Sime Darby Lowers Offer For Ramunia’s Fabrication Yard
Sime Darby Engineering, (SDE), the indirect wholly owned subsidiary of Sime Darby, has revised its offer price downward to RM530m from RM560m for Ramunia Holdings’ fabrication yard. Sime Darby announced yesterday on Bursa Malaysia that SDE notified Ramunia Holdings and the related parties that the final purchase consideration price would be RM30m lower than the price stated in its Aug 3 announcement. Ramunia has until Sept 7 (14 days) to deliberate on whether to accept the offer.

Depressed Refinery Margins Affect United Plantation’s 1H09 Results
United Plantations’ net profit fell 18.6% year-on-year to RM120.2m on the back of a 16.5% decline in revenue to RM395.1m. The company attributed the decline to lower production of crude palm oil (CPO) and palm kernel, lower selling prices for both as well as depressed refinery margins due to the global recession which affected demand.

Xinquan International Sports Posts Commendable FY09 Results
Bursa Malaysia’s first foreign direct listing Xinquan International Sports Holding registered a 38.5% increase in earnings to RM92.3m for FY09 as revenue during the period increased 32.6% to RM434.5m. The company attributed earnings growth to better sales numbers, the increase in average selling price and greater market penetration for its Addnice shoe products.

Sunway City Sees Brighter Days Ahead
Maybank Investment Research said Sunway City posted a weak 4Q09 net profit on slower sales, construction delays and the absence of new launches. However, sales have since picked up strongly, it said in a research note issued on Aug 25. To further boost its RM743m unbilled sales, SunCity is planning over RM1b in new launches for 2010. As such, the brokerage house has raised its target price to RM4.20 (from RM3.70) for the stock, on the improved property market outlook.