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