News by M

Hua Yang Bhd rose 2.83% this morning after company said it is planning to up its stake in Magna Prima Bhd by 20.12% or 66.89 million shares, for RM123.75 million or RM1.85 per share, to 30.96%.

IWCity said IWH has agreed to extend the original due date for one more month from April 19 to May 5 for its board to revert with its decision on whether the board is agreeable to put forward the proposed merger to the shareholders.

The safeguard duty has resulted in a significant increase in raw material costs.

GuocoLand (Malaysia) Bhd saw a 38% decline in net profit for its third financial quarter ended March 31, 2017 (3QFY17) to RM8.34 million from RM13.35 million a year ago, which it attributed to a high base effect after it sold a piece of land on Jalan Kia Peng last year.

Analysts are holding their earnings forecast for S P Setia Bhd after it won the tender for a plot of prime land in Singapore, amid concern over the group’s valuation due to the high cost of the land.

“Wanting to own a home in Kuala Lumpur city centre for less than RM500,000, that is not very realistic. That’s why we also urge the media, the National House Buyers Association (HBA) and the government to help educate our buyers,” said Rehda president Datuk Seri FD Iskandar Mohamed Mansor in a media briefing on Rehda’s Property Industry Survey 2H2016 this morning.

Distributable income for the quarter grew 9.9% to S$71.3 million, largely contributed by CapitaGreen given CCT’s increase in ownership from 40% to 100% from Aug 31, 2016.

S P Setia Bhd, via its subsidiary S P Setia International (S) Pte Ltd, has been awarded the tender for Singapore’s Toh Tuck Road site by Singapore’s Urban Redevelopment Authority (URA), marking the developer’s third project on the island.

Eastern & Oriental Bhd (E&O) has recorded 87% take-up for phase 2 of its Ariza Seafront Terraces comprising 35 units of landed homes in Seri Tanjung Pinang (STP), Penang. They were launched on March 23.

AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) aims to acquire “trophy assets” in the immediate term, despite the softening property market, said Amanah Raya Bhd’s (ARB) group managing director Adenan Md Yusof.