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Thu, May 17, 2012

Business

Facebook feeds hungry IPO investors more shares

Posted on 17 May 2012 - 01:16pm

NEW YORK (May 16, 2012): With investors hungry for Facebook shares ahead of a hotly anticipated offering, the social network Wednesday unveiled a 25 percent increase in the number of shares to be sold at the market debut.

The increase comes from current shareholders, who had previously obtained stock in private offerings, seeking to cash in on the hefty price amid a Facebook fr

KL shares higher at midday

Posted on 11 May 2012 - 07:27pm
Last updated on 17 May 2012 - 01:15pm

KUALA LUMPUR (May 17, 2012): Share prices on Bursa Malaysia ended the morning session higher today on bargain hunting, after the recent sell off, analysts said.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 15.41 points to 1,551.45, after hovering between 1,536.24 and 1,551.45.

SapuraKencana debuts at 30 sen premium (Update)

Posted on 17 May 2012 - 11:38am
Last updated on 17 May 2012 - 01:12pm

KUALA LUMPUR (May 17, 2012): Petroleum Bhd, a new oil and gas (O&G) powerhouse resulting from the merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, debuted on the Main Market of Bursa Malaysia today at RM2.30, giving a 30 sen premium over its reference price of RM2.00.

At the opening bell, 3.62 million shares exchanged hands.

"It's a good price.

Southwest Airlines defers delivery on 30 Boeing jets

Posted on 17 May 2012 - 12:04pm
Last updated on 17 May 2012 - 12:13pm

DALLAS (May 16, 2012): Southwest Airlines Co said it has deferred deliveries of 30 Boeing 737-800s it was to receive in the coming two years, aiming to save more than US$1 billion in capital spending.

The airline told a shareholder meeting in Dallas that 20 scheduled plane deliveries from 2013 and 10 from 2014 had been moved to 2017 and 2018.

"Until we hit our return on capital

WCT bids for RM5b jobs

Posted on 17 May 2012 - 10:50am
Last updated on 17 May 2012 - 11:06am

Premalatha Jayaraman
sunbiz@thesundaily.com

KLANG (May 17, 2012): WCT Bhd, which is bidding for RM5 billion worth of projects in Malaysia and overseas, wants to grow its non-construction business to contribute more than half of the group's earnings by 2016, said its chairman Datuk Capt Ahmad Sufian @ Qurnain Abdul Rashid.

It is also targeting for the construction segment to contribute 45% of the group's earnings within the

Media Prima Q1 net profit falls 40%

Posted on 17 May 2012 - 10:50am
Last updated on 17 May 2012 - 11:06am

sunbiz@thesundaily.com

PETALING JAYA (May 17, 2012): Media Prima Bhd's net profit declined 40.2% to RM20.79 million in the first quarter ended March 31, 2012 from RM34.79 million a year earlier, due to a drop in advertising expenditure (adex) amid volatile global economic conditions.

In a statement yesterday, Media Prima said revenue fell 5.3% to RM335.28 million from RM354.19 million.

Chairman Datuk

MISC continues to sail in rough seas

Posted on 17 May 2012 - 10:52am
Last updated on 17 May 2012 - 10:59am

sunbiz@thesundaily.com

PETALING JAYA (May 17, 2012): MISC Bhd, the world's single largest owner operator of liquefied natural gas (LNG) tankers, saw its first-quarter net loss widen to RM465.1 million from RM307.9 million, mainly due to higher losses in its liner shipping business and lower profit in its heavy engineering business.

Revenue for the three months ended March 31, 2012 fell 18% to RM2.4 bil

IOI Corp’s net gearing to more than double

Posted on 17 May 2012 - 10:51am
Last updated on 17 May 2012 - 10:59am

Kang Siew Li
sunbiz@thesundaily.com

PETALING JAYA (May 17, 2012): IOI Corp Bhd, which plans to set up an US$1.5 billion (RM4.67 billion) Euro Medium Term Note (EMTN) programme, could see its net gearing rise to 54-58% from 21% as at end-2011, assuming drawdown of the proceeds, Kenanga Research said.

"If so, IOI Corp's net gearing will be the highest among big capitalisation planters, exceeding Sime Darby Bhd's 21%

Ringgit rebounds against US dollar in early trade

Posted on 4 April 2012 - 08:52pm
Last updated on 17 May 2012 - 10:35am

KUALA LUMPUR (April 4, 2012): The ringgit rebounded against the US dollar in early trade today on buying support by major funds after recent sharp declines, dealers said.

Elsewhere, regional Asian currencies remained weak as investors shunned risky assets with worsening outlook for global economy amid growing worries that Greece may leave the eurozone.

Europe drags down Wall Street a fourth day

Posted on 17 May 2012 - 10:07am
Last updated on 17 May 2012 - 10:14am

NEW YORK (May 16, 2012): US stocks closed lower in a choppy session on Wednesday, with the S&P 500 logging its fourth straight decline as investors worried about Greece's future as a member of the euro zone.

Early U.S. gains were erased after the European Central Bank said it had stopped providing liquidity to some Greek banks that had not been recapitalized.