Hindustan Petroleum Corp Ltd and Prize Petroleum Company Ltd.

Introduction to Real Estate Agency Practice in Malaysia

A Real Estate Agent in Malaysia is a person who is registered with the Board of Valuers, Appraisers & Estate Agents, Malaysia. The person acts as the appointed professional property agent on behalf of one client (who can be either the Vendor, Purchaser, Landlord or Tenant in the sale, purchase or leasing of real estate) for a fee (usually known as ‘agency commission’) that shall not exceed the scale of fees as contained in the Seventh Schedule of the Valuers, Appraisers & Estate Rules 1986.

A Real Estate Agent can appoint a Real Estate Negotiator for real estate agency dealings and the Real Estate Negotiator will be under the guidance and supervision of the Real Estate Agent. Therefore, the Real Estate Agent is answerable to the Board of Valuers, Appraisers & Estate Agents, Malaysia, for any wrongdoings of the Real Estate Negotiator.

Generally, there are five types of real estate agency appointment in practice in accordance with the rules of the Board as follows:

Exclusive Agency Appointment
The property owner (the client) will grant “exclusive right to market” to a SINGLE appointed real estate agent under this appointment. In the event the client has end user(s) (potential buyers or tenants), the client can only introduce the end user(s) to the appointed agent but leave the presentation, viewing, negotiation and closing of the transaction(s) to the agent. The client cannot claim for discount on the agreed agency fees even though the end user(s) is(are) introduced by the property owner. All other real estate agents who have potential end user(s) for the property must also go through the appointed exclusive marketing agent in closing the deal. The agent fee will then be shared with the exclusive agent.

Sole Agency Appointment
Just as in exclusive agency, a SINGLE appointed agent will be given the ‘sole right to market’ the client’s property. The client may wish to reserve the right to close deals in addition to making introductions or an arrangement may be made for a discount in fees where the clients play an active role. All other real estate agents who have potential end user(s) for the property must also go through the appointed exclusive marketing agent in closing the deal.

Sole Joint Agency Appointment
Under this appointment, a SINGLE Real Estate is given the ‘right to market’ the client’s property jointly with the client. The client has the flexibility to compensate additional registered estate agents and at the same time maintain the advantage of having one registered estate agent in control.

Joint Agency Appointment
This is where MORE than one Registered Estate Agent is appointed and only the registered estate agent who closes the deal gets paid. The number of agents appointed is limited and each is aware of the appointment of the others.

Ad-Hoc Agency Appointment
In this case, the client can engage an UNLIMITED number of registered estate agents on an ad hoc basis and fees are paid only on successful introduction.