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Wednesday, July 30, 2014

JIT News - Zelan, AEON Credit, Genting Bhd

Zelan: Sources say it is expected to bag a rm250 million contract from ECER for the construction of a drawbridge connecting Muara North and Muara South in Kuala Terengannu. It is partnering an engineering company. They have a 70% and a 30% equity stake in the JV respectively.
AEON Credit: Non bank financial institution may consider making a bonus issue which will help to improve the stock’s liquidity.

It focus remains on enhancing its financial products for SMEs especially in the area of commercial vehicle and equipment financing. It will leverage its card member databases.

In 1QFY2015, it raked in rm51.28 million from its SME business, which contributed 1.3% to total financing receivables.

In addition, it is keen to introduce its E-Money card – a cashless shopping solution in Malaysia.

AEON Credit’s capital adequacy ratio stood at 18.9% (above BNM’s 16% minimum requirement) as at May 2014 post issuance of perpetual notes. The programme allows for an issuance of up to rm400 million of which the group has issued rm246 million.

Genting Bhd: Its big investment in Las Vegas may be facing a challenging gaming market with tough competition and possible shrinking interest.

Against such backdrop of a continued US gaming market slowdown, the success of Genting’s proposed Las Vegas casino would largely depend on its positioning among rivals in the city.

The gaming market there is already saturated, but if Genting could pull off a Chinese themed casino there, it would be able to win niche gamblers, especially those from China.

When completed, Genting’s proposed USD4 billion Asian themed resort in the Las Vegas Strip in Paradise would contribute 5% to 10% to the group’s revenue.

Construction of Phase 1 will begin in second half of 2014. The casino will start operating two or three tears later from 2014.

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