According to the group, the termination was prompted by recent economic conditions, which led both companies to re-evaluate the proposed transaction and re-examine the parcels of land identified for disposal.
The development will feature two smart warehouses equipped with AS/RS systems, one for advanced cold chain logistics and the other for high-efficiency ambient storage, providing approximately 1.
Net profit for the first six months only accounted for just one-third of the consensus full-year estimates, though analysts say Cahya Mata could still catch up in the coming months as construction activities pick up with drier weather that will boost demand for its cement and aggregates.
KTISB will pay for the complex construction and, in return get the 65 acres as payment.
The space will be used for commercial operations and under International Financial Reporting standards, with the tenancy agreement treated as the acquisition of a right-of-use assets, which Parkson booked at about 14.
The group declared an interim dividend of three sen per share, to be paid on Sept 18.
Revenue for the quarter rose 3.
MBW Innexus is located 6km from Tanjung Langsat Port and 14km from Johor Port, with access to Senai International Airport and Singapore’s Changi Airport.
“The group remains cautiously optimistic of its prospects, supported by the robust demand for its projects which are strategically located and offer strong value propositions aligned with market needs,” Avaland chief executive officer Apollo Bello Tanco said.
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