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Tuesday, March 11, 2008

Acerinox picks Malaysia for first Asian plant

JOHOR BARU: Spanish steel company Acerinox S.A. is investing RM5bil in its new production plant in Tanjung Langsat near Pasir Gudang. The Johor plant will be the company's first plant in Asia. Its existing plants - all developed with partner Nisshin Steel of Japan - are in Spain, South Africa and the US. Acerinox's investment is the single largest foreign direct investment (FDI) to be secured by Johor to date. The integrated plant, on a 140ha site, will be developed in phases. When fully ready in 12 years, it will have the capacity to produce one million tonnes of stainless steel, including 600,000 tonnes of cold-rolled steel sheets, annually. “This is a major success for Johor to continue to position itself as the premier destination for capital-intensive high-technology industries in Malaysia,” Mentri Besar Datuk Abdul Ghani Othman said in a statement yesterday. Read more>>
(The Star 8-3-2008)

Local REITs gain global attention

BARELY three years after Malaysia's first real estate investment trust (REIT) was on the stock exchange, the industry crossed a new milestone with Wednesday's signing of a partnership agreement between Hektar Klasik Sdn Bhd and Singapore-based Frasers Centrepoint Asset Management (M) Pty Ltd (FCAM). Today, not only have local REITs grown in market capitalisation to over RM1bil, investors can look forward to enjoying the benefits of this first cross-border REIT partnership. This surely augurs well for the industry as a whole and for the REITs in terms of global recognition by institutional investors. Commenting on the cross-border REIT partnership, Hektar Asset Management Sdn Bhd chief executive officer Datuk Jaafar Abdul Hamid said the joint venture would benefit both parties. “It would help harness the combined strengths of the sponsors: FCAM's strategic reach and financial resources within South-East Asia and Hektar group's experience and expertise in Malaysia. “We have extensive understanding of the Malaysian market and we are gaining momentum in growing the REIT's asset size, especially with our recent retail acquisition in Johor,” he said.
(The Star 8-3-2008)

Encorp wants to venture into Asia, Mideast

PETALING JAYA: Having made its mark in the prefabricated building technology locally, Encorp Bhd is ready for its maiden foray overseas and has set its sights on projects in Asia and the Middle East. It was negotiating to undertake homes, government quarters and commercial building projects in several countries in the two regions, said group chief executive officer Yeoh Soo Ann. He said Encorp's reputation in designing, financing and constructing 10,000 teachers' quarters in Malaysia using the industrialised building system positioned the company well to seek overseas ventures that used such technology for mass housing projects. “We will go where the returns are operationally and financially viable after taking into consideration the political and currency risks of that particular country and/or region,” he told StarBiz.
(The Star 8-3-2008)