Pahang bauxite mining banned for 3 months
The Cabinet has suspended all bauxite mining operations in Pahang for three months beginning Jan 15, as part of a moratorium which will require all stockpiles to be cleared before any future mining can take place. Residents had complained about the pollution that had stained many places near the mining areas red, and were concerned that metals and minerals from the mining process could end up in rivers, polluting the environment and posing health risks to people. The three-month moratorium period will be broekn down into three main stages: the first stage will require Kuantan Port to clear all its stockpile by exporting them within the first month; in the second stage/month, bauxite mining operators need to start clearing the stockpiles outside the port; and the third and final month they are required to have the mining areas fixed with all the necessary mitigating systems, including a proper drainage system, filtration and lorry washing bays. The moratorium period will be extended if the industry fails to implement all the requirements. (The Sun Daily)
RM7.41bil inclusive of relocation costs, liabilities
1MDB yesterday stated that the RM7.41 billion price tag for a 60% stake in Bandar Malaysia is inclusive of the RM2.7 billion relocation costs for the Royal Malaysian Air Force base and a RM2.4 billion Islamic bond. In a press conference last week, it was said that the sukuk and costs would be borne by the winning bidders on top of the RM7.4 billion pricing. Calculations show that the deductions of RM1.9 billion relocation costs (remaining construction costs and variation orders) and RM1.63 billion Islamic bond cost as at December 31, 2015 from the RM12.35 billion valuation for the entire Bandar Malaysia work out to be RM8.8 billion, of which 60% of it equals to RM5.3 billion. (The Sun Daily)
MITI: Withdrawal from TPP will not bankrupt Malaysia
The Ministry of International Trade and Industry (MITI) said that withdrawing from the Trans-Pacific Partnership Agreement (TPP) will not bankrupt the Malaysian government. The government could be sued for breach of the Investment Chapter of the TPP and made to pay compensation if proven, but “the withdrawal from TPP does not constitute a breach of TPP,” it said. Under article 30.6 of the agreement, any party might withdraw by providing written notice, and such a move would be an exercise of rights and not a breach. (Malay Mail Online)
Sentoria joins JV for RM180mil Kedah development project
Property developer and resort operator Sentoria Group Bhd’s 75%-owned subsidiary has formed a joint venture with a private property investment company to co-develop residential and commercial properties in Kuala Muda, Kedah. The project will be Sentoria’s maiden venture into the north, and has an estimated GDV of RM180 million. Its subsidiary Sentoria Utara Sdn Bhd signed a joint venture agreement with land owner Sejati Pertiwi Sdn Bhd to develop a mixed development of residential and commercial properties on the 120 acres of freehold land in Bandar Amanjaya, Daerah Kuala Muda. It will take 36 months to complete the development from the starting date of each phase of the project. (The Edge Markets)
LBI Capital sells Batu Ferringhi land for RM50mil
LBI Capital Bhd’s wholly-owned unit LBR Industries Sdn Bhd has entered into four SPAs to dispose of four parcels of adjoining vacant freehold development lands in Batu Ferringhi, Penang to Crimson Legend (M) Sdn Bhd for RM50 million. The property developer said the sale of the combined 1.8ha land will render it a net gain of about RM29.8 million, which was bought for RM17 million in 2010. (The Edge Markets)
