Friday, May 5, 2000

AIC to build RM170mil integrated circuits plant
AIC Corp Bhd is investing RM170mil over the next 2-1/2 years to build a new integrated circuits (IC) plant in Kulim, Kedah, to cater to the increasing demand for its products from existing and new customers.

Second board abuzz with revival in speculative interest
The local market shrugged off the sharp overnight fall on Wall Street and the KLSE benchmark Composite Index (CI) finished yesterday in positive territory, up 2 points at 907.

Blue Circle fends off hostile Lafarge takeover bid
Blue Circle Industries plc, the British parent of Malayan Cement Bhd, has succeeded in fending off the £3.65bil hostile takeover bid by France's Lafarge group.

Validity date of initial Time-SingTel plan extended
The validity period of the non-binding conditional heads of agreement between Renong Bhd, Time Engineering Bhd and Singapore Telecommunications Ltd (SingTel) has been extended to May 11.

Tat Sang expects exports to reach RM100mil
Integrated rubberwood furniture maker Tat Sang Holdings Bhd, which is going for listing on the KLSE second board, expects its exports to reach the RM100mil mark this year, up from RM90mil last year.

Petronas signs amended joint contract
An amended joint-venture contract has been signed by Petronas, PetroVietnam and Tramatsuco to set up a polyvinyl chloride (PVC) plant in Baria-Vung Tau Province, 85km southeast of Ho Chi Minh City, Vietnam.

MBf Card targets more members
MBf Card Services Sdn Bhd, the largest non-bank credit card issuer in the country, expects its card membership base to hit 300,000 by year's end from 250,000 now.

National Panasonic sees 7% rise in sales
National Panasonic (Malaysia) Sdn Bhd is targeting a 7% increase in sales to RM480mil this year from RM450mil in 1999.

Rangkaian Segar projects one million card-holders
Rangkaian Segar Sdn Bhd, operator of the Touch 'Go electronic payment system, expects to attract one million card-holders by year's end.

CEO: Siemens turnover expected to grow this year
Siemens Malaysia Sdn Bhd has projected a higher turnover for this year, after raking in RM2.5bil till September 1999, amid the recovery of Malaysia's economy.

Philips sees higher electronic products sales from Asia-Pac
Philips expects the sales of consumer electronic (CE) products from Asia-Pacific to account for a quarter of annual CE revenue in three to four years.

Sanda proposes share issue to settle debt
Sanda Industries Bhd has proposed to settle RM19.44mil worth of debts that it and its units--Sanda Plastics Sdn Bhd and Vital Universal Sdn Bhd--owe to lenders by the issuance of 19.44 million new shares at an issue price of RM1 per settlement share.

12% dividend declared for RHB Capital Fund
RHB Unit Trust Management Bhd has declared a 12% gross dividend on the RHB Capital Fund for the financial year ended April 30 this year.

News in brief

Suria KLCC attains world-class retailing stature in just 2 years
Just two years after opening its doors, Suria KLCC has evolved into what is undoutedly a world-class premier shopping centre, offering itself as a perfect showcase for Malaysia's retail industry.

RAM: Construction set to rebound
After two consecutive years of contraction and with several measures taken to revive the industry, the construction sector is poised for a rebound this year, said Rating Agency Malaysia Bhd (RAM).

Amanah SmallCap Fund outperforms KL Emas Index
Amanah SmallCap Fund Bhd (ASFB) has again outperformed the KLSE Emas Index with its net asset value (NAV) per share having risen by 71.2% against the latter's 40.5% last year.

Sony out to beef up handphones sales
Sony Malaysia Sdn Bhd is optimistic about increasing its market share in the local handphone segment this year.

Balanced Fund declares 4.25 sen dividend
MBf Unit Trust Management (MBf UTM) has declared a 4.25 sen dividend to all unitholders of its Balanced Fund, for its financial year ended April 30, 2000.

Muslim Best finding a niche in West Asia
Muslim Best (Malaysia) Sdn Bhd, a wholly bumiputra-owned food product manufacturer, is strengthening its export market in West Asian countries.

Cagamas announces interest payment on bonds
The 12th interest payment on the RM220mil seven-year fixed rate Cagamas bonds issued on May 11, 1994, is due and payable on May 11 this year, Cagamas Bhd said in a statement yesterday.

TechnologyPKTech moving into e-consulting services
Systems integrator PKTech Sdn Bhd, formerly known as PK Technology Sdn Bhd, is looking to provide more than just traditional consulting and integration services.

Computer firms projected to thrive this year
The strong performance of information technology (IT) companies should keep the US economy steaming ahead this year, according to the US Commerce Department's annual forecast of winners and losers in American business.

US, Europe and Japan to work on patenting Internet business
The US, Europe and Japan will draw up common standards for patenting business methods using the Internet, according to a report in the Nihon Keizai Shimbun business daily.

SSB e-business initiative launched
Sarawak Shell Bhd (SSB) has launched its first e-business initiative, the first to be implemented in Shell Malaysia's exploration and production sector since April 28.

BankingRecord profit for National Australia
Australia's largest bank National Australia Bank has reported a record half-year net profit of A$1.57bil.

Wells Fargo links ATMs to Net
US banking giant Wells Fargo has begun linking over 6,000 cash machines to the Internet so it can start showing customers movie trailers advertisements and news sites as they deposit and withdraw money.

Lowest home loan rate by ABN Amro
ABN Amro Bank is offering home loans at an interest rate of 3.9% for the first year, said to be the lowest in the market.

Deutche Q1 pre-tax profit soars 76%
Germany's biggest bank, Deutsche Bank AG, yesterday posted a record first quarter pre-tax profit of 1.6 billion euros (US$1.43bil), a 76.3% increase from the same period last year.

S&P: Japanese banks recovery slow
Standard & Poor's said the pace of Japanese banks' recovery will be "slow at best" despite a flurry of mega-mergers and better business prospects.

Foreign NewsRoad cleared for sale of another S. Korea car firm
A long-standing percepTion that South Korea will never allow foreign control of its key motor industry has been undermined by Renault SA's acquisition of Samsung Motors Inc.

Hyundai to raise funds for debt-laden investment trust unit
The Hyundai Group, South Korea's largest conglomerate, has mapped out a fund-raising plan for its debt-laden investment trust unit, but analysts are questioning whether the money would be enough.

Mutual funds bloodied but unbowed by weak euro
US mutual funds invested in Europe are taking a beating as the euro sinks to news lows, but these funds are unlikely to create new selling pressure on the currency, fund managers and analysts said.

Aussie budget airline named as Virgin Blue
British entrepreneur Richard Branson's new Australian airline has been christened Virgin Blue, following a competition to name the budget-price carrier that will challenge Qantas and Ansett for the lucrative domestic air travel market.

Unilever readying US$20bil loan to back its bid for Bestfoods
Anglo-Dutch food and consumer groups Unilever plc/NV is said to be preparing a US$20bil syndicated loan to back its US$18.41bil bid for US target Bestfoods.

Business SingaporeSingTel buys 31% stake in Thai ISP
Singapore Telecommunications Ltd (SingTel) is to pay US$23mil for a 31% stake in Point Asia Dot Com (Thailand) Ltd, the parent company of Thailand's leading Internet service provider (ISP).

SGX plans single clearing house
The Singapore Exchange (SGX) is moving towards setting up a single clearing house and scrapping the dual membership structure to increase market liquidity and encourage new products.