News by Izzul Ikram

A subsidiary of property developer EcoFirst Consolidated Bhd (KL:ECOFIRS) has been sued by purchasers of an apartment development in Seri Kembangan concerning an over-decade-long delay in obtaining strata titles.

Azam Jaya Bhd (KL:AZAMJAYA) has secured a three-year contract from the Ministry of Transport for upgrading works for Sabah’s Tawau Airport.

Magma Group Bhd's (KL:MAGMA) former executive chairman Datuk Seri Ismail @ Farouk Abdullah has ceased to be a substantial shareholder in the hotel management and property development company, following a stake trim.

Malayan United Industries Bhd (KL:MUIIND), or MUI, will be sealing a deal to sell Corus Hotel Kuala Lumpur to a publicly-listed property developer, according to sources.

Property developer Paramount Corp Bhd (KL:PARAMON) plans to acquire a 28% stake in the operator of Texas Chicken and San Francisco Coffee in Malaysia for S$38.33 million (RM126.32 million) cash, as it looks to expand its footprint in the food and beverage (F&B) sector.

IGB Real Estate Investment Trust (KL:IGBREIT) and IGB Commercial REIT (KL:IGBCR) logged higher net property income (NPI) for the second quarter on the back of higher rental income.

Peninsular Malaysia’s electricity tariffs will see a fuel rebate of 1.45 sen/kWh in August, Parliament heard, while Tenaga Nasional Bhd (KL:TENAGA) also projected bigger rebates in September-November due to lower-than-projected fuel costs.

Shares of Ekovest Bhd (KL:EKOVEST) and Knusford Bhd (KL:KNUSFOR) slid on Tuesday after their proposed merger fell through following the third extended deadline.

Malaysian Resources Corp Bhd (KL:MRCB) has firmed up the partnership to jointly develop Ipoh Sentral, a transit-oriented development project in the Perak capital with a gross development value of RM6.25 billion. 

Ecobuilt Holdings Bhd (KL:ECOHLDS) has decided to call off its proposed rights issue and proceed only with a share capital reduction.