Reports » Malaysia

Malaysia stock market and companies daily report (March 12, 2010)

Contributed by Shares Investment

By Shares Investment

Setia Subsidiary Awarded Vietnam Job
SP Setia has received an in-principle agreement from Vietnam’s Investment and Industrial Development Corp to develop a 10.8ha land in Binh Duong province,Vietnam, for a 50-year term. Setia’s subsidiary with a local agent will form a JV with US$6.5m share capital to undertake the development of Eco-Xuan Lai Thieu, which features shop houses, terrace houses, semi-detached houses, commercial centres, club house and apartments.

Tan Chong Motor Rises On Nissan Rights
Tan Chong Motor edged higher in trade today after announcing that it was awarded exclusive distribution rights of Nissan Motors’ completely built-up vehicles in Cambodia. “The stock is higher because the exclusive distribution rights will widen its earnings base and boost its bottomline”, said a dealer quoted by Dow Jones Newswires. AmResearch added that, “We foresee Tan Chong’s coming Vietnam operations turning into Nissan’s regional production hub – especially for supply to less developed auto markets in the region – including Cambodia and Laos given proximity and more efficient cost base.” The broker has a Buy call, TP RM4.70.

YTL May Sell US$400m Debt
YTL Corp is planning an issue of up to US$400m worth of five-year bonds that can be converted into ordinary YTL shares, according to Reuters. The convertible bonds, which mature in 2015, will pay a coupon of 1.375-1.875%. The bonds’ strike price will be 20-25% above the share’s closing price of RM7.48, its term sheet said.

This article is contributed by Shares Investment. Visit Sharesinv.com for the latest Singapore, Malaysia and China stock market news and reports.