DBS Asset Gets KL Islamic Fund Licence

DBS Asset Management is one of three financial institutions granted licences to set up Islamic fund management operations in Malaysia, according to report by Business Times. The other two granted the licences by Malaysia’s Securities Commission (SC) are Kuwait Finance House and CIMB-Principal Islamic Asset Management.

SC’s chairman, Zarinah Anwar, said, “The approval of these three companies will play a catalytic role in the internationalisation of our Islamic capital market.”

DBS Asset Management is a wholly-owned unit of DBS Bank and has an interest in the Islamic Bank of Asia. Its CEO Deborah Ho said, “ We are pleased to leverage on our existing partnership with Hwang DBS (Malaysia) to set up a dedicated Islamic fund management company. The new entity will structure and distribute Islamic asset management products across Asia via synergies with DBS and DBS’ Islamic Bank of Asia.

Sembcorp In China Water Assets Deal

Sembcorp Industries (Sembcorp) is entering a joint venture to acquire three water works facilities in Shenyang in northern China. The equity joint venture (EJV) agreement is between Sembcorp’s wholly owned subsidiary Sembcorp Utilities, and the Shenyang Economic & Technological Development Zone Development Company (SEDZDC).

The EJV will acquire, expand, own and operate three water works facilities as well as a water intake system and distribution network within the Shenyang Economic & Technological Development Zone (SEDZ) in Liaoning province. Sembcorp will hold an 80% stake in the EJV, which will have a total investment of about Rmb330m. The remaining 20% stake will be held by SEDZDC.

Under the agreement, the newly formed EJV has also been granted exclusive concession rights to supply water to the current developed area in the SEDZ spanning roughly 90 sq km, as well as future expansions to the SEDZ. The concession rights are for a period of 30 years, with the option to renew for a further 20 years.

Ezra Set For Record Year As Q3 Earnings Jump 77%

Boosted by the buoyant oil and gas markets, Ezra Holdings reported sharply higher 3Q earnings and said it was on its way to another year of record profits. A major integrated offshore support and marine services provider in the offshore oil and gas industry, the company saw net profit rise 77% to US$17.4m in its 3Q08 ended May 31. The group’s 9-month FY08 net profit has already surpassed the US$68.2m it achieved for the whole of FY07.

Contributions over the 9-month period from 13 vessels and higher daily charter rates upon renewals lifted revenue, the group said. It said contributions from an accommodation barge and a pipe-laying barge owned by Ezra’s production and construction arm EOC Ltd also helped lift earnings. Ezra’s offshore support services division was also kept busy managing 32 vessels. The group’s marine services division gained from increased procurement and equipment supply and enginneering activities in Vietnam.

With a committed capex of US$650m for the construction of 5 large Multi Functional Supply Vessel underway, Ezra said it expects to further enhance its position as a key global player in the deep and ultra deep water offshore support service sector.

Comfortdelgro Unit To Acquire Custom Coaches

ComfortDelGro Corporation’s Australian subsidiary, ComfortDelGro Cab-charge (CDC), has entered into a MOU for the acquisition of bus builder Custom Coaches, which will give CDC a 35% share of the Australian bus building market.

The proposed acquisition will act as a base for the group when it opens its new manufacturing plant at Rutherford, Hunter Valley in early 2009. About 44% of the group’s turnover currently stems from its overseas operations. However, the group has stated earlier this year that it is targeting 70% of total turnover to stem from overseas operations within 5-7 years.