News by Adam Aziz

A consortium between Citaglobal Bhd and Reneuco Bhd has secured a 30-year concession to supply electricity to the East Coast Rail Link (ECRL) from project owner Malaysia Rail Link Sdn Bhd (MRL).

Together, the settlement is expected to result in a net financial impact of RM15.2 million on the local-listed property player.

The related party transaction will see Sunsuria raise its stake in the property developer to 84%, from 51% currently.

Sarawak Consolidated Industries Bhd (SCIB) said it is acquiring leasehold plots in Demak Laut Industrial Park in Kuching from the Land and Survey Department of Sarawak measuring 8.85 ha for RM21.62 million cash.

Energy infrastructure group Wasco Bhd is disposing a parcel of land together with storage buildings erected on site in Shah Alam for RM40 million to Array Metal (M) Sdn Bhd.

Malaysia’s headline interest rate, the overnight policy rate (OPR), has been maintained at 3% following the Monetary Policy Committee (MPC) meeting on Wednesday, said Bank Negara Malaysia (BNM).

SCIB shares fell to as low as 92 sen, before rebounding slightly to 98.5 sen, still down 20.5 sen or 17.23% at the time of writing.

Kuchai Development Bhd is injecting RM275 million worth of assets and liabilities into Sungei Bagan Rubber Co (M) Bhd in a share deal, as part of efforts to consolidate the assets of two sister companies linked to Kluang Rubber Company (M) Bhd (KRCB).

The government is reviewing the surcharge and subscription period for the Green Electricity Tariff (GET) mechanism, as it looks into extending the green electricity subscription to 2024.

High electricity consumption households, alongside commercial and industrial (C&I) users in the Kulim Hi-Tech Park (KHTP) in Kedah will be charged 6.5 sen per kilowatt-hour (kWh)surcharge on their electricity tariffs for the first six months of 2024.