Seven banks lend S$1b to YTL for PowerSeraya buy

SINGAPORE: Calyon and Natixis are among seven banks that agreed to lend S$1 billion (RM2.45 billion) to YTL Power International Bhd for its acquisition of PowerSeraya Ltd.

Maybank Investment Bank, Oversea-Chinese Banking Corp, Bank of Tokyo-Mitsubishi UFJ Ltd, National Australia Bank Ltd and Sumitomo Mitsui Banking Corp also contributed to the three- year loan, which was arranged by DBS Group Holdings Ltd.

YTL is "pleased with the syndication", managing director Tan Sri Francis Yeoh said in an e-mailed response to queries from Bloomberg. DBS agreed to provide YTL with a S$2.25 billion (RM5.51 billion) credit line in December after the Malaysian utility bought Singapore power generator PowerSeraya from state-run Temasek Holdings Ltd for about S$3.8 billion (RM9.31 billion)

Dayang to buy 40pc of Borcos for RM132m

Dayang Enterprise Holdings Bhd, a Malaysian oil and gas services provider, said it plans to buy 40 per cent of Syarikat Borcos Shipping Sdn Bhd for RM132 million (US$38 million) to expand in the marine transportation business.

“Through this acquisition, Dayang can participate in the growth of a leading marine transportation and support services company,” Dayang managing director Tengku Yusof Tengku Shahruddin said in a statement today. The acquisition will give Dayang, which provides offshore maintenance services, access to a fleet of 33 marine vessels with a “substantial” market share in Malaysia and a “presence” in the Middle East, the company said.

Borcos also has six more vessels due to be delivered before the end of the year, Dayang said. Borcos has two offshore support vessels being built for delivery in 2011. Both Dayang and Borcos are based in Sarawak. Dayang, which has an order book of RM700 million, also plans to bid for about RM2 billion of contracts over the next year, the company said

KL shares lower at mid-morning

SHARE prices on Bursa Malaysia were lower at mid-morning today on persistent selling activities on heavyweight counters, a dealer said. At 11.15am, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell 0.2 per cent or 2.21 points to 1,199.86. It opened 1.59 points higher at 1,203.66 this morning. The FBMEmas was also down by 12.44 points to 8,081.38 and the FBM Top 100 declined 11.07 points to 7,863.76. The FBM70 however was up 2.38 points to 7,948.54 and the FBM Ace Index advanced 9.23 points to 4,131.78.

Meanwhile, the Finance Index edged up 0.21 of a point to 9,692.57 and the Plantation Index climbed 43.34 points to 5,968.57 but the Industrial Index declined 12.47 points to 2,638.27. Losers led gainers by 284 to 199 while 204 counters were unchanged and 568 others untraded. A total of 262.582 million shares worth RM375.582 million were transacted. Leading the actives, KNM Group and MLABS Systems were both unchanged at 19.5 sen and seven sen, respectively, while Genting was down 18 sen to RM6.99. The top gainer was Kumpulan H&L Hi-Tech which earned 21 sen to 88 sen while Nilai Resources fell five sen to 52.5 sen.

Among the heavyweights, Sime Darby lost nine sen to RM8.51, British American Tobacco fell 16 sen to RM45.00 while Telekom Malaysia shed four sen to RM3.11