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.