News by Tan Xue Ying

In an exchange filing, the property developer attributed the sharp decline in its net profit to the absence of contribution from land sales compared to the corresponding period last year which carried a significantly higher margin, cushioned by the partial settlement income of Aurora Melbourne Central and Conservatory projects.

The group said it is in the midst of developing a piece of land held along Jalan Klang-Banting here, and is anticipating a gross development value of RM10 billion with 10 main development phases.

Seacera Ceramics Sdn Bhd was yesterday served with a notice of default by Ambank Islamic Bhd for RM12.91 million, arising from facilities granted to the company.

However, it managed to post a net profit of RM148.03 million for the cumulative 14-month period.

GenM told Bursa Malaysia today that on Sunday (Aug 18), GenUSA and Kien Huat Realty III Ltd (KH) received 49% and 51% stakes in Hercules Topco respectively to undertake US-based casino operator Empire's planned delisting under a planned merger.

OSK holds a 51% participating interest and Marubeni the balance 49%, to jointly develop, operate and maintain the LSS3 project.

The stock of household debt as a share of gross domestic product (GDP) in Malaysia has declined over the years, thanks in part to a weaker housing market, and more deleveraging is likely to continue.

Minister of Finance Inc's wholly-owned subsidiary MRL said in a statement today that calls for local contractors to submit their tenders will start in the fourth quarter of 2019 following submission of pre-qualification (pre-Q) documents in the end of May this year.

Boustead Holdings Bhd announced today Datuk Nonee Ashirin Mohd Radzi, Loong Caesar, Lt Gen (R) Datuk Fadzil Mokhtar and Abraham Verghese TV Abraham's appointments as independent non-executive directors.

Eonmetall said a JV company (JVco) named Sinaran Seribumi Sdn Bhd was formed between its wholly-owned subsidiary Eonmetall Land Sdn Bhd, with Kapar Holding Sdn Bhd and Kapar Land Sdn Bhd. Kapar Holding and Kapar Land are both in the business of manufacturing iron and steel products, as well property dealing.