News by theedgemalaysia.com

RHB Investment Bank Bhd (RHB IB) has maintained its "overweight" rating of the construction sector, projecting an upswing in contract roll-outs throughout 2024.

Kerjaya Prospek Group Bhd has bagged a contract worth RM170.94 million from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd, for the development of a 45-storey building on Andaman Island, Penang.

The real estate investment trust (REIT) sector would be minimally affected by the high-value goods tax, as tenants' profit sharing is less than 10% of the mall’s total revenue, while the potential impact on luxury goods buyers is likely to be limited due to their comparatively lower price sensitivity given their large purchasing power, according to Hong Leong Investment Bank (HLIB).

Nestcon Bhd has bagged RM251.5 million in construction works for a mixed development project in Mukim Petaling in the Klang Valley.

IGB REIT Management Sdn Bhd chairman Tan Sri Dr Lin See Yan is stepping down by Dec 31, and will be succeeded by former managing director Datuk Seri Robert Tan Chung Meng, effective from Jan 1, 2024.

Landmarks Bhd has terminated its plan to sell its entire stake in two companies that own hospitality assets in Indonesia to Southern Archipelago Ltd or SAL (formerly known as Blumont Group Ltd), citing the prolonged completion timelines and volatile market conditions.

Harn Len Corporation Bhd has proposed to acquire an aquaculture outfit which owns 30 ponds on a 300-acre piece of land in Pekan, Pahang from its substantial shareholder, Mohamed Nizam Jakel, through a RM42.5 million share deal.

Kuchai Development Bhd is injecting RM275 million worth of assets and liabilities into Sungei Bagan Rubber Co (M) Bhd in a share deal, as part of efforts to consolidate the assets of two sister companies linked to Kluang Rubber Company (M) Bhd (KRCB).

Bintai Kinden Corp Bhd has secured an agreement to settle RM3 million of debt with MBSB Bank Bhd, which will see the bank withdraw a legal suit arising from Bintai Kinden’s default in March this year.

The government is reviewing the surcharge and subscription period for the Green Electricity Tariff (GET) mechanism, as it looks into extending the green electricity subscription to 2024.