Envair proposes to place out 30% of paid-up to raise RM9.78m

KUALA LUMPUR (March 2): ENVAIR HOLDING BHD [] plans to undertake a private placement of up to 35.56 million new shares or 30% of its paid-up to raise RM9.78 million.

It said on Friday that the shares, at an indicative price of 27.5 sen per share, would be placed out to its major shareholder Deepak Jaikishan, directors Mohd Anuar Mohd Hanadzlah and Mohd Shukri Abdullah and independent third parties.

Of the 35.56 million shares, Envair said 18 million units would be allocated to Deepak, 16.06 million shares to independent investors, one million shares to Anuar and 500,000 units to Shukri.

“The proceeds are to be utilised by Envair and its subsidiaries for working capital in relation to the proposed new business of the group, namely distribution and trading of oil and gas products,” it said.

To recap, on Oct 13 last year, its unit Envair Energy Sdn Bhd had entered into a joint collaboration with Resscom Petroleum Sdn Bhd for distribution and trading of oil and gas products.



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Cypark Resources proposes private placement to raise RM27.48m

KUALA LUMPUR (March 2): CyPARK RESOURCES BHD [] has proposed to place out up to 15.52 million shares or 10% of the paid-up share capital to raise up to RM27.48 million.

It said on Friday the indicative issue price was RM1.77 per placement share, or a discount of about 10% to the five-day volume weighted average market price of the shares up to and including the last practical date of RM1.9585.

“The proposed private placement will enable Cypark to raise funds for its working capital requirements without incurring interest costs, as compared to bank borrowings,” it said.

Cypark added the corporate exercise was the fastest way to raise funds from the capital market as opposed to other forms of fund raising.

It said the shareholders had approved the issuance of up to 10% of the issued and paid-up share capital at its AGM on April 27, 2011.



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PNB, Liew hold 51.24% of S P Setia, offer now unconditional

KUALA LUMPUR (March 2): Permodalan Nasional Bhd (PNB) and S P Setia president and CEO Tan Sri Liew Kee Sin’s conditional takeover of the property company has become unconditional as they collectively hold 51.52% of the shares.

S P Setia said on Friday the joint offerors and parties acting in concert collectively hold 976.72 million shares or 51.24% as at March 2.

“The offer will remain open for acceptances until 5pm on Monday, March 19, unless otherwise extended by the joint offerors,” it said.

PNB and Liew had made a cash offer price of RM3.95 per share and 96 sen per warrant.



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DBE Gurney proposes placing out 67m shares to raise funds for working capital

KUALA LUMPUR (March 2): Poultry-based DBE Gurney Bhd has proposed to place out 67.33 million shares or 10% of the current paid-up share capital to raise funds for working capital.

The company said on Friday that based on the audited loss after tax of about RM3.71 million incurred by the group for the financial year ended Dec 31, 2010 and the group’s immediate working capital requirements, the placement was the most appropriate method to raise funds.

“The proposed private placement will enable the DBE Gurney group to raise fund for working capital requirements, improve the group’s cash flow position and also to provide continued support to the Group’s existing business and future business expansion,” it said.

DBE Gurney said assuming the placement shares were issued at an indicative issue price of 10 sen per placement share based on the par value of the shares, the proposed private placement is expected to raise gross proceeds of up to RM6.73 million.

It said the working capital amount would be used to fund the group’s day-to-day operations which may include purchases of raw material such as soy, feed and other operational expenses.

It added the actual proceeds to be raised from the proposed private placement would depend on the final issue price of the placement shares.



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S P Setia ex-CFO disposes of 2.7m shares under takeover offer

KUALA LUMPUR (March 2): S P Setia Bhd’s former chief financial officer Yap Kok Weng disposed of 2.70 million shares on Feb 28 following the conditional mandatory takeover offer.

A filing to Bursa Malaysia showed he had accepted the conditional mandatory take-over offer by Permodalan Nasional Bhd and S P Setia president and chief executive officer Tan Sri Liew Kee Sin.

Yap was the CFO until July 2009 but remained with the group as the executive vice president in charge of strategic planning pursuant to an internal reorganisation of responsibilities within the group.



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CIMB leads KLCI to higher close, 11 pts away from all-time high

KUALA LUMPUR (March 2): CIMB led the FBM KLCI to a higher close, just 11 points away from the all-time high of 1,594.74 in July 2011, as the firmer blue chips galvanised market sentiment.

At the close, the KLCI was up 10.33 points or 0.66% to 1,583.78. Turnover was 1.63 billion shares valued at RM1.93 billion. Advancing counters beat decliners 540 to 276 while 330 counters were unchanged.

Reuters reported European shares edged up to their highest level in more than a week on Friday, with the European Central Bank's ultra-cheap funding this week helping the euro zone debt market and further reducing risk within the battered banking sector.

Financials were among the top gainers, with the STOXX Europe 600 Banking index rising 0.6 percent and Commerzbank advancing 3%. The index, which was the worst performer in 2011 with a 32% drop, has gained about 19% so far this year.

Among the key regional markets, Japan’s Nikkei 225 rose 0.72% to 9,777.03, Hong Kong’s Hang Seng Index added 0.81% to 21,562.26, Shanghai’s Composite Index added 1.43% to 2,460.69 and Singapore’s Straits Times Index 0.49% higher at 2,993.49.

BAT was the top gainer, adding 40 sen to RM53.50. Its fourth interim dividend of 66 sen per share tax exempt will go ex on Tuesday.

CIMB rose 16 sen to RM7.33, pushing the index up 2.82 points after the banking group moved closer to expand its regional reach by acquiring certain assets of The Royal Bank of Scotland in Asia Pacific.

AMMB added nine sen to RM6.26 while Maybank and Public Bank rose two sen each to RM8.77 and RM13.70.

Petronas Chemical added 15 sen to RM6.90, Genting 14 sen to RM10.60 while DiGi and YTL advanced eight sen each to RM4.12 and RM1.78.

KHSB was the most active counter with 76 million shares done, adding 6.5 sen to 62.5 sen.

Silver Bird was unchanged at 20.5 sen as the price could have bottomed out after being sold down on Thursday where it lost nearly half its value.

China Stationery Ltd saw its share price slipping three sen to RM1.8 as investors took profit following its listing on Feb 24 at the offer price of 95 sen.

Among the decliners, PPB fell 34 sen to RM16.94, Dutch Lady 22 sen to RM29.50, Ta Ann 20 sen to RM5.71 and Hartalega 19 sen to RM8.13.



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Dijaya’s corporate exercise to involve very substantial transaction

KUALA LUMPUR (March 2): DIJAYA CORPORATION BHD [] plans to under a corporate exercise which would involve a very substantial transaction.

The property developer said on Friday it had requested for the suspension in the trading of the securities for next Monday and Tuesday. Details of the corporate exercise would be released on Tuesday.

Trading in the securities was suspended from 4.35pm on Friday.

Dijaya’s share price rose to an intra-day high of RM1.72. It was up four sen to RM1.67 before trading was suspended.

Market talk is that Dijaya's major shareholder Danny Tan Chee Sing could be injecting his personal assets into the company which could increase the market capitalisation from RM766 million to about RM1 billion.



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Dr M: Transform Proton and reverse financial losses

KUALA LUMPUR (Mar 2): DRB-HICOM BHD [] has been urged by Tun Dr Mahathir Mohamad to transform PROTON HOLDINGS BHD [] and look at ways to reverse the current fiscal losses.

In making the call, the former premier and adviser to the national auto maker said the new management after the takeover, scheduled to be completed this month, has to bring the national automotive company to its old glory.

"Obviously, you (DRB-Hicom) need to beef up the organisation, examine all the losses to see how you can reimburse the losses.

"Generally, the new company will have to look at all aspects of management of Proton as it is weak in all angles," Mahathir told Bernama in an interview.

The national car maker's pre-tax loss widened to RM84.054 million for the third quarter ended Dec 31, 2011 compared to a pre-tax loss of RM51.535 million in the same period in 2010.

Revenue for the period also decreased to RM1.432 billion from RM1.833 billion previously.

Turnover for the first nine months also dipped to RM5.92 billion from RM6.36 billion on the back of a RM36.530 million loss before taxation against a pre-tax profit of RM134.3 million recorded in the corresponding period in the preceding financial year.

On the new Proton chief, Mahathir said it is up to DRB-Hicom whether to name a new successor or to retain the old management.

Asked whether Proton can regain its glory with the old management under a new parent, Mahathir said: "Obviously, there might be some new inputs from DRB-Hicom. For sure it is not just going to buy Proton and leave it as it is."

He added the profitability aspect was lacking from the current management under the leadership of chairman Datuk Seri Mohd Nadzmi Mohd Salleh and group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed.

"Well, they (Proton) are not making a profit. Business must make profit. So we must find out why they are not making profit," Mahathir said.

In January 2012, DRB-Hicom struck a deal to buy Khazanah Nasional Bhd's 42.7 per cent stake in Proton for RM1.29 billion or RM5.50 per share.

DRB-Hicom is expected to officially take Proton private later this month, after the completion of certain take-over codes and regulations. — Bernama



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Puncak Niaga advances, hope for tariff hike

KUALA LUMPUR (March 2): PUNCAK NIAGA HOLDINGS BHD []’s share price rose to a high of RM1.55 on Friday following a better than expected financial performance and hopes for a tariff hike.

At 4.09pm, Puncak was up 15 sen to RM1.50 on rising volume. There were 20.38 million shares transacted at prices ranging from RM1.36 to RM1.55.

OSK Research said that due to timely profit recognition at its CONSTRUCTION [] division, Puncak’s core net profit of RM3.7 million for FY11 beat its and street projections for a loss.

The research house said the scheduled 25% water tariff hike from 2012 may somewhat help improve earnings, regardless of whether official approval was granted.

“We are also upbeat on higher revenue from its newly acquired oil and gas (O&G) unit and earnings from outstanding pipe laying projects. As the share price offers a decent upside to our FV of RM1.82, we are prompted to upgrade Puncak back to a Trading BUY,” said OSK Research.



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Hibiscus Petroleum sees 6m shares crossed

KUALA LUMPUR (March 2): Hibiscus Petroleum Bhd’s six million shares were transacted in an off-market deal at an average price of RM1.78 apiece on Friday.

Stock market data showed that the six million shares accounted for 1.43% of its paid-up of 418.048 million shares.

At 3.46pm, Hibiscus shares were unchanged at RM1.79, but off the intra-day high of RM1.85.

Hibiscus Petroleum is holding its EGM on March 21 to obtain approval from its shareholders for its 35% acquisition in Lime Petroluem plc. The EGM comes after the Securities Commission approved the Hibiscus Petroleum's acquisition of the stake.



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BAT climbs ahead of dividend going ex on Tuesday

KUALA LUMPUR (March 2): Shares of BRITISH AMERICAN TOBACCO (M) Bhd rose to RM53.48 on Friday, the higher since Feb 20 as buying interest is underpinned by its dividend plan.

At 3.17pm, it was up 38 sen to RM53.48.

The FBM KLCI rose 8.86 points to 1,582.31. Turnover was 1.09 billion shares valued at RM1.17 billion. There were 451 gainers, 247 losers and 339 counters unchanged.

BAT’s fourth interim dividend of 66 sen per share tax exempt will go ex on Tuesday.



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CIMB Singapore to approve S$200m Islamic loans to SMEs

KUALA LUMPUR (March 2): CIMB Bank, which started its Islamic commercial banking operations in Singapore last year, aims to approve S$100 million this year for the small and medium enterprises (SMEs) in the republic.

"We are targeting about S$100 million for SME financing this year. At the moment, we already have about S$30 million on our balance sheet with a healthy pipeline for the full year.

"The take-up rate of Islamic financing for SMEs has been encouraging although it is very early days for the industry in Singapore," said Badlisyah Abdul Ghani, CIMB Group’s head of group Islamic banking division.

He said the bank’s Islamic commercial banking operation has been growing in Singapore although the Muslim community makes up less than half of the population.

"It is not about whether you are Muslim or non-Muslim. It’s all about value proposition. When customers see there is good value in our Islamic finance products, they’ll take up these products," he told Bernama in an interview.

The bank plans to roll out its Islamic retail offerings soon as it has put in place a new core banking system that caters to its operations.

"We are looking at bringing to the market sometime in the third quarter, our pioneering Islamic retail deposit products as well as our award-winning Islamic structured products first before looking at any retail financing products," Badlisyah said.

In Indonesia, CIMB has rolled out close to 60 Islamic financial products over the last two years, which included products that were re-launched.

"When we first started, we have only about 11 products in CIMB Niaga Syariah. We have now included Islamic trade finance, Islamic commercial banking, corporate banking offerings and many more.

"As for retail offerings, we undertook a segmentisation exercise so that we can target different consumer segments. Our ArRahnu business launched last year has had good traction and we now have about 100 outlets across Indonesia," he said.

Badlisyah said this year, the bank’s Islamic banking business in Indonesia would focus on building up the portfolio as it has all the relevant products in place for all types of consumers.

He also said that CIMB Niaga Syariah, the Islamic finance window under PT Bank CIMB Niaga Tbk, had staged another record year for its financial year ended Dec 31, 2011.

"The bank posted 70 per cent growth both in deposit and financing assets on year-on-year basis and is looking to do better in 2012," he said.

CIMB Niaga Syariah is now the fifth largest Islamic financial institution and the largest of all Islamic windows, in terms of assets in Indonesia.

There are 34 Islamic players in the market comprising stand-alone Islamic banks and Islamic windows. - Bernama



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ECB boost for regional markets, KLCI eyes all-time high

KUALA LUMPUR (March 2): Key regional markets, especially China and Hong Kong rallied in the morning session on Friday while at Bursa Malaysia, the FBM KLCI cast its eyes on the all-time high of 1,594 on July 8, 2011.

The ringgit broke past the crucial 3.000 level against the US dollar to reach 2.9935 in the morning and it was at 3.0002 at midday.

At 12.30pm, the FBM KLCI was up 11.34 points or 0.72% to 1,584.79 – which was just 10 points of the all-time high of 1,594.74. Turnover was 824.36 million shares valued at RM843.70 million. Gainers beat losers 422 to 246 while 322 stocks were unchanged.

Markets rose following the inflow of cheap European Central Bank funds this week which had eased fears of a meltdown in the euro zone financial sector, overriding some weak data and concerns about surging oil prices, Reuters said.

The ECB's half a trillion euros in cheap, 3-year loans added to the banking system this week underpinned markets, driving down bond yields of highly-indebted euro zone governments, such as Italy, on Thursday.

US light crude oil fell 40 cents to US$108.44. Crude palm oil futures fell RM17 to RM3,263.

Japan’s Nikkei 225 rose 0.67% to 9,772.60, Hong Kong’s Hang Seng Index added 0.97% to 21,595.90, Shanghai’s Composite Index 0.93% to 2,448.66 and Singapore’s Straits Times Index 0.47% to 2,992.95.

At Bursa Malaysia, the gains on blue chips were led by CIMB, Sime Darby and Petronas Chemicals, which helped underpin the overall market sentiment and gave a boost to the smaller cap stocks and lower liners.

CIMB rose 17 sen to RM7.34, pushing the KLCI up 2.99 points to RM7.34 while Sime Darby’s gains of 17 sen to RM10.10 pushed the index up another 2.41 points. PetChem and Genting added 14 sen each to RM6.89 and RM10.60.

The top gainer was Panasonic Malaysia, up 80 sen to RM22.80. BAT added 40 sen to RM53.50 and Oriental Holdings 16 sen to RM6.35.

Perwaja-WA jumped 28 sen to 28.5 sen with 17.14 million units done.

Naim Indah Corp was the most active with 42.33 million shares done, unhinge dat 53 sen.

Silver Bird inched up one sen to 21.5 sen with 28.61 million shares transacted after the sell-down pushed the share price down by 50%.

Dutch Lady fell the most, down 50 sen to RM29.22 but with only 6,800 shares done. PPB lost 30 sen to RM16.98, Hartalega 17 sen to RM8.15 and Petronas Gas six sen to RM16.84.



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Flash: Hitachi launches takeover offer for eBworx

KUALA LUMPUR (March 2): Hitachi Ltd has launched a conditional voluntary general offer for EBWORX BHD [] with an indicative purchase price of 90 sen a share.

The company said on Friday that it had on Thursday evening received a letter from Hitachi about its potential proposal to acquire all the shares.

“The potential buyer (or an affiliate owned by the potential buyer) proposes to acquire the shares by making a conditional voluntary general offer to all holders of the shares with a minimum level of acceptances of no less than 85% of the nominal value of the Shares excluding the treasury shares held by the company,” it said.

eBworx said the potential buyer was expected to make an offer by serving the requisite notice in April 2012.

“Having deliberated on the contents of the letter, the board has agreed for the potential buyer to proceed with the due diligence (to the extent permitted by applicable laws and regulations) on the company,” it said.



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Sime Darby up, JP Morgan target price RM11.60

KUALA LUMPUR (March 2): Shares of SIME DARBY BHD [] extended their gains on Friday on fund buying after it posted a strong set of results while JP Morgan Research upgraded the target price to RM11.60 from RM11.30.

At 11.14am, it was up 21 sen to RM10.14 with 6.47 million shares done.

The FBM KLCI rose 11.25 points to 1,584.70. Turnover was 619.10 million shares valued at RM549.67 million. Gainers beat losers 360 to 221 while 306 stocks were unchanged.

JP Morgan Research said Sime Darby remained its top large-cap Asean PLANTATION []s pick.

It said Sime's 2QFY12 core net profit of RM1.032 billion (up 18% on-year) came in 12% ahead of consensus expectations of RM922 million.

For 1HFY12, core profit of RM2.14 billion (up 40% on-year) represented 53% of its full-year forecast and 55% of consensus.

“Given the short-term cautiousness due to the global environment, we believe this will translate to more material forecast upgrades by the market mainly from FY13E on (Jun year-end), likely bringing consensus numbers closer to our above-market estimates.

“We have tweaked our forecast up by 3% per annum and are now ahead of consensus by 5% for FY12E and 14% for FY13E. Maintain overweight,” JP Morgan Research said.



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eBworx suspended for material announcement

KUALA LUMPUR (March 2): Trading in the shares of EBWORX BHD [] was voluntarily suspended from 9am to 5pm on Friday.

The company said the suspension was necessary as it intended to release a material announcement.



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Market advances, Sime, PetChem up

KUALA LUMPUR (March 2): Blue chips chalked up gains in mid-morning trade on Friday, with fund buying of heavyweights Sime Darby and Petronas Chemicals underpinning the market sentiment.

At 11am, the FBM KLCI was up 10.63 points to 1,584.08. Turnover was 570.43 million shares valued at RM489 million. There were 351 gainers, 204 losers and 294 stocks unchanged.

Petronas Chemicals climbed 18 sen to RM6.93 and Sime Darby 15 sen to RM10.08 while Genting advanced 10 sen to RM10.56.

Panasonic Malaysia was the top gainer, adding 50 sen to RM22.50 while BAT added 38 sen to RM53.48 and DRB-Hicom 15 sen to RM2.76.

Perwaja-WA jumped 27.5 sen to 28 sen with 15.26 million units done when the warrants were listed on Friday.

Niam Indah Corp was the most active with 30.74 million shares done, slipping 0.5 sen to 52.5 sen.

Silver Bird, which saw its share price halved on Thursday after the company launched a probe into alleged irregularities, managed to gain 1.5 sen to 22 sen.

China Stationery Ltd extended its decline as investors took profit, down four sen to RM1.17.



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Perwaja warrants surge on debut

KUALA LUMPUR (March 2): Warrants issued by Perwaja surged at the start of trade on Friday.

At 9.01am, the warrants were up 25 sen to 25.5 sen with 490,500 units done.

The FBM KLCI advanced 1.75 points to 1,575.20. Turnover was 21.63 million shares done valued at RM12.64 million. There were 80 gainers, 47 losers and 110 stocks unchanged.

The warrants were issued on the basis of one free warrant for every two shares held as at Feb 24. The tenure of the warrants is 10 years and the strike price is RM1.



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CIMB Research has technical buy on QL Resources at RM3.28

KUALA LUMPUR (March 2): CIMB Equities Research has a technical buy on QL Resources at RM3.28 at which it is trading at a price-to-book value of 2.0 times.

It said on Friday that QL Resources has been consolidating in a triangle pattern for the past few weeks.

“We think that the stock is ripe for a stronger rebound. If the candles can push above the RM3.33 level, there is a good chance that prices may re-rate towards RM3.40, RM3.50 and RM3.70,” it said.

CIMB Research said that the MACD signal line is flattening while RSI is gyrating near the 50pts mark.

“We think these are just reflections of its earlier consolidation,” it said.

The research house said traders may join the buying bandwagon once the candles push above the RM3.33 level. Always put a stop at RM3.23 to limit downside risk.



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Stocks to watch: Silver Bird, Perwaja, CIMB, K. Jetson

KUALA LUMPUR (March 2): SILVER BIRD GROUP BHD [] could continue to be in focus with the latest move by RAM Rating Services Bhd to downgrade the outlook for its debt notes.

The ratings agency placed the group on Rating Watch, with a negative outlook. It also lowered the respective long- and short-term ratings of the group’s RM30 million Commercial Papers/Medium-Term Notes Programme (2005/2012) (CP/MTN), from A2 (negative outlook) and P2 to C3 and NP.

Perwaja’s 280 million warrants will be listed and quoted on Friday. The warrants were issued on the basis of one free warrant for every two shares held as at Feb 24. The tenure of the warrants is 10 years and the strike price is RM1.

CIMB Group moved a closer to the proposed acquisition of certain assets of The Royal Bank of Scotland in Asia Pacific. The assets are cash equities, equity capital markets and corporate finance businesses.

KUMPULAN JETSON BHD []’s unit has secured a RM14.98 million contract from the Shah Alam City Council to undertake renovation for the Wisma MBSA.

TENAGA NASIONAL BHD [] withdrew its suit against INTEGRAX BHD [] and seven other defendants with no order as to costs for Integrax. Integrax said following the withdrawal of the suit, all past disagreements between the company’s major shareholders have been fully settled.

Malaysian Building Society Bhd (MBSB) targets gross loan growth of 20% this year, according to its chief executive officer Datuk Ahmad Zaini Othman. MBSB's gross loans in the personal financing sector totalled RM7 billion and they were expected to increase to RM9 billion this year.



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