PwC : Irregularities in Xian Leng’s accounts

KUALA LUMPUR (April 5) : The special audit on XIAN LENG HOLDINGS BHD [] revealed financial irregularities in its fish farm development capital expenditure amounting to RM90.7 million of which a total of RM85.7 million was disbursed under "questionable circumstances".

In a statement to the exchange on Thursday, Xian Leng which undertakes commercial breeding of ornamental fish, said the auditor PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC), had disclosed that there was lack of evidence that the RM85.7 million portion was paid to four contractors, as indicated in Xian Leng's records during financial years 2005 to 2008.

According to the audit findings, the cheque payments were authorised by on Xian Leng managing director Ng Huan Tong, while signatories to the cheques were two former board members: Chua Chong Seng and Lim Wan Hong.

Lim is the spouse of Ng, who had voluntarily resigned from his position last Tuesday as PwC finalised its investigation. Xian Leng said its board is deliberating on the next course of action, which may include lodging a police report.



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Favelle Favco clinches RM102 million worth of contracts

KUALA LUMPUR (April 5) : Crane builder FAVELLE FAVCO BHD [] has secured five contracts with a combined value of about RM102.1 million.

In a statement to the exchange on Thursday, Favelle Favco said the purchase orders received in March and April this year involve tower and offshore cranes for local and foreign clients. The cranes are due for delivery in 2012 and 2013, according to Favelle Favco.

The company said the jobs are expected to contribute positively to its earnings for the current financial year ending Dec 31, 2012 and beyond.

Favelle Favco shares added one sent to RM1.37 on Thursday.



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TDM: New specialist Hospital to be built in Batu Burok, T’ganu

KUALA LUMPUR (April 5): The Terengganu state government has approved the lease of land in Batu Burok to TDM BHD [] to build and operate a new 130-bed specialist hospital with all the facilities to serve the people in Kuala Terengganu.

In a statement Thursday, TDM Bhd chairman Datuk Roslan Awang Chik said that the new eight-storey hospital would replace the current Kuala Terengganu Specialist (KTS) hospital that was operating at or near maximum capacity.

Roslan said the hospital to be built on a 5.79-acre land would be the city’s flagship specialist hospital that will serve the approximately 338,000 people of Kuala Terengganu.

“Our aim is to provide the community with high quality yet affordable medical care,” he said.

He said CONSTRUCTION [] would commence immediately and completed within 24 months once the land owner, Tabung Amanah Warisan Negeri Terengganu signs the completed lease documents

Meanwhilel, TDM chief executive officer Badrul Hisham Mahari said that the hospital would provide more comprehensive healthcare facilities, accommodate more in-patients, operate more specialist clinics and other quality healthcare services.

He said the new hospital was planned to be equipped with 130-bed hospital, five operating theatres, 12-bedded intensive care unit (ICU) and a one and half storey car park with 281 parking bays.

The current KTS Hospital is equipped with 33 beds, two-bedded ICU and two operating theatres, accident and emergency services were provided, runs a diagnostic imaging department, a laboratory and a pharmacy, he said.

The current hospital also provides consultancy services on general surgery, obstetrics and gynaecology, orthopaedics and anaesthetics, he said.

Badrul Hisham said the hospital project would cost RM170.2 million, excluding the cost of the lease of the land and incidental fees.

“It will be financed by internally generated funds and / or bank borrowings, which the Board has yet to decide,” said Badrul Hisham.

He also said TDM’s healthcare division with an average growth of 12% in patients number since 2007, had recorded consecutive annual increase in revenue with an average of RM31million in which contributed an average of 7.0% annually to TDM’s profit before tax.



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Petronas: RAPID project progressing as scheduled

KUALA LUMPUR (April 5): Petroliam Nasional Bhd said its proposed proposed Refinery and Petrochemical Integrated Development (RAPID) project, to be located in Pengerang, Johor, is progressing as scheduled.

In a statement Thursday, the national oil company said RAPID’s proposed refinery would have a capacity of 300,000 barrels per standard day and will supply feedstock for RAPID’s petrochemical complex as well as produce gasoline and diesel that meet European specifications.

The RAPID project aims to capitalise on the growing need for specialty chemicals and to meet the demand for petroleum and commodity petrochemical products in the Asia Pacific region by 2016, it said.

Petronas said the project that was first announced by Prime Minister Datuk Seri Mohd Najib Razak on May 13 last year, had achieved several important milestones in the past few months.

It said that following the announcement, a detailed feasibility study on the proposed project was undertaken, and completed in October 2011.

“The project has since progressed to a Front-End Engineering Design (FEED) stage, while at the same time Petronas is finalising the selection of potential partners and licensors for the various facilities within the project.

“The site topographical survey and soil investigation work have been completed, while the Environmental Impact Assessment Study (EIA) is currently being performed,” it said.

Petronas said it recently signed a Heads of Agreement with BASF to jointly own, develop, construct and operate production facilities for specialty chemicals and plants for precursor materials within the RAPID complex.

These world-scale facilities will be undertaken on a 40:60 basis, it said.

Progress is also made in the various other technical and commercial aspects of the proposed project for PETRONAS to reach its final investment decision (FID) in the middle of 2013.

“Except for pre-FID works, no other contract has been tendered out or awarded, Petronas will begin pre-qualification exercise for various tender packages for the project in stages, the earliest of which is expected to be held in the third quarter of this year.

“On the human resource side, preparation is being made to ensure the availability of qualified and trained personnel to work at the various plants and facilities within the RAPID complex,” it said.

Petronas said RAPID’s implementation had the potential of turning Southern Johor into a new refining and petrochemical centre in Malaysia, complementing the existing complexes in the country’s eastern corridors.

“It will also create multiple economic spin-offs and a new generation of oil and petrochemical professionals that will drive the development of this sector further, in line with the government’s aspirations to turn Malaysia into a leading petroleum industry hub in the region,” it said.



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KLCI extends loss for second day running

KUALA LUMPUR (APRIL 50): The FBNM KLCI extended its losses for a second day running while most global markets either pared down their losses or reversed earlier retreats on bargain hunting activities.

The FBM KLCI closed 5.83 points lower at 1,593.44, paring down its losses from the earlier intra-day low of 1,591.85.

Losers edged gainers by 352 to 342, while 317 counters traded unchanged. Volume was 1.24 billion share valued at RM1.22 billion.

At the Asian markets, Chinese shares jumped 1.7% the biggest single-day rise since early February led by non-banking financials after Premier Wen Jiabao said the monopoly formed by the country's big banks needed to be broken to get money flowing to cash-starved private firms, according to Reuters.

Hong Kong shares ended a holiday-shortened week weaker on Thursday, dragged by the Chinese financial sector as investors took profit on the final trading day before a four-day holiday weekend and ahead of US jobs data on Friday, it said.

Meanwhile, European shares eked out modest gains on Thursday with investors looking for bargains after three weeks of losses but sentiment remained fragile after lower demand at a Spanish auction rekindled funding concerns for weaker euro zone countries, said Reuters.

At the regional markets, the Shanghai Composite Index rose 1.74% to 2,302.24, South Korea’s Kospi addd 0.50% to 2,028.77 and Singapore’s Straits Times Index xx

Meanwhile, Hong Kong’s Hang Seng Index lost 0.95% to 20,593.00, Japan’s Nikkei fell 0.53% to 9,767.61 and Taiwan’s Taiex fell 1.56% to 7,639.82.

ON Bursa Malaysia, BAT was the top loser and fell 60 sen to RM54.98, GAB lost 20 sen to RM13, Aeon Credit down 15 sen to RM8.74, Milux, F&N and Genting fell 12 sen each to RM1.28, RM18.88 and RM10.96 respectively, MAHB down 11 sen to RM5.76 while Amway fell 10 sen to RM9.80.

Takaful was the top gainer and added 48 sen to RM3.70, Tradewinds PLANTATION []s added 25 sen to RM5.19, Cepco up 24 sen to RM1.79, Tradewinds added 19 sen to RM9.79, Ta Ann 18 sen to RM6.38, Jaya Tiasa 17 sen to RM8.93, Inno 14 sen to RM1.64, Y&G 13 sen to 73 sen, while Shell and Sin Heng Chan added 12 sen each to RM10.30 and RM1.12.

Metronic was the most actively traded counter with 124,92 million shares done. The stock added 2.5 sen to 17,5 sen.

Other actives included Naim Indah Corp, Ariantec, Focus, Carotech, SupertComNet, Ingenuity Solutions, JCY and Key West.



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CIMB-Principal Asset Management launches new fund

KUALA LUMPUR (April 5): CIMB-Principal Asset Management Bhd (CIMB-Principal) has launched its CIMB-Principal Strategic Income Bond Fund 2, a close-ended fund that will invest in both local and foreign bonds to take advantage of the high demand for bonds, predominately Asian bonds, due to continuing low interest rates in the US and Europe.

In a statement on Thursday, CIMB-Principal Asset Management chief executive Campbell Tupling said 2011 has proven to be a bumpy year for equity markets, causing investors to resort to safe haven assets as worries about the European sovereign debt crisis continue.

"However, bonds have weathered the recent market gyrations more successfully and have been more resilient than the equity market.

"In comparison to developed markets, the Asian region looks set to continue growing with sustained domestic demand and improving sovereign credit," said Tupling.

He said this sustained demand meant there would be strong support for Asian bond prices in the future.

"In Asia, the fixed income market will remain positive with moderating inflation and improving sovereign credit. Compared with the developed markets in Europe, the US and Japan, gross government debt in Asia as a percentage of GDP [gross domestic product] is significantly lower.

"Combined with positive outlook for Asian corporates which includes strong balance sheets, large cash holdings and modest leverage, Asia's governments look set to better develop their bond markets and thus fund its economic growth. This positive outlook will provide an opportunity for investors to leverage on the good credit ratings and healthy growth drivers," he said.

Tupling said that with balance sheets of most Asian economies expected to remain strong, there was an insurgence of investors tilting towards Asia as compared to developed economies.

China, for example, remains the major driver of the growth in Asia as the number one export destination for regional countries with a GDP growth estimation of 8.7% in 2012, he said.

Meanwhile, he said Indonesia would remain as one of the most favoured economies in the region.

Having its sovereign ratings upgraded by Moody's and Fitch, confidence remains high for Indonesia and foreign investors are pouring in.

Malaysia on the other hand, will be lifted by Chinese commodity demand linked to their huge public infrastructure and investment projects, he said.

"Investors with a three-year investment goal will be able to benefit from the positive growth drivers mentioned earlier. This means investors can expect potential returns higher than that of cash deposits and regular income distribution, if any," Tupling said.

Tupling said the CIMB-Principal Strategic Income Bond Fund 2 would invest between 70% to 98% (both inclusive) of the Fund's net asset value (NAV) in a diversified portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supranational organisations and corporate issuers.

The Fund may also invest in high-yield securities subject to a maximum of 40% of its NAV, he said.

With a minimum subscription of RM5,000, the Fund has an approved fund size of 150 million units priced at RM1.00 per unit.

The Fund is available for subscription from April 9 to May 23, and will be distributed by CIMB Bank, CIMB Private Banking, CIMB Investment-Retail Equities, CWA, Citibank and OCBC.



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MBSB to focus on retail business

KUALA LUMPUR (April 5): MALAYSIA BUILDING SOCIETY BHD [] (MBSB) is going to focus its business on the retail segment, according to its president and CEO, Datuk Ahmad Zaini.

He said a large component (of the retail business focus) will be personal financing and home mortgage programs, and very small auto financing,"

Ahmad Zaini said on Thursday that the focus would help MBSB achieve its 15% to 20% loans growth target, adding that this percentage growth should translate to about RM3 billion.

He said MBSB had seen an increase of 118.81% year-on-year (y-o-y) in its personal financing loans to RM8.72 billion in its FY2011 ended Dec 31, from RM3.99 billion the preceding year.

Meanwhile, its revenue for FY2011 was RM1.27 billion, a 65.02% y-o-y growth from RM769.94 million.



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Jaya Tiasa top gainer, up 2.7%

KUALA LUMPUR (April 5) : JAYA TIASA HOLDINGS BHD [] shares added as much as 2.7% to become the top gainer on Thursday noon ahead of the ex-date for its treasury shares the following day.

Jaya Tiasa plans to distribute to shareholders one treasury share for every 20 existing shares held in the timber and PLANTATION [] entity.

The stock rose 24 sen to settle at RM9 at 12.30pm with 86,500 shares done.



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KLCI retreats for second day, but pares down losses to stay above 1,590 at mid-day

KUALA LUMPUR (April 5): The FBM KLCI retreated for a second day on Thursday, in line with the weaker overnight close at most global markets as European debt woes stung risk appetite across the board.

At the mid-day break, the FBM KLCI was down 5.86 points to 1,593.41. The index had earlier slipped to its intra-morning low of 1,591.85.

Losers led gainers by 333 to 170, while 351 counters traded unchanged. Volume was 589.37 million shared valued at RM388.82 million.

The ringgit was flat at 3.0650 versus the US dolar; crude palm oil futures for the third month delivery fell RM6 per tonne to RM3,514, crude oil added 76 US cents per barrel to US102.23 while gold gained US$2.60 an ounce to US$1,623.38.

Asian shares fell on Thursday after a weak Spanish bond sale heightened concerns about funding difficulties for weaker eurozone countries, further undermining sentiment hurt by fading expectations of more stimulus from the US Federal Reserve, according to Reuters.

MSCI's broadest index of Asia Pacific shares outside Japan fell for a second straight session, easing as much as 1.3% to a four-week low, while Japan's Nikkei average fell 0.9%, also to a four-week low, after putting in its worst performance in five months a day earlier, it said.

At the regional markets, Japan’s Nikkei 225 fell 1.04% to 9,718.14, Hong Kong’s Hang Seng Index lost 1.09% to 20,564.30, the Shanghai Composite Index fell 1.37% to 2,293.89, Taiwan’s taiex fell 1.7% to 7,628.59, South Korea’s Kospi shed 0.21% to 2,014.44 and Singapore’s Straits Times Index shed 0.05% to 2,986.40.

On Bursa Malaysia, F&N was the top loser in the morning session and fell 26 sen to RM18.74, Sarawak OIL Palms and Genting fell 12 sen each to RM6.69 and RM12.96, Milux fell 10 sen to RM1.30, SHH, Metrod and Aeon Credit down nine sen each to 23 sen, RM1.91 and RM8.80, while Amway lost eight sen to RM9.82.

Among the gainers, Jaya Tiasa rose 24 sen to RM9, Tradewinds PLANTATION []s added eight sen to RM5.02, APB 7.5 sen to RM1, Ipmuda up seven sen to 77 sen, BHIC and Tecnic added six sen each to RM3.34 and RM3.98, while Tiong Nam Logistics and Takaful rose five sen each to RM1.03 and RM3.27.

Metronic was the most actively traded counter with 82.75 million shares done. The stock gained 1.5 sen to 16.5 sen.

Other actives included Ariantec, Naim Indah Corp, Tiger Synergy, SuperComnet, Ingenuity Solutions Focus, key West and Kurnia Asia.



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APB up 8%, stock goes ex-dividend on Thursday

KUALA LUMPUR (April 5): APB RESOURCES BHD [] shares rose as much as 8.1% to be among the top gainers on Thursday noon, as investors chased the stock before it goes ex-dividend on Thursday.

As at 12.30 pm, APB shares rose 7.5 sen to RM1 with 147,800 shares done.

The final lodgement day for shares of the engineering equipment manufacturer is next Monday.

Shareholders of APB have approved the company’s final single-tier dividend of 3% for financial year ended Sept 30, 2011.



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Ta Ann edges up after Maybank IB starts coverage

KUALA LUMPUR (April 5): TA ANN HOLDINGS BHD [] shares edged up on Thursday after Maybank Investment Bank Bhd Research initiated coverage on one the stock at RM6.20 with a Buy Rating and target price of RM8, and said three key catalysts will propel earnings for the company, namely: (i) an explosive 18% 3-year forward CAGR in FFB output, (ii) Japan‟s reCONSTRUCTION [], (iii) a maiden contribution from its forest PLANTATION [] in 2015.

At 11.30am, Tan Ann added four sen to RM6.24 with 27,600 shares traded.

In a note Thursday, the research house said Ta Ann’s earnings quality was boosted by its transformation into a producer of palm oil, which contributed 77% of PBT in 2011.

“The stock trades at 11.7x 2013 PER, with low EV/planted ha of about RM39,600, and is poised to deliver an 11% 3-year net profit CAGR. We initiate coverage with a Buy and RM8.00 TP on 15x 2013 PER (+29% upside),” it said.



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Kurnia Asia shares down on insurance unit disposal

KUALA LUMPUR (April 5) : KURNIA ASIA BHD [] (KAB) shares fell on Thursday morning following updates that the government has approved AMMB HOLDINGS BHD []’s plan to acquire KAB’s general insurance arm.

KAB shares, one of the most actively traded with some eight million shares done, fell 4.7% or three sen to 60.5 sen at 10.37am.

In separate statements to the exchange on Wednesday, AMMB and KAB said the minister of finance has approved the planned acquisition of KAB’s 100%-owned subsidiary Kurnia Insurans (M) Bhd by AmG Insurance Bhd, which is 51% owned by AMMB.

Both AMMB and KAB said details on the transaction will be disclosed when both AmG and KAB sign a definitive agreement.



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Malaysian shares down on European debt concerns

KUALA LUMPUR (April 5) : Malaysian shares fell on Thursday morning in tandem with Asian markets following a weaker overnight close across US and European bourses. Global markets had reacted negatively to fresh updates from Europe where Spain’s government bond auction was not well received.

This has raised concerns on the sustainability of European economies which are contending with their sovereign debt woes.

Malaysia’s FBM KLCI fell 5.83 points to 1,593.44 as at 10am with some 178 million shares worth RM89 million changing hands. There were 85 gainers versus 250 declining stocks.

Top gainers EKOVEST BHD [] added 17 sen to RM2.76 while BOUSTEAD HEAVY INDUSTRIES CORP [] Bhd was up six sen to RM3.34.

Decliners GENTING BHD [] fell 14 sen to RM10.94 while SMPC Corp Bhd was down 13 sen to RM1.92.

Most active was METRONIC GLOBAL BHD [] which added 0.5 sen to 15.5 sen with some 15 million shares done.

Among Asian equity benchmarks, Japan’s Nikkei 225 fell 1.05% to 9,716.99 points while Australia’s S&P / ASX 200 declined by a similar quantum to 4,288.4



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Maybank IB starts coverage on Ta Ann with Buy call, target price RM8

KUALA LUMPUR (April 5): Maybank Investment Bank Bhd Research has initiated coverage on TA ANN HOLDINGS BHD [] at RM6.20 with a Buy Rating and target price of RM8, and said three key catalysts will propel earnings for the company, namely: (i) an explosive 18% 3-year forward CAGR in FFB output, (ii) Japan‟s reCONSTRUCTION [], (iii) a maiden contribution from its forest PLANTATION [] in 2015.

In a note Thursday, the research house said Ta Ann‟s earnings quality was boosted by its transformation into a producer of palm oil, which contributed 77% of PBT in 2011.

“The stock trades at 11.7x 2013 PER, with low EV/planted ha of about RM39,600, and is poised to deliver an 11% 3-year net profit CAGR. We initiate coverage with a Buy and RM8.00 TP on 15x 2013 PER (+29% upside),” it said.



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RHB Research maintains Neutral on automotive sector

KUALA LUMPUR (April 5): RHB Research has maintained its Neutral call on automotive sector and said the auto industry made a shaky start to 2012 with total industry volume (TIV) in Jan declining 14.7% and 25.2% month-on-month and year-on-year respectively.

In a note Thursday, the research house said the softer sales were attributed to seasonal factors given the earlier than usual Lunar New Year holidays, the more stringent financing guidelines implemented by Bank Negara Malaysia (BNM) and the lingering effects of component supply disruption arising from the floods in Thailand.

“While the lower-end segment is likely to be the most exposed to the tighter financing environment, we expect the market (borrowers and lenders) to gradually adapt,” it said.

RHB Research said the key event in 2Q12 will be the announcement of the third iteration of the National Automotive Policy (NAP) that could potentially benefit domestic auto parts manufacturers.

“However both Thailand and Indonesia enjoy a strong head start as regional production hubs for numerous global OEMs.

“Still Neutral on the sector. DRB-HICOM and MBM are the top picks,” it said.



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Alliance Research maintains Buy on AMMB, target price RM7.40

KUALA LUMPUR (April 5): Alliance Research has maintained its Buy recommendation on AMMB HOLDINGS BHD [] with a target price of RM7.40 after AMMB announced on April 4 that it received the Finance Ministry's approval, for the acquisition of a 100% equity interest in Kurnia Insurans.

“We are positive on this deal although pricing remains the key issue. We observe that banking M&A news flow has accelerated recently and has attracted investor interests on the stock.

“We believe that the potential for ANZ to increase its stake in AMMB is imminent. Maintain BUY with a target price of RM7.40,” it said.



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KLCI extends loss on external woes

KUALA LUMPUR (April 5): The FBM KLCI extended its loss on Thursday, in line with the weaker overnight close at the US markets as well as lacklustre opening at regional markets.

The 30-stock index fell 3.79 points to 1,595.48 at 9am.

Losers led gainers by 57 to 23, while 86 counters traded unchanged. Volume was 13.1 million shares valued at RM4.09 million.

US stocks fell for a second day on Wednesday as investors contemplated a world without monetary stimulus and a poorly received bond auction in Spain suggested the effects of Europe's funding operations were waning, according to Reuters.

Meanwhile, Global stocks dropped more than 1 percent and gold tumbled to its lowest in nearly three months on Wednesday a day after U.S. central bank meeting minutes dented hopes for more economic stimulus and as a Spanish debt auction drew weak results, it said.

BIMB Securities Research said European stocks fell for a second day yesterday after Spain sold fewer bonds than its maximum target and the Federal Reserve damped expectations of more monetary stimulus for the US. Spain sold €2.6bn (US$3.4bn) of bonds; near the minimum target of €2.5bn; and borrowing costs rose in its first auction since the country said public debt will surge to a record this year.

US stocks ended in negative territory for a second day fueled by disappointment over the Fed's latest minutes and ongoing worries over the euro zone, the research house said in a note April 5.

The Dow and the S&P logged their biggest decline since March 6, while the Nasdaq suffered its worst day of the year. The S&P 500 lost 1 percent to 1,398.96 while DJIA slid 124.8 points to 13,074.75, it said.

“Back home, the local market has retraced as expected where the FBMKLCI fell more than 7 points to 1,599.27; dragged down by financial and PROPERTIES [] sector.

“Net foreign is still positive at RM176.7m yesterday but we reckon market sentiment to be weaker due to profit taking activities coupled with weak share performance in US and Europe. Expect immediate support to be seen at 1,595 followed by 1,590,” it said.

Among the decliners in early trade, KLK fell 22 sen to RM24.38, Genting lost 10 sen to RM10.98, Maybank don nine sen to RM8.79, RHB Capital and Malayan Flour Mills fell four sen each to RM7.70 and RM2, CIMB, MAS, Mah Sing and TDM fell two sen each to RM7.70, RM1.34, RM2.02 and RM4.68 respectively.

Gainers,meanwhile, included Tradewinds, BHIC, Parkson, SEGi, Pos Malaysia, Leader, Proton and N2N.

The actives included JCY, Carotech, Kurasia, Metronic and Winsun.



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Stocks to Watch Xian Leng, ManagePay, AMMB

KUALA LUMPUR (April 4): The Malaysian stock market could see further profit taking on Thursday as investors weigh the impact of global economic updates against positive pre-election sentiment in Malaysia.

Crucial global highlights include US policymakers indication that they may not implement further quantitative easing to spur the world's largest economy. The updates had resulted in losses across Asian markets on Wednesday.

Malaysia's FBM KLCI erased earlier gains to finish 7.36 points or 0.46% lower at 1,599.27 points on Wednesday. In the US, the S&P 500 futures declined 10.5 points, while Dow Jones Industrial Average futures fell 100 points, a possible indication that US stocks may encounter another sell off.

Stocks to watch on Thursday include XIAN LENG HOLDINGS BHD [], APM AUTOMOTIVE HOLDINGS BHD [], ManagePay Systems Bhd, PHARMANIAGA BHD [], and AMMB HOLDINGS BHD [].

Trading of Xian Leng shares had been suspended since 12.16pm on Wednesday. In a statement to the exchange, the firm — which undertakes commercial breeding of ornamental fish — said it requested for the trading suspension pending the release of the findings of a special audit on the company's financials by PricewaterhouseCoopers.

HwangDBS Vickers Research Sdn Bhd has upgraded shares of APM, an automotive parts manufacturer, from "hold" to "buy", and raised its fair value for the stock from RM4.60 to RM5.60.

ManagePay was among the most-actively traded stock on Wednesday, when it rose as much as 27% or 5.5 sen to 26 sen, following updates on its strategic collaboration with Visa Worldwide Pte Ltd.

Pharmaniaga managing director Datuk Farshila Emran said the firm plans to double revenue contribution from the private sector from 3% to some 6% in current financial year ending Dec 31, 2012.

AMMB said its 51%-owned general insurance subsidiary AmG Insurance Bhd has received the government's consent to acquire KURNIA ASIA BHD [] 100% stake in Kurnia Insurans (Malaysia) Bhd.



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