MALAYSIA CURRENTLY

Fresh polls for MCA CC imminent
The MCA crisis could end as 21 elected members of its central committees have resigned, necessitating the election of a new line-up in the party’s highest decision making body. MCA Deputy President Dr Chua Soi Lek caught many by surprise yesterday by joining seven other elected CC members to tender their resignations ahead of the AGM scheduled this Sunday, and helped breach the 21 resignation threshold to trigger fresh polls pursuant to Article 41 of the MCA constitution. (Financial Daily)

Pantai willing to sell Government concessions
Pantai Holdings, the holder of two Government concessions, said it would be willing to sell the business if the price is right. The group, through Pantai Medivest SB, offers support services like laundry to Government hospitals and carries out foreign worker health checks through Pantai Fomema SB. However, Pantai has yet to receive any offers. The Fomema concession is a monopoly while its support services to hospitals have two other players in different areas. Pantai Medivest provides services to hospitals in the southern peninsula. Faber Group Bhd does the same work in northern peninsula and Sabah and Sarawak through Faber Medi-Serve, while Radicare operates in central and eastern peninsula areas. These concessions end next year. On a separate note, Pantai has also dismissed the rumor on the merger with Faber. (BT)

Eng Teknologi eyes electronics firm
HARD disk drive (HDD) component maker Eng Teknologi Holdings is eyeing a stake in a manufacturing company, a plan that will likely materialize by next year. The targeted company would not be one which is related to the HDD-sector, but deals in electronics, whereby the acquisition is needed for Eng Teknologi to realize its high potential growth. (BT)

No recall for Pharmaniaga-made pharmaceuticals
The revocation of Pharmaniaga’s manufacturing licence by the Ministry of Health has not resulted in a recall of pharmaceutical products that it had produced and is out in the market, as relayed by its Managing director, Mohammad Abdullah. Pharmaniaga has said the ministry found a few non-compliance issues which it is expediting to resolve. Details on the non-compliance issues have yet to be received. Abdullah hopes that its manufacturing plant would not be closed more than a week because if prolonged may hurt its profits. (Financial Daily)

Stamford College may diversify into steel manufacturing
Stamford College, an education services provider, plans to diversify into steel making after turning around in 2009 from four consecutive years of losses. While it has been trading in assorted steel products since 2004, Stamford believes that the upstream move into manufacturing of low alloyed, alloyed and long steel products would allow it to diversify its earning base. The proposed diversification will require shareholders’ approval. (Malaysian Reserve)

New building for Star radio stations and multimedia ops
Star Publications (M) Bhd will soon have its own building to house its three radio stations and its expanding multi-media business at its current property at Section 13 here. Universiti Tunku Abdul Rahman (UTAR) has also been earmarked to have its new city campus located at the site, which could take in up to 10,000 students as part of its expansion plan. The university would have the option of a 25-year rental lease on the purpose-built campus, Star said in a filing with Bursa Malaysia. (StarBiz)

Overwhelming response from foreigners on NAP
The Government has received overwhelming response from foreign luxury car manufacturers seeking further clarification on the National Automotive Policy (NAP). Miti Secretary General said that a number of delegations were interested in its policy for new technologies and green technology. On a separate note, the Government yesterday continued to support the domestic automotive industry with the Automotive Development Fund and the Industry Adjustment Fund. (Financial Daily)

- CREDIT TO OSK RESEARCH GROUP