Good morning,
1) SapCrest: Sapura Crest Petroluem Holding's wholly owned units TL Offshore PLSV1 Ltd and TL Offshore PLSV2 have entered into contracts with IHC Ofshore and Marine BV for the construction and purchase of two 550-tonnes pipelay support vessels. The 1st & 2nd vessels would be completed & delivered within 30 months (May 2014) and 33 months (Aug 2014) respectively from Nov 2011. The company will finance the construction and purchase of the vessels via internal funds & borrowings. After delivery, the vessels will be slotted to carry out the services under the Petrobas contracts; +ve, but value of the contract was not disclosed.
2) AirAsia: The Thai unit of AirAsia said it would submit a filing for it's IPO to the Thai market regulator this month and planned a Bangkok listing in the 1st quarter. The company delayed it's submission due to flooding last year, it's CEO told Reuters; +ve and expected.
3) Proton: Khazanah has asked the interested bidders for it's 42.7% block in Proton to show proof of funds next week, sources familiar with the matter said. It is learnt that Khazanah has set aside the whole of next week to assess the funding mechanism of the various bidders. While the dates are not certain, it is understood that DRB Hicom will meet Khazanah in the middle of the week while Datuk Seri Mohd Nadzmi is likely to meet earlier in the week. It is not clear if Khazanah has set other appointments, apart from these 2. While the outcome is still not known, it is widely speculated that DRB Hicom is the front runner to bag the stake; Neutral on news.
4) BPuri: Bina Puri Holdings yesterday confirmed a financial daily report that it is in the process of finalizing a deal to upgrade & operate a highway in Pakistan. In a filing with Bursa, Co said it had received a LOI dated Nov 11, 2011 from the National Highway Authority in Islamabad, Pakistan. The LOI was for the conversion of the existing 4 lane Karachi-Hyderabad super highway into a 6 lane motorway, Motorway 9, on a build, operate & transfer basis; +ve & expected. Share price added 5% on report yesterday.
5) Mkt: despite positive news from Spainish & Italian refunding exercise, range trading is expected to persist ahead of CNY break starting from next week.