MALAYSIAN RESOURCES CORP [ ] Bhd (MRCB) has priced its share rights issue with an entitlement basis of one-for-two at RM1.12 per share. It said the right issue would raise gross proceeds of about RM540.7 million and RM508.3 million under the maximum and minimum scenarios, respectively.
Telekom Malaysia is scheduled to release its results on Friday. OSK Investment Research is maintaining its neutral call on TM with a target price of RM2.88.
It expected the telco's margin to come under pressure from higher high speed broadband operating expenditure and increased advertising and promotion as as TM slugged it out to defend its fixed broadband business and to drive uptake of its voice service.
"TM’s core earnings are likely to come in lower year-on-year in 3Q09 due to weaker EBITDA margin and lower interest income but higher quarter-on-quarter with the normalisation of the high effective tax in 2Q09.
"We suspect TM conceded its dominant share of fixed broadband addition in 3Q09 to a nimble and more aggressive Packet One (P1)," it said.
Putrajaya Perdana's 3Q net profit jumped 110% to RM12.2 million for its third quarter ended September 30, 2009 (3Q2009). Its revenue however fell 16% to RM199.9 million.
For its nine months period, its net profit increased 71% to RM26.96 million compared to the previous corresponding period. Meanwhile, its revenue increased 15% to RM679.8 million for the same period
Tanjong plc has appointed ASTRO ALL ASIA NETWORKS PLC [ ]'s former chief operating officer Goh Seow Eng as the chief executive officer of its entertainment division, responsible for both its wholly-owned subsidiaries Pan Malaysian Pools Sdn Bhd (PMP) and TGV Cinemas Sdn Bhd (TGV).
It is interesting to note that analysts had earlier said if Tanjong's power and gaming operations were split, this could create greater value. The power business, if spun off, would attract Syariah compliant funds.
GAMUDA BHD [ ]'s 40%-owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) has filed a suit against PUNCAK NIAGA HOLDINGS BHD [ ]'s 70% subsidiary Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) with a claim of RM196 million owing, excluding interests, in relation to the supply of treated water to the latter.
Written by Joyce Goh
Source : thestar
