MAH SING, JETSON,MPCORP, PJI

Mah Sing Group Bhd plans to use the bulk of the RM97.6m raised in its recent private placement exercise that wascompleted on Dec 10 to subscribe for shares in a company in China. The company said it would use RM81.9m of theproceeds raised to meet the initial capital requirements to incorporate a 100% subsidiary in China as part of a deal to securethe land use rights in Wujin District, Changzhou City in China. Mah Sing said it would use only RM15.4m for working capitalrequirements and RM300,000 would be used for expenses of the exercise. The developer is involved in a mixed propertydevelopment project in the Wujin District with a joint venture partner, Danlong Realty (Beijing) Ltd. (Financial Daily)

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Naza Group has drafted Kumpulan Jetson Bhd as a partner to develop the country's largest exhibition centre on 62.45acres of prime federal land off Jalan Duta in Kuala Lumpur. Naza, through wholly-owned TTDI KL Metropolis Sdn Bhd, andKumpulan Jetson sealed a pact to form a 51:49 joint venture (JV) called TTDI Jetson Sdn Bhd. Kumpulan Jetson will eventuallyget a RM628m job to build the proposed Matrade Centre, which will have a 1m sq ft of gross floor area. TTDI Jetson will sign aproper development agreement with TTDI KL Metropolis once Kumpulan Jetson has obtained shareholders' nod for theproposed JV at an extraordinary general meeting to be convened soon. TTDI Jetson will then award Kumpulan Jetson thecontract to build the Matrade Centre for RM628m, the latter said. "The company will carry out the planning, design, constructionand complete the Matrade Centre," Kumpulan Jetson said. The company will build the Matrade Centre for the government at itsown cost. In return for the exhibition centre, TTDI KL Metropolis has the exclusive rights to develop the land into a mixedproject tentatively dubbed the "Naza KL Metropolis Development". The project will boast of hotels, offices, residences andshopping malls, with a gross development value of RM15bn over 15-20 years. Naza and Kumpulan Jetson have estimated thatthey would have to fork out some RM800m to render Matrade Centre functional plus the land premium for conversion of the25ha into commercial status. (BT)

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Malaysia Pacific Corp Bhd (MP Corp) hopes to start construction of the RM4bn Asia Pacific Trade & Expo City (APTEC)next year. The company was finalising joint-venture partners for various parcels of the project, which is expected to becompleted in eight years. President and CEO Datuk Bill C.P. Ch’ng said the intention was to build the whole project in one go.To do this APTEC will be broken up into 18 to 20 different parcels with each parcel to be funded separately, so that the variouscomponents will take off simultaneously without incurring heavy financial burden to the company. MP Corp pared down currentliabilities to RM5.6m as at June 30, compared to RM150m a year ago. The company also proposed a rights issue to raiseRM54m to enlarge its capital base. APTEC will accommodate 2.5m sq ft of exhibition space in four trade halls as well as retailmalls. Hotels including a 50-storey five-star property, as well as offices and commercial units are being planned on the 60-acresite in Iskandar Malaysia. (Star Biz)

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PJI Holdings Bhd is eyeing a contract to provide mechanical and electrical engineering services worth RM400m toRM500m at the new LCCT terminal. It plans to fund the job through private financing initiatives (PFIs). CEO Lim Chong Lingsaid that next year the company will also explore water-related projects. PJI is also waiting for details of the 10th Malaysia Planas it saw many opportunities in relation to its core business of mechanical and electrical engineering services. The companyhas tendered for jobs worth RM500m since June, mainly in mechanical and electrical engineering services and waterinfrastructure. PJI now has an orderbook of about RM150m and hopes to add RM150m to RM200m by June 2010. (StarBiz)