Maybank IB Views

Wah Seong: Disposal of shares in Drilbits and Driltools. Wah Seong disposed its 60% equity stakes in Drilbits International Private Limited (DrilBits) and Driltools International FZCO (Driltools) for USD2.7m (RM8.4m) and USD4.8m (RM14.9m) cash respectively. This Proposed Disposals of DrilBits and DrilTools are part of the WSC Group's strategy to streamline and rationalise its core businesses and to divest non-core business. DrilBits is principally involved in manufacturing and trading of oilfield tools and equipment while Driltools is in marketing and provision of oilfield and water well supplies and services related to the oil and gas industry. (Source: Bursa Malaysia)

CIMB: Completes restructuring of Thai unit’s NPL. CIMB Group Holdings Bhd. has completed the restructuring of non-performing loans (NPLs) under the 93.15%-owned subsidiary CIMB Thai Bank plc. The restructuring involved the transfer of CIMB Thai's 2.5m shares held in Sathorn Asset Management Co Ltd for RM23.5m to a wholly-owned subsidiary of CIMB Group, Mutiara Makmur Ventures Sdn. Bhd. as well as the transfer of NPL portfolio of RM297.9m from CIMB Thai to Sathorn for RM297.9m cash. (Source: Bursa Malaysia)

Hartalega: Allegations cost company millions. Hartalega Holdings Bhd, said allegations against the company had caused damages running into "millions of ringgit". The allegations that were related to environmental concerns over its operations in Bestari Jaya, Ijok had come despite its total compliance with all regulations. (Source: The Edge Financial Daily)

PLUS: Jelas Ulung not planning to seek extension for concession. Jelas Ulung Sdn Bhd is not planning on asking the Government for an extension of PLUS Expressways Bhd's tolled-highway concessions post-2038 in its proposal to take over the company. Jelas Ulung believed that its business model works well within the concession period until 2038, as it would have realized its investment by then. (Source: The Star)

Sime Darby: To build bioethanol demo plant in S'gor. Sime Darby Plantation Sdn Bhd will construct and operate a bioethanol demonstration plant in collaboration with Mitsui Engineering Shipbuilding Co Ltd. The plant that would be built at Bestari Jaya, Selangor, will be able to convert oil palm empty fruit bunches (EFB) into bioethanol. (Source: The Edge Financial Daily)

MSC: Secondary listing approved. Shareholders of Malaysia Smelting Corp Bhd (MSC) has approved the secondary listing of the company on the main board of the Singapore Exchange Securities Trading Ltd (SGX-ST). MSC plans to list on the Singapore stock exchange by end of January 2011. (Source: The Edge Financial Daily)

Construction: Benalec targets regional growth. Integrated marine construction firm Benalec Holdings Bhd, en route to list on the local bourse on Jan 17 next year, is gearing up for regional expansion while looking to increase its strength in Malaysia. Benalec will focus on larger-scale marine construction projects and plans to diversify the geographical locations of its projects to Penang. Benalec is eyeing the land-reclamation work for the 24-km long Penang Second Bridge project. (Source: The Edge Financial Daily).

O&G: Petronas gets invite from Bangladesh. Bangladesh has invited some of the world's leading state-owned gas giants to help explore its Chittagong hill tracts region. The companies invited encompass Petronas, Gazprom of Russia, CNOOC of China, PTTEP of Thailand and ONGC of India. (Source: Business Times)