JBCool Quick Hits: 15 April 2012
Johor Sultan Hopes Mersing Laguna Will Help Mersing Draw Tourists
Sultan Ibrahim of Johor has expressed the hope that the RM22-billion Mersing Laguna project will turn Mersing into a world famous tourist destination. Sultan Ibrahim said despite having many precious natural resources and beautiful islands, Mersing, which was founded in 1892, had yet to experience rapid development as compared to other towns in Johor. Via Bernama
Pengerang set to be Asia’s Rotterdam Port
The Independent Deepwater Petroleum Terminal and Petronas’ Refinery and Petrochemical Integrated Development (RAPID) have the potential to turn Pengerang, Johor, into Asia’s very own Rotterdam Port. Dialog Group Bhd executive chairman Ngau Boon Keat said Pengerang with all its natural attributes such as sheltered harbour and water depth of 24 meters can emulate Rotterdam Port as an oil and petrochemical hub. Via Malaysia Chronicle
JCorp to raise RM3bil
Johor state investment corporation Johor Corp (JCorp) has said it would raise RM3bil from the debt market via a government-guaranteed “sukuk wakalah” Islamic capital market instrument. The proceeds of the sukuk issuance would be mainly used to settle JCorp’s debts of RM3.2bil due for repayment in July. When asked why the Federal Government guaranteed debt papers that would be used mainly to repay JCorp’s older debts, its president and chief executive Kamaruzzaman Abu Kassim said the application to the Federal Government had been approved and that “we have received it from the Finance Ministry with certain conditions of which JCorp has been compliant with some of the conditions”. Via TheStar.
UEM Land unit to buy land in Johor for RM93.2m
UEM Land Holdings Bhd’s wholly-owned subsidiary, Nusajaya Premier Sdn Bhd (NPSB) has proposed to acquire 49.49ha of freehold land in Johor Bahru from Tanjung Bidara Ventures Sdn Bhd for RM93.2 million cash. In a filing to Bursa Malaysia today, UEM Land said the proposed acquisition was conditional upon approvals being obtained from the Economic Planning Unit, Johor State Authority, Estate Land Board and any other relevant authorities. “The land is adjacent to Kota Iskandar and the company’s existing prime development in Nusajaya, Puteri Harbour,” UEM Land said. On rationale, it said the proposed acquisition would allow the group to realise its original development vision for Puteri Harbour, where high density urban waterfront precincts at the heart of public and private marinas are balanced with landed and high-rise residential precincts on both sides. Via TheSunDaily.