News by TheEdgeMarkets.com

Construction company Vestland Bhd has obtained Bursa Malaysia's approval to launch an initial public offering (IPO) on the ACE Market.

Amanat Lebuhraya Rakyat Bhd (ALR) said it has completed the acquisition of four highway concessionaires following its issuance of sustainable sukuk murubahah amounting to RM5.5 billion in nominal value.

Pesona Metro Holdings Bhd’s unit has secured a RM154.67 million contract for the main building works of a 28-storey condominium project in Cyberjaya for Lakefront Residence Sdn Bhd, a wholly-owned subsidiary of MCT Bhd.

Property developers in Peninsular Malaysia reported a 26% decline in unit launches and a 5% sales drop in the first half of 2022 (1H2022) from the second half of last year (2H2021), according to Real Estate and Housing Developers’ Association (Rehda) Malaysia.

Another new substantial shareholder has emerged in Jiankun International Bhd after subscribing for shares representing a 7.7% stake in the real estate developer via a private placement.

Heng Huat Resources Group Bhd’s managing director Datuk H’ng Choon Seng has ceased to be a substantial shareholder of Ivory Properties Bhd.

Pintaras said the contracts were clinched through its indirect wholly-owned subsidiary in Singapore, Pintary Foundations Pte Ltd.

The expressway is being built on a build-operate-transfer basis, with a concession period of up to 60 years.

"As a pioneering property developer, we aspire to develop townships which are people-centric and environmentally conscious."

GDB Holdings Bhd is suing developer KSK Land Sdn Bhd to recover RM120.69 million that the builder claims is the sum it is owed by KSK Land's unit.