News by Chester Tay

EP Manufacturing Bhd (EPMB) is establishing an automotive manufacturing facility in Melaka involving over RM100 million investment to cater for BAIC and Great Wall Motor (GWM) vehicles.

EcoFirst Consolidated Bhd is selling 15 retail units from its completed Liberty Arc @ Ampang Ukay mixed development project to major shareholder Tan You Tiong for RM23.82 million.

AMMB Holdings Bhd has provided a RM450 million financing facility to Eastern & Oriental Bhd’s (E&O) unit to fund the development of the Andaman Island project in Penang.

Malaysia Building Society Bhd (MBSB) has completed its acquisition of Malaysian Industrial Development Finance Bhd (MIDF) from Permodalan Nasional Bhd (PNB) for RM1.01 billion worth of new share issuance at 96.52 sen per share.

Glomac Bhd's net profit dropped 21.5% for the first quarter ended July 31, 2023 (1QFY2024) on lower contribution from its property development business after the completion of several projects, coupled with a dearth of new launches.

Land & General Bhd (L&G) allayed concerns that liquidity issues faced by joint venture partner Country Garden would have a negative spillover effect on their 167-acre township development in Semenyih that started in 2014.

Several real estate developer stocks caught investors’ interest in Monday (Aug 28) morning trade, following Putrajaya’s unveiling intention to turn Johor’s Forest City, developed by China’s beleaguered Country Garden, into a special financial zone.

Eco World International Bhd is giving out a RM792 million dividend or 33 sen per share next month, with three of its largest shareholders entitled to nearly 70% or RM550.76 million.

Malaysia Building Society Bhd (MBSB) is targeting to deliver a high return on equity (ROE) of 6.0%-6.5% this year, up from 5.2% in 2022, even as the Islamic commercial bank faces margin pressure arising from increasing cost of funds.

Lower net income coupled with expansion in AUM had led to a lower return on assets for PNB last year, down to 3.1%, from 3.6% in 2021, and 3.5% in 2020 and 2019.