News by TheEdgeMarkets.com

Tropicana Corp Bhd is issuing 137.68 million new shares to pay off RM180 million that the company owes its founder and group executive vice-chairman Tan Sri Tan Chee Sing. The shares will be issued to a company wholly-owned by Tan at RM1.30 per share.

PRG Holdings Bhd said its recent corporate exercise with Hong Kong-listed Furniweb Holdings Ltd will improve its financial liquidity and performance.

The Parkson group is to exit the Vietnam market after operating there for 18 years as it is not commercially feasible to continue its operations in the country, said Singapore-listed Parkson Retail Asia Ltd (PRA), a 67.96%-owned subsidiary of Parkson Holdings Bhd.

Hong Leong Investment Bank (HLIB) Research said property developers with projects in Singapore could experience resilient local demand despite the new rate for the republic's Additional Buyers’ Stamp Duty (ABSD).

IGB Real Estate Investment Trust (IGB REIT), which operates the Mid Valley Megamall and The Gardens Mall here, posted a net property income of RM118.56 million for the first quarter ended March 31, 2023 (1QFY2023), up 10% from RM107.71 million in the same quarter a year ago, as the REIT recorded higher rental income.

CapitaLand Malaysia Trust’s (CLMT) net property income (NPI) increased by 8.8% to RM39.2 million for the first quarter ended March 31, 2023 (1QFY2023) from RM36.1 million a year ago, driven by higher revenue contribution from most of its properties, supported by a sustained recovery in retail sentiment, as well as contributions from Valdor Logistics Hub and the newly acquired Queensbay Mall.

Sunway Real Estate Investment Trust (Sunway REIT) is cautiously optimistic on its outlook for the financial year ending Dec 31, 2023 (FY2023), underpinned by the continued growth momentum in its retail and hotel segments on the back of the full reopening of all economic sectors and international borders.

Guocoland (Malaysia) Bhd has proposed to dispose of a parcel of land in Jasin, Melaka for RM19.02 million and use the proceeds for its general working capital.

Sunway Real Estate Investment Trust (Sunway REIT) is on the lookout for properties outside Malaysia as it seeks to grow its asset value.

Gains from Genting Malaysia Bhd’s (GenM) planned disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald Land) for US$1.225 billion (RM5.433 billion) represent a large windfall for the company, according to Nomura.