News by Justin Lim

“We wish to clarify that the board of directors has not made nor received any corporate proposal as reported in the media from any party for its consideration.”

In a filing with Bursa Malaysia, Seacera said SCSB received a legal summon on Sept 5, and that the date of the auction has yet to be fixed but will not be less than one month from the date of the court order.

The MTN programme will have a tenure of 30 years from the date of first issuance, the group said in a filing with Bursa Malaysia.

Chief executive officer Gary Dass said the funding of the plant will be sourced externally, and the financing part is now handled by its joint venture (JV) partner, Culzean Generation Ltd.

The rehabilitation project will now involve 265km of KTM Bhd railway tracks instead of 110km as announced earlier.

Loke said the PSC formula is based on the current operating agreement between the government and MAHB.

Moving forward, the group said its construction outstanding order book of RM2.4 billion as at June 30, 2019 will be able to provide earnings visibility for the next two to three years.

On prospects, the group stressed that property development, which accounted for 80% of its revenue in 1HFY19 remains its main earnings driver, and that it is positive on the segment's outlook remaining positive despite the challenges facing the industry.

The group posted a net loss of RM14.55 million for the second quarter ended June 30, 2019 compared to a net profit of RM10.33 million a year ago.

On property development, the group is targeting RM1.6 billion in sales for FY20 — comparable to last year’s sales. It has secured RM480 million as at end-1QFY20, and plans to launch RM1.5 billion worth of properties this year to drive sales.