GAMUDA, MEDIA PRIMA,PETRONAS,MAHB, ASTRO,CREST BUILD,PMCAP

Gamuda Bhd (GAM MK, Buy, TP: RM3.18) is not ruling out the possibility of cost increases caused by delays related to land acquisition for the electrified double-tracking project (EDTP), although the construction major is not planning any cost revision at the moment. The EDTP is valued at RM12.5bn and was awarded to MMC Gamuda Joint Venture Sdn Bhd, a joint
venture between Gamuda and MMC Corp Bhd, by the government in December 2007. ‘With the extension of time, the new completion date has been pushed to 2014. To date, only around 32% of the project has been completed, while based on the scheduled completion date (of early 2013) it should have reached at least 40% completion,” Gamuda group managing director Datuk Lun Yun Ling said. Gamuda also said it has been given an extension of 11 months to complete the EDTP due to delays in land acquisitions, mainly in Penang, Perlis, and Kedah. (Financial Daily)

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The acceptance rate from total voting shares for the takeover of The New Straits Times Press (M) Bhd by Media Prima Bhd (MPR MK, Hold, TP: RM1.69) has passed 79% and the delisting of NSTP will proceed. Media Prima group MD Datuk Amrin Awaluddin said the acceptance rate of the total voting shares would likely reach 80%. He also encouraged the swap of NSTP shares for Media Prima shares, while adding that as Media Prima now controlled more than 75% of NSTP, the delisting will proceed. Previously on Dec 17, after Media Prima’s EGM, Amrin said the delisting process would hopefully be completed by first quarter 2010. (Star Biz)

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Petronas wins rights to distribute 20,440 kilolitres of subsidised low-octane petrol in Sumatra, Indonesia next year. Indonesia’s PT Aneka Kimia Raya Corporindo will also distribute 56,500 kilolitres barrels of subsidised diesel oil in south Sumatra and Kalimantan. The Indonesian government planned to supply 21.4m kilolitres of subsidised petrol and 11.2m kilolitres of subsidised diesel in 2010. State oil firm Pertamina will supply the remaining subsidised petrol. Indonesia’s downstream oil regulator BPH-MIGAS decides each year on the rights to supply and distribute subsidised oil products such as low-octane petrol, kerosene and diesel. (BT)

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Malaysia Airports Holdings Bhd (MAHB) reported a 16.7% increase in international and domestic passenger traffic in October at Kuala Lumpur International Airport (KLIA). Data provided by MAHB showed an 18.8% increase to 1.76m international passengers for KLIA for this October compared to last October; while the number of domestic passengers was up
by 12.6% to 848,656. There was a total 15.7% increase in passenger traffic to 4.48m for other airports it operates in Malaysia and abroad for the month under review. Additionally, total cargo movement for KLIA increased by 11.1% to 57.53m kg with international cargo increasing by 10.7% to 52.65m kg while domestic cargo rose 15.9% to 4.87m kg. (Star Biz)

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Astro All Asia Networks plc will supply and license a content gateway software system to Saudi Bells Telecom Company LLC (SBC), as well as build and develop the system in the Middle East and North African territories. Astro said its subsidiary Digital Five Sdn Bhd (DFSB) had on the same day inked an agreement with SBC for the supply and licensing of the system on a non-exclusive basis to the latter. Astro said the total contract price was US$2.605m (RM8.9m) to be paid in three tranches. (Financial Daily)

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Crest Builder Holdings Bhd has been awarded a RM175.5m job to construct superstructure works of two 40-storey serviced apartment towers from Exceljade Sdn Bhd. Crest Builder said the high-rise residential project is located along Jalan Raja Muda Abdul Aziz here. “The contract period is 24 months from the date of site possession which has been set out on Jan 2, 2010, and the contract is expected to be completed by Jan 1, 2012,” the builder said. The project is expected to contribute positively to the earnings of the group for the financial years ending Dec 31, 2010 onwards. (Financial Daily)

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Pan Malaysia Capital Bhd, whose subsidiary PM Securities is involved in stockbroking, has failed in its application to obtain a merchant banking licence or restricted merchant banking licence. The company announced to Bursa Malaysia that Bank Negara said the Finance Minister had refused to grant the licence pursuant to section 6 (4) of the Banking and Financial Institutions Act 1989. The RM10m deposit with accrued interest was refunded. (Star Biz)
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