News in brief

News in brief

KUALA LUMPUR: IJM Corp Bhd said its wholly-owned subsidiary IJM Overseas Ventures Sdn Bhd has disposed of its remaining 65.06 million shares in Guangdong Provincial Expressway Development Co Ltd for RM189mil.

# KUALA LUMPUR: Salcon Bhd has won a contract, worth about RM41mil, to produce and sell non-potable water in bulk to Nanfang District in Shandong province in China. – Bernama

# PUCHONG: Konsortium Logistik Bhd is focusing on addressing its balance sheet to maximise returns to shareholders.

Executive vice-president Loo Hooi Keat said the company repaid most of its borrowings and was looking at opportunities to expand its business in supply chain management.

“We hope to give a 20% return to shareholders' fund over the next two years,” he said at the company AGM yesterday.

# SINGAPORE: Tune Hotels.com told a media briefing it has set up a US$50mil joint venture with the Dubai government and a Singapore business tycoon to open 30 budget hotels in South-East Asia over the next 24 months.

Tune Hotels.com will hold a 20% stake in the venture while Istithmar PSJC, the investment arm of state-owned Dubai World, will take 40%.

The remaining 40% will be held by City e-Solutions, a hospitality business that is majority-owned by City Developments, which is part of Singapore tycoon Kwek Leng Beng's Hong Leong Group. – AFP

# SHAH ALAM: Padiberas Nasional Bhd (Bernas) plans to invest close to RM170mil over the next few years to upgrade its storage and production-related facilities to boost production capacity and operational efficiency, managing director Bakry Hamzah said.

Bernas would spend about RM100mil to buy more drying machines and other related equipment and RM50mil to RM70mil to expand its storage capacity – Bernama

# KUALA LUMPUR: Dolomite Corp Bhd is looking at opportunities in the utilities, water and power generation sectors for its overseas expansion, said managing director Lew Choong Keong.

The company, which is involved in construction, property development and quarry operations, was eyeing Vietnam and further expansion into China, he said after its AGM.