News by syafiqah Salim

Meta Bright Group Bhd has proposed to diversify into the building materials trade through the acquisition of a 70% stake in a ready-mixed concrete manufacturing business in Sabah for RM28.04 million.

CapitaLand Malaysia Trust’s (CLMT) net property income (NPI) climbed 52.6% to RM58.32 million for the third quarter ended Sept 30, 2023 (3QFY2023) from RM38.21 million a year earlier on higher revenue, boosted by income contributions from Queensbay Mall and more revenue contributions from its retail properties.

While lauding the proposed relaxation of the Malaysia My Second Home (MM2H) rules under Budget 2024, Glomac Bhd managing director and chief executive officer (CEO) Datuk Seri Fateh Iskandar Mansor (FD Iskandar) urged the government to consider imposing the flat 4% stamp duty on Memorandum of Transfer (MOT) documents on foreign property purchasers only after there is significant uptake of units in the local market.

Property developer Tropicana Corp Bhd has redeemed the second tranche of its sukuk wakalah programme worth RM179 million due on Friday.

Analysts have raised their target prices (TPs) for Scientex Bhd after its financial results for the year ended July 31, 2023 (FY2023) met expectations, and as they are more bullish on the company’s property segment due to the stable interest rate environment.

The collaboration will enable Yinson to utilise CelcomDigi’s 4G LTE and 5G network to improve connectivity for chargEV, the country’s largest charging station operator.

Malaysia's residential property overhang recorded an improvement, with a total of 28,286 overhang units worth RM18.3 billion recorded in the first half of 2023 (1H2023), down by 5.3% in volume and 0.6% in value against the same period last year.

Malaysia’s total property transaction value hit RM85.37 billion — up 1.1% year-on-year — with more than 184,000 transactions recorded, in the first half of 2023 (1H2023), according to a report from the National Property Information Centre (Napic).

Most economists expect Bank Negara Malaysia (BNM) to maintain the overnight policy rate (OPR) at 3% till the end of 2024, noting that the central bank’s  focus has now shifted to ensuring stable economic growth in the face of external risks such as the resumption of the US Federal Reserve’s interest rate hike and China’s credit contagion effects.

Bank Negara Malaysia (BNM) has decided to keep the overnight policy rate (OPR) at 3%, amid robust domestic demand supported by strong labour market conditions.