News by Adam Aziz

Hong Kong-listed Country Garden Holdings Co Ltd has closed all sales centres in China for its Forest City housing project in Johor, according to a South China Morning Post report yesterday.

Iskandar Waterfront City Bhd (IWC) announced a proposed merger with its major shareholder Iskandar Waterfront Holdings Bhd (IWH) through a one-for-one share swap exercise in which IWH would take over the listing status upon completion.

 KKB Engineering Bhd has bagged two contracts worth RM100.7 million, which will help boost its earnings for the financial year ending Dec 31, 2018 (FY18).

"The board expects the property development segment to continue to contribute positively to the group's performance in the coming financial year."

In May last year, O&C Resources Bhd (OCR) shareholders gave the rubber and baby products manufacturer the greenlight to diversify into property development.

The REIT's IPO exercise saw the 10.2 million units offered to the Malaysian public oversubscribed by more than five times.

The property comprises a 45,000 sq ft piece of leasehold land rated at RM1,100 per sq ft and a single-storey detached factory.

Looking ahead, the trust said it will further explore asset enhancement initiatives at its two properties, namely Mid Valley Megamall and The Gardens Mall.

The trust declared a final income distribution of 3.73 sen per unit, payable on Feb 28.

Gain from one land sale has lifted Guocoland (M) Bhd’s net profit to RM110.8 million, or 16.54 sen per share, for the second financial quarter ended Dec 31, 2016.