News by theedgemarkets.com

In a bourse filing on Friday (April 22), Sunsuria said its wholly-owned subsidiary Sunsuria Residence Sdn Bhd has entered into a sale and purchase agreement with Superjet Revenue Sdn Bhd for the proposed land acquisition.

DBKL’s lawyer B. Thangaraj submitted to a three man bench via online proceedings that the targeted land was intended for mixed development, and that the Court of Appeal had made an error in quashing the development order issued to developer Memang Perkasa Sdn Bhd for the project.

Kawan Food said it intends to build a second manufacturing facility for its operations on the proposed site. It plans to expand its cold room facility to include a warehouse and cold chain distribution for in-house and external products, equipped with new technology such as robotic automated warehouse to cater for frozen, chilled and ambient food products.

According to Tanjung Pinang Development's website, the company holds the concession rights to both phases of the Seri Tanjung Pinang (STP) reclamation project at the north-east coast of Tanjung Tokong in Penang.

The research house's analyst Loong Kok Wen said in a note that degearing is now management’s top priority, and she believes the handover of a few projects in Melbourne and Singapore, as well as the potential completion of some land disposals, will help reduce the group’s net gearing to 0.51 times to 0.53 times by year end from the current 0.61 times (including non-controlling interests).

According to Luxchem’s bourse filing, Luxchem Trading Sdn Bhd (LTSB), a wholly-owned subsidiary of the company, has entered into a sale and purchase agreement (SPA) with Worldwide Emergency Assistance (Malaysia) Sdn Bhd to purchase the whole of Block N at Jaya One, Petaling Jaya.

In a Bursa Malaysia filing on Wednesday (April 20), the REIT said its revenue increased by 4.7% to RM18.83 million compared with RM17.99 million, supported by lower rental rebate amortisation and better promotional area income as a result of the further relaxation of the standard operating procedures during the quarter compared with a year ago.

In a statement, OCR said the joint venture will be undertaken with Magna Prima's 70%-owned unit Magna Ecocity Sdn Bhd, who owns a 20-acre leasehold plot in Section 15, Shah Alam, Selangor.

The commercial property REIT — which has offices, warehousing and manufacturing facilities in its portfolio — reported a 16.02% increase in revenue to RM66.69 million from RM57.48 million a year prior.

The proposed disposal will also unlock the value and monetise Sinmah's investment in its wholly-owned subsidiary SM Broilers Sdn Bhd, with the proceeds earmarked for the development expenditure on the group's existing Taman Gambir Perdana mix project in Johor, which it said may allow the group to carry out its project in a more efficient manner.