Other Local News
KL Kepong: To expand Indonesian landbank. Kuala Lumpur Kepong Bhd (KLK) is expanding its oil palm landbank in Indonesia by another 7,177ha. Its unit KL-Kepong Plantation Holdings Sdn Bhd is buying 95% of PT. Bumi Makmur Sejahtera Jaya (PT BMS) from Tjong Hasan Agus Salim and Tjhang Ardy Fadrinata. Since KLK has engaged a high conservation value study on the land and is carrying out legal and financial due diligence, the deal is likely to materialize in the first quarter of 2012. (Source: Business Times)
SP Setia: Plans 40 corporate office buildings in Setia City. SP Setia Bhd plans to set up about 40 corporate office buildings in its 96ha integrated green commercial hub, Setia City that is worth RM5b in gross development value when completed in 10 to 15 years. The company has secured Top Glove Corp Bhd and Khind Holdings Bhd to set up their corporate headquarters in the hub, which will comprise office towers, hotels, service apartments and a retail mall. ?We are now in talks with a few local companies to set up their corporate office towers here and are not discounting the possibilities to talk to multinational companies in the future,? SP Setia president and CEO Tan Sri Liew Kee Sin said. (Source: The Star)
KFC: Eyes 17 outlets in India. KFC Holdings (M) Bhd, which is fast expanding its operations in India, expects to have 17 outlets in the subcontinent by the end of next year. The fast-food outlet operator now has three outlets in India ? one in Pune and two in Mumbai. The 17 outlets would include five in Mumbai that KFC Holdings would acquire from master franchise holder Yum! Brands Inc. They would also include two outlets in Pune that would be acquired from another Indian franchise holder, Kernel Food Pte Ltd. They would open four more outlets of its? own by year-end. Of the four, two would be in Mumbai, one in Pune and one in Aurangabad. (Source: The Star)
KFC, Kulim: Privatisation of KFCH ?very very remote? possibility. Kulim Bhd MD and KFC Holdings bhd (KFCH) deputy chairman Ahamad Mohamad said the privatization of KFC was not on the cards for now. But he pointed out that Kulim was always keen on holding a larger stake in the cash rich fast food chain operator. Ahamad said, ?We feel that having a direct stake (KFCH) circumvents having to go through two channels ? QSR and KFCH. It is more effective in that sense and of course, QSR at that time was not in a position to buy so Kulim was in a better position to buy so we bought?. On why Kulim had reduced its stake in QSR, Ahamad said Kulim bought ?more than enough? shares in QSR. (Source: The Edge Financial Daily)
Maybank: Opens ninth branch in Cambodia. Malayan Banking Bhd (Maybank) has opened its ninth branch in Cambodia to expand customer reach and tap the growing economic potential in that country. ?We have been on an aggressive expansion trail in Cambodia with eight branches opened in the last two years and are targeting to open two more branches by end of 2011,? said Maybank head of global wholesale banking Abdul Farid Alias. Located in Sihanoukville, the latest branch was the third provincial Maybank branch outside Phnom Penh City, after branches in Siem Reap and Battambang. (Source: The Star)
Lion Forest: Sells Silverstone to Toyo Tire for RM462m. Lion Forest Industries Bhd, owned by Lion Group, is selling its local tyre manufacturer Silverstone Bhd for RM462m to Japan?s Toyo Tire & Rubber Co Ltd, as Lion Forest looks to realise and unlock the value in Silverstone and make a gain of RM140m from the sale. Sources close to the deal said Lion Group is selling its tyre unit to raise cash to fund other core businesses such as steel and retail. The gain of RM140m will be reflected in Lion Forest?s financial year ending June 30, 2011, which translates to an increase in earnings per share of 60 sen per share. The disposal will also improve the group?s gearing from 0.05 times to 0.03 times. (Source: The Star)
Outside Malaysia
U.S: Leading index rises in September for a third month, signaling the recovery will extend into 2011. The New York-based Conference Board's index of leading economic indicators climbed 0.3% MoM. (Source: Bloomberg)
U.S: Philadelphia-area manufacturing expanded in October to 1 from minus 0.7 a month earlier. Readings greater than zero suggest expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. (Source: Bloomberg)
U.S: Initial jobless claims fell 23,000 to 452,000 in the week ended Oct. 15. The total number of people receiving unemployment insurance fell, while those getting extended payments rose. (Source: Bloomberg)
E.U: Services and manufacturing industries expanded at the weakest pace in a year in October . A composite index based on a survey of euro-area purchasing managers in both industries fell to 53.4 from 54.1 in September, London-based Markit Economics said. A reading above 50 indicates expansion. (Source: Bloomberg)
E.U: Consumer confidence remained unchanged in October . An index of consumer sentiment in the 16-nation euro area held at minus 11, the same as in September. (Source: Bloomberg)
U.K: Retail sales unexpectedly dropped in September for a second month as consumers bracing for the government's budget squeeze curbed spending on items from clothing to gasoline. Sales fell 0.2% MoM from August, when they declined 0.7% MoM. On the year, sales rose 0.5% YoY, the least since January. (Source: Bloomberg)
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