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.