Malaysia Daily Media Highlights

Gamuda: Seals Bahrain Job
Gamuda Bhd inked the US$248.75 contract it won in July to build two causeways, associated embankment works flyovers at the Sitra Causeway as well as on Nabih Saleh Island in Bahrain. Gamuda is to build two three-lane causeways, one 200m going north and the other 400m going south, which can be converted into four lanes each in future. The job is scheduled to be completed in 32 months.

The causeway project was announced on the Bursa on 1 August this year to add to its other Middle East projects namely Qatar Airport and Dukhan Highway. Apart from this, Gamuda is also potential to benefit from double tracking rail project (value between RM0.5bn and RM0.9bn) and Pahang-Selangor Interstate Water Transfer and Flood Mitigation Projects.

Airport: Bids for Jeddah Terminal Project
Malaysia Airports Holdings has submitted a RM200mn working plan to upgrade and manage an airport terminal in Saudi Arabia. Sources said MAHB submitted the bid via a joint venture with its Arabian sponsor, Arabian Co for Water & Power Development (ACWA Power). ACWA Power, owned by A. Abunayyan Trading Corp & Al Muhaidib Holding Co, is also the partner for a Malaysian Venture that won the kingdom’s first power and water desalination privatization project. (BT)

MMC: RM7.9bn Islamic financing for Malakoff Bid
MMC Corporation Bhd has proposed to raise RM7.9bn in Islamic debt papers to finance the acquisition of independent power producer Malakoff Bhd and also refinance the latter’s debts. The total acquisition of MMC would total RM9.31bn. MMC said on Nov 10 that its unit, Nucleus Avenue (M) Bhd (NAB), had proposed to issue up to RM1.7bn in nominal value of cumulative non-convertible Islamic junior sukuk and up to RM600mn in Islamic commercial papers and medium term notes. The remaining rM5.6bn would be nominal value of Islamic medium term notes, it said. (theedgedaily.com)

MAS: Secured shareholders’ nod for RPS
Malaysian Airline System has clarified that it had secured its shareholders’ approval for a redeemable preference shares (RPS) option to the exercise, and not a rights issue as reported on Nov 10. The national air carrier said its managing director and chief executive officer Idris Jala was referring to the RPS and did not refer to any rights issue when speaking at the Asia-Pacific and Middle East Aviation Outlook Summit in Singapore on Nov 9. (theedgedaily.com)

International Tender For Pahang – Selangor Raw Water Transfer Project
An international tender for the proposed RM3bn Pahang-Selangor raw water transfer project to be financed through a soft loan from Japan, is expected to be carried out by the middle of next year. Energy, Water and Communications Minister Datuk Seri Dr. Lim Keng Yaik, in stating this, said the cost of the project, which has been delayed for years, would be reduced from RM3.8bn to around RM3bn. This was after the government decided to review the process of appointing the consultant for the project. The project consultant would now be decided through an international competitive tender bidding process instead of direct appointment by the Economic Planning Unit (EPU). he added.