News by Syahirah Syed Jaafar

The construction group, which is also involved in facilities management services and holds two university concession projects, said in a statement yesterday it has received 6,029 applications for 423.5 million shares worth RM127 million for its public tranche of 20 million shares

It yesterday signed a share sale agreement to acquire a 70% stake in Geo Valley Sdn Bhd, a member of the Lone Pine group, for RM44 million cash.

Hong Leong Investment Bank (HLIB) retained its "buy" rating on Sunway at RM1.40 and raised its target price to RM2.18 (from RM2.13), while Kenanga Investment Bank maintained its "market perform" call and raised its target price to RM1.65 from RM1.60 previously.

The scope of works for the contract generally includes the construction and completion of an eight-level shopping complex podium, including the architectural works for the basement, retail area, residential drop-off and core, tower link bridge and external works.

Recently, MRCB has also received a settlement sum of RM1.32 billion from the Malaysian government over the termination of its concession for the Eastern Dispersal Link Expressway.

PLUS said it is looking forward to making its case in the arbitration proceedings.

“The predictable failure of the Mahathir government to hold a successful auction of the yacht Equanimity is another example of a Mahathir regime prioritizing illegal acts over the rule of law in a transparent effort to score political points,” an unnamed spokesman of Low said in a statement issued through Low’s attorneys.

The company has accepted the letter of award from SIPP-YTL joint venture for the project, which commenced yesterday and is expected to be completed by May 17, 2020, its Bursa Malaysia filing said.

Lim said the special payment, which will cost the government RM1 billion, will for the first time be paid in the same year that the budget was announced, instead of the following year.

In a note today, CIMB said Eco World’s core net profit of RM167 million, which rose 48% year on year, was slightly below house expectations at 94%, although above Bloomberg consensus' at 105%.