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Bursa Malaysia erases Tuesday’s gains after Trump threatens new tariff on China

KUALA LUMPUR: Bursa Malaysia erased yesterday’s gains to open flat on Wednesday after US President Donald Trump threatened more tariffs on China if a trade deal does not materialise, casting doubts over the ongoing trade negotiations.

At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.65 points to 1,608.08 against Tuesday’s close of 1,609.73.

At the opening bell, the key index opened 1.15 points higher at 1,610.88.

On the broader market, gainers were slightly above losers 114 to 106, with 195 counters unchanged, 1,586 untraded and 19 others suspended.

Turnover amounted to 111.72 million shares worth RM39.85 million.

During his speech to the Economic Club of New York, Trump said the US will hike tariffs on Chinese goods if an agreement is not reached, stoking more uncertainty to the already nervous global market.

However, Malacca Securities Sdn Bhd still think that the continuing institutional support will keep the local key index afloat for a longer period with bouts of intraday profit-taking remaining a feature for now.

“The lower liners and broader market shares are staying mixed with the trend set to continue for now amid the continuing toppish technical indicators.

“Just like the heavyweights, we still think that there will be continuing intraday consolidation on many of the stocks as they also continue to adjust from overbought that will also see the choppy trend remaining for now,” it said.

Of the heavyweights, Maybank fell one sen to RM8.78, Tenaga was flat at RM13.68, Public Bank slipped six sen to RM19.92 while CIMB was one sen better at RM5.30.

As for the top gainers, Cycle & Carriage Bintang jumped 44 sen to RM2.11, Batu Kawan added 10 sen to RM15.50 and UWC improved eight sen to RM2.89.

Of the actives, Iris and Trive Property were flat each at 14 sen and 1.5 sen respectively, while Prestariang eased two sen to 46.5 sen.

The FBM Emas Index slipped 10.49 points to 11,390.51, the FBMT 100 Index weakened 12.22 points to 11,201.40 and the FBM Emas Shariah Index erased 6.61 points to 11,933.14.

The FBM Ace rose 23.53 points to 4,907.03 but the FBM 70 was 18.51 points weaker at 14,119.44.

Sector-wise, the Financial Services Index declined 11.28 points to 15,690.63, the Plantation Index gave up 4.87 points to 6,963.82 while the Industrial Products & Services Index went up 0.02 point to 156.40.

The physical price of gold as at 5pm stood at RM188.30 per gramme, up RM1.28 from RM187.02 at 5pm yesterday. — Bernama


Bursa Malaysia opens flat after Trump threatens new tariff on China

KUALA LUMPUR, Nov 13 — Bursa Malaysia erased yesterday’s gains to open flat today after US President Donald Trump threatened more tariff on China if a trade deal does not materialise, casting doubts over the ongoing trade negotiations. At 9am,…


Grand-Flo firm plans Kampar project with RM88m GDV

PETALING JAYA: Grand-Flo Bhd’s wholly owned subsidiary, Innoceria Sdn Bhd, has entered into a joint venture agreement with Pembinaan Maka Cemerlang Sdn Bhd (PMC) to develop 13.23 acres of leasehold land in Kampar, Perak.

The project will be a mixed development comprising 352 units of single-storey terrace houses and 24 units of double-storey shop houses, with an estimated gross development value of RM88.2 million.

The group currently has two ongoing development projects in Batu Kawan and Bukit Mertajam which are almost completed.

“The proposed joint venture represents a strategic opportunity for the group to replenish its existing property development projects.

“The Kampar project is expected to improve the revenue and profit contribution from the property development segment as well the overall financial performance of the group moving forward,” it said in a filing with Bursa Malaysia.

The proposed joint venture is expected to generate an estimated gross development profit of RM14.13 million.

The project will be financed via a mix of internally generated funds, borrowings and part of the proceeds raised from a proposed private placement.

In the same filing, Grand-Flo said it would undertake a private placement of up to 47.04 million new shares to independent third-party investors, which is expected to raise gross proceeds of RM11.76 million for its property development activities.

Grand-Flo said a private placement had been deemed to be the best option for fund raising as it would not have to incur interest expense or service principal repayments.

The proposals are expected to be completed by the fourth quarter this year.


Talent pool, robust ecosystem lure investments to Penang, says CM

GEORGE TOWN, Sept 5 — Penang’s success in attracting huge investments in the manufacturing sector is due to the state’s ability to prepare a strong talent pool and a robust ecosystem required for the sector’s growth. Chief Minister Chow Kon…


Report: Temasek cancels RM1.3b project with Penang

KUALA LUMPUR, Aug 8 — Singapore’s Temasek Holdings has cancelled an RM1.3 billion business outsourcing project (BPO) with the Penang government, New Straits Times reported today. The daily cited an unnamed spokesman for the Singapore sovereign…


Axis Real expects to post 7pc net yield from acquisitions

KUALA LUMPUR, July 26 ― Axis Real Estate Investment Trust (Axis-REIT) is expected to bag a decent seven per cent net yield from seven acquisitions at a cost of nearly RM250 million, anticipated to be completed in the second half of the financial…


Paramount shareholders approve stake sale in tertiary education business

KUALA LUMPUR: Paramount Corp Bhd received approval from the shareholders to divest its stake in tertiary education business for RM420 million.

The selling prices for KDU Penang University College Campus in GeorgeTown and Batu Kawan as well as Utropolis Glenmarie Campus in Shah Alam are RM50 million, RM120 million and RM250 million, respectively.

Speaking at a press conference after its EGM today, Paramount CEO Jeffrey Chew Sun Teong said the move will reduce its exposure in the education segment via tie-ups with strategic partners and unlock more value outside of Malaysia.

Following the divestment, the revenue contribution from its property and education is expected to shift to 80:20 in five years from the current 70:30.

Meanwhile, Paramount CEO Jeffrey Chew Sun Teong is confident that the group could hit its projected sales target of RM1 billion this year despite the softening market conditions.

“We believe that we could achieve the target by the end of the year,“ he said.

The group has pushed back a number of its property launches to the second half of the year.


Paramount shareholders approve stake sale in tertiary education business

KUALA LUMPUR: Paramount Corp Bhd received approval from the shareholders to divest its stake in tertiary education business for RM420 million.

The selling prices for KDU Penang University College Campus in GeorgeTown and Batu Kawan as well as Utropolis Glenmarie Campus in Shah Alam are RM50 million, RM120 million and RM250 million, respectively.

Speaking at a press conference after its EGM today, Paramount CEO Jeffrey Chew Sun Teong said the move will reduce its exposure in the education segment via tie-ups with strategic partners and unlock more value outside of Malaysia.

Following the divestment, the revenue contribution from its property and education is expected to shift to 80:20 in five years from the current 70:30.

Meanwhile, Paramount CEO Jeffrey Chew Sun Teong is confident that the group could hit its projected sales target of RM1 billion this year despite the softening market conditions.

“We believe that we could achieve the target by the end of the year,“ he said.

The group has pushed back a number of its property launches to the second half of the year.


Rehda expects better HOC-Mapex 2019 in Penang

GEORGE TOWN: The Real Estate and Housing Developers Association (Rehda) – Penang branch anticipates the upcoming Home Ownership Campaign – Malaysia Property Expo (HOC-Mapex), to be held from April 12-14, will be more successful than the previous edition.

Its chairman, Datuk Toh Chin Leong (pix) said during the last Mapex Penang, which was held from Feb 7-10 this year, many were still unclear about the stamp duty exemption for residential properties sold between Jan 1 and June 30, 2019.

He said residential properties priced between RM300,001 and RM1 million (before discount) were eligible for stamp duty exemption, while those priced above RM1 million would be charged a stamp duty of 3%.

“However, with the stamp duty exemptions being clearly announced, we now have more developers coming in to take part in the upcoming HOC-Mapex Penang to showcase their properties and offer attractive incentives,” he told a press conference yesterday.

Aside from the stamp duty exemption for residential units, Toh said the incentives include a minimum of 10% discounts for all properties, extra rebates, renovation packages and special packages by individual property developers.

Meanwhile, Mapex organising chairman Ng Chin U said 20 property developers would be participating in the upcoming event, showcasing more than 3,000 units of properties worth over RM3 billion in total.

He said that properties such as double-storey bungalows, double-storey semi-detached houses, larger double-storey terraces and condominiums on the island and mainland would be featured during the event.

“On the island’s side, the properties to be showcased are located in Balik Pulau, Teluk Kumbar, Georgetown and Jelutong.

“On the mainland, we have interesting projects such as the SP Setia’s integrated township in Seberang Perai, and some projects in Bukit Tambun, Batu Kawan, Sungai Bakap and Nibong Tebal,” added Ng.


Paramount aims to maintain RM1b sales for 2019

PETALING JAYA: Paramount Corp Bhd, which achieved a record sales of RM1 billion last year, is targeting another RM1 billion sales this year.

Property division CEO Beh Chun Chong said the bulk of the sales this year would come from projects such as Atwater, Berkeley Uptown, Bukit Banyan, Lakeside, Greenwoods and Utropolis Batu Kawan.

This year, the group plans to launch properties with a total gross development value of RM1.3 billion.

Last year, it achieved record sales of RM1 billion, which was 23% higher than the RM816 million achieved in the previous year.

Unbilled sales stood at a record RM995 million as at Dec 31, 2018, 63% higher than RM610 million in the previous year.