News by JUSTIN LIM

Pavilion Real Estate Investment Trust rose to its highest in more than a month after the release of its first-quarter results, while analysts expect the REIT, which mainly manages shopping malls, to benefit further from higher tourist arrivals.

Axis Real Estate Investment Trust (Axis REIT), which focuses on industrial assets, is disposing of its property in Nusajaya, Johor, for RM162 million cash to a data centre operator. It did not disclose the identity of the purchaser.

While the opening of The Exchange TRX is anticipated to intensify competition in the malls sector, Pavilion Real Estate Investment Trust (PavREIT) said footfalls at its malls nearby — Pavillion KL and the connected Pavilion Elite — remain unaffected, and they are still enjoying over 95% occupancy rates.

Ewein Bhd is acquiring a vacant piece of industrial land in Butterworth for RM25.84 million to develop a workers’ dormitory in a related party transaction.

Shares of Coastal Contracts Bhd shed as much as 4.94% or eight sen to RM1.54 in early trade, amid scepticism towards its foray into tourism through the acquisition of a resort project in Pulau Mabul, Sabah.

Kenanga Research also noted that the price tag of RM9.33 psf is at a discount price to the asking price for agricultural land in the surrounding areas of between RM12 and RM13 psf.

The proposed disposal, at RM34 million, "would be a great stress relief to the group’s cash flow as compared to retaining the land for a potential loss-making development".

Having missed the Feb 29, 2024 deadline to release its fourth quarter ended Dec 31, 2023 (4QFY2023) results, Country Heights Holdings Bhd (CHHB) is likely to be slapped with a trading suspension.

It also announced the signing of an integrated logistics services agreement with Sharp Electronics (Malaysia) Sdn Bhd for the provision of warehousing, storage and handling services.

Paragon Globe Bhd has signed a memorandum of understanding (MOU) with Solarvest Holdings Bhd to jointly develop a solar-ready factory and green industrial township in Johor Bahru.