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Mah Sing founder maintains holdings at 35%

Extract from The Star (19/7/2016)

KUALA LUMPUR: Mah Sing Group Bhd’s founder Tan Sri Leong Hoy Kum has transferred 180 million Mah Sing shares from Mayang Teratai Sdn Bhd to Mayang Teratai Ltd.

In a statement, the company said this was to optimise the efficiency of Leong’s shareholding structure in the group.

“The transfer does not result in the change of control of Mah Sing which remains with Leong and does not have an impact to his direct or indirect shareholdings in Mah Sing.

“Leong’s effective shareholdings in Mah Sing remains at 35%,” it said.


Ekovest counts on new Cheras mall

Extract from The Star (19/7/2016)

KUALA LUMPUR: Ekovest Bhd, which is considering to launch a real estate investment trust (REIT), expects the EkoCheras shopping mall to generate strong recurring income for the group once the project is completed in two years.

The mall is part of a mixed development which will consist of about one million sq ft in retail space, serviced apartments as well as office and hotel suites.

“We will keep the mall for recurring income. Now, we have 17 tenants and there will be more to come,” managing director Datuk Seri Lim Keng Cheng said after EkoCheras Mall key tenants signing ceremony. The company aims to attract 250 tenants for the project.

Lim said the mall’s location would make the project an attractive property for retail yield and capital appreciation.


DRB-HICOM Appoints Shaharul Farez As COO, Property, Corporate Planning & Strategy

Extract from Bernama (18/7/2016)

KUALA LUMPUR: DRB-HICOM Bhd has appointed Shaharul Farez Hassan as its Chief Operating Officer (COO), Property, Corporate Planning and Strategy, effective July 15, 2016.

Shaharul Farez, 46, was formerly the Executive Vice-President of Malakoff Corporation Bhd.

Among the key positions he held previously were Group Chief Executive Officer, Tradewinds Corporation Bhd and Group Chief Financial Officer, Pernas International Holdings Bhd.

Shaharul Farez holds a Masters in Business Administration from Massachusetts Institute of Technology in Cambridge, USA, and Bachelor of Science in Economics and Accounting from University of Bristol, United Kingdom, DRB-Hicom said in a statement.


Johor govt to review need for Phase 2 of Rapid’s raw water project

Extract from The Star (18/7/2016)

KOTA TINGGI: The first phase of the Raw Water Supply Project for Rapid (PAMER), which officially began operations on Monday, is more than adequate to supply water to the Pengerang Integrated Complex (PIC), says Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin.

Therefore, he said, the state government would relook at whether to proceed with the second phase of the project. 

“Based on its current capacity, we don’t see the need to continue with the second phase, but we’ll look into it and maybe, if there is a need, it will just involve the dam expansion,” Mohamed Khaled told reporters after officially launching PAMER’s first phase operations at Seluyut Dam in Kota tinggi on Monday.

The RM1bil project, which began in 2014, has a capacity of 260 million litres per day (MLD) of water with 230 MLD to PIC and the rest to Sungai Lebam Dam for public use.


Super Group opens principal hub in Johor

Extract from The Malaysian Reserve (19/7/2016)

JOHOR BAHARU: Singapore-based food and drinks manufacturer, Super Group Ltd, opened its principal hub in Johor yesterday, proving that Malaysia is still the main destination of choice for foreign investors.

Its ED Darren Teo said the company had established the hub as a regional centre for procurement and distribution of food ingredients business segment, out of which 85% of the products would be exported to the Asia-Pacific region.

The hub would contribute more than RM826 million to the company’s overall export by 2018, he said.

“Thus far, our company has invested about RM500 million for the facility sited on 16.18ha of land,” he told reporters after the opening ceremony of the centre by Malaysian Investment Development Authority (Mida) CEO Datuk Azman Mahmud yesterday.


DRB-Hicom appoints Shaharul Farez to COO post

Extract from The Star (19/7/2016)

KUALA LUMPUR: DRB-Hicom Bhd has appointed Shaharul Farez Hassan as its chief operating officer (COO), property, corporate planning and strategy, effective since last Friday.

Shaharul Farez, 46, was formerly the executive vice-president of Malakoff Corp Bhd.

Among the key positions he held previously were group chief executive officer, Tradewinds Corporation Bhd and group chief financial officer, Pernas International Holdings Bhd.

Shaharul Farez holds a Masters in Business Administration from Massachusetts Institute of Technology in Cambridge, USA, and Bachelor of Science in Economics and Accounting from University of Bristol, United Kingdom, DRB-Hicom said in a statement.


Nada Sepakat targets 70 pct sales by end-July

Extract from Bernama (18/7/2016)

KUALA LUMPUR: Nada Sepakat Group is targeting a 70 per cent sales by end-July for the second phase of its housing project on a 1.21-hectare wakaf (endowment) land in Jalan Abdullah, Section 30, Shah Alam, Selangor.

The project is part of an on-going joint-venture (JV) between the company and Selangor Wakaf Foundation, which is the first wakaf land development in Selangor.

Managing Director, Kamsol Said, said the second phase -- Taman Impian Kasturi -- consisted of 28 units of double-storey semi-detached (semi-D) houses, with a built-up area of 2,032 sq ft and land measuring 35 feet x 74 feet (ft).....

SC proposes to enhance REIT guidelines, seeks public feedback

Extract from The Sun Daily (15/7/2016)

PETALING JAYA: The Securities Commission Malaysia (SC) is proposing enhancements to the guidelines on real estate investment trusts (REITs), that will allow them to invest in a wider range of real estate asset classes but also tighten corporate governance practices.

It is proposed that REITs be allowed to acquire vacant land and undertake property development at a cap of 15% of their total asset value. REIT managers are to be allowed to enter into long-term leases with registered proprietors of real estate.

"The proposals are part of the SC's efforts to facilitate the growth of the maturing REITs market in a manner that promotes stronger governance practices and instills greater market confidence," the regulator said in a statement yesterday, announcing a consultation paper seeking feedback on the proposed enhancements.

On strengthening corporate governance practices, the SC said it is enhancing the level of disclosures and reporting to unit holders.


BSN looking to assist 10,000 borrowers under Youth Housing Scheme

Extract from Bernama (14/7/2016)

KUALA LUMPUR: Bank Simpanan Nasional (BSN) is striving to get 10,000 new borrowers under its Youth Housing Scheme to boost its low take-up rate.

Deputy Chief Executive (Strategy & Communication) Kameel Abdul Halim said the scheme, which was aimed at helping married youths own their first home with ease, was launched in July last year but only 2,000 borrowers took advantage of it from BSN.

"We are targeting 10,000 new borrowers. The scheme runs for two years and if there is a need we shall extend it," he told reporters on the sidelines of BSN's hari raya open house here today.

Kameel said the central bank's decision to lower the overnight policy rate (OPR) would help spur economic activities and banks would response by lowering interest rates to extend financing to more borrowers.


Improvement to property affordability ‘insignificant’

Extract from The Sun Daily (15/7/2016)

PETALING JAYA: Analysts expect the 25-basis point cut in the Overnight Policy Rate (OPR) to be positive for the current weak property market, but the improvement to affordability is still not significant.

Based on Hong Leong Investment Bank (HLIB) Research’s analysis, the interest rate cut will reduce mortgage financing cost from an average 4.60% to 4.35%, which is a minor impact on monthly installments.

“For every RM3,000 of fixed monthly instalment, a 25-basis point cut will raise the amount of loan eligibility from RM585,000 to RM603,000 or a 3% increase,” it said in a research note yesterday.

Hence, HLIB Research opined that the interest rate cut will not impact the underlying demand significantly given the muted impact on affordability.