DRB-HICOM: Short-listed for US$9bn Saudi rail project
DRB-HICOM has been short listed for a US$9bn (RM32.9bn) rail project in Saudi Arabia. DRB-HICOM submitted a comprehensive bid last month, and will know by next month if it is successful. The four-phase project involves building a 2,400km network of long rails, 250 concrete bridges, supply of 1,000 culverts and 4.5m concrete sleepers. (BT)
MMCCORP: RM133m storage tank project MMC and consortium
MMC and consortium partner PECD have won a RM133m contract from Malaysian Refining Company to construct storage tanks for Petronas Refinery Phase 2 in Malacca. The project will involve the design, construction and installation of two crude storage tanks, including the construction of all general services engineering works and necessary tie-ins for the project facilities. The project will be completed within 26 months. (BT).
Tanjung Offshore: Shipbuilding contract with Boustead Naval Shipyard
Tanjung Offshore has awarded a RM41m shipbuilding contract to Boustead Naval Shipyard Sdh Bhd for an anchor-handling tug and supply vessel. The construction of the vessel would be financed by internal funds and borrowings. Completion of the vessel is expected to be the third quarter of 2008. The company said the 60-metre vessel would be able to perform as a safety vessel for offshore drilling and workover rigs on 24 hours a day basis. (theedgedaily.com)
KPJ: Signs MOU in Islamabad
KPJ Healthcare signed a memorandum of understanding (MOU) with a foundation based in Pakistan and a Bangladeshi company to collaborate on nursing, health sciences education and training. KPJ Healthcare signed the MOU with Pakistan’s Memon Health & Education Foundation and United Enterprises & Co Ltd of Bangladesh after the opening of the Second World Islamic Economic Forum at the Jinnah Convention Centre. (Star)
Sumatec: Output to double
Sumatec is planning to more than double its copper production despite the delay of its mining operations that were initially slated for commissioning this year end. Its executive director and group managing director, James Chan said it planned to invest in a new copper plant to boost annual copper mining operations had been delayed and will only come on stream by February 2007, due to the late delivery of parts of the plant. The group has mining interest in a copper mine at Mengapur, Pahang, and also a gold mine at Lubuk Mandi, Terengganu that will start operation by end of 2006. (theedgedaily.com)
PSCL: Sells building in Penang to lower debts
PSC Industries has proposed to sell a building well known as Menara PSCI in George Town to Boustead Holding for RM54m cash. Boustead owns a 32.5% stake in PSCI. “The proposed disposal provides an avenue for PSCI to realise the value of its investment and to reduce its loan obligations to regularise the financial position as part of its plan pursuant to Practice Note 17,” PSCI said. (Star)
GLOBALC: RM250m fleet replacement
Globac Carriers is investing some RM250m over the next 5 to 7 years to replace its fleet of singlue-hull tankers with double-hull tankers; a move aimed at consolidating its position as a niche clean petroleum product (CPP) carrier and facilitates its regional market expansion plans. “We are in the process of ordering two 7,000 deadweight tonnes (dwt) double-hull tankers from a Chinese shipyard, which will be funded by the sale of our two container ships for RM80million. This will take about 12 to 18 months’” its chairman Datuk Azlan Hashim said. The shipping company now has six units of 7,000dwt single-hull tankers and a 12,000dwt double-hull tanker which is currently undergoing testing before commission. (theedgedaily.com)
Malaysia: Graft Index Ranking drop to 44th Place
Malaysia’s ranking in the Transparency International corruption Perceptions Index 2006 slipped to 44th place from 39th position last year. Within the Asia Pacific region, Malaysia was ranked 10th after countries like Singapore, Hong Kong and Japan but has scored better than China, India, Indonesia and Thailand. The survey ranked Finland as the least corrupt nation while Haiti came in last.
EU:2007 growth forecast raised
The European Commission (EU) raised its economic growth forecast for 2007 to 2.1% from 1.8% (2006f:2.6%) given the carry-over of strong growth momentum in 2H 2006 and the optimism arising from the lower oil prices. The EU also cut its inflation forecast for the year 2007 to 2.1% (previously 2.2%) as crude oil prices have retreated to below US$70 per barrel.
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