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Tuesday, June 9, 2009

Sime Darby in talks for development project in China

KUALA LUMPUR: Sime Darby Bhd has been invited by the Weifang People's Government to participate in the development of an economic development zone (EDZ) near Weifang City.

"The company is in discussions with the Weifang People's Government regarding the planning and development of this EDZ which will focus on enhancing Malaysia-China economic cooperation," it said in a filing to Bursa Malaysia on June 9.

"Amongst others, Sime Darby will assist the Weifang government in identifying suitable Malaysian companies to invest in this EDZ."

The company's statement came following Prime Minister Datuk Seri Najib Razak's official visit to China last week during which he announced that the conglomerate had been offered a multi-billion dollar development project in the Weifang prefecture city in China.

By The EDGE Malaysia (by Surin Murugiah)

CapitaLand arranges credit lines of US$3.7b

SINGAPORE: CapitaLand, South-East Asia’s biggest developer, said yesterday it has arranged for credit lines of up to 25 billion yuan (US$3.7bil) from two major Chinese banks to fund its China projects.

Bank of China and Industrial and Commercial Bank of China will provide the loans to the Singapore developer.

CapitaLand also said it “soft launched” a retail mall in Beijing on June 5 and that it would build an integrated development in Ningbo City called Raffles City Ningo that will comprise a mall, offices and serviced residences.

By Reuters

Maybank recommends Kinsteel, Lafarge

Investors should buy Malaysian steelmakers such as Kinsteel Bhd and cement producers including Lafarge Malayan Cement Bhd before construction projects accelerate next year, Maybank Investment Bank Bhd said.

The companies will be “prime beneficiaries of government infrastructure spending; the foundations are set for a recovery,” Maybank Investment said in a report today. “Projects are expected to gain momentum in 2010 after a year of awards in 2009.”

The government has unveiled two stimulus plans totaling RM67 billion (US$19 billion) to help revive growth as the nation nears its first recession in a decade. The economy may shrink as much as 5 per cent this year, the government said May 28, slashing its forecast in March for a contraction of 1 per cent at worst.

The central bank kept its key interest rate unchanged at 2 per cent last month, saying previous cuts and stimulus measures will contribute to a recovery later this year.
The cement industry should recover faster than steel as smaller-sized infrastructure and building projects “spark cement demand,” Maybank said.

By Bloomberg