News by Izzul Ikram

Citaglobal Bhd (KL:CITAGLB) will develop an industrial park project in Pahang on its own after exercising an option to acquire the land for RM90 million in cash and irredeemable convertible preference shares from its joint venture (JV) partner.

The development will have two phases and include two-storey semi-detached, semi-detached and two-storey terrace houses.

Diversified group Ekovest Bhd (KL:EKOVEST) extended its quarterly streak in the red, but with a narrower net loss in the fourth quarter, helped by lower taxation.

Piling and foundation specialist Econpile Holdings Bhd (KL:ECONBHD) said it has secured a RM23.46 million construction contract for a proposed apartment development in Puchong, Selangor. 

Builder cum developer Chin Hin Group Bhd's (KL:CHINHIN) net profit for the second quarter halved despite logging higher revenue, dragged by higher administrative expenses and the absence of a one-off gain recognised a year ago.

Construction and property group Malaysian Resources Corp Bhd (KL:MRCB) posted a 70.6% year-on-year fall in net profit for the second quarter on lower construction billing.

Property developer Lagenda Properties Bhd (KL:LAGENDA) logged record quarterly property sales of RM413.4 million in the second quarter, but net profit dropped 6.5% due to lower revenue and higher administrative expenses.

Al-Aqar Healthcare Real Estate Investment Trust (Al-Aqar REIT) (KL:ALAQAR), which owns and manages hospitals, wellness and health centres and health colleges, has reported a 2.5% year-on-year fall in its second-quarter net income.

Ivory Properties said Ivory Indah is not a major subsidiary, with its assets making up 15% of the group.

NCT Alliance Bhd (KL:NCT) is to acquire its major shareholders’ industrial park developer firm for RM490.26 million in shares and redeemable convertible preference shares (RCPS) to expand its development portfolio into industrial properties.