News by syafiqah Salim

Technology stocks and construction companies building data centres fell on Monday morning, following reports of a draft US rule that will restrict exports of artificial intelligence (AI) chips to Malaysia and Thailand.

After a sluggish start amid concerns over US policy, data centre investments have picked up, and the upcycle may extend into the second half of the year.

Property firm Crescendo Corp Bhd (KL:CRESNDO) flagged higher operating costs from the minimum wage adjustments, subsidy rationalisation for fuel and electricity, as well as the expanded scope of the sales and service tax (SST), after posting a steep 97.5% year-on-year decline in its first-quarter net profit.

Eco World Development Group Bhd (KL:ECOWLD) said it is well on track to exceed its RM3.5 billion sales target for the financial year ending Oct 31, 2025 (FY2025), after posting record-high earnings in its latest quarterly result.

Bonia Corp Bhd (KL:BONIA) is acquiring the remaining 10% stake in its property investment subsidiary, Casa Bologna Sdn Bhd (CBN), from One Seafood F&B Sdn Bhd for RM2.1 million.

UEM Sunrise Bhd (KL:UEMS) no longer plans to build a data centre at the 74-acre site of its botched Logos Infrastructure Holdco Pte Ltd deal, with officer-in-charge and chief financial officer Hafizuddin Sulaiman saying that it is in talks to sell the land.

UEM Sunrise Bhd (KL:UEMS) expects little impact from the expanded Sales and Service Tax (SST) as most of its new projects are residential and mostly exempt from the 6% tax on construction services, said its officer-in-charge and chief financial officer Hafizuddin Sulaiman.

UEM Edgenta Bhd (KL:EDGENTA) has formed a joint venture (JV) company in Dubai, United Arab Emirates, to manage large-scale real estate projects there, marking a strategic expansion into the region.

“We can explore opportunities in different regions as well,” Chua said.

Paradigm Real Estate Investment Trust (KL:PARADIGM) made a flat Main Market debut on Tuesday, as it closed at RM1, unchanged from its initial public offering price amid a softer broader market.