KUALA LUMPUR: While the memory of Sime Darby Bhd paying a hefty premium for a 30% stake in Eastern & Oriental Bhd (E&O) is still fresh in investors’ minds, the conglomerate yesterday announced that it intends to sell a 9.9% stake back to E&O managing director Datuk Terry Tham Ka Hon at RM2.90 per share — which is 26% higher than the price it paid three years ago.

UEM Sunrise Bhd
(May 27, RM2.19)
Maintain buy with target price of RM2.78: For the first quarter ended March 31 of financial year 2014 (1QFY14), UEM Sunrise delivered a net profit of RM61 million on the back of RM401 million in revenue. This accounted for only 10% of our full-year estimate (consensus: 12%).

KUALA LUMPUR: Property cum plantation company MKH Bhd’s net profit jumped fourfold to RM50.7 million in its second quarter ended March 31 of financial year 2014 (2QFY14) from the RM12.7 million in the previous corresponding period.

Revenue surged 37% to RM188.1 million from RM137.2 million, while earnings per share grew to 12.1 sen in 2QFY14 from 3.08 sen in 2QFY13.

KUALA LUMPUR: IJM Corp Bhd saw its net profit for the fourth quarter ended March 31, 2014 (4QFY14) fall 87.3% year-on-year (y-o-y) to RM8.24 million, weighed down by its share of joint venture losses arising from the impairment of certain concession assets in India and Malaysia.

NUSAJAYA: The development of the Pengerang Integrated Petroleum Complex (PIPC) in Johor will continue despite a land dispute between the landowners, the Johor government and project owner Petroliam Nasional Bhd (Petronas).  

Deputy Prime Minister Tan Sri Muhyiddin Yassin said public interest projects should continue even though a lawsuit is ongoing.

KUALA LUMPUR: IJM Corp Bhd has proposed to acquire the 37km Kajang Traffic Dispersal Ring Road, better known as Silk Highway, from Silk Holdings Bhd for RM398 million cash.

PETALING JAYA: Jaya Section Fourteen Sdn Bhd is looking at acquiring more neighbourhood malls as part of its investment plan, said director Ismail Ani Arope.

“We have a certain amount of funds which has been entrusted by our private real estate fund to look out for assets similar to Jaya Shopping Centre,” he told reporters after the re-opening of the upgraded shopping mall.

KUALA LUMPUR: UEM Sunrise Bhd, a subsidiary of UEM Group Bhd, announced that revenue from its property development segment has leapt 41% to RM373 million for the first quarter ended March 31 2014 (1QFY14), from RM268 million, with 64% of its projects in Nusajaya contributing to the segment.

KUALA LUMPUR: In an effort to keep financial imbalances in check, Bank Negara Malaysia (BNM) is expected to consider tougher policies through a tighter monetary stance, which could lead to an increase in its policy rate, opined Malaysian Rating Corp Bhd (MARC).

KUALA LUMPUR: Ideal United Bintang Bhd (IUB), formerly United Bintang Bhd, will be turned into a full-fledged property player by next year, with Penang-based property developer Ideal Property Group set to inject its assets into the company.