News by Arjuna Chandran Shankar

Deputy Minister in the Prime Minister's Department Mohamed Hanipa Maidin: "Certainly we never want to see such privileges to be unduly 'abused' and I don't see how they [are] going to be unduly 'abused'".

Michael had been re-designated to be the group's managing director, from previously being an executive director.

Earnings per share dipped into losses, with a loss per share of 1.11 sen posted in 1QFY19, from 0.30 sen profit per share seen last year.

The property division saw its revenue increasing 34% to RM122.1 million from RM91.3 million previously.

On its prospects, the REIT said economic conditions will influence the occupancy and rental rates of its properties.

IOI attributed its lower quarterly earnings to lower operating profit and total net forex losses on foreign currency borrowings and deposits, amounting to RM26.7 million.

According to a statement, chief executive officer Datuk Wira Boo Kuang Loon said that he is raising his stake in the group, which currently stands at 12%, via special purpose vehicle (SPV) Domain Capital Sdn Bhd (DCSB) which will subscribe to 100 million new shares in the group.

Guan Eng said the total amount of the funds stood at RM202,716,775.10 as of Jan 14, the closing date for contributions. In addition, there was an interest amount received from fixed deposit investments totalling RM575,342.31 up to March 31.

The commencement date for the project is May 30, and the group expects to complete its works within a year.

The real estate investment trust said its revenue for the quarter saw a slight 2.2% decrease to RM7.53 million from RM7.7 million previously.