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Friday, 7 July 2017

Wholly-owned subsidiary of #Edra Power own, operate and maintain a gas-fired combined cycle electricity-generating facility in Alor Gajah.

China-owned Edra Global Energy will build, own and operate an power plant in Alor Gajah, Malacca, a Bursa Malaysia filing revealed.

State investment firm 1MDB had last May sold the power asset to China General Nuclear Power Corporation and its subsidiaries for RM9.83 billion cash.

According to a Tenaga Nasional Berhad (TNB) filing to the bourse yesterday, Edra Energy Sdn Bhd will construct, own, operate and maintain a gas-fired combined cycle electricity-generating facility in Alor Gajah.

The filing was to announce that TNB had signed a 21-year power purchase agreement with Edra Energy Sdn Bhd, a wholly-owned subsidiary of Edra Power Holdings Sdn Bhd.

The plant will have a total nominal capacity of 2,242.131 megawatts, generated from three blocks.

TNB said commercial operation is expected on Jan 1, 2021 with the second block generation on March 1 and the third block genertion on May 1 that year. The agreement covers the period after Jan 1, 2021, TNB said.

1MDB's sale of assets to China came under scrutiny over concerns of the superpower's control over sensitive assets key to national security.

Last year, China Railway Engineering Corp bought a 40 percent stake in 1MDB's Bandar Malaysia development in Kuala Lumpur for RM$12.4 billion.

Additionally, China Communications Constrction Co was last October awarded a contract to build a 620-kilometre East Coast Rail (ECRL) worth RM55 billion.

Export-Import Bank of China is financing the ECRL project.

Last month, Malaysia and China said it will set up a high-level committee to oversee issue sof security and defence in both countries.

Defence Minister Hishammuddin Hussein said the committee will discuss security issues pertaining to North Korea, the South China Sea and terrorism, as well as emphasise on training and strategic affairs.

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Thursday, 6 July 2017

Edra Energy for new power plant in Melaka has signed a 21-year agree on with Tenaga (TNB).

Malaysia: Tenaga Nasional Bhd (TNB) has signed a 21-year power purchase agreement (PPA) with Edra Energy Sdn Bhd to offtake electricity from a gas-fired combined cycle electricity generating facility that the latter will construct in Alor Gajah, Melaka.

Edra Energy is a subsidiary of Edra Power Holdings Sdn Bhd, which previously belonged to 1Malaysia Development Bhd, under Edra Global Energy Bhd. Edra Global was acquired by China Nuclear Power Corp for RM9.8 billion in November 2015 as 1MDB monetised its assets to repay debts.

In a stock exchange filing today, TNB said Edra Energy will own, operate and maintain the facility, which will have three generating blocks, with a combined nominal capacity of 2,242.131 megawatts (MW), or 747.377MW each.

TNB said the PPA governs the obligation of both parties to sell and purchase the generating capacity and to the extent dispatch the electricity energy generated by the facility.

The PPA's effective date will kick off from the commercial operation date (COD) of the first generating block, which is expected to be on Jan 1, 2021. The second and third generating blocks' CODs are set to March 1 and May 1, 2021, respectively.

The PPA will have a neutral impact on the earnings of TNB over the term of the agreement, it added.

TNB closed up two sen or 0.15% at RM13.72, valuing it at RM77.4 billion.

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Wednesday, 5 July 2017

LCT (Lotte Chemical Titan Holdings Bhd) IPO a whole as a summary/tracksheet.

LOTTE CHEMICAL TITAN's production site in Malaysia consists of eleven Plants, two co-generation plants and three tank farms. They are located on 2 sites in Pasir Gudang and Tanjung Langsat in the state of Johor. Underground pipelines, shared utilities and controls enable facilities on these sites to operate as a single integrated petrochemicals complex. Vertical integration of olefins and polyolefins production has enabled the company to add value and realize gains along the value chain while our customers have the assurance of consistent quality and dependable supply. This integration facilitates higher operating rates and cushions the impact of cyclicality. In 2006, LOTTE CHEMICAL TITAN acquired PT Lotte Chemical Titan Nusantara, Indonesia’s largest polyethylene plant in the country. This acquisition boosted the polyethylene capacity by about 80%, thus making us one of the largest producers of polyolefin in Southeast Asia.

Tracksheet downloaded for Lotte Chemical titan in Indonesia.

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Tuesday, 4 July 2017

No new policy on foreign shareholders of local insurers must honour their commitment.

Image result for BNM malaysia attracting images

Malaysia: Malaysia's central bank said on Tuesday that foreign shareholders of local insurers must honour their commitment in maintaining specified levels of domestic shareholding.

Bank Negara Malaysia (BNM) said there is no new policy on foreign ownership in insurance companies, and that the requirement is part of commitments made by foreign shareholders when they applied for entry into the Malaysian insurance market.

"As the regulator, Bank Negara Malaysia expects adherence to these agreements and will play a facilitative role to ensure these commitments are met,” the central bank said in a statement.

Reuters reported that Bank Negara Malaysia sent letters to wholly owned insurers three weeks ago requesting their foreign parents to reduce their stakes in line with regulation for domestically incorporated insurers.

Foreign ownership of Malaysian insurers was set in 2009 at 70 per cent - or more if the buyer could help consolidate and rationalise the industry. But some foreign insurers operating in the country could still be wholly owned by their overseas parent.

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Monday, 3 July 2017

LCT (Lotte Chemical Titan Holdings Bhd) IPO the institutional offering till 10.00 pm on July 3.

Image result for lotte malaysia building

Malaysia: Lotte Chemical Titan Holding Bhd, which is en route for listing on the Main Market of Bursa Malaysia on July 11, has reduced its institutional offering by 160.48 million shares or 23.4%, after taking into account the overall demand through price discovery.

The group told Bursa Malaysia that the institutional offering will now only involve 524.22 million shares, compared with the original number of shares to be offered of 684.7 million.

With the reduction in the size of the institutional offering, Lotte's total number of initial public offering (IPO) shares will also be reduced from 740.48 million to 580 million, representing a reduction of 160.48 million shares or 21.7%.

The group said the closing time and date of the institutional offering is now expected to be 10.00 pm on July 3, with the price determination date to take place on July 4.

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Rank does not confer privilege or give power. It imposes #Responsibility. #Ringgit starts week higher!

Malaysia: The ringgit opened higher today due to bearish sentiment for the US dollar after the release of its first-quarter gross domestic product (GDP) data last week, a dealer said.

At 9am, the ringgit was traded at 4.2900/2970 against the greenback from 4.2920/2950 on Friday.

The dealer said at the beginning of this year, the Donald Trump-fuelled US dollar rally left the currency vulnerable to heavy losses and after six months, the greenback still lacks “attitude.”

The US also released better-than-expected GDP data last week which showed that the US economy advanced 1.4 per cent. Corporate profits, however, declined despite the upbeat data. Overall, investors remained focus on the central banks’ intentions to tighten monetary policies.

Against a basket of major currencies, the ringgit was traded mixed. It rose against the Singapore dollar to 3.1155/1210 from 3.1181/1220 on Friday, and strengthened against the yen to 3.8194/8267 from 3.8328/8365. It fell against the British pound to 5.5787/5904 from 5.5757/5801, and eased slightly against the euro to 4.8970/9055 from 4.8963/8015 on Friday.

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