News by Ahmad Naqib Idris

Kiak Seng, who is 70, has been redesignated as executive deputy chairman instead, Tambun Indah announced in a stock exchange filing today. Kiak Seng controls 40.25% stake in Tambun Indah, of which 7.31% is held directly.

Tan is believed to own a 4.77% direct stake in George Kent and indirectly controls an additional 37.42% stake.

In a note today, TA Securities analyst Tan Kam Meng said that alternatively, Tiong Nam could revisit the idea of unlocking asset value via the establishment of a warehouse real estate investment trust (REIT).

Advancecon on Tuesday said the works, to be carried out by its wholly-owned subsidiary Advancecon Infra Sdn Bhd, are expected to be completed by April 5, 2021.

During a press conference yesterday, PNB group chairman Tan Sri Dr Zeti Akhtar Aziz said the disposal was part of the fund’s strategy to recycle its capital, which will allow it to reinvest in other assets to generate higher returns.

Under the partnership, TLA will invest RM80 million in RCSB, of which RM40 million is for equity participation and another RM40 million for project financing.

In a filing by EcoWorld, it said its subsidiary Melia Spring Sdn Bhd has inked a conditional sale and purchase agreement with RRSB, which is 80%-owned by Iskandar Investment Bhd and 20% owned by Iskandar Coast Sdn Bhd, a unit of Iskandar Waterfront.

“Deloitte takes its responsibility as an audit firm seriously, and is disappointed that the SC has dismissed our application for a review of the administrative sanctions, and has maintained its previous decision on the sanctions," the firm said in a statement yesterday.

Group chief financial officer (CFO) Ahmed Fairuz Abdul Aziz will take the helm

In a stock exchange filing today, the bank confirmed it has been served with a writ and statement of claim by Najib on Monday (Dec 9), and that Najib is seeking damages in relation to the conduct of his accounts.