News by JUSTIN LIM

Retail Group Malaysia wrote in its latest retail industry report that for the first quarter, the industry achieved better-than-expected growth of 3.8% in retail sales compared to a year earlier.

The jump in net profit is attributed to improved contributions from its local tolls and port concessions, with its investment in a toll concession in Argentina also boosting the division.

In a stock exchange filing, ARB said its indirect wholly-owned unit Arbiot Sdn Bhd and IJV Ventures Sdn Bhd have inked a business contract to carry out the project.

In a filing with Bursa Malaysia yesterday, JAKS said the next case management at the High Court here is fixed on June 17.

Under the fund-raising exercise, Malton’s controlling shareholder Tan Sri Desmond Lim Siew Choon and Qatar Investment Authority will inject fresh capital of RM277.25 million and RM406.7 million respectively through subscription of redeemable preference shares (RPS) in Regal Path Sdn Bhd, which will acquire a 49% stake in Pavilion Bukit Jalil Mall from Malton.

The stronger profit was mainly due to higher contributions from two segments — property, and financial services and investment holdings — which offset lower contributions from its construction, industries and hospitality segments, it said in a stock exchange filing.

Quarterly revenue fell 4.66% to RM514.65 million from RM539.79 million a year ago, mainly due to lower revenue recognition from its engineering and construction segment.

The Battersea Power Station phase 2 and phase 3 projects are now targeted to be completed by 2021

Expertise may be lost if there is no plan for the Circle Line by 2022 — group MD.

Che Khalib said the proposal provides an alternative for reducing the project cost, which is at RM45 billion under the original plan. However, he is tight-lipped about the cost reduction, adding the proposal is a completely different solution.