Business Times : latesthttp://www.btimes.com.my enFriday, March 08, 2013, 09.37 AMScomi jumps on RM2.1b O&G contracthttp://www.btimes.com.my/articles/20130308100722/Article/ http://www.btimes.com.my/articles/20130308100722/Article/Fri, 08 Mar 2013 10:07:22 +0800Shares of Scomi Group Bhd rose as much as 10.6 per cent after the company secured a RM2.1 billion contract to provide drilling fluids and barites materials, equipment and services to Petronas Carigali Sdn Bhd.
As of 9.17am, shares of the Malaysian oilfield services and energy logistics company were up 9.09 per cent at 36 sen, outperforming the benchmark stock index's 0.16 per cent rise. It is the most active stock in the local bourse.
"The award of the tender... is expected to contribute positively towards the earnings and net assets per share of the company for the financial years ending March 31, 2013 to 2018," Scomi said in a local stock filing on Thursday evening.
Petronas Carigali is a unit of Malaysia's state oil firm Petroliam Nasional Bhd, which finances nearly half of the Southeast Asia nation's government budget.-- Reuters
Ringgit snaps two-day losshttp://www.btimes.com.my/articles/20130308102125/Article/ http://www.btimes.com.my/articles/20130308102125/Article/Fri, 08 Mar 2013 10:21:25 +0800Malaysia's ringgit rose for the first time in three days as signs the global economy is improving brightened the outlook for exports and spurred demand for riskier assets, helping emerging markets attract funds.
The MSCI Asia Pacific Index of stocks reversed yesterday's losses after Japan's economy returned to growth and initial jobless claims in the US unexpectedly dropped. The two countries are Malaysia's third and fourth-biggest export markets, respectively. The Southeast Asian nation's central bank kept its benchmark interest rate at three per cent yesterday, a decision that was predicted by all 20 economists in a Bloomberg survey.
The ringgit appreciated 0.1 per cent to 3.1053 per dollar as of 9:29am in Kuala Lumpur, paring the week's decline to 0.3 per cent, according to data compiled by Bloomberg. The currency touched 3.0945 today, the strongest since March 1. One-month implied volatility, a measure of expected moves in exchange- rates used to price options, increased one basis point, or 0.01 percentage point, to 6.67 per cent.
"The Malaysian currency is getting interest because its growth prospects are good given the recovery in Japan and the US," said Yeah Kim Leng, chief economist at RAM Holdings Bhd in Kuala Lumpur. "The ringgit should continue to strengthen."
Japan's gross domestic product rose an annualised 0.2 per cent in the three months through December, the Cabinet Office said today, compared with a preliminary calculation of a 0.4 per cent contraction. Jobless claims in the US fell to 340,000 for the week ended March 2, the Labor Department said in Washington yesterday. That was less than the median estimate of 355,000 in a Bloomberg survey of 50 economists.
Malaysian government bonds advanced this week. The yield on the 3.418 per cent notes due August 2022 fell one basis point to 3.46 per cent, according to data compiled by Bloomberg. The rate was little changed today.-- Bloomberg Billionaire Icahn demands Dell pay US$16bhttp://www.btimes.com.my/articles/20130308104337/Article/ http://www.btimes.com.my/articles/20130308104337/Article/Fri, 08 Mar 2013 10:43:37 +0800Activist investor Carl Icahn is demanding Dell Inc pay out US$15.7 billion in special dividends, joining a growing chorus of opposition to founder Michael Dell's plan to take the world's No. 3 personal computer (PC) maker private.
The billionaire investor, whose arrival on the scene typically puts companies on guard, wants the PC maker to pay US$9 a share in dividends immediately from its own cash and from raising new debt.
Icahn, who has a reputation for demanding aggressive changes after amassing stakes in companies, argued in a letter to the company's board published on Thursday that Michael Dell's and Silver Lake's proposed US$24.4 billion buyout short-changed shareholders, undervalued the company and benefited mainly the company co-founder himself.
"We see no reason that the future value of Dell should not accrue to all the existing Dell shareholders - not just Michael Dell," Icahn wrote in the letter, which Dell disclosed in a filing.
Icahn's proposed special dividend of US$9 per share would include US$4.26 a share derived from US$5.25 billion in new debt.
He argued that, combined with a "stub" value of US$13.81 per share that his firm calculated based on discounted cash flow, such a move would deliver shareholders a total value of US$22.81 per share.
That would be a 67 per cent premium to the US$13.65 buyout price put forward by Michael Dell in partnership with private equity house Silver Lake and Microsoft Corp.
In his letter, Icahn asked Dell's board to commit to his proposal to "avoid a proxy fight." He also wants Dell to combine an upcoming special shareholder vote on the buyout deal with its regular annual general meeting, when Icahn said he intended to put forward a slate of his own directors for election to the board.
"If you fail to agree promptly to combine the vote ..., we anticipate years of litigation will follow challenging the transaction and the actions of the directors that participated in it," Icahn said in the letter.
To speed up the payment of a special dividend, Icahn himself pledged to provide a US$3.25 billion bridge loan to Dell, if necessary.
Icahn joins other major investors opposed to the deal.
Excluding the activist investor, who has not disclosed his stake, shareholders representing almost 18 per cent of Dell shares, led by Southeastern Asset Management with a stake of more than 8 per cent including options, say they will vote against the buyout.
The likelihood of alternative proposals prompting Dell to sweeten his offer has increased since a handful of major shareholders spoke out against the deal, analysts said.
"Recent events have raised the level of scrutiny on the situation, which could end up increasing the take-private price," Wells Fargo analyst Maynard Um wrote in a note.
Southeastern, run by activist investor Mason Hawkins, has said Dell could borrow money to make a major share repurchase or break up the company and sell units separately.
Icahn said only that his interests held a substantial stake in Dell. He did not disclose his exact shareholding.
CNBC, citing unnamed sources, reported on Wednesday that Icahn had accumulated about 6 per cent of Dell's shares.
That would make him the third-largest shareholder, after Southeastern and Michael Dell himself.
Dell shares finshed 0.7 per cent lower at US$14.22 on the Nasdaq on Thursday. They had risen about 8 per cent since trading closed on February 4, the day before Dell announced its plan to go private.-- Reuters Ringgit open higher versus US dollarhttp://www.btimes.com.my/articles/20130308101124/Article/ http://www.btimes.com.my/articles/20130308101124/Article/Fri, 08 Mar 2013 10:11:24 +0800The ringgit opened higher against the US dollar in early trading Friday, rebounded from yesterday's losses in tandem with gains in the local bourse, dealers said.
The ringgit was quoted at 3.1050/1080 for a US dollar against 3.1070/1090 yesterday.
Dealers said overnight rally in the US stocks with improved US job market helped fuel sentiments in the Asian and currency markets.
Against other major currencies, the ringgit was lower against the Singapore dollar at 2.4918/4944 from 2.4906/4926 yesterday but rose against the yen to 3.2698/2747 from 3.3071/3106
Thursday.
The local currency was traded lower against the British pound at 4.6612/6670 from 4.6574/6616 Thursday and lower against the euro at 4.0666/0709 from 4.0466/0498 yesterday.-- Bernama Short-term rates to remain stable Fridayhttp://www.btimes.com.my/articles/20130308101425/Article/ http://www.btimes.com.my/articles/20130308101425/Article/Fri, 08 Mar 2013 10:14:25 +0800Short-term rates are expected to remain stable Friday, with Bank Negara Malaysia intervening to absorb excess liquidity from the financial system, dealers said.
The central bank estimated today's surplus at RM24.392 billion in the conventional system and RM5.645 billion in Islamic funds.
Bank Negara will call for four conventional tenders -- RM500 million for seven days, RM1 billion for 14 days, RM1.2 billion for 21 days and RM1.5 billion for 31 days.
It will also conduct a repo tender for RM200 million for 61 days.
The central bank will call for four Al-Wadiah tenders for RM600 million for seven days, RM200 million for 14 days, RM600 million for 21 days and RM1.9 billion for 28 days.
At 4pm, Bank Negara will conduct up to RM20 billion conventional overnight tender and RM3.3 billion Al-Wadiah overnight tender.-- Bernama KL shares open higher in early tradinghttp://www.btimes.com.my/articles/20130308104741/Article/ http://www.btimes.com.my/articles/20130308104741/Article/Fri, 08 Mar 2013 10:47:41 +0800Share prices opened higher in early trading Friday, supported by selected heavyweights, dealers said.
As at 9.52am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.2 points to 1,652.13, after opening at 1,650.69.
HwangDBS Vickers Research Sdn Bhd said the external equities backdrop continues to be bullish.
"Last night, key barometers on Wall Street posted further gains when they rose between 0.2 per cent and 0.3 per cent at the closing bell, driven by signs that the US economic recovery is picking up pace.
"This may provide the lead for our Malaysian bourse to show a marginal upward bias today.
"On the chart, the benchmark FBM KLCI could challenge the immediate resistance barrier of 1,655 again," the research house said.
Meanwhile, the Plantation Index eased 24.6 points to 7,948.79, but the Industrial Index gained 2.26 points to 2,826.75 and the Finance Index advanced 11.42 points to 15,287.17.
The FBM Emas Index garnered 12.26 points to 11,275.33, the FBMT100 gained 11.36 points to 11,122.49 and the FBM Mid 70 Index rose 27.71 points to 12,443.6.
However, the FBM Ace Index dipped 0.84 of a point to 3,979.26.
Gainers led losers by 182 to 110, with 1,367 counters untraded and 27 others suspended.
Turnover stood at 155.457 million shares worth RM155.110 million.
Among stocks that will likely be in the limelight today is Scomi Group, which has bagged a five-year contract worth RM2.1 billion from Petronas to provide drilling fluids and barites materials.
As at 9.52 am, Scomi has gained two sen to 35 sen.
Other actives, Metronic Global earned half sen to 10.5 sen and Ariantec Global was flat at eight sen.
Among heavyweights, Maybank garnered 10 sen to RM9.15 and Axiata Group and Sime Darby were both unchanged at RM9.20 and RM6.40, respectively.-- Bernama US stocks higher on investor enthusiasmhttp://www.btimes.com.my/articles/20130308072917/Article/ http://www.btimes.com.my/articles/20130308072917/Article/Fri, 08 Mar 2013 07:29:17 +0800NEW YORK: Growing investor enthusiasm for equities in the wake of this week's records pushed US markets higher again Thursday.
The Dow Jones Industrial Average surged to an all-time peak for the third day in a row, adding 33.25 points (0.23 per cent) at 14,329.49.
The broad-based SandP 500 also moved higher, gaining 2.80 points (0.18 per cent) at 1,544.26, while the tech-rich Nasdaq Composite Index climbed 9.72 (0.30 per cent) to 3,232.09.
In addition, markets were gaining from better-than-expected economic data, such as Thursday's report on a weekly decline in jobless claims. The report boosted confidence that Friday's much-watched US payroll and unemployment data would be strong.
This week's record run for the Dow has attracted new investors, said Art Hogan, chief market analyst for Lazard Capital Markets.
"We're getting new participation," Hogan said. The record results were "dragging people in from the sidelines."
Facebook picked up 4.1 per cent. The social network unveiled a project to offer users a "personalised newspaper" based on individual taste.
Boeing gained 2.5 per cent after booking new orders for 27 jets, bringing its 2013 net orders through March 5 to 138.
Time Warner shares added 2.4 per cent after the group said it would spin off its iconic Time Inc. magazine group.
Computer company Dell retreated 0.7 per cent after activist investor Carl Icahn became the latest large shareholder to protest founder Michael Dell's plan to take the company private.
Truck maker Navistar surged 27.8 per cent after it reported a narrowing of its quarterly loss and said it was promoting former General Motors executive Troy Clarke to be chief executive.
Gap rose 4.1 per cent, lifted by the clothing chain's report of higher same-store sales compared with a year ago.
Pet retailer PetSmart fell 6.6 per cent after the company's 2013 guidance missed analyst expectations. -- AFP
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