Retail REIT plans RM700mil IPO

IGB Corp Bhd retail real estate investment trust (REIT) aimsto raise up to RM700.0mil from a planned September listing, according to asource, banking on its flagship shopping malls to draw in investors in volatilemarket conditions. The initial public offering (IPO) of IGB's retail REIT willbe the fourth largest in the country this year after the planned listings ofFelda Global Venture Holdings Bhd, Integrated Healthcare Holdings Bhd and GasMalaysia Bhd. The source also said the book-building process would start inAugust or September, adding that prime assets such as Mid Valley Megamall andThe Gardens Mall would be part of the retail REIT. - StarBiz

To raise RM300.0mil from share placement

Timber-cum-plantation group Jaya Tiasa Holdings Bhd,controlled by the family of Tan Sri Tiong Hew King, has proposed a newplacement of 42.0 million shares or 15.0% of its issued and paid-up sharecapital to raise some RM300.0mil. In a separate statement yesterday, thecompany also announced the distribution of 13.4 million treasury shares asshare dividends on the basis of one treasury share for every 20 existingshares, and a proposed 2-for-1 bonus issue of new Jaya Tiasa shares. Theproposed placement exercise is expected to raise some RM299.8mil, assuming fullsubscription at issue price of RM7.13 per share based on a five-day volume-weightedaverage market price.

Meanwhile, Jaya Tiasa also said its wholly-owned subsidiary,JT Oil Palm Development Sdn BD (JTOP) signed an agreement with GenPower CarbonSolutions LP (GPCS), for a biogas clean development mechanism (CDM) projectyesterday. ' The Edge

Gets nod for partnership

SapuraCrest Petroleum Bhd shareholders have approved thecompany's proposal to form a joint venture with Seadrill Ltd for the building,construction and operation of three pipe-laying support vessels. SapuraCrestand Seadrill had entered into a conditional agreement for the proposed jointventure pursuant to the award of a contract by Petr''leo Brasileiro S.A. to TL OffshoreSdn Bhd, a wholly-owned subsidiary of SapuraCrest. TL Offshore had been awardeda contract to charter and operate three pipe-laying support vessels at a totalvalue of about US$1.4bil (RM4.3bil). One of the vessels will be constructed inBrazil while the remaining two will be built outside Brazil. Revenue from thisaward is expected to be generated starting the fourth quarter of 2014. - StarBiz

Targets 10pc increase in SME customers

Telekom Malaysia Bhd (TM) plans to expand its small- andmedium-sized enterprise (SME) customer base by 10.0% by end of this year. Thecountry's largest fixed-line phone company currently has 494,000 SME customers.TM SME executive vice-president Azizi A. Hadi said TM is committed in  their partnership role to supporting SMEs'growth by enabling the enterprises to achieve a competitive edge, leveraging onTM's wide ranging solutions and extensive networks. ' Business Times

Source: AmeSecurities