News by Emir Zainul

Property developer S P Setia Bhd (KL:SPSETIA) says it has initiated legal action against its former senior management and a former director of the group, over alleged breaches of duties linked to the purchase of lands in Kota Kinabalu, Sabah, and the sale of units under the group’s Aeropod project.

CZC alleged that its payments amounting to RM13.12 million made to IHB's wholly-owned subsidiary Infraharta Sdn Bhd (ISB) were tainted with fraud and deceit and that ISB is liable to return the same amount to CZC.

Prasarana Malaysia Bhd, which operates the country's public stage bus and rail services, confirmed that it has been hit by a cybersecurity breach involving part of its internal systems.

Flexible packaging materials manufacturer Tomypak Holdings Bhd (KL:TOMYPAK) said it is disposing of a property in Senai, Johor for RM31 million, cash, as it seeks to realise the value of its investment in non-core assets.

Construction firm Kerjaya Prospek Group Bhd's (KL:KERJAYA) unit is suing Apple 99 Development Sdn Bhd, a wholly owned subsidiary of Yong Tai Bhd (KL:YONGTAI), over an alleged failure to pay an outstanding contract sum of RM105.14 million.

Magma Group Bhd (KL:MAGMA) said Impiana Selo Tioman Resorts Sdn Bhd, a 75%-owned unit of the hospitality group, is being sued by two individuals over an alleged breach of a sale and purchase agreement relating to five parcels of land in Tioman, Pahang. 

The offer price represents a premium of 11% to SMI’s closing price of 40.5 sen on Monday.

Mohd Ariff has over 18 years of experience in key positions of internal audit, accounts and reporting, and business planning and budgeting in the oil and energy industry. 

On top of that, the court also ordered Ireka to pay incidental cost of RM7,500 and an allocator fee of RM300.

Bursa Malaysia Bhd (KL:BURSA) will only move its “front office” to the Tun Razak Exchange (TRX), not its entire operation, according to its chairman Tan Sri Abdul Wahid Omar.