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MARC Ratings has downgraded its rating on YNH Property Bhd's Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBBIS from AIS and concurrently placed the rating on MARCWatch Negative.

Builder Gagasan Nadi Cergas Bhd has bagged a contract from Kwasa Land Sdn Bhd, a wholly owned subsidiary of the Employees Provident Fund, to jointly develop affordable houses on a parcel of land in Kwasa Damansara township, Selangor at a cost of RM750 million.

YNH Property Bhd, whose share price had tumbled 72% from a high of RM4.35 on Jan 4, revealed that it had proposed to purchase 5.1 acres of land here back in 2022 for RM150 million, cash, calling its non-disclosure of the deal earlier an "oversight".

Bursa Malaysia Securities Bhd has frozen the lower limit share price for Rapid Synergy Bhd, Sarawak Consolidated Industries Bhd (SCIB) and YNH Property Bhd following a sharp fall in the companies’ share prices.

Noteworthy:

• Land size: 3,600 sq ft
• Built-up size: 4,800 sq ft
• Freehold
• Fully furnished
• 6 bedrooms, 6 bathrooms
• Nearby amenities: Taman Mutiara MRT station, F&B outlets, shopping malls, schools, Ketumbar Hill park
• Accessibility: Cheras-Kajang Expressway (CKE), Cheras Highway, MRR2

When: June 2023

Advancecon Holdings Bhd has secured RM21.19 million in subcontract work from China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL).

Malaysia Airports Holdings Bhd (MAHB) has announced that a consortium consisting of ALSTOM Transport Systems (Malaysia) Sdn Bhd, IJM Construction Sdn Bhd (IJMC) and Pestech Technology Sdn Bhd will be completing the aerotrain replacement project.

Stocks associated with businessman Datuk Dr Yu Kuan Chon continued to endure selling pressure, with both Rapid Synergy Bhd and YNH Property Bhd hitting limit down once again shortly after Wednesday's trading began.

Global real estate agency network IQI and a member of Juwai IQI, celebrated its move into its newly constructed offices at Millerz Square on Old Klang Road with a grand opening ceremony.