News by THEEDGEMARKETS.COM

In a note today, the research house maintained its FY20E core net profit of RM673 million, but lowered FY21E marginally by 5% on anticipated weakness from the hospitality segment given the Covid-19 pandemic.

The stapled security, which is composed of KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (REIT), also posted a 23.88% decline in revenue to RM267.25 million, from RM351.09 million last year.

No new death was reported today, marking a fifth day with no mortality.

Saidi Abang Samsudin told the court that he had initially settled for making a 10% contribution, but Datin Seri Rosmah Mansor, through her aide Datuk Rizal Mansor, insisted on increasing the percentage to 15%.

Testifying on the witness stand at the 1MDB-Tanore trial, its former chief executive officer Datuk Shahrol Azral Ibrahim Halmi said the amount was raised by its subsidiary 1MDB Global Investments Ltd, a special purpose vehicle (SPV) set up to raise funds.

The money was to be used as seed capital for the development of the Tun Razak Exchange (TRX) project along Jalan Tun Razak.

“We have seen the PN (Perikatan Nasional) government taking action to reach a settlement with various parties, including Goldman Sachs and Riza Aziz. These settlements have raised many questions and concerns that Malaysia’s rights to the 1MDB-related assets have been jeopardised.”

It was reported that Rosmah, who is former prime minister Datuk Seri Najib Razak's wife, is accused of soliciting RM187.5 million from Jepak Holdings Bhd to help the firm secure a RM1.25 billion project to supply solar hybrid power to 369 schools in Sarawak.

In the office market, CBRE anticipates enquiry and inspection to be negatively impacted should stricter lockdown measures come into force.

It also noted that new sources of leasing demand will be limited in 2H2020 as most office occupiers will continue to prioritise operational resilience and are unlikely to commit to new leases unless they have upcoming lease expiries or especially urgent space requirements.

"When the second wave hit us, our concern then was those returning from other parts of the world. Today, if we loosen our border [control] it is inevitable that we get a third wave."

"Management shared that during CMCO/RMCO, footfalls and tenants sales growth in their malls has shown some encouraging recovery signs, although their renewal has been hampered with negative double digit rental reversion.”