News by Adam Aziz

Sime Darby Bhd's net profit its first quarter ended September (1QFY2024) rose to RM589 million from RM207 million in 1QFY2023, as all segments improved, led by the industrial division, coupled with a RM251 million gain on disposal of Malaysia Vision Valley land to Sime Darby Property Bhd.

YTL Corp Bhd posted its best quarterly net profit since 2006 at RM521.7 million in the quarter ended Sept 30 (1QFY2024), as all business segments' contributions grew save for construction.

SkyWorld Development Bhd has declared its first interim dividend of RM12.5 million or 1.25 sen per share for the second quarter ended Sept 30 (2QFY2024), after posting a net profit of RM19.1 million or 2.53 sen per share.

Eurospan Holdings Bhd’s proposed RM54.55 million sale of its furniture manufacturing unit and properties in Seberang Perai to its controlling shareholder for future leaseback has been deemed “fair and reasonable” by independent adviser Mainstreet Advisers Sdn Bhd.

Crescendo Corp Bhd has announced its third land disposal in Pulai, Johor Bahru, this time three vacant pieces of land measuring 2.62 million sq ft for RM315.17 million cash to Microsoft Payments (M) Sdn Bhd.

Apex Equity Holdings Bhd is disposing off the 11-storey Menara Apex in Kajang, together with the land, for RM55 million to Era Edu Sdn Bhd, which operates the New Era University College education arm.

Approvals to restructure loans and reduce interest on loans for buyers of “sick and abandoned” housing projects are subject to the discretion of the financier, said the Minister of Local Government Development Nga Kor Ming.

The government is looking into raising the floor for paid-up capital and accumulated capital for new property developers, and to blacklist directors of sick and abandoned projects in an effort to ensure the sustainability of the housing sector.

Chow stated the board of directors of PDC said the change in majority shareholders of Umech Land’s equity structure which was done without informing PDC and without PDC’s approval “is a serious issue and cannot be accepted by the board of PDC”.

The PVIP saw 57 applications processed, where 28 have been approved while the remaining 29 have been recommended for approval