Gerresheimer to Sell Life Science Research Business

In line with its strategy of focusing on packaging and device solutions for pharmaceutical customers, Gerresheimer today announced that it is to sell its Life Science Research business to Duran group, a portfolio company of One Equity Partners. "We are a leading global provider of pharmaceutical packaging and medical devices. Producing laboratory glassware is not a core business for us and synergies are very limited. Together with our joint venture partner Chase Scientific Glass, Inc., we have decided to sell the business," said Uwe Rohrhoff, CEO of Gerresheimer AG.

Kimble Chase Life Science and Research Products LLC is based in Rockwood, Tennessee, USA. It is a leading producer of laboratory and scientific glassware. The product portfolio includes reusable laboratory glassware for research, development and analytics, such as beakers, Erlenmeyer flasks and measuring cylinders as well as disposable laboratory products such as culture tubes, pipettes, chromatography vials and other specialty laboratory glassware. Kimble Chase has approximately 760 employees worldwide. It has manufacturing facilities in Rockwood, Tennessee, USA, Rochester, New York, USA, Queretaro, Mexico, Meiningen, Germany, and Beijing, China. Kimble Chase's annual revenues in financial year 2015 amounted to EUR 100.7m with the majority of sales in North America. Kimble Chase was established in 2007 as a joint venture of Gerresheimer (51%) and Chase Scientific Glass, Inc. (49%) contributing their respective laboratory glassware businesses.

Revenues of the Life Science Research division, Kimble Chase, declined by 2.6% in the first six months of 2016 to EUR 47.8m. At EUR 6.5m, adjusted EBITDA for the first half of 2016 was slightly down compared to the prior-year period.

The total enterprise value for the transaction is USD 131m. The transaction will be an all-cash acquisition. Its closing is subject to regulatory approvals.

Outlook

Assuming the transaction is not closed before end of the financial year (the end of November 2016), Gerresheimer's expectations for financial year 2016 remain unchanged. The reported figures in the financial indication are to be adjusted as of the closing date to reflect the disposal of the Life Science Research division as of that date.



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Malaysia's IPI up 4.1% in July

The Industrial Production Index (IPI) in July grew moderately by 4.1% year-on-year in July, with expansion recorded n the manufacturing, mining and electricity sectors, the statistics department said.

It noted that the manufacturing index rose 3.3%, the mining index expanded 6.1% and the electricity index rose 7.1%.

The department said the IPI in June 2016 remained unchanged at 5.3% year-on-year.

In seasonally adjusted terms, the IPI in July 2016 decreased 0.7% month-on-month due to the decline in manufacturing (1.7%), mining (0.9%) and electricity (0.1%), it said in a statement on Friday.

The department said the manufacturing sector output registered a modest growth of 3.3% in July after an increase of 4.7% the month before.

The major sub-sectors which recorded expansions in July were petroleum, chemical, rubber and plastic products (3.5%); electrical and electronics products (4.1%); and non-metallic mineral products, basic metal and fabricated metal products (4.1%).

The mining sector output recorded a growth of 6.1% in July after a 6.3% increase in June 2016, driven by higher growth in crude oil index by 13.9%.

The natural gas index, however, declined 2.7%.

The electricity sector output increased further by 7.1% in July after registering a 8.7% expansion in June 2016.

The IPI for the January-July period expanded 3.6% versus a year ago, contributed by the increase in all indices: manufacturing (4.0%), mining (1.5%) and electricity (8.6%). - Bernama



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Khazanah sells 82m Tenaga shares for RM1.17b

Khazanah Nasional Bhd disposed of 82 million shares of Tenaga Nasional Bhd for a total of RM1.17bil, stock market data showed on Friday.

The block of shares were divested by the sovereign wealth fund at RM14.30 each, down 26 sen from Thursday's closing price of RM14.56.

The shares represented 1.5% of the power giant's paid-up capital. No details of the buyer were made available.

Expectations of the lower divestment price tag for Tenaga had weighed on its share price on Friday and dragged the FBM KLCI into the red throughout the whole day.

At 3.56pm, Tenaga's share price was down 12 sen to RM14.44. There were 4.63 million shares done at prices ranging from RM14.30 to RM14.50.

The FBM KLCI fell 5.23 points or 0.31% to 1,686.15. Turnover was 1.06 billion shares valued at RM939.18mil. There were 300 gainers, 428 losers and 361 counters unchanged.

Reuters reported Khazanah is the largest shareholder in Tenaga with a 29.7% stake.

Last January, Khazanah sold 112 million shares in Tenaga Nasional.



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Faidzan Hassan resigns from XOX

XOX said on Friday that Faidzan cited other work and personal matters that required his attention.

“The board has accepted his resignation,” said XOX, which provides high speed mobile Internet plans.


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Petron aims to sign up 1 million Petron Miles cardholders annually

Petron Malaysia Refining and Marketing Bhd aims to sign up 1 million Petron Miles cardholders annually, driven by the strong demand especially during the promotional period.

Its head of retail business, Faridah Ali, said as at Dec 31 last year, the downstream oil market provider had signed up almost two million members.

“Normally, when we introduce the promotion, the number of people who wanted to become Petron Miles cardholders will increase,” she told reporters after the company’s ‘Supermarket Sweep 2016’ challenge in Petaling Jaya on Friday.

The event, now in its second year, has increased the value of the prizes to RM140,000 worth of grocery items from its initial run of RM50,000.

It now also has more families participating and in additional locations, namely Johor Baru, Prai and Kota Kinabalu, besides Kuala Lumpur.

She said during the “Supermarket Sweep 2016” challenge promotional period from June 15 to Aug 14, 2016, Petron managed to register close to one million members.

The members earned automatic entry for each RM50 spent on fuel at participating Petron service stations, she said.

“We are pleased with the tremendous response to this event and wanted more families to win,” she said, adding that Petron planned to make it an annual event, based on customer feedback and demand.

Faridah said Petron had opened 10 new petrol stations, with another 10 still under construction.

Meanwhile, at Friday’s event, Petron rewarded five grand and five consolation prizes to the families.

The grand prize winners will take back RM5,000 worth of groceries and consolation prize winners RM3,000 at the Tesco supermarket. 



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Biggest weekly US crude oil inventory drop since 1999 - EIA

US crude stocks slumped more than 14 million barrels last week in the biggest weekly drawdown since 1999 as imports to the Gulf Coast hit a record low, which analysts attributed to Tropical Storm Hermine.

Crude inventories fell 14.5 million barrels for the week ended Sept 2, compared with expectations for an increase of 225,000 barrels, the US Energy Information Administration said on Thursday.

It was the largest one-week draw since January 1999, particularly after a big decline in imports into the Gulf of Mexico and the US East Coast.

“I have not heard any logical explanation as to why we got a draw like this,” said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.


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Khazanah plans to sell stake in Tenaga - sources

Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional Bhd, two sources familiar with the matter told Reuters on Thursday.

Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5% of the total shares outstanding, which could raise up to US$294mil (RM1.19bil), according to a termsheet seen by IFR, a Thomson Reuters publication.

The fund is looking to sell the stake at RM14.30-RM14.56 per share, according to the termsheet.

Tenaga’s shares closed at RM14.56 on Bursa Malaysia  Khazanah is the largest shareholder in Tenaga with a 29.7% stake.

Khazanah and Tenaga were not immediately available for comment.

The two sources did not want to be identified because the matter is not yet public.

One source said the sale is part of Khazanah’s divestment strategy.

Earlier this year, Khazanah sold 1.58% in hospital operator IHH Healthcare Bhd, raising RM829mil.

Last January, Khazanah sold 112 million shares in Tenaga Nasional.


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Bursa queries NWP on sharp fall in price, high volume

Bursa Malaysia Securities Bhd has queried NWP Holdings Bhd over the sharp fall in price and high volume traded recently.

The regulator had on Friday directed the timber products company to enquire with the directors, major shareholders on whether there were any reasons for the unusual market activity.

Bursa Securities also queried NWP whether there was any corporate development relating to its group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

It also queried NWP whether there is any rumour or report concerning the business and affairs of the group that may account for the trading activity.

Its share price had fallen from 38.5 sen on Wednesday to a low of 27.5 sen early Friday.  At 9.48am, it was unchanged at 30 sen.

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Aviation job will be game changer for Pecca Group

Pecca Group Bhd’s entry into the aviation industry will be a potential game changer for the company, said Maybank Investment Bank (IB) Research.

The research house reiterated its Buy call on the car leather upholstery maker on Friday, with a higher target price of RM2.18.

“Pecca’s entry into the aviation industry, where barriers to entry are high, is a testament of its capabilities,” it said.

It said the group’s securing of the aircraft part refurbishment license from the Department of Civil Aviation (DCA) in March 2016, followed by the leather upholstery scope secured by Pecca’s 60%-owned Pecca Leather Aviation Services (PAviation) will enhance its ability and opportunities in AirAsia’s aircraft part localisation initiative for its existing and new aircrafts.




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HLIB Research: Robust growth prospects for Green Packet

Hong Leong Investment Bank (HLIB) Research sees robust growth prospects for Green Packet Bhd with its four new synergistic business pillars.

It also noted that Webe Digital Sdn Bhd (webe) has ceased to be an associate and Green Packet will no longer be required to equity account the share of net loss.

Green Packet’s stake in webe has been reduced to 13.3% on a fully diluted basis after few rounds of capital injections,

“With the closure of this chapter, Green Packet is still supported by two existing profitable businesses while embarking on two new synergistic businesses to widen and strengthen its connectivity solution offerings.

“With the new synergistic four pillar business structure, there is an exciting journey ahead of Green Packet which may be worth for a second chance,” it said in a note on Friday.

Excluding webe, Green Packet’s existing businesses are profitable, it added.

The four pillars are Hardware/Solution, Communications, Internet of Things, and the E-services Platform.

The report was non-rated and had a target price of RM0.34.

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