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Posted: 28 Jun 2013 04:08 PM PDT

PETALING JAYA: Hock Seng Lee Bhd (HSL) announced yesterday that it had secured a contract from Eastbourne Corp Bhd worth RM228mil.

The contract is for the construction works of an 18-storey commercial and office building with a two-level basement as well as related infrastructure works at Petra Jaya, Kuching, Sarawak.

The 30-month contract is due for completion by the first quarter of 2016.

"The contract is expected to contribute positively to the earnings and net assets of the HSL group for the financial years ending 2013 to 2016," it said in its announcement to Bursa Malaysia.

AmResearch analyst Thomas Soon said the contract brought HSL's total new order for the year to RM381mil. This is inclusive of about RM1bil out of a total of RM1.8bil of jobs in hand, which are currently still outstanding.

"We maintain our new order assumption of RM600mil, which we deem to be easily achievable," he said.

This is in comparison to the RM525mil achieved in the financial year ended Dec 31, 2012.

Given the job opportunities available within and without the Sarawak Corridor of Renewable Energy (SCORE), Soon remains optimistic about the company's prospects over the next two to three years.

The potential major jobs include the remaining phases of the RM1.7bil Kuching central sewerage system, of which Soon estimates Phase 2 to be worth RM800mil.

"Notably, we have learnt that HSL has started the testing and commissioning of the Kuching central sewerage treatment plant," he said.

Given its central role in the entire project, Soon believes the company could secure the operation and maintenance (O&M) part of it as well, which would provide recurring income for the group.

The O&M portion could be contracted out along with the award of Phase 2, he said.

Other projects include an RM1bil water supply and treatment plant project between Sibu and Tanjung Manis, and the US$600mil to US$700mil (RM1.8bil to RM2.2bil) Balingian power plant.

"We understand HSL could be in the running for ancillary works to the tune of RM300mil to RM400mil for the power project," Soon said.

MPHB Cap eyes top 10 spot

Posted: 28 Jun 2013 05:05 PM PDT

KUALA LUMPUR: MPHB Capital Bhd (MPHB Cap), a spin-off of Multi-Purpose Holdings Bhd (MPHB), is targeting to be a top-10 general insurance player in Malaysia by end-2015.

The group, predominantly a general insurance company, is confident that the internally generated funds would be able to see through its growth plans.

Its initial public offering (IPO) yesterday, which came on the heels of a renounceable offer for sale of 715 million shares in MPHB Cap by MPHB to the shareholders of MPHB on the basis of one MPHB Cap share for two MPHB shares held, was not open to the public.

Insurance arm Multi-Purpose Insurans Bhd's chief executive Ong Kok San said: "The authorities require us (as an insurance company) to have RM100mil in minimum paid-up capital, which we have satisfied.

"At the same time, based on our risk-based capital, our capital adequacy ratio is over 200%, so we are confident that we don't need extra funding for the expansion."

Ong believes that reaching the top-10 category from its present 13th ranking among 26 local general insurance companies is not a very onerous task.

"We have our strategies in place to penetrate the market further. We just need a bit of push," he said after the listing ceremony.

The company would focus on fire and travel insurance, where the margins were better compared with the motor insurance segment, Ong added.

Among its key strategies are to expand into the retail market with new products and schemes, increase distribution channels via bancassurance with more local and foreign banks, and expanding its network agency by 10% per annum for the next three years.

It will also grow its bumiputra broking market and enhance its e-commerce platform as an alternative distribution channel.

MPHB Cap now has a market share of 6.1% out of the RM8.1bil locally-owned insurance company category.

As for the group's 1,093ha land bank and two properties around Kuala Lumpur, Selangor, Penang and Johor, property division assistant general manager Ivevei Upatkoon said the group was essentially a landowner and property investor, and not a developer.

The eldest daughter of managing director Tan Sri Surin Upatkoon said: "We have no intention of going into developing, as we would need a lot of capital. We are looking for joint-venture (JV) partners to develop the land or if the opportunity arises, dispose it."

Surin himself added that the company does not intend to retain its land or property assets but may consider it if there was good value. "The idea is to maximise the value for shareholders."

MPHB Cap is in a JV with Bandar Raya Developments Bhd for the development of land in Rawang, Gombak and Penang.

Rawang is a residential development with a small commercial village, while Gombak and Penang are planned for residential developments. Its 122ha Gombak land parcel is the long-closed amusement park, Mimaland.

The gross development value (GDV) for the three projects is RM4.2bil. MPHB Cap's share of the GDV is 22%, which rounds up to about RM924mil.

"We have submitted the Rawang masterplan to the authorities for approval but the other two are in the preparation stage," Ivevei said.

The company also fully owns the Flamingo Hotels in Ampang, Kuala Lumpur and Penang.

MPHB Cap's debut on Bursa Malaysia opened at RM1.45 or a 45% premium to its offer price of RM1. The counter closed at RM1.37 on a 2.48-million trading volume.

MPHB, meanwhile, closed one sen lower to RM3.61.

The listing of MPHB Cap, oversubscribed by 1.38 times, was to demerge the financial services and other investments from the gaming business of MPHB to improve the operational and financial efficiency of the businesses.

MPHB is also proposing to change its name to Magnum Bhd to reflect its gaming operations, which the Magnum Corp Sdn Bhd management team continues to helm.

MMC indirect unit buys Aussie firm

Posted: 28 Jun 2013 04:43 PM PDT

PETALING JAYA: MMC Corp Bhd's indirect subsidiary, Australia-based Malakoff Holdings Pty Ltd, has acquired the entire share capital of Meridian Wind Macarthur Holdings Pty Ltd (Meridian Holdings) from Meridian Energy Ltd for RM382.2mil.

The independent power producer (IPP) said in a statement to the stock exchange that Malakoff would hold a 50% stake in Macarthur Wind Farm following the acquisition. The other half is held by AGL Energy Ltd.

According to the announcement, Macarthur Wind Farm is the largest wind farm in the Southern Hemisphere, Australia, with a generation capacity of 420MW, with 140 turbines of 3MW-rated power each.

"The wind farm was developed by Meridian and AGL through a 50:50 unincorporated joint venture and has been fully operational since it achieved its practical completion of the construction on Jan 31," it said.

Meridian Holdings was incorporated in Australia on March 16, 2007 as a holding company, with a share capital of AU$174.33mil (RM509.6mil).

On the other hand, Malakoff Corp Bhd, a 51%-owned subsidiary of MMC, which, in turn, owns Malakoff Holdings Pty Ltd, has been stepping up investments in clean energy, signing an agreement with Norway's NBT AS a year ago to build a US$600mil (RM1.89bil) wind farm in Pakistan, wires reported.

The country's largest IPP also owns plants in Algeria, Jordan and Saudi Arabia.

Locally, it owns power generation plant stations in Lumut, Prai and Tanjung Bin.

MMC said the acquisition would not have any material effect on its net assets per share, earnings per share and gearing for its financial year ending Dec 31, 2013.

Kredit: www.thestar.com.my

Jumaat, 28 Jun 2013

The Star Online: Business

The Star Online: Business

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