Good Morning,
1)ARMADA: Bumi Armada's subsidiary, Bumi Armada Navigation Sdn Bhd, had signed a contract with Petróleo Brasileiro S.A. (Petrobras) for the provision of one anchor handling towing support (AHTS) vessel valued at RM155mil. The AHTS vessel will be supporting research activities as well as hydrocarbon and mining activities developed by Petrobras in the Brazilian continental shelf. The Contract is for a period of four years with an extension option of another four years. The Contract is expected to be effective by the first quarter of 2012, when Petrobras is anticipated to formally accept delivery of the vessel, +ve.
2)IOICORP: IOICORP is said to have won the bidding for a prime piece of land in Singapore near the Clementi MRT station to build high-rise public housing with development valued at RM1.7-1.9bil. According to Singapore's Housing and Development Board InfoWEB, IOICORP's wholly owned subsidiary MultiWealth (S) Pte Ltd's bid of S$408mil (RM988.39mil) or S$554 per sq ft was the highest for the project in Jalan Lempeng with the second highest bid coming in at S$360.97mil. Based on an average selling price of S$1,000-1100 per sq ft, IOICORP should enjoy pretax margins of 10-18% assuming construction cost of S$350 per sq ft plus its land cost of S$554 per sq ft.
3)KIMLUN: KIMLUN's wholly-owned subsidiary, Kimlun Sdn Bhd (KLSB) had accepted the letter of award from Ikatan Flora Sdn Bhd, a sub-subsidiary of IJM Land Berhad for the construction of 2 blocks of service apartment and ancillary buildings in Mukim Plentong, Johor Bahru. The contract sum for the Project is RM82.1mil and is expected to be completed by May 2014, +ve.
4)KULIM: Kulim has rejected the offer from Dewan Perniagaan Melayu Malaysia (DPMM) which made an offer to acquire all the shares of QSR Brands Bhd (QSR) held by Kulim at RM6.90 per share. Kulim noted that its holding company, Johor Corporation, said that it would not support any proposal to dispose off the QSR Shares, expected.
5)Mkt: consolidation within a narrow trading range ahead of long CNY weekend.
