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S P Setia buys land for RM381m

KUALA LUMPUR: In the midst of being the target of a takeover, property developer S P Setia Bhd has announced the proposed acquisition of a piece of land measuring 673.2 acres (272.4ha) in Semenyih, Ulu Langat, Selangor for RM381.25 million cash.

VTI Vintage project manager for RM100m property project

KUALA LUMPUR: VTI Vintage Bhd has been appointed project manager, turnkey contractor and marketing agent for 30 units of low-rise high-end apartments to be built in Taman U-Thant here.

It said on Tuesday, Oct 4, its unit Vintage Roofing & Construction Sdn Bhd had accepted a letter of award from Gou Yaoming of Shenzen, China to administer the project.

PNB steps up purchase of S P Setia shares in takeover plan

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has raised its stake in S P Setia Bhd with the acquisition of 20.77 million shares on Monday, Oct 3.

A filing with Bursa Malaysia on Tuesday, Oct 4 showed PNB had acquired 10.95 million shares from the open market at RM3.8928 a share. It also acquired 9.824 million shares in an off-market deal at RM3.89 each.

ECM Libra ups E&O stake to 6.62%

KUALA LUMPUR: ECM Libra Financial Group Bhd has raised its shareholding in property developer Eastern & Oriental Bhd (E&O) to 6.62% after the recent acquisition of two million shares on Sept 29-30.

A filing with Bursa Malaysia showed that ECM Libra's shareholding increased to 59.19 million shares.

PNB increases hold on S P Setia

PETALING JAYA: Even as the market awaits an alternative bid for S P Setia Bhd, Permodalan Nasional Bhd (PNB) is absorbing more shares from the market and increasing its interest in the property developer.

Dijaya project may have interested en bloc buyer

PETALING JAYA: Certain parties have indicated interest in acquiring a project en bloc from Dijaya Corp Bhd, its managing director Datuk Tong Kien Onn told The Edge Financial Daily.

"We do not have any specifics, but interest has been expressed in buying an entire project from us," said Tong after the company EGM on Monday, Oct 3.

Benalec favoured for niche in marine construction

KUALA LUMPUR: Benalec Holdings Bhd, which made its debut earlier this year, has not been spared the market sell-off in the last two months. Having dropped to its IPO issue price, it is still favoured by analysts for its niche in the marine construction industry.

MRT project to buoy sector

Construction sector
Maintain overweight:
We have turned positive on the construction sector as there is now even more urgency for the government to expedite the rollout of various public projects to pump-prime the local economy to shield it against the increased risk of the global economy slipping into a double-dip recession.