News by Chester Tay

Iskandar Waterfront City Bhd's (IWCity) share price slips lower by as much as 6.88% or 13 sen to RM1.76 today amidst the uncertainties arising from the Bandar Malaysia project.

Paramount Corp Bhd’s first quarter ended March 31, 2017 (1QFY17) net profit was 14% lower at RM8.29 million, compared with RM9.69 million a year ago, mainly due to absence of a one-off disposal gain from the sale of an apartment last year.

Minister in the Prime Minister's Department Datuk Seri Abdul Rahman Dahlan said he plans to propose this to the Cabinet with the hope that it will be implemented in the next three years.

Malton Bhd, the property development company controlled by Tan Sri Desmond Lim Siew Choon, saw its share price rise by as much as 26% to RM1.94 in afternoon trading.

Abdul Rahman said Prime Minister (PM) Datuk Seri Najib Tun Razak had indicated that the Government was soliciting new bids for the planned Bandar Malaysia project on a 194ha (486 acre/21.17 million sq ft) tract within the old airport site in Sungai Besi here because the land's value had increased.

Sime Darby Bhd has secured US$627.87 million (RM2.73 billion) worth of valid tenders from bondholders under the diversified group's planned repurchase of US$800 million worth Islamic bonds or sukuk.

Questions are now being raised over who will refund the RM741 million deposit paid by a consortium led by Iskandar Waterfront Holdings Sdn Bhd (IWH) to acquire a 60% equity interest in Bandar Malaysia Sdn Bhd after the deal was called off on Wednesday.

The East Coast Rail Link is expected to help create RM50.1 billion of gross domestic product impact, says Malaysia Rail Link Sdn Bhd.

As at noon, the counter pared some losses to trade at RM1.19, down 24 sen or 17%, with some 167.7 million shares changing hands.

Shares in Ekovest open 42 sen lower at RM1.01 this morning after the Bandar Malaysia deal was aborted yesterday.