Tropicana founder Tan Sri Dato’ Danny Tan retires
The founder of Tropicana Corp Bhd, Tan Sri Dato’ Danny Tan, has retired as its group executive vice chairman effective yesterday. Tan founded the group in 1992, and said he was proud of Tropicana’s achievement today as one of the top 10 developers in Malaysia. He will be handing over his management duties to group CEO Datuk Yau Kok Seng and deputy CEO Datuk Dickson Tan. (New Straits Times Online)
No plans to increase low-cost housing price
There are no plans by the government to increase the price of low-cost houses under the PR1MA scheme. PR1MA house prices will remain in the range of RM100,000 to RM400,000 per unit, depending on its type and location. Negotiations and discussions with developers are held with developers to ensure the prices did not exceed the maximum limit. (The Sun Daily)
Mah Sing expecting better sales in 2H
Mah sing Group Bhd reported property sales of RM761 million between January and April this year, and is expecting sales to improve in the second half (2H) of 2015. The group hopes that stronger demand for affordable housing will make up for weaker sentiment due to GST, weaker ringgit and low commodity prices. (The Edge Financial Daily)
1MDB’s Exim Bank loan used for energy business
Debt-ridden state investment fund 1MDB has used the US$150 million loan from Export-Import Bank of Malaysia (Exim Bank) for the group’s energy business. The loan proceeds were utilised per the agreement terms, which was to finance general corporate purposes including but not limited to working capital requirements, future capital expenditures and equity infusion of the energy business. It was earlier reported that the loan was used to buy land in Pulau Indah, Selangor. (The Sun Daily)
Flood victim families welcome Ramadan in tents
45 flood victim families in Kelantan have to welcome Ramadan, and likely Hari Raya Aidilfitri as well, in tents at the Bandar Utama, Gua Musang temporary housing area, as their permanent homes being build by the government are still not completed. They have been staying in the tents for over 6 months since the terrible floods in Kelantan late last year. (Bernama)
The Kelantan flood victims are living in tents at a temporary housing area in Bandar Utama, Gua Musang while their permanent homes are being built by the government. (Photo: Utusan Online)
TNB shares at 8-month low after news of 1MDB deal
Lack of details regarding Tenaga Nasional Bhd’s (TNB) buyout of 1MDB’s power assets received negative response from investors, sending TNB’s share value fall as much as 6.5% before closing at 4.3% lower yesterday. There was no open bidding for the independent power producer (IPP) project, known as Project 3B, as Putrajaya had deemed TNB capable of completing the delayed project. The 3B project is considered the biggest of 1MDB’s power assets and supposed to be the cornerstone of its IPO. (The Malay Mail Online)
