Qatar, China interested in 1MDB assets
Qatar and China have reportedly expressed an interest in the assets of debt-ridden state fund 1Malaysia Development Bhd (1MDB), according to Prime Minister Najib Razak, who said that the Qatar Investment Authority was keen to view 1MDB’s assets and purchase land in its Bandar Malaysia project, while China’s ambassador to Malaysia had also expressed his country’s interest. 1MDB is seeking to reduce its US$11 billion debt by offloading assets under power unit Edra Global Energy, as well as sell development rights in property projects. (Malaysiankini)
Tradewinds buys land, plans project near old Istana Negara
Hospitality and property development company Tradewinds Corporation Bhd has purchased a 12.2-acre tract of land at Jalan Belfield, located near the former Istana Negara, for RM258 million. 9.3 acres of the site will be used for its debut mixed-use development project comprising residences with a niche eco-friendly retail component, which has a gross development value of RM3.8bil. Phase 1 of the project will start and be launched for sales early next year. (The Star Online)
Yong Tai shares suspended pending MoU
Yong Tai Bhd, a garment manufacturer turned property developer, has suspended its shares today pending an announcement on the company’s businesses collaboration. It is expected to sign a memorandum of understanding (MoU) with four landowners as part of its expansion plans to grow its property development segment. The company is exploring projects in the Klang Valley, Malacca and Johor, and its first project, The Pines, is a GDV RM120.9 million joint venture with Malacca-based PTS Properties Sdn Bhd. (The Sun Daily)
Japanese, South Koreans may enter market through Century Logistics stakes
Integrated logistics service provider Century Logistics Bhd is in talks with potential South Korean and Japanese partners looking for a strategic tie-up for access into the Malaysian market. The deal may include equity participation by either one of the foreign parties, and would not only enable it to win new foreign customers but also help it venture into new markets especially in Asean. This year, it will build Malaysia’s first multi-storey warehouse, which is a common sight in Singapore and Hong Kong where land is limited. (The Star Online)
Lotus to build first China plant in Fujian by 2019
Lotus Group International Ltd, the sports car subsidiary of Proton Holdings Bhd, has plans to build a Lotus sports utility vehicle (SUV) plant in Fujian Province, China by 2019. There are talks with the local Chinese authorities to build the manufacturing plant, but it will take at least 2 years to obtain a manufacturing license. The group will partner with Goldstar Heavy Industrial Co Ltd to start building the facility, and expects to produce 100,000 SUVs per year at the plant. (The Edge Markets)
Five major roads to be closed for KL Grand Prix
Five major roads in Kuala Lumpur will be closed from 6am to 6pm from August 7 to 9 for the inaugural Kuala Lumpur City Grand Prix. The five major affected roads are Jalan Ampang, Jalan Sultan Ismail, Jalan Raja Chulan, Jalan Perak and Jalan P. Ramlee. Those working around the golden triangle during the race times are encouraged to use public transportation to and from their working places to avoid traffic congestion. The event, which uses a 3.2km temporary circuit along well-known areas of the capital city is expected to attract local and foreign tourists. (The Sun Daily)
New ‘debris’ found just a ladder, not plane door
A senior Department of Civial Aviation (DCA) official said that the piece of debris found on Sunday morning at the island of Reunion had nothing to do with MH370. Checks by the Civial Aviation Authority and people on the ground at Reunion confirmed that the it was just a domestic ladder. (Daily Mail UK)
Police officers inspecting the pieces of debris washed up on the beach of Reunion. The discovery came amid rumours of a plane door washing up, which turned out to be just a piece from a domestic ladder. (Photo from Daily Mail UK)
