CIMB, MAXIS,MAS,MRCB,MRCB, PROTON,UEMLAND

CIMB Thai Bank Pcl surged by a record in Bangkok on speculation its Malaysian parent will delist its shares. Theshares jumped by the daily limit of 30% to close at 3.90 baht (39 sen), the best performer in the SET Index, which dropped 1%.The stock has more than doubled in three days and closed at its highest level since September 26, 2003. CIMB GroupHoldings Bhd (CIMB MK, Buy, TP: RM15.00), said on Nov 16 it will be the first overseas company to list its shares on the Thaiexchange. CIMB CEO Nazir Razak said it hasn’t been decided whether to end the unit’s separate listing. CIMB Group plans tosell as many as 35m shares to the public, to become the largest financial services group, and among the top three companiesonce it lists on the Thai exchange. “The news about the dual listing of CIMB Group is probably the main reason for the bank’srecent gain,” said CIMB Thai CEO, Subhak Siwaraksa. (Malaysian Reserve)

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Maxis Bhd (MAXIS MK, Fair value: RM6.10) seeks RM5bn debt, potentially via Islamic bonds. CFO Rosana AnnizahRashid said Maxis is in talks with banks over ‘the most effective cost of borrowing’ and appointed CIMB Investment Bank Bhdas one of its advisers. “The intention is RM5bn,” she said. Islamic bonds, or sukuk, are asset-based bonds that pay a profit rateto investors to avoid the Shariah prohibition on interest. (Malaysian Reserve)

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Maxis Bhd (MAXIS MK, Fair value: RM6.10) may pay higher dividend after IPO. “In the past, after the full-year results” themanagement raised final dividends “and I guess one can expect that mode to continue” said CFO Rossana Annizah Rashid.She declined to say how much the increase might be. Maxis Bhd gained 8.4% on its trading debut. Maxis may rely on dividendpayments and expansion in the Internet market to attract investors as mobile services revenue growth slows in Malaysia –where wireless phone subscriptions exceed the population by 4%. Rival Digi.Com Bhd (Digi MK, Hold, TP: RM20) said on Oct28 that it plans to raise dividend payout ratio to 80% from 75% this year. Maxis CEO Sandip Das says, “We’ve been a strongcashflow company. If you look at our strong cash flow and strong Ebitda margins, we have a strong case of a payout of aminimum of 75%.” The company aims to maintain Ebitda above 50%. (Malaysian Reserve)

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Malaysian Airline System Bhd (MAS) (MAS MK, Sell, TP: RM2.00) has aborted its planned acquisition of TransmileGroup Bhd’s engineering and maintenance unit pursuant to a letter of intent (LOI) signed between the parties on Aug19, 2009. Both parties had agreed not to extend the LOI that expired yesterday, but they “will continue to be in dialogue in theevent that opportunity arises for the parties to pursue the proposed transaction in the future”. They did not provide any reasons.(Financial Daily)

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Malaysian Resources Corp Bhd (MRCB) has priced its share rights issue with an entitlement basis of one-for-two atRM1.12 per share. It said the rights issue would raise gross proceeds of about RM540.7m and RM508.3m under the maximumand minimum scenarios, respectively. MRCB said the issue price was a 13.2% discount to the theoretical ex-rights price ofRM1.29 based on the five-day volume-weighted average market price up to Nov 18, 2009 of RM1.37. (Financial Daily)

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Proton Holdings Bhd will introduce a basic Exora MPV tomorrow, two days before the launch of the new Perodua MPV.The 1.6 litre Exora basic model with manual transmissions is available in three colours at 2 different prices. The solid whitemodel will be sold at an on-the-road price of RM57,548 in Peninsula Malaysia. For the genetic silver and tranquillity blackmodels, both are priced at RM57,998. In comparison, Perodua will sell its first 1.5 litre MPV from RM57,000 to RM65,000. (BT)

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UEM Land Bhd and United Malayan Land Bhd’s (UM Land) 50:50 joint venture, Nusajaya Consolidated Sdn Bhd(NCSB), is acquiring a 2.02 acre or 95,993-sq ft freehold land in Pulai from Bandar Nusajaya Development Sdn Bhd(BNDSB) and UEM Land for RM16.32m cash. UM Land said the Puteri Harbour land measuring 95,993 sq ft would bedeveloped into residential and retail components with an expected development period of four years. It said the grossdevelopment value (GDV) of the entire project was expected to be RM144m while the gross development cost was estimatedat RM112m. (Financial Daily)