WAH SEONG, HONG LEONG,TM, PHARMANIAGA,

Wah Seong: May buy pipe-coating business in Nigeria
Wah Seong Corp Bhd (WSC MK, Buy, TP: RM3.40) is in talks to acquire a venture in Nigeria to tap demand for its products amid increased exploration. The company may provide technical assistance and later take up an equity stake in Orleans Group, a pipe coating business based in the West African nation, deputy group managing director Giancarlo Maccagno said. Maccagno declined to reveal the cost of the acquisition, which would be funded internally as the company
has RM400m in cash reserves. Wah Seong may look at expanding its gas compressor business, he added. (Financial Daily)

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Hong Leong: Yet to revive EONCap bid
Rin Kei Mei has won shareholders’ support to appoint seven directors but it may be too early for him to declare victory as Hong Leong Bank Bhd (HLBB) (HLBK MK, Hold, TP: RM8.71) has yet to revive its offer to take over the group’s asset and liabilities. A HLBB official said the banking group was currently reviewing its plan to acquire EONCap. “Following EONCap’s EGM, HLBB is currently reviewing its position and thus will not at present be resubmitting its offer to acquire
the entire assets and liabilities of EONCap,” the official said. (Financial Daily)

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TM: Inks licensing deal with English FA
Telekom Malaysia Bhd (TM) (T MK, Hold TP: RM3.54) has signed a licensing agreement with the England Football Association to be the official England telco licensee in Malaysia. The partnership with the FA, which runs through to the end of 2010, will give TM the exclusive use of the England crest and England player imagery in the telco category in Malaysia. “This partnership provides us with a unique opportunity to create an exciting marketing campaign for our customers and football fans here in Malaysia” said TM chairman Datuk Dr Halim Shafie in a statement. (Financial Daily)

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Pharmaniaga: EPF denies plans to buy a stake
The Employee Provident Fund Board (EPF) has denied that it is interested in acquiring a part or the whole of UEM Group Bhd’s 87% stake in Pharmaniaga Bhd, as reported by an English-language daily. An official with the EPF said there was nothing further to comment as “this is not true.” Meanwhile, UEM Group said it was unable to comment on any speculation. Nevertheless, it is understood that several parties are interested in buying UEM’s stake in Pharmaniaga.
(StarBiz)

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Water: PFI of RM10bn for Klang River cleaning project
The RM10bn Klang River cleaning project, which is part of the river’s RM50bn rehabilitation and development project, is expected to be funded via a private financing initiative (PFI). Selangor Menteri Besar Tan Sri Khalid Ibrahim said that a detailed briefing on the project would be held on Mar 29. “We will come up with a detailed briefing whereby all the four
companies involved and the state will discuss the scheme and how to allocate the task of cleaning up the river,” he said. (Financial Daily)

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Water: PAAB to seal Perlis, Perak water deals by end-May
Pengurusan Aset Air Bhd (PAAB) will complete the takeover of water assets in Perlis and Perak by end-May as part of the national initiative to regulate the water services industry. “Things are moving very fast in these two states at the moment and we expect the agreements to be signed at least by the end of May,” a source said without divulging the value of the deals. PAAB has said it planned to wrap up the deals in all states by mid-year although CEO Ahmad Faizal Abdul Rahman said that “he didn’t like deadlines.” (StarBiz)