"They are retrenching about 10% to 20% of their staff force that stands at about 20,000," said a source.
Quarterly revenue fell 7.1% to RM140.8 million from RM151.5 million after the Covid-19 pandemic hit its retail and hotel segments, it said in a filing with Bursa Malaysia yesterday.
The retirement fund notified Bursa Malaysia yesterday that it disposed of 1.92 million shares in the property development company on May 8.
The movement control order (MCO) since March 18, 2020 has impacted the group’s construction and property development projects, with the sudden suspension of its ongoing activities.
This is according to the Federal Government Gazette that has been published.
The land comes together with buildings, plant and machineries, as well as intellectual property rights comprising certain trademarks and goodwill associated with such trademarks, the group said in a filing to Bursa Malaysia.
This was as a result of travel restrictions imposed from the Covid-19 outbreak and Movement Control Order (MCO) enforced by the government, said the group, which comprises KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT).
Bank Negara Malaysia (BNM) projected that the country’s gross domestic product (GDP) growth to be between -2% and 0.5% this year amid expectation that economic activities will pick up in the second half of the year.
This move does not come as a surprise after the series of selldown in shares of other listed companies the SPV held.
The JV agreement presents the opportunity for the company to be involved in renewable energy particularly solar technology in Malaysia and concurrently jointly venture into the SPS project for the benefit of Tenaga Nasional Bhd electricity consumers by securing the Supply Agreement of Renewable Energy (SARE) secured contract, said Majuperak, in a filing to Bursa Malaysia today.