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Additionally, the group's cash reserves are low for both entities, with the group's bank overdraft exceeding its credit limit, and a significant portion of the group's inventory is encumbered by a private caveat, complicating its disposal.

“The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial position, the lack of meaningful earnings visibility, and the protracted delays in asset disposals.”

“We expect the rising momentum to steer the stock to trend higher and test the next level of resistance of 67.5 sen (R1), followed by 74 sen (R2)."

The initial contract, valued at an estimated RM120 million, was awarded to SCIB Properties back in May 2021.

The letter of award was from Eco Ardence Sdn Bhd to undertake the main building works for the proposed Maya Integrated Development.

The new rates are set at 10 sen per kilowatt-hour (kWh) for domestic and non-domestic low-voltage users, and 20 sen/kWh for non-domestic medium and high-voltage users.

Property developer KTI Landmark Bhd said on Monday that it has secured approval for its initial public offering (IPO) on ACE Market from Bursa Malaysia.

RTS Operations Pte Ltd (RTSO), the operator of the Johor Bahru-Singapore Rapid Transit System Link (RTS Link) project, has appointed Datuk Khairil Anwar Ahmad as its new chairman, replacing Datuk Mohd Farid Mohd Adnan.

KLCC Property Holdings Bhd (KLCCP) said it has on Friday made the first issuance of Sukuk Wakalah amounting to RM1.95 billion in nominal value under the RM5 billion programme, to finance the acquisition of a 40% stake in Suria KLCC Sdn Bhd.

Haily Group Bhd has won a contract worth RM59.46 million for a terrace house construction project in Johor Bahru.