Cities only grow or die, they don’t stand still,” said New South Wales premier Kristina Keneally at the recent Forbes Global CEO Conference 2010 in Sydney.
These words continue to resonate with Bukit Kiara Properties Sdn Bhd’s managing director N K Tong, who was at the conference.

Investment Highlights

• We are re-initiating coverage on Malaysian Resources Corp Bhd (MRCB) with a HOLD rating and fair value of RM2.13/share based on 15% discount to our sum-of-parts valuation (SOP) of RM2.50/share.

KUALA LUMPUR: Construction outfit WCT Bhd is eyeing water concessions, and looking to expand its existing retail and hotel portfolio, to grow its recurring income asset base, over the next five years.

KUALA LUMPUR: Gamuda Bhd has proposed a total of RM900 million in Islamic debt notes, available in two programmes.

The programmes are a RM800 million Islamic Medium-Term Notes (MTN) Programme (2010/2035) and RM100 million Islamic Commercial Papers (CP) Programme (2010/2017), for which RAM Ratings has assigned preliminary ratings of AA3 and P1 respectively, with a stable outlook.

Gamuda

Key MRT Play

KUALA LUMPUR: Gamuda Bhd posted revenue and net profit of RM2.455 billion and RM289.49 million respectively for its 2010 financial year (FY2010) ended July 31, 2010.

Comparatively, the company posted revenue and net profit of RM2.727 billion and RM193.69 million respectively a year ago.

Full House on Open Day

KUALA LUMPUR: Gamuda Bhd has completed its acquisition of Vietnamese Sai Gon Thuong Tin Tan Thang Investment Real Estate Joint Stock Company (Tan Thang), and has become a 60% subsidiary of Gamuda Land (HCMC) Sdn Bhd.

KUALA LUMPUR: IJM Corporation Bhd, which already has an order book of RM3.6 billion, is looking to add another RM2 billion worth of jobs into its stable in the current financial year ending March 31, 2011.

IJM’s out-going CEO and managing director Datuk Krishnan Tan said that the company’s presence abroad has helped it with the task of replenishing the order book.

Nothing New

During the company’s briefing last week, management clarified a few matters. It said it has appointed a consultant to investigate Sime Darby’s alleged cost overruns and maintains that no further provisions are needed. In the Middle East, WCT is awaiting the results of 2 tenders and is bidding for the Dukhan H’way extension.