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business
Actis Biologics to
raise US$300m
for Biocity project
NEW DELHI: Mumbai-based biotechnology firm,
Actis Biologics Pvt Ltd, is racing against time to raise
US$300 million (RM1.05 billion) to kick-start its ambi-
tious Malacca Biocity project by year-end.
Its president P.N. Venugopalan told Bernama the
company is holding talks with a Zurich-based fund
and a Middle East firm to secure syariah-compliant
financing for the project.
“We are looking at US$250 to US$300 million over
the next three years. We are in discussions with nine
investors who are keen and hope to finalise the deal
before year-end,” he said.
Actis Biologics has set up a Malaysian entity, Actis
Biologics Malaysia Sdn Bhd, to manage the project
with the state government offering 108ha.
The firm is a joint-venture between the US-based
Actis Biologics Inc, Actis Biologics Pvt Ltd and Malay-
sian investors.
The project, based in Ayer Keroh, is expected to
turn Malaysia into a regional biotechnology hub.
Actis Biologics is trying to attract at least 20 com-
panies over the next five years and targets to shift
several research and development-based biotech
companies from the US to Malaysia.
The company has a subsidiary in California.
Venugopalan said infrastructure in Malaysia was
good. “The power and water supply and the roads
are good. There are also direct flights from the US
to Malaysia, which make travel easier and to attract
senior talents from the US,” he said. – Bernama
ExxonMobil signs Malaysian
production deal: Petronas
KUALA LUMPUR: Petronas yesterday said it had
signed a deal with ExxonMobil worth at least US$2.1
billion (RM7.35 billion) to produce oil from seven oil
fields located off Peninsular Malaysia.
"The key objective of the PSC (production sharing
contract) is to meet Petronas' and its partners' aspira-
tion to extract more oil from matured oil fields ...," it
said in a statement.
Petronas said under the terms of the contract,
ExxonMobil and its wholly-owned subsidiary Petronas
Carigali will spend a minimum of US$2.1 billion, includ-
ing to enhance oil recovery project activities in the
oil fields. The seven fields are Seligi, Guntong, Tapis,
Semangkok, Irong Barat, Tebu and Palas. – AFP
M’sians upbeat about
trade prospects with China
BEIJING: Malaysian businessmen
are upbeat about increased business
prospects with China in the not too
distant future.
And they have come in droves in
support of Datuk Seri Najib Abdul
Razak’s first official visit to China as
prime minister.
More than 200 Malaysian busi-
nessmen are expected to attend a
Malaysia-China Business Forum at
the China World Hotel in downtown
Beijing today.
They have come prepared with
a lot of brochures and special
It is home to newspaper supplements on Najib’s
official visit and write-ups on their
the world’s companies.
largest foreign More than a dozen memorandums
reserves of understanding are expected to be
and is an signed today between Malaysian and
Chinese businessmen.
increasingly
Bilateral trade between Malaysia
important and China reached US$39.06 billion
and influential (RM135 billion ) last year, an increase
player on the of 10.3% from 2007.
world stage.”
– Datuk Seri Najib
Abdul Razak
Zain being
interviewed
by reporters
after officiating
the seminar
on business
BERNAMAPIX
opportunities in
Malaysia at KLCC
yesterday.
Reliance Pacific to
maintain 37% growth
KUALA LUMPUR: Reliance
Pacific Bhd hopes to maintain a
sales growth of 37% for financial
year ending March 31, 2010.
Its managing director (travel
division) Tan Sin Chong said the
group recorded a 37% sales
growth to RM500 million for its
travel division as at March 31
this year.
He said the growth was likely
to be driven by business derived
online and the company would
enhance its online distribution
network.
“As of last financial year, the
online business accounted for
20% of total travel division’s
sales and will likely contribute
30% to the division for the cur-
rent financial year,” he told a
media briefing after signing the
agreement to renew the fran-
chise with four of its franchisees
yesterday.
Besides travel, the group is
also involved in hotel manage-
ment and resort development.
On whether fears of H1N1
had affected the tourism indus-
try, Tan said the impact was not
theSun | THURSDAY JUNE 4 2009
China’s emergence as an eco- our prime minister who has come
nomic powerhouse has been ac- to provide us with encouragement,”
knowledged by Najib in his article in said Tan, whose company imports
the China Daily yesterday when he sizeable quantities of raw materials
said that China is today the second for its herbal products.
largest economy in purchasing Another Malaysian business-
power parity terms and the third man who is here for the forum is
largest, after the US and Japan, in INS Bioscience Bhd chief executive
nominal GDP terms. officer Datuk Yeat Sew Chuong.
“It is home to the world’s largest His company is also looking at
foreign reserves and is an increas- increased cooperation with China
ingly important and influential player through its joint venture in Dalian,
on the world stage,” Najib said. which would increase production
For instance, Shanghai, the venue of its herbal drinks beginning next
of the World Expo next year, has month.
even been touted as the next Detroit Yeat, who is also chairman of the
as more car companies set up their Malaysia-China SME Council, said
bases in the bustling business city. there has been an increase in the
Tan Kai Hee, managing director of demand for such drinks and the joint
Hai-O Enterprise Bhd, said Malaysian venture would need to have another
businessmen are giving their fullest production line.
support to Najib’s official visit. He also said that a proposed joint
“This is very important to us as venture with Chinese investors on
the forum is likely to open more an insulin plant project could also
doors for us. First and foremost, we materialise once negotiations are
would have to give our support to complete. – Bernama
Right time to invest in
M’sia, says business council
KUALA LUMPUR: The current economic seminar on “Business Opportunities in
downturn is actually the right time for Malaysia”.
foreign investors to invest in the country, He said Mida and the Malaysia External
Malaysia-Australia Business Council chair- Trade Development Corporation (Matrade)
man Datuk Mohamed Zain Yusuf said. have done a great job in facilitating both
Zain said yesterday the various local and international investors in the
measures implemented and incentives country.
provided by the government not only With more than 39 Matrade offices
makes it easier for investors to do busi- throughout the world, he said the agency
ness in the country, but also helps them had indirectly assisted investors to reach
reach a wider market. new markets through its buying missions
“This is a good time for investors to and exhibitions.
come. There are opportunities for them “This is a formula that Malaysia has
and the cost of doing business is much created so that we can have a win-win
lower than in the past. situation for both the country and inves-
“We can not only assist them in decid- tors.
ing where to put their money in Malaysia “So the timing is right for investors and
but also find new markets,” he told re- the rest of the world to take advantage
porters on the sidelines of the Malaysian of the opportunities we are creating for
Industrial Development Authority (Mida) them.” – Bernama
US vows ‘aggressive’ stance
on trade issues with China
WASHINGTON: The United States said on
Tuesday it wanted to move more aggressively to
as severe as the Severe Acute resolve trade frictions with China, warning that it
Respiratory Syndrome (SARS)
would not hesitate to drag the Asian giant to the
epidemic six years ago.
“If you compare with SARS World Trade Organisation.
in 2003, the impact was not Washington would pursue dialogue with
severe. During that time, there Beijing only if it was the “fastest, best, and
was no business at all due to surest way” to resolve trade disputes, US Trade
fast spreading of the disease. Representative (USTR) Ron Kirk said.
It stopped people from travel “But when our preferred course doesn’t
totally,” he said. work, we will not hesitate to use other tools,
Besides that, the origin of such as dispute settlement, to enforce the rules
H1N1 was not from Asian region as written,” he said at a forum of the US-China
and as for business people, travel Business Council, a group of about 250 American
was still an ongoing process, he companies doing business with China.
said. “If we have to file at the WTO, we’ll file,” he
However, he said, the effect said, citing seven key bilateral disputes that
was still visible, especially dur- Washington had raised so far with the global
ing the current school holidays, trade watchdog.
which saw fewer bookings.
“We will not yield on enforcing the right of
“However, I think during the
American businesses and exporters to compete
second half of the year, particu-
larly after September, demand on a level playing field with China,” Kirk said.
will be better,” Tan said, citing his In some cases, he pointed out, China’s
experience of SARS, which saw industrial and procurement policies, as well as
business picked up four to five standards and licensing procedures, favoured
months after the first outbreak. domestic and state-owned enterprises and
Tan said the company discriminated against foreign firms.
planned to grow its franchisee to He said China should also “do a better job
25 for the financial year ending of enforcing intellectual property rights ... and
March 31, 2010 from the current standards on the environment, labour, and
18. – Bernama product safety.” – AFP