Malaysia Daily Update

Protasco wins RM58m job

Protasco has been awarded a project worth RM58m for main civil and infrastructure works to connect the road between Jalan Klang Lama and New Pantai Express Way (NPE). The project was awarded by Gelanggang Harapan Construction SB, a subsidiary of MRCB. (Source: Star Biz)

Bintulu Port gets nod for extension of concession

Bintulu Port has obtained approval in-principle from the Federal Government to extend the concession period for the operation of the Bintulu Port to 2052. Detailed terms and conditions for the extension of the concession agreement for Bintulu Port SB (BPSS) are subject to the concurrence of all parties concerned. BPSS was licensed as the operator of the Bintulu Port when it was privatised in 1993. Reputed to be one of South-East Asia’s most efficient and profitable ports, Bintulu Port has grown by leaps and bounds over the past 3 decades, with its total cargo throughput soaring to 45.4m tonnes last year from less than 5 million tonnes in 1983 when it started operations. (Source: Star Biz)

IJM, Sime join as partners in Malaysia-China Kuantan Industrial Park

IJM Land and Sime Darby Property have signed up as the new Malaysian consortium partners in developing the Malaysia-China Kuantan Industrial Park (MCKIP). The participation of IJM Land and Sime Darby marked a significant milestone as both companies had strong credentials as master developers and were well-established names, locally and internationally. “Malaysia-China Kuantan Industrial Park SB (MCKIPSB) is a 51:49 JV between the Malaysian consortium and Chinese consortium. IJM Land holds a 40% equity interest in the Malaysian consortium, while Kuantan Pahang Holding SB together with Sime Darby holds 30% and the remaining 30% is held by the Pahang state government. (Source: Star Biz)

Parkson’s profit warning

The profit warning from retailer Parkson’s subsidiary in Hong Kong earlier this week gives rise to the question as to whether the company should have been prudent in declaring its results in previous years. The profit warning came about after a legal suit that was initiated in 2012 between Parkson Retail Group Ltd (PRGL) and the landlord of its plaza in Beijing where it had operations. The dispute surrounds the landlord wanting back a portion of the plaza where PRGL was the tenant. The landlord filed for arbitration in 2012 and finally, on Monday, PRGL was ordered to pay about ¥140m (RM83.82m) to its landlord in Beijing. (Source: Star Biz)

Barakah bags Sabah contract

Barakah Offshore Petroleum announced that its wholly-owned subsidiary, PBJV Group SB (PBJV, has received a Letter of Award from Kebabangan Petroleum Operating Company SB (KPOC) for the provision of topside maintenance services in Sabah. The duration of the contract was for one year effective April 2, 2015 with an option for a further 1 year extension. The mobilisation date for the work is expected to be on May 1, 2015. The total value of the contract would depend on the actual work orders to be issued by KPOC from time to time during the contract period. (Source: Star Biz)