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Malaysia stock market and companies daily report (March 19, 2010)

Contributed by Shares Investment

By Shares Investment

Berjaya Corp Eyes Partnership With China’s BYD

Berjaya Group’s chairman Vincent Tan said he wants to partner China’s BYD in assembling 1 litre cars in Malaysia. However the National Automotive Policy (NAP) only allows the assembling of foreign brand cars of 1.8 litres and above. Speaking at a ceremony in KL yesterday, the billionaire said that should Berjaya Corp’s application for an assembly facility be rejected, he could set one up elsewhere in ASEAN and re-export it back to Malaysia. Commenting on the issue, Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said there should be no exception to NAP because the country is already making big concessions by allowing foreign brands to be assembled here. BYD is the fourth biggest carmaker in China by volume, after Volkswagen, General Motors and Toyota.

CIMB Research Keeps Wah Seong At Outperform

CIMB Research kept Wah Seong at Outperform with unchanged TP of RM2.96. The brokerage said “investors can expect active newsflow on both M&As and new contracts”. The energy service provider had announced yesterday that it had made a bid to buy former partner Italy-based Socotherm. The day before, Wah Seong said its was in advanced stages of negotiations with West Africa’s The Orleans Group which owns pipe coating plants in Nigeria and Angola.

EON Capital Chairman Resigns

Chairman and ID of EON Capital Tan Sri Syed Anwar Jamalullail as well as 3 other IDs have resigned from the board of EON Capital. The resignation of the 4 who are believed to oppose the takeover bid by Hong Leong bank, come after 7 directors were voted in at an EGM on Monday. The incoming 7 were proposed by Rin Kei Mei, a substantial shareholder partial to Hong Leong Bank’s offer.

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