Journey to Wealth
News Highlights - Sime Darby, Alliance Finance Group, Press Metal
Sime Darby Bhd(RM9.88/share)
Judge to stay on SimeDarby-E&O case
Securities Commission (SC) yesterday suffered an initialsetback in a widely followed court challenge over Sime Darby Bhd's purchase ofa strategic stake in Eastern & Oriental Bhd (E&O), when the presidingjudge declined to recuse himself from the case.
High Court Judge Abang Iskandar Abang Hashim yesterdaydisallowed the SC's application to recuse him from hearing the judicial reviewapplication filed by E&O minority shareholder Michael Chow Keat Thye. Abang Iskandar disagreed with the SC'ssubmission that his previous employment with the SC was grounds for the recusal.
The matter is expected to return for case management nextTuesday before the judicial review hearing begins. It is uncertain if the SC'slawyers will file an appeal against Abang Iskandar's decision to continuehearing the matter.
Chow filed the application for judicial review last Decemberin a bid to challenge the SC's ruling that Sime Darby's purchase of a 30.0%stake in E&O from its three major shareholders did not trigger a mandatoryoffer obligation. ' The Edge
Alliance FinanceGroup Bhd (RM3.96/share)
Singapore's DBS Bankto hold talks to buy stake in Malaysia's AFG
Singapore's DBS Bank Ltd has obtained the nod from BankNegara to commence discussions involving the acquisition of Temasek's stake inAlliance Finance Group (AFG). As at March 31, Temasek's Duxton Investments Pte Ltd and locally held Langkah Bahagiaare joint owners of a 29.1% controlling interest in AFG. Temasek's effectiveinterest in AFG stands at 14.2%.
Yesterday, AFG told Bursa that the proposed transaction, ifsuccessfully negotiated and completed, is not envisaged to trigger a takeoveroffer for AFG. This long-awaited move by DBS into AFG comes hot on the heels ofa major purchase in Indonesia by DBS of Temasek's 67.4% stake in PT BankDanamon for S$9.1bil (RM22.4bil).
However, there is speculation that going forward, DBS couldembark on a second phase in the AFG ' taking over the 14.9% held by LangkahBahagia, which will give DBS the 29% controlling block in AFG. Another stage,which is not really a priority now, may involve consolidating DBS' stakes inAFG and Hwang DBS Investment Bank. - StarBiz
Press Metal Bhd(RM2.07/share)
To buy 480MWelectricity for its new aluminium smelting plant
Press Metal Bhd's (PMB) new aluminium smelting plant inSamalaju Industrial Park, Bintulu is the first factory to tap into electricityfrom the Bakun dam. Sarawak Energy Bhd (SEB) chief executive officer TorsteinDale Sjotveit said the 275kV transmission line linking SEB Samalaju's powerstation and PMB's new plant was 'energised' last Thursday.
Sjotveit said PMB was purchasing 480MW to power its newsmelter which was on track to start commercial operation by June thisyear. The new smelter has a productioncapacity of 240,000 tonnes per annum, which is double the capacity of itsaluminium smelter in Balingian, Mukah Division.
The Balingian plant is currently running at the fullcapacity of 120,000 tonnes per annum. Both plants are located in the SarawakCorridor of Renewable Energy. -StarBiz
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