News by THEEDGEMARKETS.COM

In a press release on Tuesday (Feb 22), Kerjaya Prospek said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted a letter of award (LOA) from Nikmat Merpati Sdn Bhd and that the project is expected to be completed in 53 months from its commencement date in June 2022.

The Grade II* listed building will house over 100 shops, restaurants and cafes, an events venue, a unique chimney lift experience offering 360-degree panoramic views of London’s skyline, new office space and 254 new residential apartments.

In a trading stocks note today, the research house said if the bullish momentum persists above that level, the stock may climb towards the next resistance level of 56 sen, followed by 59 sen.

"As the acquisitions are funded by internal funds, the group will not be exposed to credit risk. There are on-going projects undertaken by Mitrajaya Group to enable it to meet its financial obligations, hence the non-development of the properties will not pose a risk in cash flow management," Mitrajaya said in a bourse filing on Friday (Feb 18).

In a statement, Mah Sing chief executive officer of property subsidiaries Benjamin Ong said that the encouraging response from Erica Phase 1 showed that landed properties are still in high demand. It also proved that demand for affordably priced and good quality products in strategic locations will remain strong.

The group said the acquisition, which is expected to be completed by the second quarter of 2022, will enable it to diversify and tap into the water infrastructure construction works, which it noted are complementary to its existing property development business and CHCSB's construction business.

Quarterly revenue slipped 5.83% to RM41.38 million, from RM43.95 million a year earlier, primarily due to lower contributions from the group's gaming and property investment business segments.

In a filing, the group said the new ICPs have a tenure of nine months and will mature on Nov 15, 2022, while the new IMTNs have a tenure of three years and will mature on Feb 14, 2025.

In a statement, MARC said the revised outlook reflects its increasing concern over the rise in Tropicana's borrowings, which stood at RM4.5 billion (including the outstanding perpetual sukuk) as at end-September 2021 from RM2.8 billion when the initial rating was assigned in April 2020

NWP Resources had defaulted on payment of outstanding rentals from October 2021 to February 2022, as well as service charges and default interest totaling RM2.6 million for the premise in Block A, Desa Commercial Centre, on Feb 8.