News by Kamarul Anwar

The exercise involves 39.81% of the issued and paid-up capital of Tanah Makmur, or 158.504 million shares, which will entail the capital repayment of RM285.13 million to the entitled shareholders, according to Tengku Abdullah’s letter to the company yesterday, which was filed with Bursa Malaysia.

UEM Sunrise Bhd’s managing director and chief executive officer Anwar Syahrin Abdul Ajib is taking a leave of absence from the property development group for personal reasons, with its parent’s group managing director Datuk Izzaddin Idris assuming his duties in the interim.

OWG chairman and group chief executive officer Datuk Seri Richard CK Koh said the restaurant is aiming for the grand opening to be on June 21.

Cahya Mata Sarawak Bhd (CMS) is bidding for one of the 10 packages for the Sarawak side of the Pan Borneo Highway mega project, said its group chief financial officer Syed Hizam Alsagoff.

KLCCP Stapled Group, which comprises units in KLCC real estate investment trust (REIT) stapled together with the shares of KLCC Property Holdings Bhd, expects a 1% to 2% revenue increase in the current financial year ending Dec 31, 2016 (FY16), as it adds 45,000 sq ft of office space to its office rental income.

The Sabah portion of the Pan Borneo Highway upgrading works have been made official by the signing of a project delivery partner (PDP) agreement by the federal and state governments and the PDP, which includes public-listed MMC Corp Bhd and Khazanah Nasional Bhd-owned UEM Group Bhd.

Selangor Properties Bhd started off its current financial year ending Oct 31, 2016 (FY16) on the wrong foot, reporting a net loss of RM16.11 million for the first quarter as a stronger ringgit wreaked losses in its investment holding division.

Spanning 117 acres, the 10-year project will be developed in 11 phases whose total GDV is RM5.4 billion and is expected to generate a profit margin of 20%, said Yong Tai executive director Boo Kuang Loon.

The property developer and construction player said the office suite, which comes with car spaces, is under construction and expected to be completed in January 2018.

While the timeline for the initial public offering (IPO) has yet to be finalised, the sources said IWH is toying with the idea of a dual listing in Malaysia and Hong Kong.