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Reports Malaysia

Malaysia stock market and companies daily report (July 08, 2014)

July 8, 2014, Tuesday, 04:33 GMT | 23:33 EST | 08:03 IST | 10:33 SGT
Contributed by Shares Investment

Fajarbaru To Acquire Australia Land Worth RM21m

- Fajarbaru Builder Group (FBG) has purchased three contiguous parcels of vacant land in Doncaster, Victoria Australia measuring 0.6 acres for a consideration of A$6.9 million (RM20.6 million).

- The freehold land is located about 15 kilometres East of Melbourne’s central business district and is close to Westfield Doncaster shopping town.

- The land has a planning permit for the construction of an 11-storey building with 136 residential apartments and three levels of basement.

Significance: FBG mentioned that the acquisition is in line with the company’s goal to acquire and grow its land bank for its property development division. Moving forward, FBG is also exploring the possibility of expanding its business abroad and the development of land will provide FBG with an additional source of income.

Hibiscus Ups Stake In Australian O&G Exploration

- Following a corporate exercise with its Australian partner, 3D Oil, Hibiscus Petroleum will increase interest in its Australian oil and gas (O&G) exploration operations for US$23.5 million.

- Hibiscus will raise its stake in the VIC/L31 production license, from 50.1 percent to 56.2 percent, which contains the West Seahorse discovered field, the VIC/P57 exploration permit, from 50.1 percent to 55.1 percent, which is believed to contain exploration opportunities and a Britannia rig.

- Additionally, Hibiscus has the option to gain full ownership of the VIC/L31 production license for US$14.1 million.

Significance: The option to purchase the entire stake of the VIC/L31 production license offers Hibiscus the opportunity to advance development plans of West Seahorse which holds 6.5 million barrels of proven oil reserves and contingent resources of 1.5 million barrels of oil.

Scomi Explores Potential Of Another Monorail Job In India

- Scomi International unveiled the potential of a monorail system in India as a feeder service provider to the metro rail, suburban railways and main railways in the metropolitan cities.

- At the same time, this monorail can be a standalone transport system for second-tier cities.

- Thus far, feedback has been positive and more than 21 cities are planning to introduce the monorail system as an option to their multi-modal urban transportation system.

Significance: According to Scomi’s head of business development, S. Selvaraja Chinnasamy, the monorail system has good potential in India. Besides this, the company is also vying for a number of other monorail projects in major cities such as Chennai, Delhi and Jaipur.