Flonic suspended after responding to UMA query

KUALA LUMPUR (Nov 15): Trading in the shares of Flonic Hi-Tech Bhd was suspended from 11.24am on Tuesday and will resume at 2pm after it responded to a query about the sharp rise in price and high volume recently.

The company said the board of directors was not aware of any factors which might have contributed to the unusual market activity.

It said that its recent corporate announcements were about the proposed renounceable rights issue with warrants announced on Nov 3, 4 and 8.

Its share price fell two sen to 26 sen with 3.80 million shares done before the suspension.



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Phase 1 of KL Eco City to launch soon

SP Setia Bhd said phase one of KL Eco City, comprising RM2 billion worth of residential units, will be launched early next year.

Phase one should be completed in three-four years.


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Petronas makes significant oil discovery offshore Sabah

KUALA LUMPUR (Nov 15): Petroliam Nasional Bhd’s exploration and production arm Petronas Carigali Sdn Bhd has made a significant oil discovery offshore Sabah.

In a statement Tuesday, Nov 15, Petronas said the discovery was made via the Wakid-1 well within Block 2G-2J, about 100km northwest of Kota Kinabalu.

Petronas said preliminary estimates placed reserves at the discovery at 227 million barrels of oil equivalent, with expected upside potential.

Three production tests were conducted in three different reservoirs which flowed oil at a combined maximum rate of 8,200 barrels per day, it said.

The national oil company said Petronas Carigali plans to further appraise the discovery in the near future.

Wakid-1 is the second well drilled in Block 2G-2J since the award of its Production Sharing Contract (PSC) in October 2010.

The block’s first well, Tambuku-1, was drilled early this year, but yielded only minor gas discovery.



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SP Setia launches KL Eco City project

SP Setia Bhd Group today officially launched the KL Eco City Project, an integrated mixed development project that may become a new iconic landmark of Kuala Lumpur.

President and Chief Executive Officer Tan Sri Liew Kee Sin said that with all the required funding secured, the 9.6-ha project was set to take off and be completed in 10 years.

"The project aims to be the country's first integrated green development, targeting both the Malaysian Green Building Index and US-based Leadership in Energy and Environmental (LEED) certifications.

"We are developing this project in line with the government's aim for the private sector to rejuvanate the squatter lands in Kuala Lumpur," he said at the launch ceremony officiated by Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin here.

Liew said the main priority for the development now would be to solve the traffic congestion problem in the area by the completion of its first out of four phases in three to four years.

"We expect 30,000 occupants in the city, comprising both commercial and residential," he said.

Connectivity-wise, Liew said the group would invest more than RM150 million to link KL Eco City to all major highways.

KL Eco City, a joint venture project between SP Setia through KL Eco City Sdn Bhd and Kuala Lumpur City Hall (DBKL), is situated along Jalan Bangsar, opposite the Mid Valley City.

At the same event, SP Setia inked a RM460 million syndicated Islamic financing facility provided by three Islamic financial institutions for the KL Eco City project.

The funding, Liew said, would be utilised mainly for the infrastructure purpose, namely the proposed transportation hub in the project itself.

The banks were HSBC Amanah Malaysia Bhd, Hong Leong Islamic Bank Bhd and Bank Mualamat Malaysia Bhd. -- Bernama



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KL shares lower at mid-morning

Share prices on Bursa Malaysia remained lower at mid-morning today as investors took profits after yesterday's gains, dealers said.

At 11.01am, the FBM KLCI declined 2.65 points to 1,476.22 after slipping to a low of 1,473.71. It had opened 3.21 points lower at 1,475.66.

The Finance Index decreased 20.25 points to 13,153.15, the Plantation Index lost 16.92 points to 7,629.46 and the Industrial Index dropped 6.41 points to 2,700.4.

The FBM Emas Index slid 13.34 points to 10,110.04 but the FBM Mid 70 Index rose 10.81 points to 10,986.79 while the FBM ACE Index shed 24.76 points to 4,315.39.

Losers led gainers by 356 to 225 while 239 counters were unchanged, 661 untraded and 20 others suspended. Turnover stood at 1.342 billion shares worth RM431.394 million.

Tiger Synergy edged up 1.5 sen to 15 sen, DPS Resources added two sen to 33 sen while D.B.E Gurney was unchanged at 10 sen.

Maybank was unchanged at RM8.25, Sime Darby eased one sen to RM8.90, CIMB slipped two sen to RM7.16, Petronas Chemicals shed three sen to RM6.41 and IOI Corp was five sen lower at RM5.12.

Meanwhile, Bursa Malaysia has declared Harvest Court Industries and Harvest Court Industries warrants as designated securities effective tomorrow until further notice.

To facilitate the dissemination of the designation, the two securities will be suspended from trading today.

The local bourse operator said the decision was due to excessive speculation observed in the trading of both securities and action that was taken was in the interest of ensuring a fair and orderly market.

With the designation, trading in the counter continues but will require payment upfront before buying and a free balance of securities before selling. -- Bernama



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SP Setia officially launches KL Eco City

KUALA LUMPUR (Nov 15): S P Setia Bhd officially launched its KL Eco City project with a signing ceremony for a RM460 million syndicated Islamic financing facility provided by three Islamic financial institutions, namely HSBC Amanah Malaysia Bhd, HONG LEONG BANK BHD [] and Bank Muamalat Malaysia Bhd.

President and chief executive officer of S P Setia Tan Sri Liew Kee Sin said on Tuesday, Nov 15 that with all the required funding in place, KL Eco City was ready to take off and set to become the new iconic landmark in Kuala Lumpur.

Liew said KL Eco City will transform the former Kampung Haji Abdullah Hukum site into an inner city haven comprising residential towers, serviced apartments, offices and a retail podium.

"Together with DBKL (Kuala Lumpur City Hall), we have managed to resettle the 600 squatter families previously residing in Kampung Haji Abdullah Hukum and worked towards amalgamating privately-owned and government lands before moving on to conceptualise the master plan for KL Eco City," said Liew.

In the re-development of Kampung Hajo Abdullah Hukum into a world class integrated development, the history of the settlement is also not forgotten, according to Liew.

S P Setia will undertake the restoration of 'Rumah Abdullah Hukum' by reassembling the house, and preserve ot to become a tourist attraction in the area.

Minister of Federal Territories and Urban Wellbeing Datuk Raja Nong Chik Raja Zainal Abidin said the developers’ initiative to preserve "Rumah Abdullah Hukum" was highly commendable, aligned with the Kuala Lumpur's vision to be a world class metropolis without neglecting its heritage and historical values.

“The restored heritage house will be an informative tourist attraction to learn about Kuala Lumpur in the early days especially in reference to the Abdullah Hukum site, and its significance as one of the early kampong settlements in the development of Kuala Lumpur," he said.



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Petronas makes ‘significant’ oil discovery off Sabah

Petroliam Nasional Bhd., Malaysia’s state oil and gas company, said its exploration arm, Petronas Carigali Sdn Bud, has made a “significant” oil discovery offshore Sabah state, according to a statement on its website.

The discovery was made via the Wakid-1 well within Block 2G-2J, about 100 kilometers northwest of Kota Kinabalu, Petronas said. Preliminary estimates from this discovery is 227 million barrels of oil equivalent, with expected upside potential, it said. -- Bloomberg



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KLCI falls at mid-morning on external woes

KUALA LUMPUR (Nov 15): The FBM KLCI stayed in negative territory at mid-morning on Tuesday, Nov 15 in line with the weaker regional investor sentiment after the overnight fall at Wall Street and European markets.

Asian shares fell on Tuesday, as a rise in euro zone bond yields reflected lingering doubts about the ability of politicians in Italy and Greece to push through painful reforms to resolve their debt crises and win market confidence, according to Reuters.

Financial market turmoil stemming from the euro zone sovereign debt crisis has taken a clear toll on the region's economy, putting a firm cap on the single currency against the dollar, it said.

The FBM KLCI was down 1.92 points to 1,476.95 at mid-morning.

Losers led gainers by 277 to 177, while 209 counters traded unchanged. Volume was 935.72 million shares valued at RM247.10 million.

At the regional markets, Hong Kong’s Hang Seng Index was down 0.59% to 19,394.00, Japan’s Nikkei 225 lost 0.42% to 8,567.58, South Korea’s Kospi fell 0.49% to 1,893.46, Taiwan’s Taiex declined 0.31% to 7,502.14 and Singapore’s Straits Times Index shed 0.06% to 2,828.36.

Meanwhile, the Shanghai Composite Index edged up 0.08% to 2,530.85.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Nov 15 said that due to the US markets’ weak tone last night, there might be an initial decline for the local index, adding that some later nibbling activities could trim the fall in the afternoon session.

He said the Asian markets would gyrate wildly due to the weak tone for the overnight American markets.

“As such we advise clients to trade with a short-term time frame locally.

“It is unwise to join the recent penny stock activity as these stocks do not have any fundamentals and the companies are loss making. Take profits here swiftly,” he said.

On Bursa Malaysia, Degem was the top loser at mid-morning and fell 14.5 sen to 90.5 sen; Edaran lost 11.5 sen to 32 sen, SYF Resources fell 11 sen to 81 sen, Carlsberg and Ajinomoto eight sen each to RM7.01 and RM3.75, Bernas down seven sen to RM3.12, UMW and IOI Corp fell six sen each to RM6.70 and RM5.11, while Esso lost five sen to RM3.51.

DPS Resources was the most actively traded counter with 104.5 million shares done. The stock rose four sen to 35 sen.

Other actives included Tiger, DBE Gurney, PDZ, Sinotop, Scan Associates, CME and NextNation.

Among the gainers, DiGi added 74 sen to RM35.26, Amway 18 sen to RM8.98, Sunchirin 14 sen to RM1.49, Petronas Dagangan and Kulim 12 sen each to RM16.26 and RM3.59, Proton 10 sen to RM2.80, while F&N and Coastal added eight sen each to RM17.46 and RM2.01.



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