Tenaga Nasional Bhd (TNB) said it is in the preliminary stages of setting up a long-term multi-currency medium term note programme as part of its ongoing process of exploring funding options it might require in the future.
"This is in line with (our) strategic objectives, and to sustain growth and shareholder value creation," it said in a statement today.
"Any potential sukuk issuance in the future will largely depend on the successful completion of prospective transactions," the national utility company added.
It was responding to recent news reports suggesting that it has plans to issue US$3 billion (RM13 billion) global sukuk to fund its investments.
On Monday, Bloomberg reported that TNB was asking bankers to submit pitches for a US$3 billion sukuk programme, and proceeds will be used to fund overseas investments including the purchase of a 30% stake in Turkish power firm Gama Enerji AS for US$243 million.
The group last issued dollar-denominated debt in 1996 when it sold 100-year conventional notes, it was reported.
AirAsia Bhd ( Valuation: 0.60, Fundamental: 0.20)'s wholly-owned unit AirAsia Global Notes Ltd has established a US$1 billion multi-currency medium term note programme, the net proceeds of which will be used by AirAsia for its "general corporate purposes", including working capital and refinancing indebtedness of AirAsia.
Under the programme, the company may, subject to compliance with relevant laws, issue notes from time to time in series or tranches denominated in US dollars or any other currency as may be agreed between the company, AirAsia and the relevant dealers, said AirAsia in a bourse filing today.
Notes issued under the programme will be unconditionally and irrevocably guaranteed by AirAsia, and will be offered and sold outside the US.
The proceeds from the debt programme could also be used for financing the equity portion of AirAsia's aircraft financing or other airline investment opportunities, all expenditure related to the issuance of the notes, and/or for such other purposes that may be specified.
Property developer Tiger Synergy Bhd (TSB) has signed a memorandum of understanding to acquire printed circuit board services company BPE Synergy Engineering Sdn Bhd through a share swap deal worth RM16 million.
As such, it expects revenue for its financial year ending June 30, 2016 (FY16) to triple from the RM15.1 million it saw in FY15, driven by launches of new projects with a gross development value (GDV) of RM386 million, and contribution from the consolidation of earnings from BPE once the acquisition is completed.
"We hope to complete the acquisition by the first half of 2016 (1H16). The agreement with BPE will include a profit guarantee of RM2 million per year, over three years, and the company generates about RM18 million in revenue per year.
"With the launch of our new property (projects) in 2016 and the acquisition, we expect a 200% increase in our revenue for the financial year ending June 30, 2016," TSB managing director Shirley Tan Lee Chin told the media at a briefing today.
Fibon Bhd ( Valuation: 1.40, Fundamental: 1.95)'s share price continued to surge today and hit a record high of 82 sen, prompting the regulator to issue an unusual market activity (UMA) query to the company on the rally.
At noon, Fibon shares were 1 sen or 1.91% lower at 80 sen. It climbed as much as 3.5 sen or 4.46% to 82 sen in the early trade. It closed at 79.5 sen, up 1 sen or 1.27%, for a market capitalisation of RM77.9 million.
Shares of Fibon were only 35.5 sen on Aug 28, 2015, which means the counter has appreciated 44 sen or over 123% in less than five months.
In its UMA query today, the regulator asked the management to disclose any corporate development, rumour, report or other possible explanation that may support the trading activity.
When contacted by theedgemarkets.com, Fibon chairman Pang Chee Khiong said he was not aware of any corporate activity that may have drawn investors' attention.
Ire-Tex Corp Bhd has appointed Christopher Purcell as its managing director (MD), replacing Datuk Dr Yap Tatt Keat, who has been redesignated as deputy chairman.
In a filing with Bursa Malaysia today, the protective packaging materials manufacturer said prior to taking on his current role, Purcell, 49, was deputy MD of operations of the group's packaging division since the middle of last year.
Purcell first joined the group as production and quality control supervisor at Ire-Tex (Malaysia) Sdn Bhd from 1996 to 1998. He then proceeded to become the operations manager and a director of Ire-Tex Electronics Sdn Bhd from 1998 to 2000, before being appointed a director at Ire-Tex (Malaysia) from 2000 to 2002.
Salcon Bhd's unit Salcon Engineering Bhd ( Valuation: 2.00, Fundamental: 1.95) has bagged a RM5.41 million water piping rehabilitation works from Syarikat Air Terengganu Sdn Bhd.
In a filing with Bursa today, the non-revenue water specialist said the contract was for the rehabilitation, operation and maintenance management of the water distribution system at Kawasan Pembekalan Air Tangki Air Bukit Kecil, Kuala Terengganu.
The duration of the contract is two years, which commenced on Dec 27 last year, until Dec 26, 2017.
LBI Capital Bhd ( Valuation: 3.00, Fundamental: 2.60)'s wholly-owned unit LBR Industries Sdn Bhd entered into four sale and purchase agreements (SPAs) to dispose of four parcels of adjoining vacant freehold development lands in Batu Ferringhi, Penang, to Crimson Legend (M) Sdn Bhd for RM50 million.
In a filing with Bursa Malaysia today, the property developer said the sale will unlock the value of the lands and will render it a net gain of about RM29.8 million.
It said initial development concept for the 1.8ha land, bought for RM17 million in 2010, was not feasible based on the current property situation and is not expected to generate attractive returns.
It added that there were uncertainties in the sales of the properties to be developed, particularly in the resort or tourism area. This is against the backdrop of challenging property market and the difficulty in obtaining end financing by purchasers.
Fiamma Holdings Bhd ( Valuation: 3.00, Fundamental: 2.20) has proposed a one-to-two share split exercise, a bonus issue and an employee share option scheme (ESOS).
In a filing with Bursa Malaysia today, the company said the share split involves the subdivision of every one existing share of RM1 each into two shares of 50 sen each held on an entitlement date to be determined later.
Fiamma said the rationale of the share split proposal is to enhance the marketability and trading liquidity of its shares, making the shares more affordable and appealing to a wider group of investors and enable its existing shareholders to have a larger number of shares while maintaining their percentage of equity interest.
Fiamma also proposed a bonus issue of up to 177.56 million new subdivided shares, on the basis of one bonus share for every two subdivided shares held on a bonus entitlement date that is also to be determined later, to reward shareholders and raise its company's capital base.
Comintel Corp Bhd is faced with another delay in providing renewable energy (RE) to TNB due to problems relating to feedstock and its synthesis gas (syngas) engine.
The company first announced the delay last year after a gasifier system failed to operate at optimum capacity.
In a bourse filing, Comintel said it had requested a second extension for the date of commencement of its Feed-in-Tariff (FiT) to May 31, 2016 from Dec 31, 2015.
The Sustainable Energy Development Authority Malaysia had approved Comintel's request for an extension in a letter dated Dec 30, 2015 received yesterday (Jan 5).
"The reason for the FiT commencement date extension was that the company needs time to set the syngas engine to run in harmony with all the other seven engines," the filing read.
"Besides that, we also have feedstock supply problem, which is the supply of feedstock was not in accordance with the agreed terms of the contract with the supplier," it added.
Comintel said the "out of size" feedstocks have caused disruption to its automated material handling system.
Comintel said its unit Comintel Green Technologies Sdn Bhd (CGT) is in talks with the supplier to ensure that the supplier provides consistent quality woodchips that are within the specification as agreed in the contract.
The company said, barring any unforeseen circumstances, CGT will be able to meet the new extended FiT commencement date.
But CGT's green energy venture, initially expected to contribute positively to the performance for financial year ending Jan 31, 2016 (FY16), will only start contributing in FY17, it added.
Sentoria Group Bhd's 75%-owned subsidiary will co-develop residential and commercial properties with a private property investment company on a freehold tract measuring 120 acres in Bandar Amanjaya, Kuala Muda, Kedah.
The project has an estimated GDV of RM180 million, Sentoria said in bourse filing.
Its subsidiary Sentoria Utara Sdn Bhd (SUSB) has signed a joint venture (JV) agreement with land owner Sejati Pertiwi Sdn Bhd to undertake the mixed development on the freehold land.
"The JV is a strategic alliance for Sentoria to participate in affordable housing development in (the) northern part of Peninsular Malaysia," it said, adding the JV is expected to contribute positively to its future earnings.
It shall take 36 months for SUSB and Sejati Pertiwi to complete the development, it added, and that Sejati Pertiwi would be entitled to 12.5% of the project's GDV, based on progressive utilisation.
The 120-acre land is actually one of two land parcels totalling 300 acres that SUSB bought from Ideal Appraisal Sdn Bhd nearly a year ago. Sejati Pertiwi held the 120-acre tract as a nominee for SUSB after the land sale.
The JV is not expected to immediately impact its gearing, but the effect on its future gearing will depend on the funding mix and level of borrowings required to fund the project, it said.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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