取消津貼‧汽油或漲至3令吉‧經濟學家：弄巧反拙通膨惡化
大馬財經 財經焦點 2008-04-04 18:20
（吉隆坡）消息指政府探討“富人多付，窮人少付”概念，建議新汽油津貼架構，將97無鉛汽油津貼轉貼新推出的95無鉛汽油和食品。經濟學家卻認為，97無鉛汽油津貼取消後每公升汽油零售價可能高達3令吉，執行不當反而加劇通貨膨脹升高的風險。
根據市場消息，政府計劃推出較廉價的95無鉛汽油，供低價的國產汽車使用，並把供名貴進口車使用的97無鉛汽油津貼來補貼95無鉛汽油以及其他必需品，以概念中的理想的“劫富濟貧”方式抑制通膨。
不過，也有經濟學家認為有關方案“知易行難”，如果實施不當，反造更沉重的通膨壓力，因此實施前必須有嚴密的措施，同時也必須確保新低價油的品質，才不會讓低價車車主寧可選擇貴油，加重負擔。
油價恐從1.92令吉‧漲逾50%至3.10令吉
亞歐美研究經濟學家蘇海米表示，上述架構或只是政府汽油津貼調整眾多方案的選擇之一，旨在簡化津貼架構。
他預計，取消97無鉛汽油津貼後，每公升零售價將從現有1令吉92仙激增逾50%至3令吉或3令吉10仙。至於92有鉛汽油將維持現有價格水平，95無鉛汽油價格則胥視津貼分配而定。
他認為，政府仍在探討調整汽油津貼，即使今年調整，幅度並不會過於顯著。
“假設每公升汽油價格調升20%，通貨膨脹將達3.5%，超越國家銀行預測的2.5%至3.0%水平。”
國內一名經濟學家卻對上述津貼調整的架構的可行性存有疑慮，尤其是95無鉛汽油品質對汽車的影響是車主最大關注。
他指出，倘若低價油品質對車傷害大，維修成本讓車主寧願繼續使用品質較佳的97無鉛汽油，反而加劇通膨的惡化。即使節省的津貼轉貼必需品降低物價壓力，汽油調整的負面影響遠超食品津貼的利好。
非所有食品獲津貼
按通消費價格指數的計算，食物比重佔30%。電力和燃料比重只佔3.5%，可是汽油價格調整卻對佔15.9%比重和其他項目造成重大的影響。
他說：“更重要的是，並非所有食品都會獲得津貼。”
舉例來說，倘若政府只把汽油津貼補貼三份之一的食品。換句話說，餘下佔20%消費價格指數比重的食品，以及比重佔15.9%交通的通膨將隨汽油價格上揚，提高通膨壓力。
“一旦上述新汽油津貼架構落實，或考慮上修通膨預測。”
鑑於國家銀行表示將繼續採取措施抵禦物價壓力，該名經濟學家相信全年通膨將企在2.5%。今年2月通膨為2.7%。
他指出，國際原油價格料繼續高企每桶100美元水平，但國內現有政局發展卻不容許顯著調高汽油價格。
“即使今年決定調升汽油零售價，料比2006年每公升30仙的漲幅低。”
不影響汽車領域‧僅激勵國產車
取消97無鉛汽油津貼和低價車適用的95無鉛汽油面市，或對普騰（PROTON，5304）和第二國產車帶來少許激勵，不會對汽車領域帶來顯著影響，
達證券汽車分析員益馬指出，無論汽油價格或經濟基本面變化，高價汽車需求彈性較佳。至於低價汽車，則對汽油津貼較敏感。
“一旦實施上述措施，或對普騰或第二國產車轎車低價汽車帶來一些刺激，但實際影響不大。”
他表示，政府探討富人多付，窮人少付的汽油架構調整津貼，但卻間接鼓吹使用性能較差的92有鉛或95無鉛汽油。效能較佳的97無鉛汽油，仍舊是車主使用的考量。
目前，市場上提供給一般汽車的汽油只有兩種，即97無鉛汽油和92有鉛汽油。據悉，95無鉛汽油品質雖比97無鉛汽油遜色，但一般轎車如普騰，以及馬力較低如1.3cc以下汽車引擎適用；豪華房車則使用品質較好的97無鉛汽油。
前年汽油漲30仙‧汽車銷售下跌
益馬說：“汽油價格並不是決定購車者買車與否的決定性關鍵，主要還是視個別需求。”
他舉例，2006年調升每公升汽油價格30仙雖導致汽車銷售走跌，但2007年已經復甦。去年汽車全年總銷售48萬7176輛，較2006年萎縮0.7%。
僑豐投資研究分析員阿末則認為，若實施上述汽油津貼政策，整體而言不會對汽車領域造成重大影響。
不過他強調，最終胥視政府的津貼政策對汽油價的影響，方能作出深入評論。
根據大馬汽車協會的預測，今年汽車銷售將取得4.7%成長至51萬輛。市場分析員則普遍認為，今年汽車總銷量將達到51萬至51萬6000輛，成長率料達到5至6%。
經濟汽油乃緩兵之計
長期的燃料補貼政策對國家經濟弊多於利，不僅削弱政府的財務狀況，也打擊經濟效率和資源分配。聯昌研究指出，減輕燃料補貼是長期必須，短期則先改變現有補貼架構。
聯昌研究指出，補貼政策的最壞影響一旦浮現，當局將無法持續落實，必須趁經濟表現仍穩健之際，改變現有機制和落實市場價格機制，減少政治干擾以及低收入者負擔。
儘管管制售價和補貼措施持續存在，但亞洲民間開始能夠接受當局減少補貼，轉嫁成本給消費人的措施，並給於更大的配合和體諒。
該行指出，2001年燃料補貼總額為24億令吉，佔國家營運開支的3.8%，或國內生產總值的0.7%。
但全球原油價走勢強勁，導致燃料補貼總額近年水漲船高，至2006年已擴大至73億令吉，佔營運開支和國內生產總值的比例，分別提高至6.8和1.3%。
2007年的油價狂飆，補貼總額更擴大至88億令吉，佔國民生產總值比率更進一步擴大至1.4%。
若國際油價持續徘徊每通100美元水平，今年的補貼總額將以接近1倍速度增長至155億令吉，佔營運開支的12%，和國內生產總值的2.3%比例。
該行指出，和區域13個國家比較，大馬汽油零售價每公升1令吉92仙，屬區域第二廉宜，僅比汶萊的1令吉22仙高，最接近大馬的是印尼的2令吉57仙，3個國家都是產油國。
須採措施緩和民生衝擊
基於政治因素和人民情緒，當局若對燃料補貼架構作出改革，必須先具備一些條件，以提高改革計劃的成功機會，有關的條件包括提高財務管理的透明度、教育和諮詢人民政府不可能永遠提供燃料補貼。
當局改革燃料補貼架構，須考量採取一些措施以緩和對民間低收入階層衝擊，包括提供現金援助、改善社會和硬體建設、削減個人所得稅等。
印尼當局2005年調漲燃料零售價，即提供現金援助給1600萬貧窮家庭，每戶家庭每3個月獲得配給30美元現金，另獲提供燃料優惠卡和固本。
另一種則是附帶條件的現金援助，每戶貧窮家庭必須符合某些條件，包括收入水平、孩子數目等，這類現金援助較前者更有效，並降低對經濟的影響，但必須獲得完善的管理和傳遞系統配合。
提昇民間公用設施是另一種援助，通過改善城市的公共交通設施，讓民眾有選擇減少使用自己的交通工具，間接降低民眾的燃料開銷。雖然只是部份消費者受惠，但更實際和可以永續實施。
降低個人所得稅是另一種可行方法，以提高每戶家庭的可支配收入，若油價增長步伐持續，或將低實惠程度。
19%發展中亞洲國家‧對汽油提供直接補貼
亞洲發展銀行去年進行的調查顯示，逾50%發展中亞洲國家以直接和間接管道，管制國內燃料價格。
在26個受調查國家中，約31%採取間接措施確保燃料售價合理，包括管制售價、稅務優惠，或通過國營石油公司提供補貼和吸納虧損。
約19%國家對汽油提供直接補貼、直接補貼柴油佔25%。53%國家為特定領域和用途，提供直接的補貼或稅務獎掖，即農、漁和運輸領域，以及烹飪和供電用途。
各國補貼燃料成本的資金來源，主要有3大類，半數國家通過財政預算案發出補貼，30%則從稅務轉移補貼負擔，28%則通過國營機構融資補貼，其中涉及銀行貸款或發售債券。
取消或減少補貼的好處
●政府可利用省下的資源，供進行更大生產用途的社會和發展項目
●設立市場價格機制，更有效率消費各種石油產品，根據國家石油報告，若不採取措施解決目前需求超越供應的問題，原本可保留另外20年的大馬石油儲存量，將提早用完並從2010年成為淨進口國。
●改善石油和相關產品的供求基本面，減少市場炒作活動，包括每次燃料售價調整，引起的物價騰漲效應。
●各行業自動轉嫁燃料成本，將穩定各行業成本，各項物價漲幅溫和而非尖銳。
Source:http://biz.sinchew-i.com/node/11390
Sunday, April 6, 2008
Sunday, March 16, 2008
政治海嘯‧股市地震 10.3.2008
政治海嘯‧股市地震
財經評論 2008-03-15 18:25
如果說3月8日的全國大選是一場政治海嘯，那麼3月10日的大馬股市，應該是海嘯所引發的大地震。
不論是海嘯或地震，都需要一段時間來收拾“殘局”。
如果說百物騰漲、民間疾苦導致政治反風盛吹；那麼，國際油價、外圍震盪、全球經濟放緩，就是在為經濟和股市“火上加油”。
不論是政治或經濟，都無法避開這個國際大趨勢。
如果說1500點是執政黨在大選前營造出來的美好感覺，那麼當前連1200點都保不住，算不算已經反映了現實的痛苦呢？
不論是甚麼感覺，只要“亂局”尚未平息，你的感覺會漸漸麻木。
國內政治變天，許多人都始料不及，由於太過震驚，大馬股市經歷了“最黑暗的星期一”，甚至連“自動暫停機制”都得第一次派上用場，以便在股市跌停後讓投資者穩住心神。
而當天，外圍情況還不算太壞。
驚魂甫定後，股市在星期二反彈，但由於國內政局還不算穩定，外圍又吹著小風雨，反彈力道由強轉弱。星期三，美國注資填補次貸黑洞，全球市場情緒受到激勵，股市再度回揚，但同樣的，問題不算真正解決，力道還是不強。
到了星期四，全球中行搶救次貸的行動成效受到置疑，市場反轉而下，加上中國經濟可能處於強弩之末，亞洲股市兵敗如山倒，大馬股市回吐之前收復的失地，並於星期五再度跌破1200點大關。
這幾天的走勢，不難看出當前的大馬股市，已不僅僅是國內問題那麼簡單，國際大勢更是關鍵，最糟的是同時受到“內憂外患”夾擊。
交易所主席尤斯利說，在股市狂挫後，第二天的回揚當中，外資買盤佔了約半。
換句話說，當前的馬股不再是關起門“自己人”把玩的格局，很多時候，還是得看外資的臉色，而外資的投資目標很簡單，就是要賺錢，管你是誰執政，只要前景向好有錢賺，他們就會以行動支持。
而且，他們看的不只是國內，還有全球和區域，只要其他地方有更好的賺錢潛能，絕不會跟馬股談一世戀愛。
再看國內，由於之前的造勢太美好了，乃至於一個大浪打來，政治股、大選股和政府相關公司股票，個個都潛了水。
老實說，除了少數大藍籌外，許多概念股是因為“大家認為它們會有很多甜頭”，而受到短期炒作，而現在，後臺崩了一大角，公司的光環又怎能不黯淡了呢？
所以，不論是公司或是股市，都應該是講究實力的時候了，而這個道理大家都懂，但做起來可能就相當考功夫。
如果要問股市的“底”在哪裡，到底甚麼時候才能真正回揚，確實是很難回答，因為情況已經失控，市場情緒和信心都面對嚴峻挑戰。
簡單的說，就是得看政局甚麼時候回穩，國際甚麼時候平靜，更簡單一些，就是取決於殘局的收拾和重建。
星洲日報／財經講場‧作者：劉素雲‧2008.03.15
source:http://biz.sinchew-i.com/node/10764
財經評論 2008-03-15 18:25
如果說3月8日的全國大選是一場政治海嘯，那麼3月10日的大馬股市，應該是海嘯所引發的大地震。
不論是海嘯或地震，都需要一段時間來收拾“殘局”。
如果說百物騰漲、民間疾苦導致政治反風盛吹；那麼，國際油價、外圍震盪、全球經濟放緩，就是在為經濟和股市“火上加油”。
不論是政治或經濟，都無法避開這個國際大趨勢。
如果說1500點是執政黨在大選前營造出來的美好感覺，那麼當前連1200點都保不住，算不算已經反映了現實的痛苦呢？
不論是甚麼感覺，只要“亂局”尚未平息，你的感覺會漸漸麻木。
國內政治變天，許多人都始料不及，由於太過震驚，大馬股市經歷了“最黑暗的星期一”，甚至連“自動暫停機制”都得第一次派上用場，以便在股市跌停後讓投資者穩住心神。
而當天，外圍情況還不算太壞。
驚魂甫定後，股市在星期二反彈，但由於國內政局還不算穩定，外圍又吹著小風雨，反彈力道由強轉弱。星期三，美國注資填補次貸黑洞，全球市場情緒受到激勵，股市再度回揚，但同樣的，問題不算真正解決，力道還是不強。
到了星期四，全球中行搶救次貸的行動成效受到置疑，市場反轉而下，加上中國經濟可能處於強弩之末，亞洲股市兵敗如山倒，大馬股市回吐之前收復的失地，並於星期五再度跌破1200點大關。
這幾天的走勢，不難看出當前的大馬股市，已不僅僅是國內問題那麼簡單，國際大勢更是關鍵，最糟的是同時受到“內憂外患”夾擊。
交易所主席尤斯利說，在股市狂挫後，第二天的回揚當中，外資買盤佔了約半。
換句話說，當前的馬股不再是關起門“自己人”把玩的格局，很多時候，還是得看外資的臉色，而外資的投資目標很簡單，就是要賺錢，管你是誰執政，只要前景向好有錢賺，他們就會以行動支持。
而且，他們看的不只是國內，還有全球和區域，只要其他地方有更好的賺錢潛能，絕不會跟馬股談一世戀愛。
再看國內，由於之前的造勢太美好了，乃至於一個大浪打來，政治股、大選股和政府相關公司股票，個個都潛了水。
老實說，除了少數大藍籌外，許多概念股是因為“大家認為它們會有很多甜頭”，而受到短期炒作，而現在，後臺崩了一大角，公司的光環又怎能不黯淡了呢？
所以，不論是公司或是股市，都應該是講究實力的時候了，而這個道理大家都懂，但做起來可能就相當考功夫。
如果要問股市的“底”在哪裡，到底甚麼時候才能真正回揚，確實是很難回答，因為情況已經失控，市場情緒和信心都面對嚴峻挑戰。
簡單的說，就是得看政局甚麼時候回穩，國際甚麼時候平靜，更簡單一些，就是取決於殘局的收拾和重建。
星洲日報／財經講場‧作者：劉素雲‧2008.03.15
source:http://biz.sinchew-i.com/node/10764
Tuesday, February 12, 2008
PM dissolves Parliament
PM dissolves Parliament
Feb 13, 08 12:48pm
Prime Minister Abdullah Ahmad Badawi today announced the dissolution of the Parliament at a specially arranged press conference at his office in Putrajaya.
Source: http://www.malaysiakini.com/news/77982
Feb 13, 08 12:48pm
Prime Minister Abdullah Ahmad Badawi today announced the dissolution of the Parliament at a specially arranged press conference at his office in Putrajaya.
Source: http://www.malaysiakini.com/news/77982
Malaysian Prime Minister calls for news conference at 12.30 pm
Malaysian Prime Minister calls for news conference at 12.30 pm - UPDATE
13/02/2008 11:51:00
KUALA LUMPUR (Thomson Financial) - Malaysian Prime Minister Abdullah Ahmad
Badawi has called for a news conference at 12.30 pm at his office in the
Putrajaya administrative capital, state-owned Bernama news agency said
Wednesday.
Abdullah is widely expected to announce the dissolution of parliament to pave
the way for elections to be held next month, said political commentators.
The current term of parliament is until March 2009.
Under Malaysia's election rules, a general election will be held within a
period of 60 days from the date of dissolution of parliament.
In the last election in 2004, Abdullah led the ruling coalition or Barisan
Nasional to a landslide victory, winning two-thirds of the votes and 92 percent
of the seats, an achievement unseen in the country's 50 years of election
history.
However, Barisan Nasional may be facing a reduced majority in the 12th general
election due to racial discontent, rising inflation and a staid economy, said
local political analysts.
julie.goh@thomson.com
Source: osk188 wirenews
13/02/2008 11:51:00
KUALA LUMPUR (Thomson Financial) - Malaysian Prime Minister Abdullah Ahmad
Badawi has called for a news conference at 12.30 pm at his office in the
Putrajaya administrative capital, state-owned Bernama news agency said
Wednesday.
Abdullah is widely expected to announce the dissolution of parliament to pave
the way for elections to be held next month, said political commentators.
The current term of parliament is until March 2009.
Under Malaysia's election rules, a general election will be held within a
period of 60 days from the date of dissolution of parliament.
In the last election in 2004, Abdullah led the ruling coalition or Barisan
Nasional to a landslide victory, winning two-thirds of the votes and 92 percent
of the seats, an achievement unseen in the country's 50 years of election
history.
However, Barisan Nasional may be facing a reduced majority in the 12th general
election due to racial discontent, rising inflation and a staid economy, said
local political analysts.
julie.goh@thomson.com
Source: osk188 wirenews
Sunday, January 27, 2008
World Market Crash on 22.1.2008
World Market Crash on 22.1.2008
So happy i can withness the incident in my life and i managed to capture and print screen the market crash!
i withness the 22.1.2008 crash.
This is the worst drop in my life i ever see.
Hong Kong Hang Seng drop 2104points ie 8.84% in a single day!
India Bombay drop 2248points ie 12.77% in a day!
Tuesday, January 22, 2008
Ramunia accepts MISC offer
22-01-2008: Ramunia accepts MISC offer
by Lim Shie-Lynn
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Oil and gas platform fabricator Ramunia Holdings Bhd has accepted a takeover offer by MISC Bhd unit, MSE Holdings Sdn Bhd.
In a statement to Bursa Malaysia yesterday, MISC said it would own 1.40 billion shares representing 72.01% of Ramunia upon completion of the acquisition.
Ramunia received an offer from MSE Holdings on Jan 21 to dispose of its oil and gas steel structure fabricator Malaysian Marine and Heavy Engineering Sdn Bhd (MMHE) for RM3.2 billion in exchange for new ordinary shares and new irredeemable convertible preference shares in Rumania.
Trading in both MISC and Ramunia shares would resume on Jan 24. MISC was last traded at RM9.65 and Ramunia at RM1.21.
HLG Research said in a note that Ramunia’s takeover bid would augur well for the its stock in terms of deal valuation, potential synergies and parentage links to Petroliam Nasional Bhd (Petronas).
“We advocate investors to accumulate aggressively despite prevailing poor market conditions,” it said, placing Ramunia’s a fair value at RM1.60.
“With this deal, we think Ramunia and MMHE could make the switch from a sector laggard to a valuation leader,” HLG Research said, adding that investors may attach a valuation premium to Ramunia due to its linkage to Petronas.
“MMHE is the winner in this deal as they would still hold 68% of Ramunia after the proposed sale offer of 82 million shares of 50sen each in Ramunia. With this exercise, MMHE will be getting Ramunia’s preference share which carry a 3.7% cumulative preferential dividend rate,” an analyst told The Edge Financial Daily via telephone.
“As a result of this, MISC, being the parent of MSE, will be entitled to collect RM67 million in preferential dividend from Ramunia,” the analyst said.
In a separate statement, Ramunia said it is proposing a transfer to the Main Board on Bursa Malaysia when the acquisition deal is completed to reflect the status of the enlarged Ramunia Group.
“(The main board transfer) is expected to further enhance the credit standing of the enlarged Ramunia Group among its bankers and peers,” it said.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a1f80642-cb73c03a-10ebe180-b9ea9d14
by Lim Shie-Lynn
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Oil and gas platform fabricator Ramunia Holdings Bhd has accepted a takeover offer by MISC Bhd unit, MSE Holdings Sdn Bhd.
In a statement to Bursa Malaysia yesterday, MISC said it would own 1.40 billion shares representing 72.01% of Ramunia upon completion of the acquisition.
Ramunia received an offer from MSE Holdings on Jan 21 to dispose of its oil and gas steel structure fabricator Malaysian Marine and Heavy Engineering Sdn Bhd (MMHE) for RM3.2 billion in exchange for new ordinary shares and new irredeemable convertible preference shares in Rumania.
Trading in both MISC and Ramunia shares would resume on Jan 24. MISC was last traded at RM9.65 and Ramunia at RM1.21.
HLG Research said in a note that Ramunia’s takeover bid would augur well for the its stock in terms of deal valuation, potential synergies and parentage links to Petroliam Nasional Bhd (Petronas).
“We advocate investors to accumulate aggressively despite prevailing poor market conditions,” it said, placing Ramunia’s a fair value at RM1.60.
“With this deal, we think Ramunia and MMHE could make the switch from a sector laggard to a valuation leader,” HLG Research said, adding that investors may attach a valuation premium to Ramunia due to its linkage to Petronas.
“MMHE is the winner in this deal as they would still hold 68% of Ramunia after the proposed sale offer of 82 million shares of 50sen each in Ramunia. With this exercise, MMHE will be getting Ramunia’s preference share which carry a 3.7% cumulative preferential dividend rate,” an analyst told The Edge Financial Daily via telephone.
“As a result of this, MISC, being the parent of MSE, will be entitled to collect RM67 million in preferential dividend from Ramunia,” the analyst said.
In a separate statement, Ramunia said it is proposing a transfer to the Main Board on Bursa Malaysia when the acquisition deal is completed to reflect the status of the enlarged Ramunia Group.
“(The main board transfer) is expected to further enhance the credit standing of the enlarged Ramunia Group among its bankers and peers,” it said.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a1f80642-cb73c03a-10ebe180-b9ea9d14
US Fed cuts interest rates by 75 basis points
22-01-2008: US Fed cuts interest rates by 75 basis points
Email us your feedback at fd@bizedge.com
WASHINGTON: The following is the text of a statement released by the US Federal Reserve on Jan 22, 2008:
"The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3½%.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labour markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S Bernanke, Chairman; Timothy F Geithner, Vice Chairman; Charles L Evans; Thomas M Hoenig; Donald L Kohn; Randall S Kroszner; Eric S Rosengren; and Kevin M Warsh. Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S Mishkin.
In a related action, the Board of Governors approved a 75-basis-point decrease in the discount rate to 4%. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Chicago and Minneapolis." — Reuters
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a203d94c-cb73c03a-10ebe180-ea7015ac
Email us your feedback at fd@bizedge.com
WASHINGTON: The following is the text of a statement released by the US Federal Reserve on Jan 22, 2008:
"The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3½%.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labour markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S Bernanke, Chairman; Timothy F Geithner, Vice Chairman; Charles L Evans; Thomas M Hoenig; Donald L Kohn; Randall S Kroszner; Eric S Rosengren; and Kevin M Warsh. Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S Mishkin.
In a related action, the Board of Governors approved a 75-basis-point decrease in the discount rate to 4%. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Chicago and Minneapolis." — Reuters
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_a203d94c-cb73c03a-10ebe180-ea7015ac
Wednesday, December 26, 2007
Saturday, December 22, 2007
CIMB Investment to take 40% stake in Vietnam securities firm
21-12-2007: CIMB Investment to take 40% stake in Vietnam securities firm
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: CIMB Investment Bank Bhd has entered into a collaboration agreement with Vietnam Shipbuilding Finance Company (VCF) to jointly set up a securiities firm in Vietnam.
In a statement on Dec 21, CIMB Investment said it would provide guidance and assist in setting up the securities company. It said VCF had recently received the in-principle approval from the Vietnam State Securities Commission for the establishment of the company.
"Upon receipt of the formal licence and the execution of a shareholders agreement, CIMB Investment will take a 40% stake in the securities company. The company is expected to commence operations in mid-2008," it said.
VFC is wholly owned by Vietnam Shipbuilding Industry group, a state-owned conglomerate.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_fc231fe0-cb73c03a-80105900-e8190fdb
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: CIMB Investment Bank Bhd has entered into a collaboration agreement with Vietnam Shipbuilding Finance Company (VCF) to jointly set up a securiities firm in Vietnam.
In a statement on Dec 21, CIMB Investment said it would provide guidance and assist in setting up the securities company. It said VCF had recently received the in-principle approval from the Vietnam State Securities Commission for the establishment of the company.
"Upon receipt of the formal licence and the execution of a shareholders agreement, CIMB Investment will take a 40% stake in the securities company. The company is expected to commence operations in mid-2008," it said.
VFC is wholly owned by Vietnam Shipbuilding Industry group, a state-owned conglomerate.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_fc231fe0-cb73c03a-80105900-e8190fdb
Monday, December 17, 2007
TA Enterprise rated ‘buy’
17-12-2007: TA Enterprise rated ‘buy’
Email us your feedback at fd@bizedge.com
TA Enterprise Bhd has been rated a “buy” by Citi Investment Research, with a target price of RM2.38 as it is underpinned by the company’s strong earnings growth prospects and the start of a prime property up-cycle.
“Our target price of RM2.38 implies a fiscal year 2009 (FY2009) price-to-earnings ratio (PER) of 15 times,” it said in a research note on Dec 13. It said that TA Enterprise had unique exposure to both the stockbroking and prime property markets in the country.
The company is expected to post an earnings growth of 45% over the next two years, while its prime property could see an earnings surprise on the upside, given the industry is in the early stages of an up-cycle.
However, the research house cautioned that TA Enterprise earnings could be affected by lower trading volume and external factors such as slow global markets and diminished investor sentiment towards Malaysian equities.
On a quarter on quarter basis, the stockbroking firm’s performance improved due to the recovery of financial receivables or writeback of past provisions of more than RM20 million and a 32% rise in property development profits, TA Enterprise said.
It said the increase in the property development contribution was due to higher recognition on profits on progress of Damansara Idaman Phase 3, Idaman Villas and Idaman Residence.
“Take-up rates for the group’s current projects have been good (average 70%) and given choice locations. We expect these projects to be fully sold by next year,” the research house added.
Nonetheless, it said the average daily volume for TA Enterprise’s stockbroking division for the third quarter ended Oct 31, 2007 (3Q08) fell to RM1.9 billion from RM2.3 billion in (2Q08) even though it more than doubled on year-on-year (YoY) basis.
“We estimate TA Enterprise’s market share improved to 5% for the quarter (2Q2008: 4.5%) due to higher retail participation in the overall market,” it said.
Stockbroking and related activities accounted for 66% of TA Enterprise’s earnings before income tax, according to Citi Research.
It said stock market volumes had also dwindled significantly — now averaging RM1.6 billion per day versus RM2.2 billion per day for the year.
“Nevertheless, we expect two major project launches next year — Bukit Bintang in mid-2008 and TA3 in KLCC by end-2008 — which we believe will drive better stock performance next year,” it said.
The research house said at RM1.27, TA Enterprise was currently trading below its book value of RM1.49 per share.
Source : http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_e6bea08a-cb73c03a-6d999a00-e6238d4e
Email us your feedback at fd@bizedge.com
TA Enterprise Bhd has been rated a “buy” by Citi Investment Research, with a target price of RM2.38 as it is underpinned by the company’s strong earnings growth prospects and the start of a prime property up-cycle.
“Our target price of RM2.38 implies a fiscal year 2009 (FY2009) price-to-earnings ratio (PER) of 15 times,” it said in a research note on Dec 13. It said that TA Enterprise had unique exposure to both the stockbroking and prime property markets in the country.
The company is expected to post an earnings growth of 45% over the next two years, while its prime property could see an earnings surprise on the upside, given the industry is in the early stages of an up-cycle.
However, the research house cautioned that TA Enterprise earnings could be affected by lower trading volume and external factors such as slow global markets and diminished investor sentiment towards Malaysian equities.
On a quarter on quarter basis, the stockbroking firm’s performance improved due to the recovery of financial receivables or writeback of past provisions of more than RM20 million and a 32% rise in property development profits, TA Enterprise said.
It said the increase in the property development contribution was due to higher recognition on profits on progress of Damansara Idaman Phase 3, Idaman Villas and Idaman Residence.
“Take-up rates for the group’s current projects have been good (average 70%) and given choice locations. We expect these projects to be fully sold by next year,” the research house added.
Nonetheless, it said the average daily volume for TA Enterprise’s stockbroking division for the third quarter ended Oct 31, 2007 (3Q08) fell to RM1.9 billion from RM2.3 billion in (2Q08) even though it more than doubled on year-on-year (YoY) basis.
“We estimate TA Enterprise’s market share improved to 5% for the quarter (2Q2008: 4.5%) due to higher retail participation in the overall market,” it said.
Stockbroking and related activities accounted for 66% of TA Enterprise’s earnings before income tax, according to Citi Research.
It said stock market volumes had also dwindled significantly — now averaging RM1.6 billion per day versus RM2.2 billion per day for the year.
“Nevertheless, we expect two major project launches next year — Bukit Bintang in mid-2008 and TA3 in KLCC by end-2008 — which we believe will drive better stock performance next year,” it said.
The research house said at RM1.27, TA Enterprise was currently trading below its book value of RM1.49 per share.
Source : http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_e6bea08a-cb73c03a-6d999a00-e6238d4e
Thursday, December 13, 2007
因为
一个人，一杯茶，一首歌，想个人
因为
总在我家巷口和你分手
彷佛偶像剧一样
觉得我们就要发生些什么
总在回家时候不知所措
想再打电话给你
可是再见刚刚才说过
有一种想要拥抱你的冲动
想静静看着你的笑容
让你藏在怀中
直到我每天的尽头
因为 想一个人而寂寞
因为 爱一个人而温柔
因为 有一个梦而执着
因为 等一个人而折磨
因为 想一个人而解脱
因为 爱一个人而宽容
因为 有一个梦而放纵
因为 等一个人而漂泊
因为 想一个人而寂寞
因为 爱一个人而温柔
像夜的朦拢
你的深情难懂
我的世界 因为 你而不同
因为 想一个人而解脱
因为 爱一个人而宽容
像风的自由
你的深情难留
你的背影
是我最美丽的所有
因为
总在我家巷口和你分手
彷佛偶像剧一样
觉得我们就要发生些什么
总在回家时候不知所措
想再打电话给你
可是再见刚刚才说过
有一种想要拥抱你的冲动
想静静看着你的笑容
让你藏在怀中
直到我每天的尽头
因为 想一个人而寂寞
因为 爱一个人而温柔
因为 有一个梦而执着
因为 等一个人而折磨
因为 想一个人而解脱
因为 爱一个人而宽容
因为 有一个梦而放纵
因为 等一个人而漂泊
因为 想一个人而寂寞
因为 爱一个人而温柔
像夜的朦拢
你的深情难懂
我的世界 因为 你而不同
因为 想一个人而解脱
因为 爱一个人而宽容
像风的自由
你的深情难留
你的背影
是我最美丽的所有
EPF lowers fees for trust investments
EPF lowers fees for trust investments
KUALA LUMPUR: Employees Provident Fund (EPF) contributors will pay 50% less in service charges for their investment in unit trusts beginning Jan 1.
EPF said in a statement yesterday the service charges would be capped at 3%, confirming a Jan 6 StarBiz report. Currently, members pay 5% to 6% in service charges.
“Members can enjoy better returns from their investment in unit trusts with the lower service charges,” chief executive officer Datuk Azlan Zainol said in the statement.
Source: http://biz.thestar.com.my/news/story.asp?file=/2007/12/13/business/19748131&sec=business
KUALA LUMPUR: Employees Provident Fund (EPF) contributors will pay 50% less in service charges for their investment in unit trusts beginning Jan 1.
EPF said in a statement yesterday the service charges would be capped at 3%, confirming a Jan 6 StarBiz report. Currently, members pay 5% to 6% in service charges.
“Members can enjoy better returns from their investment in unit trusts with the lower service charges,” chief executive officer Datuk Azlan Zainol said in the statement.
Source: http://biz.thestar.com.my/news/story.asp?file=/2007/12/13/business/19748131&sec=business
Monday, November 19, 2007
壽險新兵:年金–終身退休收入
壽險新兵:年金–終身退休收入-19th Nov 2007
史耀乾先生最近要慶祝他的55歲生日了。他期待著退休，他終于可以追求他想過的生活，能與家人度過更多休閒時間。由于史耀乾是一位受薪人士，在他退休時，他有符合提取全部公積金存款的條件。
根據史耀乾最后的公積金存結單來看，他擁有一筆接近30萬令吉的存款。他應該怎樣處理這筆錢呢？這就是許多馬來西亞退休人士，共同面對的棘手問題。
退休人士的財務困境
根據公積金局的調查，在55歲時提取全部公積金存款的繳納者之中，有72%的繳納者在短短的3年內，便將全部存款花光。史耀乾要如何才能避免成為另一位受害者？
讓我們看看史耀乾一些低風險的選擇。他大可將全部的公積金存款存入定期存款，以目前每年3.7%的利率賺取回酬。如果他沒有動用本金，他每個月就可以領取925令吉的利息。
史耀乾擔心擁有一筆30萬令吉，可輕易使用的現金將是過大的誘惑。他沒有特別大的奢想，只希望在退休后的有生之年內，他可以擁有固定的收入，而又不會耗盡本金。一個可行的選擇，就是史耀乾可根據他的經濟情況和需求，動用部份或全部的基金，來購買一份年金計劃。
何謂年金？
年金是一份契約，按契約規定，保險公司承諾提供一系列的收入給某人，即年金領取人，直至他身故。不過，年金領取人必須（一次過）躉交一筆總數的款項，稱之為年金購買價，給保險公司作為交換。
年金可以解決您生存期限超越您的經濟資源的問題。您可以向人壽保險公司，購買有提供每個月、每季、每半年或每年領取年金收入的年金計劃。
兩種年金計劃
年金計劃可分為兩種，即期年金（immediate annuity）和延期年金（deferred annuity）。即期年金在購買日算起的12個月內，開始支付定期的年金收入。換言之，當您快接近退休年齡時，才需要躉交一筆年金購買價。
延期年金（deferred annuity）與即期年金不同的是，年金收入在購買年金后的12個月以后才開始支付。
顧名思義，延期年金允許您用長時間來儲蓄年金購買價。您可以選擇（一次過）躉交一筆年金購買價，或在您工作期間，定期繳付固定數額的保費直至到退休，來累積年金購買價。
在退休后欲領取一筆特定數額的年金收入的話，打從早年工作期間，就開始繳納保費（年金購買價），與比在退休前，一次過躉交一筆整數來得低廉，因為在早期所繳納的金錢，保險公司將用以作投資，以賺取回酬。
我們為您提供一個粗略到底要投資多少在年金計劃的概念。一次過躉交一筆10萬令吉的購買價，購買即期年金計劃，假定是以每年6%的年利率回酬計算的話，每個月將可領取400令吉的年金收入，直至逝世。由于利率波動不定，應向人壽保險公司查詢最新的數額。
在生活費高昂的今天，史耀乾在他暮齡時，很難只依賴孩子的經濟支持。年金計劃對史耀乾仍然是可行的選擇，它可提供固定收入直至逝世。您亦可考慮將年金計劃，包括在您的退休計劃之中，以在退休后過著高枕無憂的晚年生活。
理財八寶箱:澳洲基金 股匯兩頭賺
理財八寶箱:澳洲基金 股匯兩頭賺-19th Nov 2007
原物料價格走升，澳幣升至23年新高，澳洲股市今年來也上漲近兩成。由于股匯兩頭賺，澳洲基金創造出高報酬，台灣核備的五檔澳洲基金，今年來平均報酬率高達38.29%。
亞洲股市輪番創新高，澳洲也是其中一匹黑馬，根據統計，台灣已核備的五檔澳洲基金今年來有34%以上漲幅，表現相當亮麗。台灣摩根富林明資產管理公司表示，今年澳幣兌美元升值逾13.14%，澳洲股市漲19.36%，對澳洲基金投資人來說是股匯雙賺樂開懷。
澳幣兌美元匯率在10月12日創下歷史新高到1：0.9046美元，市場上甚至預期，澳幣兌美元可能會達到1比1的水準。
法國巴黎資產管理公司表示，澳幣在近幾年來表現強勢的主要原因，在于澳洲經濟在2001年開始復甦，而澳洲央行即在2002年初開始其升息循環至今，至此開始帶動澳幣升值趨勢。
法國巴黎資產管理公司認為，未來澳幣的走勢，在美國聯儲局已開始降息、與澳洲央行至今不排除繼續升息下，可望繼續維持其強勢走勢。
澳幣計價 坐享升值
目前，台灣核備的五檔澳洲基金都是境外基金，霸菱與JF兩檔主基金以美元計價，另外的百利達、富達與安本環球三檔則以澳幣計價，五檔基金的全球總規模加起來超過新台幣552億。
隨著澳幣升值，讓三檔澳幣計價的澳洲基金在換算回台幣之后，因匯兌收益增加不少報酬率。以百利達澳洲基金為例，今年以來澳幣計算報酬率為20.93%，但換算成新台幣后報酬率為37.07%，其中的差距16.14%，就是澳幣升值帶來的匯率貢獻。
原物料加上貨幣升值題材，讓長期表現穩定的澳洲基金，在今年成為穩健型商品的大黑馬。
資源豐富 報酬穩健
摩根富林明資產管理公司表示，澳洲的投資價值在于：長期而言，一方面可以透過澳洲豐富的原物料，間接參與新興市場的成長，另一方面又因澳洲金融保險和醫療產業有成熟國家的發展，相對其他亞洲單一國家，澳洲的投資風險相對較低；但相對成熟國家，澳洲基金的報酬率又較高，這正是澳洲基金能夠提供穩健報酬的迷人之處。
JF澳洲基金經理人大衛‧史密斯（DavidSmith）指出，投資澳洲不能不看其原物料價值，由于近年來採礦、製造業與金融服務業等活動熱絡，各產業人力需求大增使澳洲失業率持續下滑，加上全球礦業公司現金充沛，但可開採礦源有限，促使近年來全球礦業類股間合併活動盛行，可望持續提振礦業類股價表現。
法國巴黎資產管理公司表示，澳洲蘊藏豐富的天然資源，目前澳洲出口最大宗的商品，包括小麥、黑煤與鐵礦等，其他還包括大麥、糖與棉花，受惠于原物料價格上漲，使得澳洲相關產業表現亮眼。
經濟榮景 邁入16年
大衛‧史密斯說，原物料成長商機已由直接受惠的礦業、西部地區向外擴散，從第二季國內薪資年成長率高達9%，創1989年來之最，以及非原物料產地的新南威爾斯、維多利亞省景氣加速擴張，顯示內需成長更趨均衡，配合第四季大選有利投資氣氛，成長動能維持高檔，使央行貨幣政策延續偏緊方向，避免擴張失速。
由于堅實內需加上企業投資蓬勃， 澳洲第二季GDP季度成長率超越預期達0.9%，年度成長率達4.3%，若不計受旱災打擊的農業，更高達5.2%，市場普遍看好澳洲穩步邁入第16年擴張榮景。
大馬缺直接投資管道
可惜的是，目前為止，大馬並沒有直接投資澳洲的基金，因此，投資者在澳洲這一輪股匯齊漲的趨勢中，就難以從中賺錢。雖然一些投資者可以通過外幣儲蓄賺取高利息，以及從高匯價中受惠，但是，投資專家認為，在境內進行外幣存款期限十分短，有最低存款的限制，以及在期限內不可動用存款的條件。加上，存戶必須以令吉存入戶口，期限結束時，也必須以令吉提款，因此，面對雙重的匯率轉換風險，這種種的不足，讓投資者可以從澳洲股匯表現中賺錢的機會顯得相對的低。
然而，投資專家透露，一些高收入人士仍可以通過私人銀行家，直接購買澳洲的股票或基金，在這趨勢中賺取可觀的回酬。
「澳洲貨幣漲勢十分穩定，地理環境也十分靠近大馬，因此，對大馬投資者有一定的吸引力。」
許多大馬人愛將孩子送到澳洲留學，因此預先在當地置業以及投資，也可以是為孩子日后升學所作的準備。
Source = http://www.orientaldaily.com.my/#top
原物料價格走升，澳幣升至23年新高，澳洲股市今年來也上漲近兩成。由于股匯兩頭賺，澳洲基金創造出高報酬，台灣核備的五檔澳洲基金，今年來平均報酬率高達38.29%。
亞洲股市輪番創新高，澳洲也是其中一匹黑馬，根據統計，台灣已核備的五檔澳洲基金今年來有34%以上漲幅，表現相當亮麗。台灣摩根富林明資產管理公司表示，今年澳幣兌美元升值逾13.14%，澳洲股市漲19.36%，對澳洲基金投資人來說是股匯雙賺樂開懷。
澳幣兌美元匯率在10月12日創下歷史新高到1：0.9046美元，市場上甚至預期，澳幣兌美元可能會達到1比1的水準。
法國巴黎資產管理公司表示，澳幣在近幾年來表現強勢的主要原因，在于澳洲經濟在2001年開始復甦，而澳洲央行即在2002年初開始其升息循環至今，至此開始帶動澳幣升值趨勢。
法國巴黎資產管理公司認為，未來澳幣的走勢，在美國聯儲局已開始降息、與澳洲央行至今不排除繼續升息下，可望繼續維持其強勢走勢。
澳幣計價 坐享升值
目前，台灣核備的五檔澳洲基金都是境外基金，霸菱與JF兩檔主基金以美元計價，另外的百利達、富達與安本環球三檔則以澳幣計價，五檔基金的全球總規模加起來超過新台幣552億。
隨著澳幣升值，讓三檔澳幣計價的澳洲基金在換算回台幣之后，因匯兌收益增加不少報酬率。以百利達澳洲基金為例，今年以來澳幣計算報酬率為20.93%，但換算成新台幣后報酬率為37.07%，其中的差距16.14%，就是澳幣升值帶來的匯率貢獻。
原物料加上貨幣升值題材，讓長期表現穩定的澳洲基金，在今年成為穩健型商品的大黑馬。
資源豐富 報酬穩健
摩根富林明資產管理公司表示，澳洲的投資價值在于：長期而言，一方面可以透過澳洲豐富的原物料，間接參與新興市場的成長，另一方面又因澳洲金融保險和醫療產業有成熟國家的發展，相對其他亞洲單一國家，澳洲的投資風險相對較低；但相對成熟國家，澳洲基金的報酬率又較高，這正是澳洲基金能夠提供穩健報酬的迷人之處。
JF澳洲基金經理人大衛‧史密斯（DavidSmith）指出，投資澳洲不能不看其原物料價值，由于近年來採礦、製造業與金融服務業等活動熱絡，各產業人力需求大增使澳洲失業率持續下滑，加上全球礦業公司現金充沛，但可開採礦源有限，促使近年來全球礦業類股間合併活動盛行，可望持續提振礦業類股價表現。
法國巴黎資產管理公司表示，澳洲蘊藏豐富的天然資源，目前澳洲出口最大宗的商品，包括小麥、黑煤與鐵礦等，其他還包括大麥、糖與棉花，受惠于原物料價格上漲，使得澳洲相關產業表現亮眼。
經濟榮景 邁入16年
大衛‧史密斯說，原物料成長商機已由直接受惠的礦業、西部地區向外擴散，從第二季國內薪資年成長率高達9%，創1989年來之最，以及非原物料產地的新南威爾斯、維多利亞省景氣加速擴張，顯示內需成長更趨均衡，配合第四季大選有利投資氣氛，成長動能維持高檔，使央行貨幣政策延續偏緊方向，避免擴張失速。
由于堅實內需加上企業投資蓬勃， 澳洲第二季GDP季度成長率超越預期達0.9%，年度成長率達4.3%，若不計受旱災打擊的農業，更高達5.2%，市場普遍看好澳洲穩步邁入第16年擴張榮景。
大馬缺直接投資管道
可惜的是，目前為止，大馬並沒有直接投資澳洲的基金，因此，投資者在澳洲這一輪股匯齊漲的趨勢中，就難以從中賺錢。雖然一些投資者可以通過外幣儲蓄賺取高利息，以及從高匯價中受惠，但是，投資專家認為，在境內進行外幣存款期限十分短，有最低存款的限制，以及在期限內不可動用存款的條件。加上，存戶必須以令吉存入戶口，期限結束時，也必須以令吉提款，因此，面對雙重的匯率轉換風險，這種種的不足，讓投資者可以從澳洲股匯表現中賺錢的機會顯得相對的低。
然而，投資專家透露，一些高收入人士仍可以通過私人銀行家，直接購買澳洲的股票或基金，在這趨勢中賺取可觀的回酬。
「澳洲貨幣漲勢十分穩定，地理環境也十分靠近大馬，因此，對大馬投資者有一定的吸引力。」
許多大馬人愛將孩子送到澳洲留學，因此預先在當地置業以及投資，也可以是為孩子日后升學所作的準備。
Source = http://www.orientaldaily.com.my/#top
S’pore GLC buys into Ramunia?
S’pore GLC buys into Ramunia?
KUALA LUMPUR: Ramunia Holdings Bhd saw a block of 22 million irredeemable convertible unsecured loan stocks (ICULS) changing hands last Thursday, which may have been taken up by a Singapore government-linked company (GLC).
Sources said the block, which is convertible for 22 million shares at RM1 per share, would represent 4.5% of Ramunia’s enlarged paid-up capital upon the full conversion of the RM82 million outstanding three-year 1% 50 sen ICULS, which will be maturing on Dec 21.
Last Friday, Ramunia’s share price closed at RM1.14, with a total of 5.45 million shares done, while Ramunia-LA, the ICULS, closed at RM1.04, with 1.19 million units traded.
The stock has attracted investors’ attention over the past one week as its share price had risen 12.87% over the past five days on the back of a 171.9% increase in the past five-day average volume over the past 20-day average volume. (See page 28, Rising price on rising volume table)
Ramunia announced last Monday that the trading of the ICULS would be suspended on Dec 5 in order to facilitate the conversion of the ICULS arising from the maturity, on the basis one ICULS for one share.
The sources said upon conversion of the 22 million ICULS, the Singapore GLC could end up being the largest institutional shareholder in the company, albeit not a substantial one.
At present, Lembaga Tabung Haji (LTH) is the largest institutional shareholder, and would cease to be a substantial shareholder due to the dilution. Earlier this month, LTH bought 677,400 shares in Ramunia to bring its stake to 5.29% comprising 17.18 million shares in the company.
The source said the acquisition by a foreign GLC represented a vote of confidence on Ramunia, particularly after its out-of-court settlement with Carigali-PTTEPI Operating Company Sdn Bhd (CPOC) of between US$6 million (RM20.28 million) and US$8 million for sums invoiced on work done at the JDA Block B-17 in the Thai-Malaysia Joint Development Area.
A source said Ramunia was expected to complete its yard upgrading by the first quarter of next year, paving the way for the company to undertake heavier and more complex structures.
The source said Ramunia was bidding for one local and an nternational project in India worth some US$400 million with an expected tentative award to be known as early as next week for both.
Source = http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_55f12241-cb73c03a-1d4d4930-150c8b8b
KUALA LUMPUR: Ramunia Holdings Bhd saw a block of 22 million irredeemable convertible unsecured loan stocks (ICULS) changing hands last Thursday, which may have been taken up by a Singapore government-linked company (GLC).
Sources said the block, which is convertible for 22 million shares at RM1 per share, would represent 4.5% of Ramunia’s enlarged paid-up capital upon the full conversion of the RM82 million outstanding three-year 1% 50 sen ICULS, which will be maturing on Dec 21.
Last Friday, Ramunia’s share price closed at RM1.14, with a total of 5.45 million shares done, while Ramunia-LA, the ICULS, closed at RM1.04, with 1.19 million units traded.
The stock has attracted investors’ attention over the past one week as its share price had risen 12.87% over the past five days on the back of a 171.9% increase in the past five-day average volume over the past 20-day average volume. (See page 28, Rising price on rising volume table)
Ramunia announced last Monday that the trading of the ICULS would be suspended on Dec 5 in order to facilitate the conversion of the ICULS arising from the maturity, on the basis one ICULS for one share.
The sources said upon conversion of the 22 million ICULS, the Singapore GLC could end up being the largest institutional shareholder in the company, albeit not a substantial one.
At present, Lembaga Tabung Haji (LTH) is the largest institutional shareholder, and would cease to be a substantial shareholder due to the dilution. Earlier this month, LTH bought 677,400 shares in Ramunia to bring its stake to 5.29% comprising 17.18 million shares in the company.
The source said the acquisition by a foreign GLC represented a vote of confidence on Ramunia, particularly after its out-of-court settlement with Carigali-PTTEPI Operating Company Sdn Bhd (CPOC) of between US$6 million (RM20.28 million) and US$8 million for sums invoiced on work done at the JDA Block B-17 in the Thai-Malaysia Joint Development Area.
A source said Ramunia was expected to complete its yard upgrading by the first quarter of next year, paving the way for the company to undertake heavier and more complex structures.
The source said Ramunia was bidding for one local and an nternational project in India worth some US$400 million with an expected tentative award to be known as early as next week for both.
Source = http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_55f12241-cb73c03a-1d4d4930-150c8b8b
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