joint venture

 
 

Paramount more than doubles earnings in Q2 on land disposal

PETALING JAYA: Paramount Corp Bhd's net profit for the second quarter ended June 30, 2018 more than doubled to RM42.30 million from RM18.08 million a year ago mainly attributed to the disposal of 9.4 acres of industrial land in Kota Damansara.

Its revenue stood at RM278.37 million, an increase of 47% compared with RM189.72 million reported in the corresponding quarter last year with higher contribution from the property and education divisions.

For the six months period, its net profit rose 86% to RM49.27 million from RM26.46 million a year ago due to the Kota Damansara land disposal and higher profit from the education division.

Its revenue stood at RM440.61 million, an increase of 31% compared to the RM336.51 million in the corresponding period last year with higher contribution from both the property and education divisions.

The group is targeting to launch in 2018 a mixed development project located in the vicinity of Klang’s main business and commercial area, where the group will also be constructing a new Sri KDU international school. This is in line with the group’s strategy to derive synergy from its strong branding and expertise in its property and education businesses.

In line with the group’s asset light strategy, it will continue to pursue sale and leaseback of education assets and build strategic partnerships to undertake property development projects on joint venture basis if such opportunities arise. In addition, the group seeks to unlock value through the monetisation of land bank and strategic divestments.

Barring any unforeseen circumstances, the group is expected to deliver a better operating performance for the current financial year ending Dec 31, 2018.


DRB-Hicom shares gain on Proton-Geely China JV pact

PETALING JAYA: DRB-Hicom Bhd's share price gained 3.81% or 9 sen to close at RM2.45 with 22.73 million shares done today, on news of a joint venture in China which will enable subsidiary Proton Holdings Bhd to assemble and market cars there.

This is DRB-Hicom's highest gain since Aug 13, having closed at RM2.32 last Monday. The stock has been fluctuating since.

Proton Holdings and Zhejiang Geely Holding Group entered into a heads of agreement to set up an equal stake joint venture (JV) company which will enable Proton to assemble and market its cars in China.

DRB-Hicom said in a statement yetoday that the partnership via the yet to be named JV entity includes the setting up of a production facility in China which will assemble vehicles, and the development of a network of dealers to market the Proton range in China.

The portfolio of cars for China will primarily come from existing Geely platforms, although the external design of the vehicles will be undertaken by Proton. However, the agreement also provides for existing Proton platforms that are found suitable to be developed into models for the Chinese market.

DRB-Hicom Group managing director Datuk Seri Syed Faisal Albar said Geely's entry as a strategic partner of Proton has paved an easier route for Proton's entry into the lucrative Chinese market.

“Clearly with Geely on board, Proton's route into China has become more tenable. Part of Geely's role is to secure the manufacturing licences and regulatory approvals required for such a venture under China's regulations. Geely will also identify a suitable location where the manufacturing facility is to be based”, he added.

Existing Proton component vendors that have quality and a competitive edge may also be considered as suppliers for the JV company. This, Syed Faisal said, should sit well with the Malaysian government which has often prodded Malaysian component makers to venture into the Chinese market.

China's passenger car sales have grown tremendously over the last 10 years—from the sale of 6.76 million passenger cars in 2008 to 24 million units in 2017. Geely is seen as the clear leader in the segment, as the first privately-owned Chinese carmaker to sell over one million units.


Pesona Metro gains 3.27% on RM218.22m contract award

PETALING JAYA: Pesona Metro Holdings Bhd’s shares gained 3.27% to 31.5 sen  on early trade after its joint venture (JV) with Intrasegi Sdn Bhd has been awarded a contract worth RM218.22 million for the construction of an office in Kuala Lumpur.
 
At 10.50 am, the stock was trading at 31 sen with 10.03 million shares done.

In a filing with Bursa Malaysia on Friday, the group said the contract was awarded to Intrasegi Sdn Bhd-Pesona Metro Sdn Bhd JV by Pembinaan Kery Sdn Bhd, a wholly owned subsidiary of Melati Ehsan Holdings Bhd.

The contract is for the construction and completion of superstructure works, external works within boundary, associated works and ancillary buildings of the project located at Jalan Conlay.

The project is for a duration of 26 months commencing Sept 1, 2018 and ending on Oct 31, 2020.

The project, which will be funded via internal generated funds, is expected to contribute positively to the earnings and enhance the net assets of the group during the duration of the project.


DRB-Hicom gains on planned Proton-Zhejiang Geely JV

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KUALA LUMPUR (Aug 20): DRB-Hicom Bhd shares gained as much as 22 sen or 9% to RM2.58 so far today after 50.1%-owned subsidiary Proton Holdings Bhd and Zhejiang Geely Holding Group signed on Saturday a heads of agreement to form a joint venture (JV), under which Proton will assemble and market cars in China. It was reported that Proton and Zhejiang Geely target to incorporate the JV within the first half of 2019, subject to obtaining all regulatory approvals. At Bursa Malaysia today, DRB-Hicom shares pared gains at RM2.47 atRead More


Proton, Geely sign JV agreement to set up facilities in China

KUALA LUMPUR, Aug 18 — Proton Holdings Bhd and Zhejiang Geely Holding Group today signed a Heads of Agreement to set up a joint venture that will pave the way for Proton to assemble and market their cars in China. Both companies will take up equal…


Russian oil industry would weather US ‘bill from hell’

MOSCOW: Stiff new US sanctions against Russia would only have a limited impact on its oil industry because it has drastically reduced its reliance on Western funding and foreign partnerships and is lessening its dependence on imported technology. Western sanctions imposed in 2014 over Russia’s annexation of Crimea have already made it extremely hard for […]


Pesona Metro JV bags RM218.22m contract

PETALING JAYA: Pesona Metro Holdings Bhd’s joint venture (JV) with Intrasegi Sdn Bhd has been awarded a contract worth RM218.22 million for the construction of an office in Kuala Lumpur.

In a filing with Bursa Malaysia, the group said the contract was awarded to Intrasegi Sdn Bhd-Pesona Metro Sdn Bhd JV by Pembinaan Kery Sdn Bhd, a wholly owned subsidiary of Melati Ehsan Holdings Bhd.

The contract is for the construction and completion of superstructure works, external works within boundary, associated works and ancillary buildings of the project located at Jalan Conlay.

The project is for a duration of 26 months commencing Sept 1, 2018 and ending on Oct 31, 2020.

The project, which will be funded via internal generated funds, is expected to contribute positively to the earnings and enhance the net assets of the group during the duration of the project.

Pesona Metro’s share price rose 5.17% or 1.5 sen to close at 30.5 sen on Friday with 16.04 million shares done, making it one of the top active stocks on the bourse.


Mobile Starhill and Chinese partner to develop mega automotive hub in Tanjung Malim

IPOH, Aug 17 — Mobile Starhill (M) Sdn Bhd today signed an agreement with several players of automotive component industries at Ningbo, China to develop the Integrated Automotive Component Mega Hub in Tanjung Malim. Through this agreement,…


Dialog 4Q net profit up 11%, proposes 1.8 sen dividend

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  KUALA LUMPUR: Dialog Group Bhd’s net profit jumped 10.9% to RM114.85 million in the fourth financial quarter ended June 30, 2018 (4QFY18) from RM103.55 million a year ago, on lower operating expenses, improved other operating income and an increase in the group’s share of joint ventures and associates’ net profit that was mainly contributed by Pengerang LNG (Two) Sdn Bhd. Earnings per share were higher at 2.04 sen for 4QFY18 compared with 1.88 sen for 4QFY17. Quarterly revenue, however, fell 37.3% to RM607.13 million, from RM968.95 million in 4QFY17,Read More


In Chinese port city, Japan’s Toyota lays foundation to ramp up sales

BEIJING, Aug 16 — Toyota Motor Corp is likely to make 120,000 more cars a year in the Chinese port city of Tianjin as part of a medium-term strategy that’s gathering pace as China-Japan ties improve, said four company insiders with knowledge of…