News by JUSTIN LIM

GDB said an adjudicator ruled that KSK Land's unit Damai City Sdn Bhd (DCSB) has to pay GDB's unit Grand Dynamic Builders Sdn Bhd (GDBSB) a total of RM59.32 million as outstanding payment based on a contract between them for construction works carried out, but not paid.

Gamuda Bhd has won the coveted The Edge Billion Ringgit Club (BRC) 2024 Company of the Year award, while Public Bank Bhd managing director and chief executive officer Tan Sri Tay Ah Lek was named this year’s Outstanding CEO & Value Creator.

The first building is scheduled for completion in the third quarter of 2025 (3Q2025), while the second building is expected to be completed in 1Q2026.

The deal involves the setting off of RM66 million of indebtedness, and a RM18 million interest waiver on the debt owed by Talam Transform to IJM Properties.

American tyre company Goodyear has put its factory in Shah Alam’s Section 15 up for sale, following its March decision to shut down its manufacturing facility in Malaysia as part of its cost restructuring efforts.

Building and infrastructure construction company TCS Group Holdings Bhd (KL:TCS) has secured a RM130.15 million contract to undertake the construction of serviced apartments in Selangor, in a related party transaction.

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

IGB Real Estate Investment Trust’s (KL:IGBREIT) net property income (NPI) for the second quarter ended June 30, 2024 (2QFY2024) rose 6.5% to RM109.48 million from RM102.79 million a year ago, due to higher rental income.

UOA REIT (KL:UOAREIT), a trust which mainly manages commercial properties, saw its net rental income fall 22.06% to RM16.48 million in its second quarter ended June 30, 2024 (2QFY2024), from RM21.15 million a year ago, dragged by higher property operating expenses.

Capitaland Malaysia Trust (KL:CLMT) is eyeing more industrial and logistic assets in Johor, given the robust demand and positive economic sentiments there.