News by Arjuna Chandran Shankar

IOI attributed its lower quarterly earnings to lower operating profit and total net forex losses on foreign currency borrowings and deposits, amounting to RM26.7 million.

According to a statement, chief executive officer Datuk Wira Boo Kuang Loon said that he is raising his stake in the group, which currently stands at 12%, via special purpose vehicle (SPV) Domain Capital Sdn Bhd (DCSB) which will subscribe to 100 million new shares in the group.

Guan Eng said the total amount of the funds stood at RM202,716,775.10 as of Jan 14, the closing date for contributions. In addition, there was an interest amount received from fixed deposit investments totalling RM575,342.31 up to March 31.

The commencement date for the project is May 30, and the group expects to complete its works within a year.

The shoplots will comprise three-storey and four-storey freehold units, 40 of which will be for non-bumiputera buyers while the remainder will be reserved for bumiputera.

The real estate investment trust said its revenue for the quarter saw a slight 2.2% decrease to RM7.53 million from RM7.7 million previously.

The group said it was selling the 2.4ha leasehold plot to Sumber Setiamas Sdn Bhd for a gain of RM4.6 million. 

The banking group said its BR would drop 20 bps to 3.05% per annum from 3.25%, while its BLR would be revised to 6.7% per annum from 6.9%.

PEPS said that primary housing market advertisements should not only include what it deems a "headline price", but also disclose the actual price at which potential buyers can secure the purchase.

The projection is based on the 2.2% on-month decrease in the leading index's (LI) growth rate for February.