News by TheEdgeMarkets.com

Eco World Development Group Bhd (EcoWorld)’s quarterly net profit was hit by impairment in the fourth quarter ended Oct 31, 2022 (4QFY2022), as it contracted to RM1.78 million compared with RM42.84 million a year ago. 

UEM Sunrise said both the group and the purchaser, Olive Investment Trust, have mutually agreed to discontinue with the proposed divestment since the settlement of the consideration was not concluded and settled within the prescribed time.

The company said the issue price represents a discount of approximately 3.06% to the volume-weighted average price of the units for the five market days up to and including Dec 15 of RM1.8052 per unit.

UEM Sunrise Bhd is injecting freehold plots measuring a total of 94.9ha in Johor into its joint venture with CapitaLand Development of Singapore — Nusajaya Tech Park Sdn Bhd (NTPSB) — for the expansion of new industrial phases in the Nusajaya Tech Park, Iskandar Puteri.

The 2.09 sen distribution, in respect of the period from Oct 1 till Dec 22, will be paid on Jan 20 next year. The ex-date is Dec 29 and the entitlement date is Dec 30.

Eco World International Bhd (EWI) recorded a bigger net loss of RM95.73 million for the fourth quarter ended Oct 31, 2022 (4QFY2022) from RM56.26 million a year earlier, due to further impairment on the group’s investment in EcoWorld-Ballymore in London.

Pestech International Bhd is collaborating with a Cambodian company to produce two feasibility studies pertaining to the construction or ownership of solar-based assets in Cambodia.

Prime Minister Datuk Seri Anwar Ibrahim on Wednesday (Dec 14) indicated a potential increase in electricity tariffs on the horizon for multinational companies that export and no subsidy for selected profitable "giant" companies.

The overall subcontract period is 30 months, starting from Dec 13, 2022.               

"We wish all parties in the construction industry can continue to carry on with the already tough business environment in a more sustainable manner.”