New rulings for KL businesses from Jan 1
Starting Jan 1 next year, at least 50% equity in all businesses in Kuala Lumpur must be owned by Malaysians. Businesses that failed to do so will have their business premises licence revoked. The Companies Commission of Malaysia currently allows businesses with only 1% of its equity held by Malaysians. We fear a situation where Malaysians will soon have to work for the foreigners, said DBKL executive director (Socio-Economic Development) Datuk Mohd Sauffi Muhamad. The move is to curb the monopolisation by foreigners in businesses, especially in critical areas in Kuala Lumpur. DBKL has never issued hawkers licence to foreigners and hawkers are strictly forbidden from hiring foreign helpers. DBKL enforcement had confiscated over 23,000 items from foreign hawkers and revoked 544 local hawkers’ licences since 2012 to October this year. (The Star Online)
An attendee having look at a model of one of the three Rumawip apartment projects launched during the event. – The Star Online
Desa Water Park to become site for new affordable housing project
3,000 Federal Territories Affordable Housing scheme (Rumawip) units will be built at the former Desa Water Park in Taman Danau Desa, Jalan Kelang Lama in Kuala Lumpur. The 16.99ha land, previously occupied by a theme park and restaurant, has been sold to developers Aset Kayamas Sdn Bhd for RM500mil. A mixed development project comprising Rumawip units, commercial and residential projects would be built on the site. The 850 sq ft Rumawip units will cost not more than RM230,000. (The Star Online)
Work on Malacca port to begin in 1Q 2017
Construction of the RM12.5 billion Kuala Linggi International Port (KLIP) in Malacca will begin in the first quarter of next year. T.A.G Marine Sdn Bhd, which owns the project, is hoping the port servicing the oil and gas industry would attract more investors. Kuala Linggi is blessed with natural depth at 30m and is very conducive for servicing large tankers. There will be no need for maintenance dredging and it is also suitable for shipbuilding and repairing. The Transport Ministry has gazetted KLIP not only as a industrial port and a bunkering hub, but also a port of refuge to aid casualty and vessel in distress. (The Star Online)
Kerjaya Prospek 3Q earnings jump six-fold to RM25mil
Kerjaya Prospek Group Bhd’s net profit for 3Q 2016 rose more than six times to RM25.49 million from the same period last year, while revenue soared more than eight times to RM190.47 million. The significant leap in both revenue and profit before tax for the quarter were attributed to the consolidation of the results derived from two active subsidiaries, Kerjaya Prospek (M) Sdn Bhd (KPSB) and Permatang Bakti Sdn Bhd (PBSB) that were acquired in January this year. Its outstanding performance in the construction segment has mitigated the slowdown in manufacturing, due to completion of existing projects and market competition. (The Borneo Post)
Ikhmas Jaya bags RM58mil KL Metropolis job
Ikhmas Jaya Group Bhd has bagged a piling job worth RM57.94 million from TTDI KL Metropolis Sdn Bhd for a high-rise mixed development within the KL Metropolis project. Its unit Ikhmas Jaya Sdn Bhd received the letter of award from TTDI KL Metropolis to undertake the piling works for the project. The job is to complete the piling works for the serviced apartment foundation, pilecaps and lowest slab within eight months, with the expected completion date on July 17, 2017. (The Edge Markets)
OSK takes PJ Development private
OSK Holdings Bhd has finally succeeded in taking property developer PJ Development Bhd private, with PJD filing to suspend trading of its shares from tomorrow. OSK had launched a second attempt at taking over PJ Development in September after failing last year. The first attempt at taking over PJ Development fell short of the 90% requirement for a compulsory acquisition. OSK had earlier in a corporate exercise consolidated its property business via the merger of OSK Property Holdings Bhd with PJ Development last December. The takeover of PJ Development was for OSK to have a greater autonomy in reorganising the corporate structure, rationalising the business activities and streamlining the operations of the enlarged group of companies in order to achieve greater economies of scale and create cost-synergetic benefits. (The Star Online)
Housing assistance considered for Serendah landslide victims
The government is considering providing housing assistance to 64 families affected by a major landslide in Taman Idaman, Serendah on Saturday. Urban Wellbeing, Housing and Local Government Minister, Tan Sri Noh Omar said his ministry, however, would first have to study the complete report on the landslide incident which was expected to be ready soon. The two options for residents whose houses are no longer safe for occupation and have to be demolished: to be given housing assistance through the People’s Housing Project (PPR) or a low-cost house built for those who own land. The landslide resulted in 340 people from 64 families ordered to vacate their homes. (Astro Awani)
The landslide on Saturday resulted in 340 people from 64 families ordered to vacate their homes and police have classified the affected site as a Red Zone, a prohibited area. – Astro Awani Filepic
