AmanahRaya Plans JV To Set Up Islamic Bank In Kazakhstan
AmanahRaya, Malaysia’s government-owned trustee company, is planning a joint venture with Fattah Finance, a local brokerage company and state-run Development Bank of Kazakhstan (DBK) to set up Kazakhstan’s second Islamic bank. The company expects to secure the required licences in the second quarter of 2011 and begins operating the bank within one year thereafter.
A joint venture company will be set up, with AmanahRaya holding a 55% stake, DBK owning a 40% stake and Fattah Finance holding the remaining 5% interest. AmanahRaya had also formed several other partnerships overseas, having the most significant one with the Islamic Development Bank for the RM160m private finance initiative project in Selangor.
Significance: The company’s expertise in Islamic banking allows it to tap into the Kazakhstan market as Islam is the largest religion in the country where Islamic banking services will be in demand.
Benalec Targets Larger Marine Projects
Benalec Holdings, an integrated marine construction company, which is headed for a listing on the Bursa Malaysia’s Main Market on 17 Jan, aims to focus on securing larger marine construction projects to enhance profitability. Managing director Vincent Leaw said that the company has targetted several land reclamation projects in Selangor, Penang, Johor and Malacca that would require the deployment of a large fleet of vessels. Benalec currently controls a comprehensive range of 91 vessels to support its marine construction activities and chartering services. The company has an estimated 17.9% market share based on marine construction projects secured between 2006 and 2009.
Significance: According to Frost & Sullivan’s research, the prospects of the marine construction industry in the Asia Pacific region is estimated at more than RM170b over the next 10 years. With the estimated RM100m IPO proceeds, Benalec will be able to secure bigger domestic deals to widen its market share in the growing marine construction industry.
Hua Yang Sells 73 Retail Units To South Crest Synergy
Hua Yang, Main Market-listed property developer, is selling 73 retail units in its flagship commercial property, One South, to South Crest Synergy for RM105m. One South, an iconic landmark in strategically located Sungai Besi, is a mixed development project spread over 1.72 hectares of land with a concept of work, dine and play in one location. The company said that the development represented a large chunk of RM1b worth of projects that the group was rolling out.
Significance: Sungai Besi, which is very well connected and easily accessible via various highways, is set to be the next property development “hotspot”. One South, the RM750m project targeting SME and office tenants, will be a key revenue driver for Hua Yang. For the latest updates PRESS CTR + D or visit Stock Market news Today
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