PUNCAK, PETRA,DIALOG,NAZA, MRCB,MAHB,LCL

Puncak Niaga Holdings Bhd (PNH MK, Buy, TP: RM3.66) has decided not to pursue a proposed cooperation on water
management and related infrastructure sectors in Banten province, Indonesia. It said a memorandum of understanding
(MoU) it had signed with the provincial government had lapsed yesterday and it would not pursue the matter as not much
progress had been achieved in recent months on the MoU that was signed on Nov 18, 2008. (Financial Daily)
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Petra Perdana Bhd (PETR MK, Buy, TP: RM3.14) and subsidiary, Petra Energy Bhd, have denied reports that Datuk
Bustari Yusof was likely to emerge as a strategic shareholder in Petra Energy by acquiring a 30% stake in parent firm
Petra Perdana. In separate filings to Bursa Malaysia, both firms deny the report that the two firms could undertake a demerger
exercise due to alleged differences between shareholders. However, Petra Perdana was looking into plans to reduce bank
borrowings and other financial obligations, and to internally generate funds for medium term working capital requirements.
These plans included fund raising exercises like disposal of certain assets and investments. (Malaysian Reserve)
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Dialog Group Bhd has proposed a bonus issue of up to 568.3m shares to be credited as fully paid-up on the basis of 2
bonus shares for every 5 existing shares held on an entitlement date to be determined and announced later. Dialog
said the bonus issue was to increase the share capital to a level to better reflect the operations of the company and its
subsidiaries which were global and expanding and the group’s asset base. (Starbiz)
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Naza Group has entered into a building-for-land deal with the Government which will see it receiving 65 acres of prime
land in Kuala Lumpur for building a RM628m expo centre for Malaysia External Trade Development Corp (Matrade).
The centre and other projects planned on the land would have a combined estimated gross development value of RM15bn over
a 10-year period, said International Trade and Industry Minister Datuk Mustapa Mohamed. “We have four international
architects bidding for the master plan and it should be finalised in mid-December,” Naza Group joint group executive chairman
and Naza TTDI Sdn Bhd chairman S.M. Nasarudin S.M. Nasimuddin said. “We plan to build shopping malls, hotels and
offices,” he added. The site would be leased to Naza for 99 years. Naza TTDI, the property arm of the Naza Group, yesterday
signed a privatisation agreement via subsidiary TTDI KL Metropolis Sdn Bhd, with the Government and Syarikat Tanah and
Harta Sdn Bhd (a Minister of Finance Inc company) for the land-for-construction swap. Financing for the construction of the
expo centre would be via a combination of internal funds and bank borrowings and it is expected to begin in the 2Q10 for
completion in 2014. (Starbiz)
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Malaysia Resources Corp Bhd (MRCB) group managing director Shahril Ridza Ridzuan will resign from his current
post effective Nov 30. He will be succeeded by MRCB COO Mohd Razeek Hussain, who will assume the position of CEO
effective Dec 1. MRCB also announced its 3Q results ended Sept 30 yesterday, posting a net profit of R10m against a net loss
of RM26.8m in the corresponding quarter last year. Revenue for the period jumped 43.3% to RM257.1m. Accordingly, net asset
per share increased 72.7 sen as at Sept 30 against 70 sen as at Dec 31 2008. (Starbiz)
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Malaysia Airports Holdings Bhd (MAHB) senior management are to meet with the Board of Airline Representatives
(BAR-Malaysia) today to brief on its long-delayed new incentive scheme for airlines. MAHB managing director Tan Sri
Bashir Ahmad confirmed yesterday the airport operator's plans to brief the airlines today but declined to elaborate. This would
mark the second briefing session between MAHB and BAR-Malaysia this year on the new incentives plan for airlines. The new
incentive programme would be an enhancement of the present one and will take into account the prevailing situation in the
airline industry. "The airline industry has recognised MAHB's support by not only providing incentives, but also supporting
business improvement initiatives," a source said yesterday. It is understood that one of the main features would be a tiered
incentive system based on growth ranging from 15 to 20% and would be applicable across the board to all airlines. The
expected incentive programme is long overdue and will replace the current scheme, which expired in May 2007, but has since
been extended. (BT)
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LCL Corporation Bhd has terminated its S$43.1m (RM104.7m) contract at the Marine project in Singapore and has
accepted S$1.86m as the settlement sum from Marina Bay Sands (MBS) Pte Ltd. The parties mutually agreed to the
termination of LCL subsidiary LCL Furniture (S) Pte Ltd (LCLS) as the trade contractor for the interior fit-out packages, with
retrospective effect from Nov 13. LCL said the development was due to “inconceivable differences arising from financial
commitments with MBS”. (Financial Daily)
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