IPOH: MMC Gamuda KVMRT (T) Sdn Bhd (MGKT) will spend over RM100 million on refurbishing and upgrading its tunnel boring machines (TBMs).

The 50:50 joint venture between MMC Corp Bhd and Gamuda Bhd is the underground work package contractor for the mass rapid transit (MRT) project Line 1.

KUALA LUMPUR (Dec 17): Mah Sing Group Bhd will appoint Topotels Sdn Bhd to run the former's Meridin Hotel Suites in Iskandar Malaysia, Johor.

In a press release today, Mah Sing group managing director Tan Sri Leong Hoy Kum said its wholly-owned subsidiary Meridin Hospitality Sdn Bhd had signed a letter of intent with Topotels.

KUALA LUMPUR: Gamuda Bhd saw its net profit for the first quarter ended Oct 31, 2014 (1QFY15) rise 12% to RM185.85 million from RM165.48 million in the same period last year, on higher contribution from its property, water and expressway concession divisions.

KUALA LUMPUR: Profit contribution from the property development segment that is set to take off will exceed that of FCW Holdings Bhd’s main contract manufacturing business.

SHAH ALAM: Gerbang Perdana Sdn Bhd, the contractor for the aborted RM1.1 billion “crooked bridge” that was to replace the Johor Causeway, told the High Court yesterday that its subcontractor — the ACPI-IC&E joint venture (JV) — had “misled” the company on the progress of work on the project, resulting in delays.

KUALA LUMPUR: S P Setia Bhd expects sales to be flat or slightly lower at RM4.6 billion for the financial year ending Oct 31, 2015 (FY15), after missing its sales target of RM5 billion in the just-ended fiscal year amid weaker market sentiment.

KUALA LUMPUR: S P Setia Bhd dismissed talk that the property developer’s uncertainty over its permanent leadership plans will lead to a loss in investor confidence and its competitiveness.

KUALA LUMPUR (Dec 16): Masterskill Education Group Bhd has aborted its plan to dispose of its campuses in Cheras, Kuching, Kota Kinabalu and Johor, after its board was unable to mutually agree on a revised sale consideration, based on the property valuation done by independent valuer Cheston International (KL) Sdn Bhd.

KUALA LUMPUR: IOI Properties Group Bhd and Starwood Hotels and Resort have opened Klang Valley's first Four Points by Sheraton in Puchong. It is the fifth hotel in Malaysia and is located in the third tower of Puchong Financial Corporate Centre.

KUALA LUMPUR (Dec 16): CIMB Research has maintained its “Hold” rating on KLCC Property Holdings Bhd at RM6.50 with an unchanged target price of RM6.90 and said that in the current market conditions, REITs could provide a safe haven for capital preservation given its stable dividend yields.