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E&O to appoint STP2 reclamation works contractor soon

E&O is expected to announce soon the appointment of its Seri Tanjung Pinang phase two (STP2) reclamation contractor involving 384 acres (155.4ha) of reclamation (including 131 acres of the Gurney Drive foreshore for state government) though it has been delayed for a year.

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Pavilion REIT likely to acquire completed Pavilion Extension

While investors may treat the asset injection news positively, PavREIT’s one-year forward yield of 5.5% implies a spread of less than 1.5% over the benchmark 10-year Malaysian Government Securities yield, which is thinner than other Malaysian REITS (M-REIT) peers. This suggests that the potential from asset injection has been priced in.

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E&O posts weak 1QFY16 results on lower revenue

The weaker-than-expected results were largely due to lower revenue (a decrease of 52% q-o-q, a decrease of 47% y-o-y) following the completion of two blocks of the Andaman Condominium project in 4QFY15, and most of its unbilled sales were booked under joint-venture projects.

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Slow quarter for E&O

E&O completed two blocks of the Andaman Condominiums project in Seri Tanjung Pinang during the quarter, which saw a 38% year-on-year (y-o-y) drop in revenue to RM143 million

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