News by Chester Tay

Favelle Favco Bhd said it is spending A$39.8 million (RM123.98 million) to develop two units of single-storey logistic warehouses on its freehold land near Sydney, Australia.

TF Value-Mart, which operates a chain of stores in its own namesake, said it was to take over the lease of the premises after GCG Retail vacates it.

YNH Property Bhd is aborting the sale of a 6.49-acre land in Segambut, and has appointed Chin Hin Group Property Bhd to develop the plot for a serviced apartment project that carries a potential gross development value (GDV) of RM685.1 million.

French electronic manufacturing service firm eolane has launched a new manufacturing plant in Kulim Hi-Tech Park, Kedah involving an investment of €8.7 million (RM45 million) for the first phase of the project.

Bursa also wants HHRG to quantify the audited net assets and net assets per share of the companies that form the basis of the purchase consideration, among others.

The project — in collaboration with the federal government, international semiconductor firms and venture capitalists — is a strategic move to position Malaysia as a potential powerhouse in the global IC design industry.

“The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial position, the lack of meaningful earnings visibility, and the protracted delays in asset disposals.”

The government has offered Gamuda’s 60%-owned SRS Consortium Sdn Bhd civil works contracts on the first segment of the Penang Light Rail Transit (Penang LRT) and hopes to conclude talks with the company within six months.

EcoFirst Consolidated Bhd is alleging that its former directors had conspired with Kerjaya Prospek Group Bhd in the award of a RM404.35 million residential development project in June last year, which was subsequently terminated in November.

FM Global Logistics Holdings Bhd is buying two more plots of freehold land totalling 5.66 acres in the Setia Alaman Industrial Park, Klang, from property developer Petaling Garden Sdn Bhd for RM37.72 million, cash, or RM153 per sq ft.