CIMB, GENTING,GREEN PACKET

CIMB Group Holdings Bhd (CIMB MK, Hold, TP: 12.18) group chief executive Datuk Seri Nazir Razak denied the bankshad met and agreed to end the mortgage war but that the upward revision of mortgage rates was the result of eachbank’s decision to act “rationally”. He stated that rationality has returned to the pricing of domestic residential mortgagesafter being gradually driven to “uneconomic levels” in recent times. (Financial Daily)

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GENTING Bhd (GENT MK, Hold, TP: RM7.61) said the bulk of RM1.5bn raised from the sale of medium-term notes willbe used for strategic investment globally. “We are looking at a few investment deals but can’t disclose them now. Some ofthe proceeds will go towards this Genting Singapore rights offer,” said group head of strategic investments and corporateaffairs, Datuk Justin Leong Ming Loong. Genting’s unit, Genting Singapore Ltd (GSL), plans to raise S$1.63bn (RM3.99bn)from a cash call. Genting via its unit GB Services Bhd, priced its inaugural issue of RM1.5bn nominal amount of 10-year MTNunder its RM1.6bn MTN programme. It is the largest 10-year corporate bond issue from the gaming sector in Asia Pacific sincethe start of the global financial crisis in 2008. The issue was priced at 5.3% per annum, payable semi-annually. Genting wantedto raise RM900m initially but strong investor demand led to the issue being raised by 1.7times, said chairman and CEO Tan SriLim Kok Thay. The MTN is guaranteed by Genting and carries a “AAA” rating by RAM Ratings Services Bhd. (Financial Daily)

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Genting Bhd (GENT MK, Hold, TP: RM7.61) has ruled out speculation that its integrated resort, Resorts World atSentosa, will open earlier than its January deadline. Chairman and chief executive Tan Sri Lim Kok Thay said the companywas “on track” to opening the resort in Singapore in January. The S$6.6bn project was expected to attract 12m to 13m visitorsin the first full year of operation, he said. (Starbiz)

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Green Packet Bhd expects to form strategic partnerships with the more dynamic legacy players as well as servicingits own end-user subscribers with a differentiated and customised connectivity option. It group CEO and managingdirector C. C Puan said that the group as both an operator and a solutions developer, had an exceptional understanding of howto secure and manage its own subscribers and thus grow as an independent operator model. (Financial Daily)* * * * *