News by Izzul Ikram

Paramount Corp Bhd (KL:PARAMON) has lowered its full-year sales target and scaled back its planned project launches, in a move reflecting the moderating economic outlook and persistent property market challenges, as its second-quarter net profit fell 10.15% year on year.

Maxim Global Bhd (KL:MAXIM) has secured RM126 million in banking facilities from Alliance Bank Malaysia Bhd (KL:ABMB) to fund a property development project in Kuala Lumpur.

The property developer said it had entered into agreements to acquire 95.02 acres in Sepang for RM206 million and 367 acres in Ujong Permatang, Kuala Selangor, for RM189 million.

A subsidiary of property developer EcoFirst Consolidated Bhd (KL:ECOFIRS) has been sued by purchasers of an apartment development in Seri Kembangan concerning an over-decade-long delay in obtaining strata titles.

Azam Jaya Bhd (KL:AZAMJAYA) has secured a three-year contract from the Ministry of Transport for upgrading works for Sabah’s Tawau Airport.

Magma Group Bhd's (KL:MAGMA) former executive chairman Datuk Seri Ismail @ Farouk Abdullah has ceased to be a substantial shareholder in the hotel management and property development company, following a stake trim.

Malayan United Industries Bhd (KL:MUIIND), or MUI, will be sealing a deal to sell Corus Hotel Kuala Lumpur to a publicly-listed property developer, according to sources.

Property developer Paramount Corp Bhd (KL:PARAMON) plans to acquire a 28% stake in the operator of Texas Chicken and San Francisco Coffee in Malaysia for S$38.33 million (RM126.32 million) cash, as it looks to expand its footprint in the food and beverage (F&B) sector.

IGB Real Estate Investment Trust (KL:IGBREIT) and IGB Commercial REIT (KL:IGBCR) logged higher net property income (NPI) for the second quarter on the back of higher rental income.

Peninsular Malaysia’s electricity tariffs will see a fuel rebate of 1.45 sen/kWh in August, Parliament heard, while Tenaga Nasional Bhd (KL:TENAGA) also projected bigger rebates in September-November due to lower-than-projected fuel costs.