Praveen's Feed
Feb 27, 2015

Malaysia’s 1MDB faces fresh debt payment test

HONG KONG/KUALA LUMPUR, Feb 27 (Reuters) – Malaysia’s
debt-laden state fund 1MDB faces a fresh test of market
confidence in coming weeks when a bond coupon payment falls due.
Failure to pay could trigger a sovereign downgrade.

1Malaysia Development Bhd (1MDB), a property-to-energy fund
whose advisory board is chaired by Prime Minister Najib Razak,
has built debt of nearly 42 billion ringgit ($11.73 billion) to
build a portfolio of power plants.

Feb 25, 2015

Malaysia’s AirAsia X to cut costs, may defer plane deliveries -Acting CEO

KUALA LUMPUR, Feb 25 (Reuters) – Malaysia’s AirAsia X Bhd
will cut flights on unprofitable routes, reorganise
staff and defer some aircraft deliveries to turn around the
loss-making long-haul budget carrier, the airline’s acting chief
executive said on Wednesday.

“Capacity reduction and cost-cutting within the organisation
would be two strategies this year,” Benyamin Ismail, the acting
Chief Executive Officer of AirAsia X said in a telephone
interview. Squeezed by intense competition in Southeast Asia’s
crowded aviation business, the airline has lost money for the
last five quarters.

Feb 25, 2015

Malaysia’s AirAsia X to cut more costs, defer plane orders: acting CEO

KUALA LUMPUR (Reuters) – Malaysia’s AirAsia X Bhd (AIRX.KL: Quote, Profile, Research, Stock Buzz) will cut flights on unprofitable routes, reorganize staff and defer some aircraft deliveries to turn around the loss-making long-haul budget carrier, the airline’s acting chief executive said on Wednesday.

“Capacity reduction and cost-cutting within the organization would be two strategies this year,” Benyamin Ismail, the acting Chief Executive Officer of AirAsia X said in a telephone interview. Squeezed by intense competition in Southeast Asia’s crowded aviation business, the airline has lost money for the last five quarters.

Feb 18, 2015

Malaysia’s 1MDB considers asset sales, other steps in bid to cut debt

KUALA LUMPUR, Feb 18 (Reuters) – Malaysian state fund 1MDB
said it would explore asset sales as well as the sale of
development rights in prime property projects as it seeks to cut
down on debt – a burden that has put pressure on the ringgit and
the country’s sovereign credit rating.

Announcing the completion of a strategic review that began
last month, the fund also said it will seek the best available
sources for the refinancing of maturing debt.

Feb 12, 2015

Malaysian billionaire set to pay 1MDB loan ahead of deadline -sources

KUALA LUMPUR, Feb 12 (Reuters) – Malaysian billionaire
Ananda Krishnan is preparing to settle a $550 million loan owed
by troubled state fund 1MDB, four sources familiar with the
matter said – a last-minute reprieve for the fund whose debt
woes are pressuring the ringgit and the country’s sovereign
credit rating.

The development fund, which owns a large portfolio of power
plants, has missed payments on the bridge loan that was due
end-December and its lenders were keen to see it paid before
they had to write it down in first-quarter earnings, bankers
said.

Feb 9, 2015

Malaysia’s Anwar faces final judgement in sodomy case

KUALA LUMPUR (Reuters) – Malaysia’s highest court will deliver a decision on Tuesday on an appeal against a sodomy conviction by opposition leader Anwar Ibrahim, with a ruling against him likely meaning a five-year prison term that would stymie his political ambitions.

Anwar was the ruling party’s rising star in the mid-1990s before he fell out with then Prime Minister Mahathir Mohamad.

Feb 7, 2015

Malaysia’s 1MDB calls off $2.4 bln sukuk for power project-sources

KUALA LUMPUR, Feb 6 (Reuters) – Troubled state-owned
investment fund 1Malaysia Development Bhd (1MDB) has called off
plans to sell up to 8.4 billion ringgit ($2.4 billion) of
Islamic bonds, two people familiar with the issue told Reuters
on Saturday.

The Islamic bond or sukuk had been earmarked to raise funds
for the construction of a $3.6 billion green field 2,000
Megawatt coal-fired power plant, known as 3B, in the state of
Negeri Sembilan.

Jan 30, 2015

Malaysia’s 1MDB may look at property sales to cut debt burden -sources

KUALA LUMPUR, Jan 30 (Reuters) – 1Malaysia Development Bhd
(1MDB), a state firm, may look at selling some property assets
as part of its new CEO’s plan to overhaul the company and slash
its huge debt load, people familiar with the matter said.

Dogged by much controversy, 1MDB has racked up debt of 41.9
billion ringgit ($11.6 billion) in a major spending spree to
build up a portfolio of power plants, which it hopes to list
this year in a $3 billion offering.

Jan 15, 2015

Malaysian tycoon Ananda Krishnan may take stake in 1MDB IPO-sources

KUALA LUMPUR, Jan 15 (Reuters) – Malaysia’s second-richest
man, Ananda Krishnan, is in talks with state firm 1MDB
to become a cornerstone investor in a long-delayed $3
billion listing of its power assets, two people familiar with
the matter said on Thursday.

The 76-year-old billionaire is considering taking at least a
5 percent stake in 1MDB’s energy business, one of the people
said. The sources couldn’t give a value for the potential
investment as talks are continuing.

Jan 15, 2015

Exclusive: Malaysia tycoon Ananda Krishnan in talks to take key stake in 1MDB $3 billion IPO – sources

KUALA LUMPUR (Reuters) – Malaysia’s second-richest man, Ananda Krishnan, is in talks with state firm 1MDB [TERRN.UL] to become a cornerstone investor in a long-delayed, $3 billion listing of its power assets, two people familiar with the matter said on Thursday.

The reclusive billionaire, who owns holdings in many of Malaysia’s biggest listed firms, is considering taking at least a 5 percent stake in 1MDB’s energy business, one of the people said. The people didn’t disclose how much Krishnan’s stake would be worth since talks on the matter are continuing.