Good morning,
1) Cypark: Cypark Resources Bhd has secured a RM14.71m job to upgrade a landfill site in Negeri Sembilan's Kok Foh enclave. Co said the project involves the closure of a portion of the landfill and the upgrading of another portion into a sanitary cell, and is expected to complete by Dec 2012; +ve, the contract will further strengthen Cypark's position as one of the country's leading specialist in solid waste management & integrated environmental solutions. Job is expected to boost earnings for FY12, in addition to other contracts previously awarded by the National Solid Waste Management Dept for the closure & remediation of 16 landfills.
2) RHB/OSK: RHB Capital may be paying as much as RM1.9b in shares for OSK Holdings Bhd's investment bank, according to sources with knowledge on the matter. Talks between the 2 parties were now centered on a price range of RM1.8b to RM1.9b. The 2 banks were expected to reach an agreement & seek approval from BNM by mid-January. RHB might issue new shares worth as much as 10% of it's existing equity to pay for the OSK unit ; Neutral for now. Buying OSK Investment Bank would allow RHB to overtake CIMB Investment bank as the biggest stockbroker in Malaysia, based on data from Bursa.
3) Construction: MRT Corp (unit initiated by the govt under it's ETP initiative) has sealed the Points of Agreement (POA) with owners of 21 plots of land in the Jalan Inai area affected by the MRT project. The agreements are expected to resolve all outstanding issues faced by land owners with the MRT project, which connects Kajang & Sungai Buloh. The POA addresses issues such as land acquisition, access to the land for tunneling works, compensation & the judicial review which some land owners have brought against the govt. It will form the basis for the mutual agreements, expected to be signed between MRT Corp & the land owners at the end of next month; +ve, the event marked a positive step towards resolving similar land issues at Jalan Sultan, Jalan Bukit Bintang & other affected areas.
4) Mkt: window-dressing to dominate activities today.