News by Tan Xue Ying

Group plans to tender for over RM2 billion worth of contracts there

Analyst: With expectations of no rate rise, prospects will be slightly better than in 2018.

Last Friday, Scientex announced a 25.9% year-on-year decline in its net profit for the first financial quarter ended Oct 31, 2018 (1QFY19), from RM72.4 million to RM53.67 million, on lower revenue from the group's property business.

Berjaya Land said the proposed disposal of its stake in the TPC Village joint venture will result in an estimated gain of about RM192.33 million.

The Datuk is currently facing graft charges for bribing former federal territories minister Datuk Seri Tengku Adnan Tengku Mansor in relation to a property project in Kuala Lumpur.

In a note this morning, Hong Leong Investment Bank Research (HLIB Research) pointed out that "Sarawak is the next place to be", since job flows for industry players have slowed down "significantly" in Peninsular Malaysia following the change in federal government.

The contract period for the completion and commissioning of the project is 32 months, commencing Jan 7, 2019.

The group said the disposal is a “strategic move” as it allows the reallocation of financial resources to fund its construction division, while continuing to participate in Kumpulan Voir’s business via its remaining 40% equity interest.

“The termination of the proposed acquisition will not have any effect on the net assets per share and earnings per share of Mah Sing group of companies.”

Group CEO is confident 30% target increase achievable