KUALA LUMPUR: Faber Group Bhd has proposed to cancel 75 sen from the current par value of RM1 per share to 25 sen per share, with the credit of RM272.3 million arising from the exercise to lower the company's accumulated losses.

In a Bursa filing on Thursday, Mar 17, the company said the figure was derived from its existing paid-up share capital of RM363 million.

KUALA LUMPUR: S P Setia Bhd's net profit rose 62.4% to RM62.03 million for its first quarter ended Jan 31, 2011, from RM38.19% a year ago on ongoing property development activities in the Klang Valley, Johor Bahru and Penang.

Its revenue swelled 42.6% to RM518.88 million from RM363.89 million, it announced to Bursa Malaysia on Thursday, Mar 17.

KUALA LUMPUR: Atlan Holdings Bhd has proposed to sell two pieces of freehold land with a single sales office in Batu Feringghi, Penang, measuring 2.78 acres for RM33 million cash, it announced to Bursa Malaysia on Thursday, Mar 17.

PETALING JAYA: The recently announced "My First Home Scheme" is set to mostly benefit smaller property developers outside the Klang Valley that offer affordable houses priced between RM100,000 and RM250,000, said property analysts.

Among the listed property developers that offer or have plans to build such properties are YNH Property Bhd and Hua Yang Bhd.

KUALA LUMPUR: Cyberview Sdn Bhd, the landowner of Cyberjaya has RM2.52 billion worth of developments in the pipeline for this year, which will be achieved through land sales of enterprise, commercial, institutional and residential spaces.

KUALA LUMPUR: Shares of Faber Group Bhd advanced 6% on Wednesday, Mar 16 on the back of the company's bullishness in the renewal of its 15-year concession for government hospital support services (HSS).

Faber Group Bhd (March 16, RM1.95)
Maintain market perform at 1.84 with fair value RM2.22: Faber held an analyst briefing earlier this week with respect to its 4QFY10 ending December results. We set out below the key highlights of the briefing.

Hektar REIT (March 16, RM1.28)

WASHINGTON: US housing starts posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, suggesting the beleaguered real estate sector has yet to rebound from its deepest slump in modern history.

LONDON: The Tchenguiz brothers, the property magnates briefly arrested in a UK fraud probe into Iceland's Kaupthing, won the right to pursue a claim of over £1 billion (RM4.89 billion) in damages from the failed bank.