News by Choy Nyen Yiau

The contract was awarded to the company’s unit, Kitacon Sdn Bhd, by Rawang Lakes Sdn Bhd, according to a filing to the stock exchange.

Construction and property player AME Elite Consortium Bhd (KL:AME) is acquiring two parcels of freehold land measuring a total of 31.82 acres in Senai, Johor, for RM101.18 million, cash, from Nice Frontier Sdn Bhd (NFSB).

Magma Group Bhd (KL:MAGMA) said on Thursday it plans to acquire the LUMA Hotel in Kota Kinabalu for RM60.9 million in a cash-and-shares deal, to expand its hotel portfolio.

Malaysia’s anti-graft agency said it has opened an investigation paper linked to Sunway Bhd’s (KL:SUNWAY) ongoing takeover offer for IJM Corp Bhd (KL:IJM).

Light Rail Transit 3 (LRT3)’s main contractor could face penalties of more than RM475 million due to project delays, Transport Minister Anthony Loke said.

“The government is currently reviewing the proposal before presenting it to the Cabinet for a decision.”

Transport Minister Anthony Loke told the Dewan Negara on Monday that the delayed Light Rail Transit 3 (LRT3) line is set to be operational by June this year.

Preliminary findings estimated the total cost of implementing the ART system—including infrastructure development, system installation, operations and maintenance—at RM211.95 million over a 10-year period.

Permodalan Nasional Bhd (PNB), one of the substantial shareholders of IJM Corporation Bhd (KL:IJM), will evaluate the takeover offer for the construction company before making any decision, Deputy Prime Minister Datuk Seri Fadillah Yusof said on Wednesday.

Sentoria said the writ has yet to be served on OCBC Bank and is expected to be served within six months from the date of lodgement.