Retirement fund to liquidate overseas property
Retirement Fund Incorporated (KWAP) is liquidating one of its properties abroad in order to fulfill the government’s recent measures to address concerns regarding global financial markets and economic uncertainty. The move is in line with KWAP’s commitment to support the request for government-linked companies (GLCs) and government-linked investment companies (GLIC) to reinvest in Malaysia using income earned overseas. KWAP is also looking at several domestic land acquisitions following its purchase of Integra Tower at RM1.1 billion in July this year. (The Malay Mail Online)
Timber company Harvest Court ventures into property
Timber products manufacturing company Harvest Court Industries Bhd is planning to venture into property development, while focusing more on timber-related services in order to return to profitability by end of its 2017 financial year. The company has identified two prime areas in Selayang, Selangor and Malacca for development, and is currently in negotiations for joint venture projects. The company will also revamp its business scheme by ceasing the manufacturing of timber doors and emphasising on timber services such as custom moulding and kiln drying, which provide better profit margins. (The Sun Daily)
Malaysian company among those probed over haze
An Indonesian minister said yesterday that a Malaysian company is among more than 20 firms currently being investigated by Indonesian authorities over the forest fires that are causing serious haze in Indonesia, Malaysia and Singapore. The worsening smog forced some schools to close and airlines to delay flights this week. The annual haze caused by forest clearing and burning practices in Kalimantan and Sumatra have been exacerbated this year by the El Nino weather phenomenon and prolonged dry season in Indonesia. (The Malay Mail Online)
Provocation, racial slurs during ‘red shirts’ rally
Tens of thousands of Malaysians, mostly from the majority Malay community, held a rally in Kuala Lumpur on Wednesday as a counter-move to the Bersih 4 rally on August 29 and 30. Umno denied endorsing the protest, but the ‘Himpunan Rakyat Bersatu’ organiser National Silat Federation (Pesaka) is seen as a front for the party, spearheaded by Umno leaders. The ‘red shirts’ rally was marred with racist abuses hurled at Chinese journalists and displayed provocative banners targeted at opposition leaders. The main rally at Padang Merbok was peaceful, but violence broke out at Petaling Street where a group of almost 800 protestors tried to force their way in, resulting in the firing of a water cannon by riot police. (Malaysiakini)
Riot police dispersing the crowd at Petaling Street with water cannons during the ‘red shirt’ rally yesterday (Photo from Malaysiakini)
AlloyMtd targeting locals for London project
AlloyMtd Group, which recently obtained approval for redevelopment of One Crown Place in London, is targeting the local market as part of its “short-term yield, long-term capital appreciation” strategy. The mixed-use project has a gross development value of £451 million (RM2.67 billion) and comprises two residential towers with 247 apartment units, a boutique hotel and retail space. There are no other residential components in the area, thus the company is focusing on local buyers who will turn it into a vibrant area with amenities that will cater to various activities for the locals. (Malaysia Chronicle)
