PLUS said planning RM30b sukuk

PLUS Expressways Bhd, Malaysia’s biggest toll-road operator, plans a RM30 billion (US$9.5 billion) Islamic bond program to fund expansion plans after a takeover, two people familiar with the matter said.

Marketing of the Shariah-compliant bonds, or sukuk, may begin either late this year or in early 2012, said the people, who declined to be named as the information is confidential. PLUS currently holds US$3.9 billion of bonds mostly falling due by 2024, according to data compiled by Bloomberg.

The issuance follows this year’s RM23 billion takeover of PLUS’s assets and liabilities by state-owned UEM Group Bhd and the Employees Provident Fund, Malaysia’s biggest pension fund. The Selangor-based company operates 973 kilometers (605 miles) of toll expressways in Malaysia, stretching from its border with Thailand in the north to Singapore.

PLUS will today announce revised terms to its toll concession agreement with the government, according to an e-mailed media invitation sent yesterday. UEM and EPF will also provide an update on their plans for the company following their takeover, it said.

The group’s shares rose 0.2 per cent to RM4.42 at 10:21 a.m. local time in Kuala Lumpur today, tracking Malaysia’s benchmark index. UEM and EPF control more than 58 per cent of the stock, according to data compiled by Bloomberg. -- Bloomberg



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Muted gains on KLCI at mid-morning

KUALA LUMPUR (Nov 16): The FBM KLCI pared down some of its gains at mid-morning on Wednesday, Nov 16 in line with the lackluster sentiment at most key regional markets.

Asian shares struggled on Wednesday as signs that rising borrowing costs were affecting AAA-rated France stirred fears that even core euro zone members may not escape contagion from the region's debt crisis, according to Reuters.

The FBM KLCI was up 4.93 points to 1,482.15 at mid-morning, lifted by gains at select blue chips. The index had earlier risen to a high of 1,487.37.

Gainers led losers by 309 to 159, while 237 counters traded unchanged. Volume was 603.83 million shares valued at RM291.7 million.

At the regional markets, Japan’s Nikkei 225 shed 0.03% to 8,539.07, Hong Kong’s Hang Seng Index fell 0.18% to 19,313.20, the Shanghai Composite Index lost 0.37% to 2,520.45 and Taiwan’s Taiex shed 0.10% t0 7,483.84.

Meanwhile, South Korea’s Kospi gained 1.06% to 1,906.16 and Singapore’s Straits Times Index added 0.45% to 2,824.18.

On Bursa Malaysia, Dutch Lady was the top gainer at mid-morning and rose 50 sen to RM22.30; DiGi added 46 sen to RM35.08, Proton 30 sen to RM3.51, NSOP 18 sen to RM5.49, Maybank 17 sen to RM8.44, Genting 16 sen to RM10.96, PPB and Armada 14 sen each to RM16.94 and RM3.97, while IJM Corp and TDM rose 13 sen each to RM6.14 and RM3.11.

Tiger Synergy was the most actively traded counter with 32.3 million shares done. The stock added half a sen to 14 sen.

Other actives included Asia EP, Tricubes, Systech, DPS Resources and Ingenuity Solutions.

Harvest Court, which resumed trade this morning was the top loser and fell 63 sen to RM1.50.

Other losers included BAT, Shell, Malayan Flour Mills, Petronas Chemicals, BHIC and Lafarge Malayan Cement.



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Carlsberg rises on Q3 income jump

Carlsberg Brewery Malaysia Bhd rose to a three-month high in Kuala Lumpur trading after third- quarter net income surged 43 percent to RM48.8 million.

The stock advanced 1.6 percent to RM7.16 at 9:42 a.m. local time, headed for its highest close since Aug. 5. -- Bloomberg



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KL shares open marginally higher

Share prices on Bursa Malaysia rebounded in early trading today, taking the cue from better Wall Street performance, dealers said.

The market expected the European leaders would find solutions to cushion the impact of the European debt woes, they said.

Fifty-nine minutes after the market opened, the FTSE Bursa Malaysia (FBM KLCI) rose 4.54 points to 1,481.76, pushed up by gains mostly seen in Maybank.

The Finance Index jumped 79.899 points to 13,219.34, the Plantation Index rose 23.87 points to 7,658.71 and the Industrial Index gained 9.83 points to 2,725.15.

The FBM Emas Index surged 32.57 points to 10,152.88, the FBM Mid 70 Index advanced 42.851 points to 11,064.24 and the FBM ACE Index perked 44.85 points to 4,316.28.

Gainers led losers by 306 to 162 while 236 counters were unchanged, 777 untraded and 26 others suspended. Turnover stood at 600.618 million shares worth RM290.468 million.

Actives, Tiger Synergy edged up half a sen to 14 sen, AsiaEP earned one sen to 10.5 sen and Tricubes added eight sen to 24.5 sen.

For heavyweights, Maybank gained 17 sen to RM8.44, Sime Darby added seven sen to RM8.98, CIMB up two sen to RM7.12, while Petronas Chemicals slipped 11 sen to RM6.29. -- Bernama



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Proton active, up at mid-morning

KUALA LUMPUR (Nov 16): PROTON HOLDINGS BHD [] shares continued to advance and were actively traded on Wednesday, Nov 16 as investors viewed the settlement of the “Lotus” and “Team Lotus” brand dispute positively.

At 9.55am, Proton was up 31 sen to RM3.52 with 2.44 million shares done.

Proton on Monday, Nov 14 said the legal dispute in the English Courts involving the national carmaker and 1 Malaysia Racing Team Sdn Bhd (1MRT) with regards to the “Lotus” and “Team Lotus” brands has been amicably settled.

In a filing to Bursa Malaysia Securities Bhd, Proton said the parties had agreed to the settlement terms earlier this month.

“The terms of the settlement are confidential but the deal sees the "Lotus" brand reunited under the sole ownership of Group Lotus.

“This includes the rights to the "Lotus" and "Team Lotus" names in Formula 1 motor racing,” it said.

It said 1MRT would race in the 2012 Formula 1 season under the name "Caterham F1 Team" and will use a "Caterham" chassis.

“The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field,” said Proton.



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Dutch Lady up on earnings, dividend

KUALA LUMPUR (Nov 16): Dutch Lady Milk Industries Bhd’s shares advanced on Wednesday, Nov 16 after its third quarter earnings rose 77% to RM23.60 million from RM13.32 million a year ago boosted by lower operating costs, higher sales and favourable sales mix.

At 9.45am, Dutch Lady gained 70 sen to RM22.50 with 4,700 shares traded.

It said on Tuesday revenue increased by 9.85% to RM201.71 million from RM183.62 million while earnings per share were 36.87 sen compared with 20.82 sen.

It declared a dividend of 35 sen per share.



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Bumi Armada joins MSCI Malaysia Index

Bumi Armada Bhd, a Malaysian offshore oilfield services provider, was added to the MSCI Malaysia Index, MSCI Inc said in a statement.

The changes will be made at the close of Nov. 30. -- Bloomberg



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Harvest Court plummets to 2-year low

Harvest Court Industries Bhd tumbled the most in two years after the Malaysian timber company was declared a designated security by the Kuala Lumpur stock exchange, requiring investors to pay upfront before trading the shares.

The stock tumbled 30 percent to RM1.50 at 9:01 a.m. local time, set for its steepest drop since Sept. 3, 2009.

The shares surged 29 percent to RM2.13 on Nov. 14 before they were suspended yesterday. -- Bloomberg



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