• Sime Darby postpone IPO of its automotive business?
Sime Darby, the world's largest listed palm oil firm, has indefinitely postponed an initial public offering of its automotive business that bankers had said could raise up to US$500m (RM1.8bn). The company had in February deferred the IPO of Sime Darby Motors to the second half of this year but three people with direct knowledge of the matter said the deal had been put off for now. A Sime Darby spokesman also said the IPO had been deferred "until the market is conducive for the exercise". He declined to give further details.
• Tune Ins acquired 23.3% equity in PT Asuransi Staco Mandiri for IDR26.8bn
Tune Ins Holdings (TIH) had on 5 May 15 executed a Conditional Binding Offer Letter to acquire 31.8% stake (or 23.3% of the enlarged share capital) in PT Asuransi Staco Mandiri (ASM) for a purchase consideration of IDR26.8bn. TIH will also subscribe for the 43,707 new issued shares in ASM for IDR30.6bn. The new shares represent 26.7% of the enlarged share capital in ASM.
• MAS to stop flights to major cities under new CEO?
Malaysia Airlines (MAS) is said to stop flights to major cities under new CEO Christoph Mueller as he attempts to turn the ailing national carrier to profitability. According to sources, international routes that may be axed include Dubai, Brisbane, Auckland, Amterdam, Kunming, Istanbul and Osaka. Last month the national carrier had announced its withdrawal from the Frankfurt route effective May 29. This was part of the overall strategy to turn the carrier into a regional airline but with strong global connectivity through its OneWorld alliance.
• The Pavilion Suites is selling at record high, starting from RM3,000psf?
The Pavilion group is setting a record of sorts as it has priced its high-rise serviced residential units of its latest project – the Pavilion Suites – along Jalan Bukit Bintang starting from RM3,000 per sq ft. The 51-storey project comprises 383 one and two-bedroom service residentials and offers 450,000 sq ft of retail space on a gross floor area basis. On a net basis, this is expected to be about 240,000 sq ft. The record price for the residential units comes as no surprise to some as it is being built on a half-acre parcel that created a buzz in the property sector in 2010. That year, Urusharta Cemerlang Sdn Bhd, a company controlled by property magnate Tan Sri Desmond Lim, purchased the tiny strip of land from Singapore billionaire Kwek Leng Beng for a record price of RM7,209 per sq ft
• CIMB Bank completes issuance of US$130M 30 years callable zero coupon notes
CIMB Bank Bhd (CIMB Bank), in which CIMB Group Bhd holds a 99.9% equity stake, has successfully completed the inaugural issuance of US$313m (approximately RM1.129bn) 30 years callable zero coupon notes yesterday. In a press statement, CIMB Bank said the landmark issuance is to be listed on the Taipei Exchange (GreTai Securities Market) and the Bursa Malaysia (Exchange Regime). It was CIMB Bank's maiden issuance in the Taiwanese market, also known as the Formosa Bond Markets According to the banking group, the deal saw healthy demand from onshore investors across multiple accounts, culminating in a peak of total orders exceeding US$480m (RM1.73bn), allowing the deal to eventually be priced at 4.50%.
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