SIME, MAYBANK, IJM,SUNRISE,MAHSING,PARAMOUNT

Sime Darby Bhd (SIME MK, Hold, TP: RM8.10) aims to complete infrastructure work for its groundwater project in Perak by end-2012 and start supplying 500m litres a day (mld) to Selangor by January 2013. Dr Azuhan Mohamed, the head of water management at Sime Darby’s energy and utilities division said the foreign technology providers are likely to tie up with local players to make the bid for the project in Batang Padang more competitive. A South Korean company, Da Joo Construction Co Ltd, will bid for the consultant contract. Sime Darby’s total investment in the project is estimated at around RM1.3bn. The company is seeking a long-term supply contract of up to 60 years, Sime Darby chief executive officer Datuk Seri Ahmad Zubir Murshid previously said. (BT)

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Malayan Banking Bhd (Maybank) (MAY MK, Buy, TP: RM8.10) is not looking to expand its business in Turkey but is open to collaboration with its counterparts there, says president and CEO Datuk Seri Abdul Wahid Omar. “We are open to collaboration in terms of trade finance and products. The collaboration does not have to be in the form of equity,” he said. Second Finance Minister had said Bank Asya representatives had expressed the bank’s interest to tap the
expertise of Maybank and CIMB Bank Bhd to jointly establish Islamic banking operations in Turkey. On this, Wahid said Maybank would meet with the Finance Ministry to get more information. (Starbiz)

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IJM Corp Bhd (IJM MK, Hold, TP: RM3.64) and Scomi Engineering Bhd are eyeing new projects in India. Malaysian Property Inc (MPI), an initiative of the private and public sectors set up a year ago to project Malaysia as a property investment destination overseas, is also targeting India for the sale of local properties. IJM deputy CEO Teh Kean Ming said the group was
now bidding for projects with an estimated value of RM500m in India and are mainly highway and elevated infrastructure projects he said. Teh said the group was targeting to increase its order books in India to over RM1bn next year. Meanwhile Scomi International Pte Ltd president Kanesan Veluppillai said it was interested in bidding for new monorail projects in 7 Indian
cities. These projects involve constructioning 30km to 40km of monorail tracks. On its RM1.6bn monorail project in Mumbai, Kanesan said the group had completed about 25% of the 19km track. On Oct 30, Scomi Engineering signed an agreement with Geodisic Techniques Pvt Ltd, an India-based design and structural company to bid for a 59km monorail project in Bangalore.\
(Starbiz)

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Sunrise Bhd (SUN MK, Buy, TP: RM3.30) and CIMB Group, unit of CIMB Group Holdings (CIMB MK, Hold, TP: RM12.18) has launched a joint customer loyalty scheme that leverages on each others branding prowess to secure recurring business from existing clients. The Sunrise-CIMB Preferred Recognition Card offers cardholders discounts for their subsequent real estate purchases from Sunrise, besides local and regional priority privileges from CIMB Preferred. Some 1,300 cards have already been issued to existing customers. (Financial Daily)

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Mah Sing Group Bhd’s proposed en-bloc sale of “The Icon @ Mont Kiara” commercial property project for RM285.4m hit a snag yesterday, as the supposed purchaser failed to meet the conditions stipulated in the sale and purchase agreement signed 2 years ago. To recap, Maxim Heights Sdn Bhd, a wholly owned subsidiary of Mah Sing entered into a tripartite SPA on Nov 27, 2007 with Majlis Agama Islam Wilayah Persekutuan (MAIWP) and Prompt Symphony for RM285.4m. MAIWP is the owner of the proposed development site. The termination of the SPA would not have any impact on Mah Sing’s financials, the company said. Rather, it has come up with a fresh concept. Mah Sing now intended to develop services suites and market the project as “luxury garden terraces in the sky”. (Financial Daily)

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Paramount Corp Bhd is purchasing a 21.7 acre piece of land in Shah Alam, Selangor from The Titular Superior of the Brothers of Saint Gabriel for RM62.39m or RM66 per sqft. Paramount said that the master title of the land includes the premises of Monfort Boys Town, while its northern boundary abuts onto the NKVE. Part of the land measuring 10 acres has been designated for the building of a new campus for KDU College and another 11.8 acres designated for mixed development consisting of commercial development and condominiums. (Financial Daily)