SAPURA CREST, DAYANG, LEADER ANNJOO

EON Capital Bhd (EONCap) was given the regulator’s consent to start merger talks with Hong Leong Bank Bhd (HLBK,Hold, TP: RM8.71). Bank Negara Malaysia has no objection for EONCap to begin negotiations with Hong Leong that will lead to the “merging (of) the licensed entities under EON Capital Group with Hong Leong Bank Group,” EONCap said in a stock
exchange filing. The approval is valid until June 30. (BT)
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SapuraCrest Petroleum Bhd (SCRES MK, Hold, TP: RM2.48) plans to tap into the fast growing oil and gas (O&G) in India, having invested US$110m (RM369.6m) under two joint-ventures and building two derrick lay barges that are expected to start operations in the first quarter of 2010. The investments are part of SapuraCrest’s joint-ventures with Indian partners Larsen & Toubro Ltd (L&T) and Quippo Prakash Pte Ltd. Over the next five years, the company will focus on the installation of pipelines and facilities (IPF). Presently, SapuraCrest provides facilities maintenance and upgrading as well as soil investigation and survey works in India.SapuraCrest’s Indian operations over the last 10 years have contributed about US$200m to its overall earnings. (Financial Daily)
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Korea Electric Power Corp (Kepco), which has just landed a US$20bn contract to build nuclear powered power plants in the United Arab Emirates (UAE), is apparently in talks with Malaysia on the possibility of building such a facility here. According to earlier reports, Tenaga Nasional Bhd (TNB MK, Buy, TP: RM9.90) and Kepco had agreed in June 2009 to work together on a nuclear pre-feasibility study. According to Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui, in a new long term energy policy was in the final stages of being drafted by his Ministry as well as the Science, Technology and Innovation Ministry. In October last year, he was quoted as saying that the government would look at the option of using nuclear power to generate electricity by 2025 as a long term solution to meet the country’s energy needs as it
could no longer depend on its existing power resources, namely natural gas, coal and hydro. (Malaysian Reserve)
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Naim Holdings Bhd has been ordered to carry out a limited review by its external auditors on its quarterly report submissions, after the company delayed the recognition of a gain from the disposal of Dayang Enterprise Holdings Bhd (DEHB MK, Buy, TP: RM2.20) shares until its annual audited accounts. In reprimanding Naim, Bursa Securities said the company had breached the stipulation in the Listing Requirements (LR) that a listed issuer must ensure “each announcement is factual, clear, unambiguous, accurate, and succinct and contains sufficient information to enable investors to make informed investment decisions”. Naim had reported an unaudited profit after taxation and minority interest of RM62.51m in its 4Q report for the financial period ended Dec 31, 2008, which was announced on Feb 25, 2009. However on April 30, it announced an audited profit after taxation and minority interest of RM80.75m in its annual audited accounts for FY08. Naim explained that the difference was mainly due to the dilution of company’s equity interest in Dayang Enterprise, which resulted in a gain of
RM13.93m to the group. (Financial Daily)
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Leader Universal Holdings Bhd has secured a US$107m (RM356.95m) project to develop power transmission system in Cambodia on a build-operate-transfer (BOT) basis. Construction works on the project to develop a 230 kilovolt power transmission system, which would be divided into three stages, is expected to be fully completed by December 2013. Leader Universal’s unit Cambodian Transmission Ltd has also signed the 25 year power transmission agreement with Electricite Du Cambodge, a wholly state owned limited liability company of Cambodia. “Negotiations with the design and build subcontractor and suppliers of materials required for this project are completed and pending finalisation of the agreements. The project is part
of a development of Cambodian grid system and provides future 230kV extension to other parts of the country around Tonle Sap in Cambodia. (Malaysian Reserve)
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Ann Joo Corp Sdn Bhd, the single largest shareholder of Ann Joo Resources Bhd (AJR) disposed of nearly 20m shares in the latter recently. A filing to Bursa Malaysia showed AJC sold the shares in the open market between 15 and 19 January. After the recent disposals, AJC’s stake was reduced to 64.69%, comprising of 325.19m shares in AJR. (Financial Daily)