Reports » Malaysia
Malaysia stock market and companies daily report (December 23, 2013)
AirAsia X Plans European Return
- In a bid to construct a discount equivalent of Dubai-based Emirates, AirAsia X has ordered 25 twin-engine A330-300 plans, valued at US$6 billion (RM19.7 billion), which includes a variant with increased range that will allow flights to Europe.
- Presently, the only European budget carrier serving Asia is Norwegian Air Shuttle AS, which began flights to Bangkok from Scandinavia five times a week in 2013.
- After introducing routes to London and Paris in 2009, AirAsia X had ceased its flights to Europe in 1H12 as the older planes it was using were not efficient enough to make the services profitable.
Significance: A rejuvenated entry will mount pressure on established European carriers, including Deutsche Lufthansa AG, which ranks Asia among its most profitable markets, as well as discount carrier Norwegian Air.
Asian Pac Considers Duplicating KKTS Project
- Following the encouraging response for phase two of its KK Times Square (KKTS) project, which is under construction in Sabah, Malaysia, Asian Pac Holdings is looking to replicate its efforts elsewhere.
- “The company is scouting for land in Penang, Johor, Sabah and Sarawak,” said Chairman Tan Sri Megat Najmuddin Megat Khas.
- The KKTS project comprises signature office, an 800,000 square feet Imago mall and 631 luxury apartments. The latter, which were worth RM600 million, were sold out within 18 months.
Significance: “We believe that there is good opportunity to grow in Miri (Sarawak, Malaysia), thanks to the oil and gas operation. Miri is also a developed market and close to Brunei,” added Tan.
I-Berhad To Acquire Lands Worth RM370.3m
- As part of I-Berhad’s i-City project, a RM5 billion urban development in Shah Alam, Selangor, Malaysia, the firm has proposed the acquisitions of two pieces of freehold land, measuring approximately 19.6 acres, for RM370.3 million.
- The first piece of land will be developed over four phases that comprises a mix of residential and commercial units, targeted to be completed by 2017. The proposed development for the second land piece encompasses a mixed development of residential service suites, a hotel tower and an office tower with a total gross floor area of 1.6 million square feet. The development will span over four years commencing from 2015.
- Additionally, I-Berhad intends to increase its paid-up capital from RM114 million to RM775 million via a corporate exercise involving a share split, a bonus issue, a rights issue with warrants and the issuance of redeemable convertible unsecured loan stocks and irredeemable convertible unsecured loan stock.
Significance: Upon completion of the proposed acquisitions, I-Berhad will have projects of approximately RM3.7 billion in combined gross development value.
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