Malaysia Builder

One World Trade Center and the four other tallest buildings in America

malaysiabuilder.com — Fri, 18 May 2012 02:37:59 +0000

Willis Tower, formerly the Sears Tower, is the tallest building in the Western Hemisphere, rising 1,451 feet above Chicago. (Charles Rex Arbogast/AP/File)

1.
Willis Tower, Chicago

Topping the list of the tallest structures on the American horizon, the Willis Tower in Chicago stands at 1,451 feet high. Perhaps more famously known as the Sears Tower, the building was renamed in July 2009 after Willis Group, the global insurance broker, as an effort to underscore Chicago’s increasing importance as a major financial and business center.

Completed in early 1973, the building held the record as the world’s tallest structure for 25 years until the Petronas Towers in Kuala Lampur, Malaysia, were built in 1998. The building itself has 110 stories, 104 elevators and encloses approximately 3.8 million square feet.

While the Willis Tower is only the eighth tallest building in the world, it currently holds the record for the tallest building in the Western Hemisphere, which didn’t stop French urban climber Alain “Spiderman” Robert, who in 1999 illegally scaled the building’s glass and steel exterior wall, using only his bare hands and feet. According to Mr. Robert’s accounts, a thick fog settled in near the end of his climb, making the last 20 floors of the building’s exterior slippery.

Article source: http://www.csmonitor.com/USA/2012/0430/One-World-Trade-Center-and-the-four-other-tallest-buildings-in-America

A mystery HK company in Scorpene scandal

malaysiabuilder.com — Fri, 18 May 2012 02:37:58 +0000

Check out the Umno Kroni Lodin Wok Kamaruddin from Boustead Holdings Bhd

Boustead Holdings Bhd which co-owned Perimekar S/B also involved in acquiring Pharmaniaga a monopoly firm in medicare and enjoy multi-billion long-term 10-year concession to purchase, store, supply and distribute pharmaceuticals and medical products to 3,750 government hospitals and clinics nationwide!

Not enough with looting the floating submarines, now enjoy looting medicare contracts even more worth RM billions!

No wonder Health Ministry really in hurry to implement 1Care…the UMNO Medicare Kronies are lock and load, ready to hijack it!
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Another Najib buddy tied to Scorpene scandal – Lodin Wok Kamaruddin
by Susan Loone, Malaysia Kini, Jun 2, 2011

Whistleblower website Wikileaks last month posted a diplomatic cable from the US embassy in Kuala Lumpur which listed the names of Prime Minister Najib Abdul Razak’s close associates.

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Among them is Lodin Wok Kamaruddin (right), who heads the Armed Forces pension fund – the Lembaga Tabung Angkatan Tentera (LTAT).

French freelance writer Céline Boileau, in an investigation, found that Lodin Wok is Boustead Holdings Bhd deputy chairperson.

LTAT and Boustead control 20 percent Perimekar, while KS Ombak Laut Sdn Bhd holds the remaining 60 percent stake.

Perimekar had acted as the go-between for the procurement of two French-made submarines by Malaysia’s Defence Ministry, from which the company allegedly made RM534.8 million in commission.

Coincidently, Lodin Wok also sits on the board of Affin Bank Bhd – one of Perimekar’s bankers.

“What would implicate Lodin Wok in the alleged ‘Scorpene scandal’ currently under probe in Paris is that the businessman is one of the five directors (in Perimekar) together with Mazlinda Makhzan, Rozana Abdullah Meili, Abdul Rani Mohd Hussin Abdullah and Mohd Hussin Tamby,” said Boileau.

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Mazlinda (right in photo), a former magistrate, is the spouse of political analyst Abdul Razak Baginda, a close associate of Najib, who was then deputy prime minister and defence minister, and was the minister in charge of the procurement of the submarines.

Abdul Razak was released from a 2006 murder charge of Altantuya Shariibuu, a Mongolian national who is believed to be a translator for the multi-million ringgit submarine deals.

Two of Najib’s bodyguards have been found guilty of murdering her in a jungle clearing in Shah Alam, and her body blown up with C4 explosives. The duo have since been sentenced to death.

Najib has strongly denied any link to the murder and has taken an oath on the Quran in a mosque to prove his innocence.

Perimekar’s sole purpose

Lodin Wok has nevertheless downplayed his involvement in Perimekar, arguing he was a director in the company as a representative of Armed Forces pension fund.

Furthermore, he reportedly told Boileau, he had resigned from the company board on July 1, last year.

This was the same time the company had completed its contract with the government upon the delivery of the two Scorpene submarines, said Boileau.

According to the French journalist, Perimekar is suspected of being created for the sole purpose of distributing a RM500 million commission between Malaysian and foreign beneficiaries.

http://media1-cdn.malaysiakini.com/148/91e28c2fad03d02fd4c83c993e26748f.jpg

“What was highly suspect was that the company, registered in 1999, defines its activity as ‘marketing, maintenance and other activities related to submarines and surface vessels’,” said Boileau.

Its financial statements, added Boileau, revealed that the Malaysian government as Perimekar’s “single customer”.

Last year, the company which had reportedly received millions of ringgit in commission posted huge losses, she said.

“Has the golden age of Perimekar gone?” queried Boileau.

Uneven financial performance

Boileau also discovered that the company registered an uneven financial performance from year to year.

For example, while the company reported a net loss of RM8.2 million in 2003, it declared a net profit of RM24.7 million the following year, she said.

In 2008, Perimekar also became a group with two small subsidiaries – Prima Laksana and Gagah Nirwana.

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“Between 2009 and 2010, while the submarines were being delivered, Perimekar’s activity had (almost) tumbled down: the company has seen its net income decrease from a profit of RM19 million to a loss amounting to RM3.3 million,” she reported.

“The turnover has plunged from about RM85 million to RM23 million – an amount still comfortable enough for its shareholders. They have been granted dividends of RM56.2 million in 2009 (66 percent of the turnover) and RM18.7 million in 2010 (81 percent of the turnover),” she added.

Between 2003 and 2010, the company received more than RM200 million from its contract with the government, noted Boileau.

However, the financial report last year stated: “The company’s project with the government of Malaysia was completed on Dec 25, 2009, after which a downsizing exercise was done in a fair manner and the company was focusing on prospecting for other viable business opportunities.”

Support services

“But Perimekar is not the only Malaysian company being involved in the Scorpene deal,” said Boileau.

Boustead DCNS Naval Corp – a 60-40 joint venture in 2009 between BHIC Defence Technologies and the French-based DCNS – was awarded by the Defence Ministry a RM532 million contract related to the Scorpene submarines, she said.

The company provides “support services” to Scorpene submarines from 2010 to 2015.

BHIC Defence is owned by BHIC (Boustead Heavy Industries Corporation), whose chairman is also Lodin Wok, added Boileau.
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Boustead in RM534mil takeover of Pharmaniaga
By YVONNE TAN, The Star, Saturday June 12, 2010

KUALA LUMPUR: Boustead Holdings Bhd has proposed to buy 86.81% of the issued and paid-up share capital of drug maker Pharmaniaga Bhd, owned by UEM Group Bhd, for RM534mil cash.

The proposed deal would be funded via internally generated funds, namely the RM363mil from the recent sale of its insurance unit BH Insurance (M) Bhd and bank borrowings, the company said.

Boustead deputy chairman/group managing director Tan Sri Lodin Wok Kamaruddin said the acquisition, which works out to RM5.75 per share, was expected to pave the way for Boustead, largely involved in property and plantation now, to move into the pharmaceutical business in the Asean region “in a serious manner”.

At RM5.75 per share, the offer represents a 13% premium over Pharmaniaga’s last traded price of RM5.10.

Trading in Boustead and Pharmaniaga shares was suspended ahead of yesterday’s announcement.

Lodin, who was speaking after the sealing of an agreement between the parties here yesterday, said the group had no intention of taking Pharmaniaga private and would retain its listed status.

However, Boustead would undertake a mandatory general offer to acquire the remaining shares it does not own in Pharmaniaga after the proposed exercise is completed.

For Pharmaniaga to remain listed, Boustead must pare down the 100% stake it would then have in Pharmaniaga to meet the required 25% public float.

Lodin said the group “was looking at various options” to fulfil this requirement.

“Pharmaniaga will be a good addition for us. We plan to expand in the Asean region and Pharmaniaga already has an existing network there (Indonesia and Vietnam),” Lodin said.

Boustead currently owns a subsidiary involved in healthcare, namely Idaman Pharma Manufacturing Sdn Bhd.

“Currently, the pharmaceutical business’ contribution to the group is very small; we expect Pharmaniaga to start contributing 5 sen per share to Boustead by the next fiscal year ending Dec 31, 2011,” Lodin said.

On whether there would be any change in the organisation structure at Pharmaniaga following the buyout, Lodin said “we would like to retain as many personnel as possible”.

Meanwhile, UEM, which is owned by Khazanah Nasional Bhd, said its sale of Pharmaniaga was in line with its goal of focusing on the property, construction and engineering sectors.

“Boustead gave us the best offer and we were happy to seal the deal,” chairman Tan Sri Ahmad Tajuddin Ali said.

Analysts contacted by StarBizWeek were largely positive on Boustead following the deal, saying it was value-accretive.

For the first quarter ended March 31, Pharmaniaga posted a net profit of RM9.3mil on revenue of RM317.6mil.

Listed in 1999, it is the largest integrated local healthcare company in Malaysia.
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Pharmaniaga acquires Boustead’s pharma divisions
by Andrea Mathew, Malay Mail, Thursday, December 22nd, 2011

KUALA LUMPUR: Pharmaniaga Bhd has acquired Idaman Pharma Manufacturing Sdn Bhd and Idaman Pharma Sdn Bhd for a total of RM99.73 million in efforts to consolidate Boustead’s pharmaceuitical divisions in the country.

This will mean all pharmaceutical divisions under Boustead will be transferred to Pharmaniaga, largest integrated local healthcare company in Malaysia.

A subsidiary of Boustead Holdings Bhd, Pharmaniaga Bhd will see RM95 million capex allocation for the next year.

Pharmaniaga managing director Datuk Farshila Emran (pic) said: “Out of this amount, one-third will go towards its pharmacy information system.

She added: “Pharmaniaga plans to spend about RM30 million between 2012 and 2015 for its Sungai Petani plant expansion project and to upgrade equipment and facilities.”

“We are also looking at pumping RM23 million into the construction of a new plant in Perak, as well as, to expand the existing plant in Seri Iskandar, Perak,” Farshila told reporters after the extraordinary general meeting (EGM) of Boustead Holdings and Pharmaniaga yesterday.

The EGM saw shareholders agreeing to the acquisition of two other Boustead’s pharma divisions by Pharmaniaga.

Some of the developments the company has seen in the last year is the reduction of concession delivery from 60 days to seven days for West Malaysia and 10 days for East Malaysia.

Boustead Holdings Bhd deputy chairman and group managing director Tan Sri Datuk Lodin Wok Kamaruddin said Pharmaniaga would contribute about 10% to Boustead’s bottomline beginning next year and this was expected to increase gradually to 15% over the next two to three years.

“The health sector, including pharmaceuticals, is one of the 12 National Key Economic Areas. We believe the prospects and future for the pharmaceutical business is going to be good,” he said.

Pharmaniaga, the largest integrated local healthcare company holds a 10-year concession to purchase, store, supply and distribute pharmaceuticals and medical products to 3,750 government hospitals and clinics nationwide.

Pharmaniaga’s book value is worth some RM900 million a year.
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Dr M’s argument on 1Care is ‘warped’
by Stephanie Sta Maria, FMT, February 17, 2012

A health activist blames Mahathir’s healthcare reforms for the dismal state of the country’s healthcare system today.

PETALING JAYA: Former premier, Dr Mahathir Mohamad’s, defence of the proposed 1Care healthcare system as a means to counter the rising cost of healthcare has come as no surprise to the Citizens Healthcare Coalition (CHC).

Mahathir had said that the government could no longer support the country’s current healthcare costs alone and that the need for contribution towards healthcare could be valid.

But CHC representative, Dr T Jayabalan, said that Mahathir’s comments were to be expected as he was the “architect of healthcare reforms” in 1983.

“By 1994 the pharmaceutical services were privatised, but with the government being a stakeholder,” he said in a statement.

“With the privatisation came a 15-year monopoly for pharmaceutical supplies to the government health facilities by Pharmaniaga. It was a closed tender and this disallowed competition.”

An online news report had earlier noted that “1Care aims to place private medicine under government control, a step further than Dr Mahathir Mohamad’s sweeping health privatisation upheavals in the 1980s that delivered a hefty windfall to Umno’s partners, including Dr Mahathir’s son Mokhzani.”

Jayabalan stated that privatisation had caused the prices of generics to sky-rocket, subsequently denying the underprivileged and the less fortunate access to medicines.

He added that the privatisation process had also involved co-payment by the patient wherein the patient had to purchase essential drugs and devices that were expensive and not in the inventory.

“A study by researchers from Universiti Sains Malaysia (USM) in 2008 on pre and post privatisation prices of drugs showed a price increase of 10.42% from 1995-1996 compared to the pre-privatisation price,” Jayabalan quoted.

“There was also a massive price increase of 64.04% in the prices of drugs from 2001-2003. The study also indicated that drug prices don’t match the inflation rate or the Consumer Price Index (CPI).”

Poor can’t afford IJN

Jayabalan used the National Heart Institute (IJN) as an example, saying that its corporatisation made it the costliest specialists centres in the country where the poor wait for about two years for treatment while the rich are allowed to schedule overnight surgeries.

“This is what privatisation does and we can credit Mahathir for this dismal state of affairs,” he said.

“It is a warped argument to suggest that rising costs of pharmaceuticals has made healthcare unsustainable since the government only spent 2% of its annual gross domestic product (GDP) on healthcare over the last 13 years.”

Jayabalan called the privatisation of healthcare a “great disservice to the people” as up to 70% of Malaysians are dependent on public facilities.

“Healthcare is a public good and should not be made to fit into a market system,” he asserted.

1Care has sparked outrage from industry practitioners and consumer associations who claim that wage-earners would be forced to contribute 10% of their income to a government-run insurance scheme.

The new scheme however is said to provide limited benefits and force the public to fork out more money for basic healthcare.
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1Care Healthcare plan may become BN cash cow, warns MP
Malaysia Kini, Nov 21, 2011

An opposition MP has warned that the National Healthcare Financing Authority (NHFA) which is likely to collect premiums from Malaysians starting next year, will become another cash cow for the BN federal government.

NONEIn a statement issued today, Parit Buntar MP Mujahid Yusof Rawa (right) said it would become compulsory for all Malaysians earning a monthly income to pay premium to the NHFA, which is likely to start operations in the first half of 2012, in order to receive medical treatment in government hospitals as well as in private clinics.

“Despite paying the premium, we will have to fork out more money because the premium will only cover very basic treatment.

“The question is, what will happen to people who do not have an monthly income, or no longer have an income? Where will they get their medical treatment?” Mujahid asked.

Another crony-led GLC?

The lawmaker from PAS is worried that the NHFA may be turned into a government-linked company (GLC) and be led by a BN crony.

“If this is so, then we are likely to be doomed because the possibility of money being abused is great, judging from the way other GLCs are run.

“We have seen too many cases of the top management receiving salaries and perks that take up a huge percentage of the operations cost,” Mujahid said.

With millions of Malaysians paying premiums each month, he said, the NHFA would stand to get a windfall that will be at the BN government’s disposal.

“There is a possibility of this new GLC being their latest cash cow,” he added.

He called on the public to attend a public forum on ‘Reforming the Malaysian Healthcare System: Is there a need?’ at the YMCA on Jalan Macalister, Penang, from 1pm to 6pm on Nov 27.

According to Health Minister Liow Tiong Lai, the NHFA is a non-profit government organisation that will manage the national healthcare fund under the National 1Care Health Scheme (1Care), a government scheme to provide affordable medical treatment to all Malaysians.

Liow said the 1Care would provide protection to the people through a comprehensive social insurance scheme that would be packaged with clear and transparent benefits.

Comment by Teddy Gumbang — May 3, 2012 @ 3:14 PM
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Article source: http://hornbillunleashed.wordpress.com/2012/05/02/29963/

Priming, pricing KL property for future

malaysiabuilder.com — Fri, 18 May 2012 02:37:56 +0000

THE debate on the RM1mil price tag for foreign buyers is only relevant in the capital city of Kuala Lumpur and some of the more affluent Selangor neighbourhoods, parts of Penang and small parts of Iskandar. The rest of the country is pretty much stuck in the RM300,000 RM600,000 category.

The current unhappiness expressed by Malaysian house buyers however, are not those in the lower income bracket as there is an overhang of property in the lower price range. It has to do with the middle-income earners who would like to buy a house in a good location for less than RM1mil. The availability of prime residential land within KL is declining very rapidly and there has been an increase in conversion from residential to commercial. As KL becomes more commercially vibrant, this trend will continue. As a consequence, the price of land within the central part of KL is rising. Land owners are acutely aware of this and are profiting from the few available pieces of land in the city as developers bid for these scarce resources.

In the case of Johor, foreign property owners are mainly from Singapore. This is no surprise since the largest diaspora of Malaysians are Singaporeans. Given the proximity, close investments and business ties Malaysia has with Singapore, Singaporeans are the biggest real estate investors in Malaysia and vice versa.

On top of the rising cost of land, construction material and labour costs have been rising. Building material cost in KL increased by +50% since 2002. Developers try to sustain profit margins by raising prices of new launches and testing new grounds for affordability. Should demand be weak, new launches will be re-priced to ensure take-up. Very often, incomplete sales of high-end condominiums which are the less desirable to locals in terms of feng shui, etc are being marketed to foreigners. To raise the value of their projects, developers also add in features to make the development more eco-friendly.

More city housing

Greater KL is embarking on a path to increase its population from 6 million to 10 million by 2020. To ensure a smooth transition, Malaysia could learn from Singapore’s experience which increased its population from 4.0 million to 5.2 million in 2011 in just a decade. One of the solutions that Singapore sought was to provide high density mass housing that replicates American skyscraper development. Built at densities of 6000 or more persons per sq km, a growing number of new public housing stock is more than 12 storeys. Under directions of upgrading and density intensification, old low-rise blocks in mature public housing estates are being demolished to make way for new taller developments. The latter ranging from 25 to 50 storeys is developed at higher plot ratios.

Approximately 85% of Singapore’s 3.4 million resident population has moved to reside in public housing. While there are fears that high density housing reduces privacy in Singapore, this social loss is balanced with high levels of security that is easier to implement in dense cities, which has a higher-skilled workforce and an educated public that contributes actively to crime prevention. Also, point blocks release more land at ground level for gardens and Singapore has a zero car park policy.

What will the impact of a RM1mil limit on foreigners be?

n It could curb rising house prices that are targeted at foreigners but may not curb the demand from locals. In addition, there are unintended consequences on the business climate if foreign-investor sentiment is affected by random changes in policies.

n Whether it will push developers to sell prices below RM1mil will depend on the cost of their land purchase, the plot ratio, construction and labour costs.

n Those assets that are selling at slightly below RM1mil may rebrand themselves, above RM1mil to say that they are now targeting the foreign market.

Long-term solutions

Before implementing any drastic changes to curb foreign investment purchases, it is important to ascertain the contributory factors leading to price increases in KL. Malaysia can learn lessons from policy makers in other cities that have successfully grappled with rising city migrants within a short duration. For instance, Malaysia could consult the Singapore Housing Board and policy makers on how they have attempted to plan for the increase in expatriate population. With the proposed solutions, a public-private dialogue can be set up between developers, state housing agencies, Invest KL, Talent Corp, consumer bodies, both local and foreign, to look for long lasting solutions.

The dialogue should lead to a shared solution, which ensures future supply of mid-priced condominiums in the city. For instance, through a consultative approach, the government can give a higher plot ratio to help increase the margin of the developers and make it worth their while to target domestic buyers in the land-scarce city.

Striking a balance

At the same time, the Government can allow developers who have contributed to building mid-range products in the city to sustain their business operations by allowing the liberalisation of foreign ownership in the city ie have no Bumiputra content and no limitation on the sale of units to foreigners. Developers could then target entire projects in the city for foreign direct investment (FDI) and not exclude locals from paying the premium price for the asset. In other words, a 2-part structure like Singapore and Hong Kong.

To continue to attract FDI, which is critical for job-creation within KL, Malaysia can adopt the Dubai model, a very simple but effective model. Anyone can open an office in Dubai or buy a Dubai asset. Within a set boundary, work permits are given on demand and business registrations are on a one-day basis. You have to have your office in a designated area but you can live anywhere in Dubai.

What if we designated the Federal Territory of KL as a liberal international property investment zone. We can carve out parts that cannot be touched for FDI like Kampung Bahru. The opening of an Investment Zone could be similar to KLIFD, which is still a decade away from fruition. It should be for the whole of KL City Centre say a 10 km radius from KLCC as most of KL is in private sector hands.

It will certainly give a boost to our Invest KL and Talent Corp as Malaysia is walking the talk and is inclusive of everybody in the city of KL. It fits in with the 1Malaysia plan, liberalising KL to form an Asean Financial Centre.

More developed nations and some of the middle-income countries have been able to balance between development and using FDI to make better options for their people.

There are several possible ways of making housing more affordable. However, it is important to examine the consequences of taking such action. For instance, a house price control in the city may stop developers from building within the city. Other alternatives to explore could include, a housing trust that can be set up to acquire a land parcel through purchase, foreclosure, or donation. The trust arranges for a housing unit to be built on the parcel, then sells the building but retains ownership of the land beneath. The new homeowner leases the land for a nominal sum, generally for 99 years or until the house is resold.

This model keeps housing affordable for future buyers by controlling the resale price of houses on Community Land Trust (CLT) through a ground lease and resale formula. The CLT keeps the property affordable in perpetuity by restricting the profit buyers are able to take when they sell the house.

Liberal city policies

Up to March this year, Malaysian pension funds have spent US$2.4bil purchasing London property assets. That’s RM7.3bil. Was there are any concern from the British press? Or the government? Actually they welcomed sovereign wealth funds coming into the country as they are seen to be passive investors. Why have western sovereign funds not bought passive assets in Malaysia? What has London got that we don’t have. The answer stares at us in our face. It’s a total lack of government control on who buys what in London. They understand that you can’t take the buildings away. So they can happily enjoy the taxes they get from the funds.

Canary Wharf which is London’s newest financial district has 100 countries fighting to have a share of it everyday. The UK government does not interfere in property transactions. Only collects the taxes and fees that comes with it. London has seen waves of investment from the 70s with the Japanese, Korean, Arab, Russian and now the Asian wave. The city is open to all investors and builders. It is now an international city.

The people of London have seen their salaries and fortunes grow as they participate and learn from the legions of investors that have occupied London over the past few decades. There is recession in UK but not in London.

We need to make Kuala Lumpur the city of choice to live, work and grow for Asean investors.

Kumar Tharmalingam is the CEO of MPI. MPI is a public-private initiative set up by the EPU to promote and facilitate foreign investment in Malaysian real estate. MPI raises Malaysia’s profile in the international investment radar through constantly updating foreign investors on Malaysia and real estate information.

Article source: http://biz.thestar.com.my/news/story.asp?file=/2012/5/5/business/11219979&sec=business

4. Priming, pricing KL property for future

malaysiabuilder.com — Fri, 18 May 2012 02:37:50 +0000

More city housing

What will the impact of a RM1mil limit on foreigners be?

n Whether it will push developers to sell prices below RM1mil will depend on the cost of their land purchase, the plot ratio, construction and labour costs.

n Those assets that are selling at slightly below RM1mil may rebrand themselves, above RM1mil to say that they are now targeting the foreign market.

Long-term solutions

Striking a balance

More developed nations and some of the middle-income countries have been able to balance between development and using FDI to make better options for their people.

Liberal city policies

We need to make Kuala Lumpur the city of choice to live, work and grow for Asean investors.

Article source: http://thestar.com.my.feedsportal.com/c/33048/f/534600/s/1f055250/l/0Lbiz0Bthestar0N0Bmy0Cnews0Cstory0Basp0Dfile0F0C20A120C50C50Cbusiness0C112199790Gsec0Fbusiness/story01.htm

Lynas Rare Earths Malaysia Plant Scores New Safety Approval Badge

malaysiabuilder.com — Fri, 18 May 2012 02:37:47 +0000

(IBTimes) – Lynas Corp had scored a stamp of safety approval
from no less than the Malaysian Parliamentary Committee, which
continuous the Australian miner’s winning streak to get its
controversial rare earths processing plant operational in
Malaysia.

The Parliamentary Select Committee (PSC) on Thursday conducted
a five-hour visit to the Lynas Advanced Materials Plant (LAMP)
facility in Gebeng to inspect the overall construction of the
rare earths processing plant as well as personally see the
possible ill effects of any potential radiation to the nearby
communities.

All in all, the committee led by Datuk Seri Mohamed Khaled
Nordin, who is also the country’s Higher Education Minister,
found the LAMP facility safe.

“Several experts have also confirmed that this plant is safe
and has state-of-the-art facilities, hence helping Malaysia move
into the 21
^st

century and gain knowledge in advanced technology, research and
development, and human capital development,” Mohamed Khaled
said.

Datuk Mashal Ahmad, managing director of Lynas Malaysia Sdn
Bhd, led and briefed the group on the plant’s overall operations.
The Lynas Malaysia Sdn Bhd executive explained to the group the
facility is only a chemical-based plant, similar to many others
located in Malaysia.

“Rumours have been spreading that the plant was like a nuclear
reactor. Due to the accusations of certain parties, the standards
used to regulate the plant now are based on that of a nuclear
reactor,” he said.

The group likewise was able to observe that the plant’s
location is far away enough from residential areas and even 6
kilometers away from the coastline.

During the visit, the PSC noted the willingness of Lynas
Malaysia Sdn Bhd to answer all questions hurtled against the
plant, its highly contested residues and radiation scare to the
environment.

“Lynas is a company that can be trusted as they willingly gave
us all the facts and explanation that we wanted,” Mohamed Khaled
said.

“Moreover, Lynas said its plant is open to public scrutiny all
the time. However, those who wish to visit the plant should not
impose conditions on Lynas,” he added.

Malaysian Prime Minister Datuk Seri Najib Razak in March
ordered the creation of the PSC to help raise awareness
concerning the LAMP project and on Lynas Corp., its’ supposed
radiation effects as well as contributions to the country’s
economic growth.

Lynas Corp. welcomed the PSC as it believed it does have any
power to decide on approvals and plant operations.

Meant to challenge China’s dominance in the rare earths
sector, the LAMP is already 98 per cent done under phase one
construction and is expected to supply about 11,000 tonnes in its
first year, eventually rising to 22,000 tonnes. Its operation has
been delayed by eight months.

Lynas Injunction Case Set to be Heard in
Malaysian Court in June

Original Source:

http://www.ibtimes.com/articles/339785/20120510/australia-lynas-rare-earths-malaysia.htm

For more information, go to

www.ibtimes.com

Article source: http://community.nasdaq.com/News/2012-05/lynas-rare-earths-malaysia-plant-scores-another-safety-approval-badge.aspx?storyid=140469

10. WCT's RM1bil target

malaysiabuilder.com — Fri, 18 May 2012 02:37:45 +0000

It is confident of winning jobs worth that in the nine months to December

KLANG: WCT Bhd is optimistic about getting RM1bil worth of new contracts in the nine months ending Dec 31, 2012.

The property developer, engineering and construction group is presently bidding for some RM5bil worth of new contracts, with 40% of the tenders submitted being overseas jobs and the remainder in Malaysia.

“Our past record indicates our success rate at about 20%. That is why we hope to get the RM1bil.

“But you never know, records can be broken also,” said WCT chairman Datuk Ahmad Sufian after the group’s 31st AGM.

Ahmad said the tenders submitted for overseas projects were in the Middle East.

He pointed out that in the first quarter ended March 31, the group had acquired RM630mil of new contracts, consisting of a headquarters project for the International Trade and Industry Ministry in Kuala Lumpur and a medical centre in Kota Kinabalu, Sabah.

WCT has an outstanding construction order book of RM3.3bil, with half of the amount comprising projects in Malaysia and the balance in the Gulf Cooperation Council (GCC) region. “This will last us for the next two to three years,” said Ahmad.

WCT deputy managing director Goh Chin Liong said the group was also on the lookout for highway concession opportunities in Malaysia. WCT has two toll highway concessions in West Bengal, India.

Goh said the group was looking into potential business opportunities regarding infrastructure projects in Myanmar and Indonesia.

“We have a team working on this. It is still at the initial exploratory stage,” he said.

Meanwhile, WCT is also expanding its hotel and commercial property division.

WCT corporate affairs manager Wong Yik Kae said the group’s Paradigm Mall in Kelana Jaya, which will be launched on May 23, is expected to contribute about RM10mil to RM15mil per annum to the WCT’s earnings.

“This hotel (the 250-room 4-star business class Premire Hotel in Klang) should contribute about RM2.5mil to RM3mil per annum to the group’s earnings,” said Wong.

Another Premire Hotel is in the pipeline, to be located next to Paradigm Mall.

Goh said WCT was still looking to acquire land in Johor, Kota Kinabalu, Penang, and the Klang Valley.

“The strategy for the group is clear. As and when we acquire new commercial land, you would most probably see us having another mall or even a new hotel.”

He said WCT’s remaining undeveloped landbank is about 1,000 acres.

“We are aiming to cultivate new growth for the company from the property development and investment and management division”, said Ahmad.

WCT expects to see a higher contribution from these two divisions over the next three to four years.

Non-construction activities are expected to contribute more than half of WCT’s operating profit by 2016, from roughly 36% currently, according to Ahmad.

“It is a significant change, from being a traditional B2B (business-to-business) group into a B2C (business to consumer) enterprise in new consumer-driven sectors,” he said.

Article source: http://thestar.com.my.feedsportal.com/c/33048/f/534600/s/1f6db1ee/l/0Lbiz0Bthestar0N0Bmy0Cnews0Cstory0Basp0Dfile0F0C20A120C50C170Cbusiness0C1130A59450Gsec0Fbusiness/story01.htm

WCT’s RM1bil target

malaysiabuilder.com — Fri, 18 May 2012 02:37:42 +0000