Friday 29 Mar 2024
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KUALA LUMPUR: Petroliam Nasional Bhd’s revised RM300 billion capital expenditure for oil and gas would give oil and gas –related counters a boost on Thursday, June 9.

Petronas reported net profit attributable to shareholders of US$17.46 billion in the financial year ended March 31, 2011 (FY11), which was a 50% increase from the US$11.64 billion in FY10.Revenue increased to US$76.82 billion, up 26.1% from US$60.92 billion.

President and CEO  Datuk Shamsul Azhar Abbas said Petronas will be spending RM300 billion in capital expenditure for the next five years, this was an upward revision from the RM250 billion mentioned a few months ago.

For the fourth quarter, its earnings increased 49.8% to US$3.49 billion from US$2.33 billion the year before on the back of higher realised prices for petroleum products, crude oil and condensates, as well as other energy commodities.  Its revenue increased 22.8% to US$21.45 billion from US$17.47 billion.

Other counters which could see trading interest would be Latexx Partners Bhd, MAA Holdings Bhd and Dijaya Corporation Bhd.

Latexx Partners  accepted a lower offer of RM1.25 billion from the YTY Group of companies in a proposed merger instead of RM1.365 billion earlier.

The glove maker said 30% of the purchase consideration or RM375 million would be in cash. The balance of RM875 million would be in the form of 350 million new shares at an issue price of RM2.50 per share.

MAA Holdings has obtained the Minister of Finance’s (MoF) approval to dispose of its 100% stake in Malaysian Assurance Alliance Bhd (MAAB) for RM344 million to Zurich Insurance Company Ltd.

Dijaya acquired four parcels of freehold land in Subang for RM385.5 million to be developed into a mixed residential and commercial development with an expected total gross development value (GDV) of RM2.5 billion.

Dijaya said its subsidiary Tropicana Subang Development Sdn Bhd (formerly known as Tropicana Mall Management Sdn Bhd), has entered into a sale and purchase agreement with Chunghwa Picture Tubes (Malaysia) Sdn Bhd to acquire the 88.5 acres in Pekan Country Heights Selangor, Subang.

It said the residential development would consist of condominiums, linked houses, semi-detached houses and bungalows, while the commercial development will feature retail, shopping mall and office lots as well as serviced apartments.

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