WZ Satu buys SILK Highway for RM368mil
Silk Holdings Bhd (SHB) has signed an agreement to dispose its entire equity interest in highway toll concessionaire Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd (SILK) to bauxite mining and construction firm WZ Satu Bhd for RM368 million. WZ Satu Bhd (formerly Weng Zheng Resources Bhd) is an investment holding company whose subsidiaries are involved in civil engineering and construction, the oil and gas industry, mining, and manufacture of cold drawn bright steel. SILK holds the concession for the 37km Kajang Traffic Dispesal Ring Road, with a concession period until July 31, 2037. The exercise would allow SHB to unlock the value of its investment in SILK whereby SHB would obtain cash and new WZSB shares. (The Star Online)

Thailand’s Central Pattana pushes into Malaysia
Thai shopping mall developer Central Pattana, which operates 29 malls in Thailand including the popular CentralWorld in Bangkok, is planning to open its first foreign outlet in Malaysia in 2018. It will enter Malaysia through a JV with a local company in which it holds a 60% stake. The new mall, which is scheduled to open in 2018 under the Central brand, will be located in Shah Alam. The development will cost about 8.3 billion baht ($232 million) and built on 44,000 sq mters of land with a net leasable aea of 89,700 sq meters. (Nikkei Asian Review)

Cuepacs: Include fixed allowances when reviewing housing loan applications
The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) is urging the government to review the policy of income calculation for housing loans to simplify and qualify civil servants to buy a house. This includes taking into account fixed allowances as part of the salary when calculating income for a housing loan. Currently, only the basic salary is taken into account, which causes many civil servants to be unable to afford a house. Cuepacs president Azih Muda also wants the government to fix a more appropriate and flexible regional allowance rates in line with the current rising cost of living. (Free Malaysia Today)

JPJ introduces VOC to replace current RC system
The Road Transport Authority (JPJ) has announced that the online-based Vehicle Ownership Certificate (VOC) system will effectively replace the existing hard-copy Registration Card (RC) for vehicles. The VOC will include all relevant vehicle and ownership details as in the RC, but will not be needed in physical form as a document for road tax renewal, change of vehicle ownership or amendments to particulars because all records and documentation will be stored and accessible online. The VOC will be issued to all new vehicles starting June 1, but full implementation will be divided into phases, beginning with new vehicles and vehicle transfers, followed by VOCs issued during road tax renewals or amendments to particular, and finally voluntary replacements by vehicle owners. (Paul Tan’s Automotive News)

Beginning June 1, 2016, the RC system will be replaced by the new VOC system (Image from PaulTan.com)

Damansara Realty to raise RM150mil via convertible notes
Construction, property development and facilities management company Damansara Realty Bhd plans to raise up to RM150 million by issuing redeemable convertible notes, and intends to use RM87.1mil of the proceeds to develop projects in Putrajaya, Kuantan and Johor Baru. In Putrajaya, DBhd will develop 1,350 residential units and 45 commercial units at a gross development cost (GDC) of about RM467.3mil. The project in Kuantan involves 49 linked and semi-detached units with a GDC of about RM42.6mil. In Johor Baru, DBhd intends to develop 50 shop lots in Damansara Aliff. (The Star Online)

World’s longest and deepest rail tunnel opens in Switzerland
The world’s longest and deepest rail tunnel has officially opened in Switzerland after 17 years of construction work. The 57km twin-bore Gotthard base tunnel will provide a high-speed rail link under the Swiss Alps between northern and southern Europe. The project, which cost more than $12bn (£8.3bn) to build, was endorsed by Swiss voters in a referendum in 1992. The completed tunnel travels up to 2.3 km below the surface of the mountains above and through rock that reaches temperatures of 46C. About 260 freight trains and 65 passenger trains will pass through the tunnel each day in a journey taking as little as 17 minutes. The tunnel has overtaken Japan’s 53.9km Seikan rail tunnel as the longest in the world and pushed the 50.5km Channel Tunnel linking the UK and France into third place. (BBC)