DANAVEST

(The Edge) Speculation has been rife that Maxis Communications Bhd would be relisted either on the local bourse or overseas, and yesterday a local brokerage house reported that it may be done via its injection into Astro All Asia Networks plc, a sister firm in tycoon T Ananda Krishnan’s stable of companies.

(The Edge) Crude palm oil (CPO) futures continued its gains for a second day, tracking crude oil and soybeans as commodity prices rally in the wake of manufacturers rebuilding inventories in preparation for an economic rebound. CPO for August delivery on the Malaysia Derivatives Exchange closed 2.5% or RM65 higher at RM2,625 a tonne.

(The Edge) SilkAir, which commenced flights to Penang from Singapore yesterday, is working with Penang Global Tourism Sdn Bhd, the state government’s tourism promotion agency, to package Penang as a tourism destination. SilkAir chief executive Chin Yau Seng said the airline would focus on leisure packages, flying in to Penang from its various routes and those serviced by its parent company Singapore Airlines.

(The Edge) In a landmark deal covering multiple Asian markets, Merchant Solutions and Chinese bankcard association China UnionPay (CUP) have announced an alliance that enables thousands of merchants outside China to accept CUP debit and credit cards. In a statement yesterday, Merchant Solutions said it already enabled merchants in Hong Kong and Macau to accept CUP cards and the new agreement extended these services to Singapore, Malaysia, Brunei, Bangladesh, India and Sri Lanka.

(The Edge) ANALYSTS are pricing in the impact of a tougher economic landscape on national carmaker Proton Holdings Bhd for the current financial year (FY) ending March 2010. This comes against the backdrop of weaker demand for big-ticket items such as houses and cars.

(The Edge) As China is recovering from the global economic slump, CIMB-Principal Asset Management Bhd has launched the CIMB Islamic Greater China Equity Fund, its second fund in the year, to invest in high-growth sectors including the industrial and consumer sectors. These sectors are expected to benefit from the recovery in China’s economy, mainly driven by the government’s economic stimulus packages totalling US$585 billion (RM2.04 trillion), according to CIMB-Principal chief executive officer J. Campbell Tupling.

(The Edge) CIMB Bank Berhad has received the Securities Commission’s approval for its proposed bonds totaling RM5 billion (or its foreign currency equivalent) in nominal value. Bumiputra-Commerce Holdings Bhd (BCHB) said on June 2 that the corporate exercise involved the Tier 2 subordinated bonds programme and proposed Tier 2 junior sukuk programme.

(The Edge) Mamee-Double Decker (M) Bhd has proposed to acquire Charmille Pte Lte, which has a controlling 60% interest in the development of an oil palm plantation in central Kalimantan, from Golden Seed Holding Ltd (GSH) at an undisclosed price. Mamee-Decker said yesterday its sub-subsidiary Rosedale Investments Pte Ltd had signed the sale and purchase agreement with GSH on Monday.

(The Edge) HwangDBS Investment Management Bhd (HwangDBS IM) has declared an interim income distribution of one sen per unit for its flagship global feeder and income type fund, the HwangDBS Global Property Fund (GPF), for the financial period ended May 31, 2009.

(The Edge) Green Packet Bhd has subscribed for an additional 699,991 shares in its 90%-owned subsidiary Packet One International Pte Ltd (P1i) for S$699,991 (RM1.68 million) cash. Green Packet said yesterday P1i had also issued 200,000 shares and 99,999 shares fully paid to Telnet Technologies Sdn Bhd and Tang Pen San, respectively.

(Business Times) EON Bank is targeting 50,000 account holders with deposits amounting to RM400 million this year for its newly launched SaveMonthly Account deposit product. EON Bank Group’s consumer banking head Michael Lor said with the new product, account holders will enjoy higher interest rates on their deposits compared with conventional saving accounts.

(Business Times) Malaysian firm Weststar has abandoned a deal to buy LDV, the British van maker said today. “The directors of LDV Group have been forced to reapply for administration to protect the assets of the business,” LDV said in a statement. “This is due to the fact that essential funds required to maintain the business and workforce as a going concern are not being made available.”

(Business Times) HICOM-Chevrolet Sdn Bhd is banking on the Cruze 1.8 sedan passenger car, to be launched in the third quarter of this year, to boost sales in Malaysia. “It will be launched in late July or early August,” said its chief executive officer Sanjeev Garg at a media briefing in Petaling Jaya today. He said the car would be brought in from South Korea.

(Bernama) Sime Darby Bhd has targeted over 10,000 households in townships developed by the group for its energy efficiency initiative. The first activity under the initiative called “Switch” is the energy-saving bulb programme, which involves the exchange of old incandescent bulbs for the new energy-saving ones.

(Bernama) Despite General Motors (GM) entering bankruptcy protection in the United States, its Southeast Asia operation is going ahead with future expansion, including exploring plans to open a manufacturing plant in Malaysia. Steve Carlisle, president of General Motors Southeast Asia Operations and Chevrolet Sales Thailand, said there was no specific plan at the moment but the company would continue to explore the possibility of setting up the plant.