Socso pays out RM93.57mil for commuting accidents from Jan-Oct this year
Social Security Organisation (Socso) has paid RM93.57 million in compensation for accidents involving workers commuting between home and workplace for the period January to October this year. The amount was for temporary disability benefits based on 25,219 cases which received an average benefit payment of RM3,710 per case. “Through the Prihatin Squad, Socso will continue to be more proactive in assisting contributors involved in accidents.This includes accelerating the payment of benefits to reduce the burden of contributors or their next-of -kin involved in accidents,” it said. (NST Online)
KL property prices dip 0.6%
Property prices in Kuala Lumpur dropped 0.6% during the 12-month period ended September 2018, as cooling measures and rising interest rates continue to affect buyer sentiment. This is despite the fact that Kuala Lumpur, like many first tier cities in the region, continue to lead in residential price growth, according to Knight Frank. Asia-Pacific remains the top-performing world region, with a 6.2% increase over the 12 months period to the third quarter of 2018, up from 3.3% a year ago. However, a combination of cooling measures, rising interest rates, and waning buyer sentiment will likely lead to slowing growth momentum heading into 2019. (The Star Online)
Pacific Star Development buys out Puteri Cove JV partner for S$26mil
Catalist-traded Pacific Star Development is buying out its joint venture partner in the Puteri Cove project in Iskandar Malaysia for S$26 million as it seeks external financing for working capital and its Bangkok development. Puteri Cove Residences and Quayside is a mixed-use property development comprising condominium units, serviced suites, SOHO and a lifestyle retail centre in Iskandar Puteri. After the transaction, Pacific Star Development will be the sole shareholder of the Puteri Cove project. (The Edge Markets)
SCH Group disposes of land in Balakong for RM6.6m
Quarry industrial machinery and equipment supplier SCH Group Bhd is disposing of two pieces of freehold land, along with the factories erected on them in Balakong, Selangor for RM6.6 million cash. The group is expecting a gain on disposal of RM4.79 million. The collective original cost of investment for these two properties was RM1.77 million. SCH said the proposed disposals provide it with the opportunity to realise the properties’ value and to provide immediate cash flow for business operations and working capital. The group expects to complete the proposed disposals in the second quarter of 2019. (The Edge Markets)
PNB appoints four new board members
Permodalan Nasional Bhd (PNB) has appointed four new members to serve on its board of directors from Jan 1 next year. They are Datuk Ahmad Badri Mohd Zahir, Tan Sri Zainun Ali, Datuk Dr Nik Ramlah Nik Mahmood and Datuk Johan Ariffin. The four will succeed retiring board members namely Tan Sri Dr Ali Hamsa, Tan Sri Dr Wan Abdul Aziz Wan Abdullah and Tan Sri Zarinah Anwar. PNB also announced the retirement of Professor Tan Sri Dr Noor Azlan Ghazali from the boards of ASNB and PNB Research Institute Sdn Bhd from Dec 31. (The Edge Markets)
