KUALA LUMPUR (July 19): Construction company Ingenieur Gudang Bhd (KL:INGENIEU) reported a net profit of RM6.48 million for the second quarter of its financial year 2024 (2QFY2024), driven by gains from asset disposals and higher construction revenue. The group’s net profit for 2QFY2024 ended June 30, 2024 was over 27 times higher than the RM234,000…
Read MoreKUALA LUMPUR (July 19): Genting Plantations Bhd (KL:GENP), in which Genting Bhd (KL:GENTING) owns a 55.4% stake, is planning to buy two plots of land in Indonesia for RM593 million, for property development. The plots, measuring 152ha, are located in Sentul City, in the Bogor Regency of the West Java Province in Jakarta, according to…
Read MoreKUALA LUMPUR (July 18): The Ministry of Finance (MOF) is conducting a study to develop an initiative for the implementation of the variation of price (VOP) clause for items or construction materials in government contracts, which are purportedly impacted by increases in costs due to targeted diesel subsidies in Peninsular Malaysia. The ministry stated that…
Read MoreKUALA LUMPUR (July 18): Real estate industry experts highlighted that the need for old building refurbishment and modernisation is dire, as about two-thirds of Malaysia’s existing old buildings that no longer meet current building codes, energy efficiency, and safety regulations, will still be used until 2050. In a press statement issued on Monday (July 15),…
Read MoreTo support the development of the EV industry and its ecosystem, Deputy Minister of Investment, Trade, and Industry Liew Chin Tong said the government has introduced various initiatives, including non-financial initiatives. KUALA LUMPUR (July 18): The government has no objections to allowing foreign car manufacturers to bring in more electric vehicle (EV) models for local…
Read MoreBuilding Industry Presidents’ Council reinforces objection to HRD Corp’s mandatory levy collection The Building Industry Presidents’ Council had previously written to the Ministry of Human Resources, the Ministry of Works and the Ministry of Housing and Local Government in 2021, objecting to the ruling on the expansion of the Human Resources Development Fund (PSMB) Act…
Read MoreKUALA LUMPUR (July 18): A total of RM162 billion in digital investments were approved between 2021 and the first quarter of 2024 (1Q2024), with the largest share or 76% coming from data centre investments, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. (pictured) Data centre investments accounted for the lion’s…
Read MoreKUALA LUMPUR (July 18): AmanahRaya Real Estate Investment Trust (KL:ARREIT) said on Thursday that it has signed a long-term tenancy agreement with Alfa International College Sdn Bhd for its property in Subang Jaya. The tenancy agreement with Alfa coincides with the expiry of the tenancy agreement with SEGi College on Feb 28, and it spans…
Read MoreKUALA LUMPUR (July 17): Integrated construction and property company PTT Synergy Group Bhd (KL:PTT), which recently announced a one-for-one bonus issue exercise, is acquiring two parcels of land with semi-detached factories in Selangor from Sime Darby Property Bhd (KL:SIMEPROP) for RM22 million in cash. The group, via its wholly owned subsidiary Pembinaan Tetap Teguh Sdn…
Read MoreWidad names largest shareholder Muhammad Ikmal Opat as deputy chairman, appoints two new directors Muhammad Ikmal, 56, owns a 0.06% direct stake in Widad and a 13.71% indirect stake via Widad Business Group Sdn Bhd. KUALA LUMPUR (July 18): Widad Group Bhd (KL:WIDAD) has named its founder and largest shareholder Tan Sri Muhammad Ikmal Opat…
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