Malaysia goes to the polls on May 9 for GE14
Malaysians will go to the polls on May 9, which falls on a Wednesday, the Election Commission (EC) announced. Nominations for the 222 parliamentary and 587 state seats have been set for April 28. Early voting for military and police personnel as well as voters living abroad has been fixed for May 5. This gives political parties a campaign period of 11 days. (The Star Online)
TSR pays RM58.9mil for Kwasa Land project
TSR Capital Bhd will pay Kwasa Land Sdn Bhd, the master developer of the Kwasa Damansara township in Selangor, RM58.94 million for the development rights and revenue sharing in a proposed residential development. The development, with a GDV of RM295 million, will feature 260 residential units including link, cluster, exclusive and town villas as well as condominiums. It is expected to be completed within six years in 2024. The 6.52-acre (2.64ha) Plot R3-3 has a green connectivity to one of the largest parks, measuring 42 acres, in Kwasa Damansara, encompassing a 13.6-acre lake. (The Edge Markets)
7.7% yield estimated for MRCB-Quill REIT for 2018
Maybank Investment Bank has reiterated a ‘Buy’ rating on Malaysia’s MRCB-Quill REIT despite concerns over potential occupancy risks across its property portfolio. 28% of the REIT’s lease is up for renewal in FY2018, while 15% will be due in FY2019. MRCB-Quill REIT will see 17% of its lease up for renewal in FY2020, while the sole tenant at the REIT’s property known as Wisma Technip, Technip Geoproduction (M) Sdn Bhd, may be at risk of vacating the premises due to challenging business conditions in the oil & gas sector. (REITS Week)
Fajarbaru acquires Australian property developer
Fajarbaru Builder Group Bhd has acquired 98% of Australian property development company Beulah Northcote Land Pty Ltd (BNL) for almost A$3 million (RM8.9 million). The acquisition will provide Fajarbaru with the opportunity to expand its earnings base generated from the property development and increase its presence in the property market in Melbourne, Australia. BNL was granted the development rights for 1.24 acres of freehold land in Melbourne, Australia. The development comprises at least 15 residential two-storey townhouses along Merri Creek in Northcote, Melbourne. (The Sun Daily)
Symphony Life plans to raise up to RM146mil via rights issue
Symphony Life Bhd (SymLife) has proposed to undertake a one-for-one rights issue to raise up to RM146.09 million to repay debt, fund its property development projects and for working capital. As at Dec 31, 2017, the group’s total borrowings stood at RM449.72 million. In addition, it is in the midst of procuring an additional RM50 million bank borrowing to fund its property development costs, marketing and promotional expenses, as well as for working capital. Based on a minimum issuance of 171.43 million rights shares, the exercise will raise minimum gross proceeds of RM60 million. (The Edge Markets)
Serba Dinamik to acquire US firm, targets RM7.5bil order book
Serba Dinamik Holdings Bhd said it is “nearing the end” of a discussion for a potential acquisition of a US firm and expects to conclude the deal this year, which will help achieve comprehensive geographic coverage for the company, according to its CEO Datuk Dr Mohd Abdul Karim Abdullah. With RM6.2 billion in hand, the energy solutions provider said it is targeting a higher order book of RM7.5 billion this year. Its tender book currently stands at RM12.5 billion. (The Edge Markets)
Ikhmas Jaya bags projects worth RM257mil
Ikhmas Jaya Group Bhd’s wholly-owned Ikhmas Jaya Sdn Bhd has secured two construction projects with a combined value of RM257.72 million. The first contract, awarded by Naluri Rezeki Sdn Bhd, appoints Ikhmas Jaya as the turnkey contractor for a hospital, to be completed within 36 months, on a design-and-build basis. The second contract — awarded by Putrajaya Ventures Sdn Bhd — includes demolition works of the existing three-storey office building with two basement levels, and a two-storey bungalow on Lot 155, Jalan Ampang, Kuala Lumpur. (The Edge Markets)
Grand-Flo to venture into construction after gaining control of property unit
Homegrown tracking solutions provider Grand-Flo Bhd is buying the remaining 49.99% stake in a property development firm Innoceria Sdn Bhd (ISB) for RM21.9 million cash. Grand-Flo currently owns 50% equity interest in ISB, which was acquired in August 2014 for RM15 million, which marked the group’s first foray into property development. Since then, property development has become the major contributor to the group’s financial performance, contributing 82.9% of net profit despite just making up 29% of the group’s revenue in FY17. (The Edge Markets)
