Anti-Fake News Bill passed
The Dewan Rakyat has passed the Anti-Fake News Bill 2018, which will next be brought to the Dewan Negara for debate and approval prior to being gazetted as law. The two amendments made at the committee stage were replacing the word “knowingly” with “maliciously” in Clause Four, and cutting the maximum jail term from 10 years to six years in Clause Five. “As stated in the explanatory statement of the bill, this law is not intended to restrict the freedom of speech but to restrict the dissemination of fake news.” (The Edge Markets)
Bursa Malaysia announces CIS regulatory framewok enhancements
Bursa Malaysia Securities Bhd announced enhancements to the regulatory framework for listed collective investment scheme (CIS) and business trust under the Main Market Listing Requirements (Main LR). The CIS includes the Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs) and Closed-End Funds (CEFs). The enhancements are aimed at promoting growth and greater business efficiency of CIS and business trust listed on the Main Market. The key enhancements include improved efficiency and time-to-market of secondary fund raising through issue of securities by listed CIS and business trust and strengthened unit holder protection and facilitate greater operational efficiency by enhancing the transaction framework governing listed REITs under the Main LR. Most of the amendments will take effect from April 9, 2018 onwards. (NST Online)
JMB has right to take action against defaulters
The joint management body (JMB) of a strata property has the right to act against any maintenance fees defaulters, said Rehda. Enforcement must be carried out and JMB needs to take actions in dealing with the defaulters. “Regulations must come into play. As you know, JMB has the rights to, for example, block the access cards and turn off the water supply after specific period has passed when the owners do not pay their maintenance fees. After you have taken certain actions and if all else failed, then only you need to settle it in court,” said Rehda president Fateh Iskandar. Major issues faced by JMB for low-and middle-cost properties will be the maintenance fees collection and maintenance of the community space, especially the lifts for high-end properties. (The Malaysian Reserve)
Housebuyers must be consulted before developers get time extension
Malaysia’s Court of Appeal ruled today the Government must give housebuyers the right to be heard before policymakers grant property developers’ extension of time (EOT) to complete projects. “In a landmark decision, the Court of Appeal today ruled that the Urban Wellbeing, Housing and Local Government Ministry must give housebuyers the right to be heard before they give developers EOT to complete a project. “The decision today would affect thousands of housebuyers,” Malaysiakini reported. (The Edge Markets)
IRDA expects upt to RM6bil in China investments this year
The Iskandar Regional Development Authority (IRDA) expects China to contribute between 15-20% of its RM30 billion investment target for this year. Chinese investments accounted for RM30 billion of the RM253 billion in total bagged by the authority from 2006 to 2017. Of the RM30 billion, 30% was contributed from the manufacturing sector, 30% from services, and the rest by real estate. (Malay Mail Online)
Tanjong Karang PPR will be ready by 2020
The PPR project planned for Tanjong Karang, Kuala Selangor will be completed by 2020, said Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar. The project in Pasir Penambang would comprise about 1,000 PPR single-storey units and 122 PPR flat units which would be priced much lower than market prices. The construction cost of these two projects is RM200 million, with construction slated to begin this year and completed within three years. (Malay Mail Online)
Pasukhas to diversify into property, coal trading
Pasukhas Group Bhd proposes to diversify into property development and coal trading segments. The group will also undertake a special issue of up to 116.06 million new shares, representing 12.5% of its enlarged issued share capital, to Bumiputera investors. Currently Pasukhas is involved in mechanical & electrical engineering service; manufacture of low voltage switchboards; trading of equipment mainly in distribution, power and converter transformers; engineering and construction activities. By having multiple sources of income, the group will be able to reduce its reliance on its existing business in particular the construction industry. (The Sun Daily)
WCT buys 60% in Subang Skypark for RM44.56mil
WCT Holdings Bhd is buying a 60% stake in Subang Skypark Sdn Bhd for RM44.56mil cash. Subang Skypark is involved in the development of commercial retail area at the Sultan Abdul Aziz Shah Airport in Subang, known as Subang Skypark Terminal 3. The move, WCT said, would also allow the company to diversify into the ground handling for private aviation business as well as hangarage services. Recently, it was reported that a rail link between KL Sentral and the airport will start operation in May. (The Star Online)
Subang Skypark (Photo from The Star)
