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PRESS RELEASE: Standard & Poor's Ratings Services raised Grand City Properties S.A. rating to 'BB+' based on stronger …

PRESS RELEASE: Standard & Poor's Ratings Services raised Grand City Properties S.A. rating to 'BB+' based on stronger capital structure; Outlook Stable

DGAP-News: Grand City Properties S.A., / Key word(s): Research Update/Real Estate Standard & Poor's Ratings Services raised Grand City Properties S.A. rating to 'BB+' based on stronger capital structure; Outlook Stable

14.02.2014 / 18:52

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GRAND CITY PROPERTIES S.A. Luxembourg, 14 February, 2014

Standard & Poor's Ratings Services raised Grand City Properties S.A. rating to 'BB+' based on stronger capital structure; Outlook Stable

Standard & Poor's Ratings Services ('S&P') raised Grand City Properties S.A. (the 'Company') rating from 'BB' to 'BB+' on its long-term corporate credit rating and on the Company's bonds, due in 2020.

S&P provides a stable outlook reflecting their opinion that the Company's steady tenant demand in its main locations should continue to support rental income growth resulting in steady recurring cash flow. Additionally, S&P highlight in their research update the significant portfolio growth GCP has made and the improvement of the assets and tenant diversity.

The rating upgrade is the result of S&P's revised assessment of GCP's improved financial risk profile. Due to the increased equity base, S&P believes that the credit metrics will improve in the coming years. Additionally, S&P's notes the Company's well-capitalized capital structure with an equity ratio of about 50%, a reported loan-to-value (LTV) ratio below 50% and an increased unencumbered asset base to more than 30%.

S&P emphasizes the significant headroom under the debt covenants and projects an increase in occupancy in the assets, which should increase rental values and therefore the headroom under the covenants.

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PRESS RELEASE: Standard & Poor's Ratings Services raised Grand City Properties S.A. rating to 'BB+' based on stronger ...

A word is anything I say it means

February 12, 2013

by Terence Netto@http://www.malaysiakini.com

COMMENT: So you are a mercenary, lah, quipped judge Richard Malanjum from the bench yesterday while Muhammad Shafee Abdullah was holding forth.

The Senior Counsel was expatiating on the list of parties and politicians he had appeared for in the course of a long career a variety, he submitted, that would attest his professional skills more than his partisan affiliations.

A titer of laughter ran through the crowd at the Federal Court as Malanjum interjected to make the comment. But the matter at hand a defendants right to a fair trial was not a trifling one.

It concerned whether Shafee, who has been prolific in advocacy of clients regarded as adverse to the defence, could perform without presumptive bias the Deputy Public Prosecutors role in the governments appeal of the High Court acquittal for sodomy of Anwar Ibrahim.

Malanjum (left), Chief Judge of Sabah and Sarawak, together with four others, was on a panel to decide a defence application to disqualify Shafee from appearing as DPP.

Malanjum made the remark as Shafee was attempting to rebut the defence argument that he was a political partisan, a hack with a bias for UMNO briefs.

Anwars lawyers had argued that Shafees past advocacy on behalf of a political entity seen as patently adverse towards their client had saddled him with bias sufficient to disqualify him for the role of DPP in the governments appeal of Anwars acquittal.

Hearing of the appeal is scheduled for today and tomorrow at the Court of Appeal.

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A word is anything I say it means

Press freedom: Why does the govt keep shooting itself in the foot?

THE release of the World Press Freedom Index 2014 on Monday could not have come at a worse time for Malaysia.

The drop from No 145 to No 147 out of 180 countries is a damning testimony to the so-called efforts to improve the perception of limited press freedom in this country.

The two-month-long suspension of weekly The Heat for breaching conditions of its licence after it front-paged an article on the expenditure incurred by the prime minister and his family must have had a bearing on the poorer showing by Malaysia in the index.

A look at the country report that accompanies the index, which has been put together annually by Reporters Without Borders since 2002, shows that the suspension was a factor in the poor marks Malaysia received.

One is certain that Malaysia would have fared worse if the revocation of the licence of FZ Daily had come two months earlier. This is because the 2013 country report also makes a mention of the court battle initiated by the daily to challenge the home ministers decision to defer the issuance of the licence, as well as imposing conditions that we feel contravened the Printing Presses and Publications (Amendment) Act 2012.

The Edge Media Group executive chairman Datuk Tong Kooi Ong has given a detailed account of the authorities resistance to fz.coms efforts to go into print in his blog on Feb 8.

In its methodology in ranking countries on its press freedom index, Reporters Without Borders takes into account the transparency of government decision-making.

Many questions have been raised as to why the licence was in Tongs words approved, deferred, and now revoked and the government has not been transparent with its reasons. In fact it is unable to provide a logical reason for revoking our licence even before the first edition could hit the newsstands.

Many theories have been making their way into the rumour mill: fz.coms editorial content which is supposedly anti-establishment; the perceived close ties between people in the organisation and certain political figures; pressure from politicians on the prime minister and authorities, as well as resistance from the competition.

We are in no position to speculate, and we shouldnt, although we maintain that we remain a neutral and responsible media organisation. Only the government can provide the answer as to why issuing us a print licence causes it great discomfort.

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Press freedom: Why does the govt keep shooting itself in the foot?

PRESS RELEASE: NORMA Group holds 100% of shares in Chien Jin Plastic, Malaysia

DGAP-News: NORMA Group SE / Key word(s): Acquisition/Mergers & Acquisitions NORMA Group holds 100% of shares in Chien Jin Plastic, Malaysia

10.02.2014 / 09:10

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NORMA Group holds 100% of shares in Chien Jin Plastic, Malaysia

Maintal, Germany/Ipoh, Malaysia, 10 February 2014 - NORMA Group, an international market and technology leader for engineered joining technology, has acquired the remaining 15% of the shares in Chien Jin Plastic Sdn. Bhd. ('Chien Jin Plastic') effective 07 February 2014. Chin Jin Plastic is headquartered in Ipoh, Malaysia, and manufactures thermoplastic joining systems. This transaction brings NORMA Group's share in the company to 100%. The parties agreed to maintain confidentiality on the transaction details.

In November 2012, NORMA Group acquired 85% of the shares in Chien Jin Plastic. By doing so, the company significantly strengthened its business activities in South East Asia and extended its infrastructure product range. Chien Jin Plastic manufactures joining solutions for plastic and cast iron pipe systems used in diverse applications with a focus on drinking and domestic water supply as well as irrigation systems. The company also produces components for sanitary appliances.

Chien Jin Plastic generated record sales in 2013. Compared to 2012, sales grew organically by more than 10% to about EUR 8 million. Chien Jin Plastic has adjusted its offering to cater to its clients' demands even more strongly. Its joining products have been introduced to the European and Australian markets via NORMA Group's distribution channels. Chien Jin Plastic has also launched new product developments, for instance the 'metric range' and 'rural range' fittings in Australia and New Zealand. As at 31 December 2013, the number of employees had grown to 175 compared to 144 at the end of 2012.

'The integration of Chien Jin Plastic into NORMA Group has been successful and we are already reaping the rewards. We are very proud of the business success,' says Werner Deggim, CEO of NORMA Group. 'Since we will continue to develop innovative products for water management, we expect Chien Jin Plastic to continue its profitable growth in financial year 2014.'

Chien Jin Plastic has been in the market for over 20 years and has distributed its products inter alia under the Fish brand to over 250 distributors in about 30 countries globally. NORMA Group has been present in South East Asia since 2004, operating sites in Singapore, Malaysia, Thailand, Indonesia and on the Philippines.

Additional information on the company is available on http://www.normagroup.com. To download press pictures, please visit http://www.normagroup.com/press pictures.

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PRESS RELEASE: NORMA Group holds 100% of shares in Chien Jin Plastic, Malaysia