Perdana Petroleum solicits bids for Petra Energy stake

KUALA LUMPUR (April 26): Perdana Petroleum Bhd, formerly known as PETRA PERDANA BHD [], is soliciting bids for its entire 26.9% stake in PETRA ENERGY BHD [].

In a statement to the exchange on Thursday, the oil-and-gas support services firm said it has appointed CIMB Investment Bank Bhd to undertake a restricted tender for its 57.7 million Petra Energy shares.

"Perdana Petroleum will make the necessary announcements in accordance with the main market listing requirements of Bursa Malaysia Securities Bhd, once the terms for the divestment of the said Petra Energy shares has been agreed and a definitive agreement has been executed," it said.



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MPI posts net loss RM7.43 million in 3Q

KUALA LUMPUR (APRIL 26): MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) posted a net loss of RM7.43 million for the third quarter ended March 31, 2012 compared to net profit RM5.05 million a year earlier, due mainly to drop in revenue.

The company said on Thursday that its revenue for the quarter fell 17.63% to RM275.76 million from RM334.82 million in 2011, attributing the drop to overall weak demand.

Loss per share was 3.83 sen compared to earnings per share of 2.61 sen a year earlier.

The company declared a second interim dividend of five sen per share tax exempt

For the nine months ended March, MPI posted nest loss RM33.26 million compared to net profit RM56.18 million in 2011, while revenue fell to RM870.60 million from RM1.07 billion.

Reviewing its performance, MPI said revenue by segments saw the European sector fell the most by 31% followed by Asia, down 13% and the US by 9%.

On its outlook, MPI said the business prospects would remain challenging across all segments for the financial year ending June 31, 2012.

“However, despite the uncertain macor-economic outlook, there are positive signs that demand is inceasing and that the industry is starting to recover,” it said.



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KLCI claws back to close higher

KUALA LUMPUR (APRIL 26): The FBM KLCI clawed back to reverse its losses and close higher on Thursday in line with the advance at most key regional markets, on the back of the firmer overnight close at Wall Street and encouraging statements on policy from the US Federal Reserve.

The FBM KLCI rose 0.34 of a point to 1,579.69 at 5pm, clawing back from its intra-day low of 1,577.71.

Market breadth remained weak with 453 losers, 253 gainers and 321 counters trading unchanged. Volume was 1.45 billion shares valued at RM1.46 billion.

Asian shares rose on Thursday, retaining positive momentum as the Federal Reserve reassured markets it would keep its very accommodative stance to support growth, while optimism grew over strong quarterly corporate earnings.

Investor confidence was also boosted by a rally in Apple Inc shares as it reported quarterly profits nearly doubling on the back of soaring iPhone sales in China, lifting tech-heavy Asian markets such as Taiwan and South Korea earlier in the day.

There was scepticism Asian markets would climb as much as their global counterparts did overnight, however, as concerns remain over European banks, with Spain's Santander reporting its first-quarter results later in the session, it said.

At the regional markets, the Hong Kong’s hang Seng Index gained 0.79% to 20,809.71, Japan’s Nikkei 225 edged up 0.01% to 9,561.83, south Korea’s Kospi rose 0.10% to 1,964.04 and Singapore’s Straits Times Index

Meanwhile, Taiwan’s taiex fell 0.55% to 7,521.35 and the Shanghai Composite Index shed 0.09% to 2,40470.

On Bursa Malaysia, United PLANTATION []s led the gainers and was up 44 sen to RM25.94, Panasonic added 40 sen to RM23, BAT up 38 sen to RM55.50, Dutch Lady added 20 sen to RM33.90. Milux 15 sen to RM1.35, KrisAssets and Tradewinds Plantations up 14 sen each to RM6.90 and RM5.70, while Takaful and KPJ Healthcare rose 13 sen each to RM3.80 and RM5.56.

Utopia was the most actively traded counter with 194.51 million shares done. The stock fell half a sen to 9 sen.

Other actives included Ariantec, Metronic, Focus, Naim Indah Corp, SCL, Astral Supreme and ManagePay.

Decliners included Country View, Jaya Tiasa, HLFG, SapuraCrest, Petronas Dagangan, Genting, Kencana, SEGi and Sunway.



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Globetronics up 12% at 20-month high

KUALA LUMPUR (April 26) : GLOBETRONICS TECHNOLOGY [] BHD [] rose as much as 12% to a 20- month high, possibly, due to investors chasing the stock to capitalise on the electronics component manufacturer’s proposed final dividends.

Shares of Globetronics added 14 sen to RM1.34, its highest since August 2010, before trading lower at RM1.32 at 4.52pm with some 6.2 million shares done. The stock was among the top gainers across the exchange.

The company plans to pay a single-tier final dividend of 4% which translates into two sen a share for financial year ended December 31, 2011. The ex and entitlement dates fall on June 27, and 29 respectively.

The company’s directors had acquired the stock in recent days. Filings to the exchange show that Ng Kweng Chong and Ng Kok Khuan had bought a collective 240,000 shares in Globetronics on Monday and Tuesday from the open market. The purchase, accounting for less than 1% of the firm’s issued base, was done via their private entity Glencare Sdn Bhd.

Globetronics said on Tuesday first quarter net profit fell 4% from a year earlier as it registered lower revenue and higher operating cost. It said net profit came to RM6.2 million in the quarter to March 31, 2012 against RM6.43 million previously. Revenue fell 15% to RM56.79 million from RM67.09 million.



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Karambunai active, down on lawsuit report

KUALA LUMPUR (April 26): Shares of KARAMBUNAI CORP BHD [] were actively traded in the afternoon session on Thursday following a report that a group of people were preparing to take legal action the company, claiming it is nearly one year in arrears on "lease back" rental payments due to them.

At 4.37pm, Karambunai was down half a sen to 16.5 sen with 6.08 million shares done.

The South China Morning Post (SCMP) reported on Wednesday that the action was being proposed by about 100 owners of villas in the Nexus Residence development in Kota Kinabalu.

The group of owners, 49 of whom are from Hong Kong, plan to file their complaint against Karambunai Corp Bhd with the Malaysian Board of Arbitration, it said.

SCMP said that Matt Burden, one of the owners seeking back-payment, bought a 1,500 sq ft villa in the development off plan in 2007 for HK$4 million (RM1.58 million). The deal included a "lease back" component guaranteeing buyers an annual return of 7% of their purchase price for five years.

The daily said Karambunai came to Hong Kong in 2006 to market the first phase of the beachfront luxury residential project at the Mandarin Oriental Hotel.

The project was eventually completed in 2009 and all 243 villas have been sold, it said.

The buyers who opted for the "lease back" arrangement agreed to allow the project's management firm, Nexus Bay Resort Karambunai (NBRK), to rent out their villas to tourists, mostly from Europe, Burden said, according to SCMP.

Under the agreement, owners were also entitled to occupy their PROPERTIES [] for 20 days per year at no charge, it said.



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Carlsberg to raise beer prices from May 1

SUBANG JAYA (April): CARLSBERG BREWERY MALAYSIA BHD [] will introduce a 3% general increase in price effective May 1, 2012.

“The adjustment is not a dramatic one and is in line with inflation levels,” said its managing director, Soren Ravn after the group’s AGM on Thursday.

Ravn said the recent introduction of premium labels Asahi and Kronenbourg currently hold 16% to 17% market share in the premium segment while good growth is expected to continue.

Carlsberg’s premium brands currently contribute just under 10% to the group’s total revenue of RM1.5 billion for FY11. A 100% profit distribution has also been declared, at a total gross dividend of 72.5sen, he said.



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MAHB 1Q profit up 7% year-on-year

KUALA LUMPUR (April 26) : Malaysia Airports Holdings Bhd’s (MAHB) first quarter net profit rose 7% from a year earlier as revenue growth mitigated the impact of higher operating expenses.

In a statement to the exchange on Thursday, MAHB said net profit came to RM102.73 million in the quarter ended March 31, 2012 against RM96.09 million previously. Revenue grew 6% to RM657.71 million from RM617.77 million.

Revenue growth was, mainly, helped by airport operations income which includes revenue from airport CONSTRUCTION [], aviation-service charges, and retail operations, according to MAHB. The company said passenger movements across its facilities during the quarter rose 6.5% from a year earlier.

“The group’s overall passenger traffic growth of 6.5% achieved in the first quarter 2012 was in tandem with the positive growth trend of the Asia Pacific region and globally.

“There is some concern on route cuts announced by our domestic airlines but the gap seemed to have been continuously replaced by foreign carriers,” MAHB said. Based on historical trends and the performance in the first quarter, the firm said it expects to achieve its targeted passenger- traffic growth of 6% to 7% for 2012.



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Nestle to maintain prices for key products over next few months, says MD

KUALA LUMPUR (April 26): NESTLE (M) BHD [] will not increase prices for its key products, Milo and Maggi, in the next few months, said its managing director Peter R. Vogt.

Close to the second half of last year, the company increased the price of its Milo products by about 4%-6%.

Speaking after the company's AGM on Thursday, Vogt said that raw material prices such as cocoa beans and cocoa powder are relatively high at the moment and will probably stay high.

He said Nestle is taking cost control measures to offset the impact from the high commodity prices



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