News by Luqman Amin

Shares in S P Setia Bhd surged in early trade on Friday, as more analysts turned bullish and saw more upside following the property developer’s above-consensus fourth-quarter earnings.

Axis Real Estate Investment Trust (Axis REIT) announced that the group has entered into a sales and purchase agreement (SPA) with Amsteel Mills Sdn Bhd (AMSB) for the acquisition of a leasehold industrial complex in Klang for RM49 million, cash.

Prime Minister Datuk Seri Anwar Ibrahim on Friday announced incentives for companies relocating their bases to the country’s new international financial centre (IFC), the Tun Razak Exchange (TRX) here.

Property developer Eastern & Oriental Bhd (E&O) has reported a 14.47% growth in its third quarter net profit, thanks to higher contributions from its property and hospitality segment, as well as higher unrealised foreign exchange gains.

Builder cum property developer LBS Bina Group Bhd has reported a 31% growth in its fourth quarter net profit, underpinned by increased contribution from its property development business and better progress of construction activities. 

Batu Kawan Bhd and its 47.74%-owned Kuala Lumpur Kepong Bhd (KLK) has reported lower earnings for the first quarter of financial year 2024 (1QFY2024), dragged by the losses incurred in the manufacturing and farming segments. 

Tuju Setia Bhd, a construction group, has appointed Tee Huei Tsyr as its new chief executive officer and Seon Yen Kong as its new chief operating officer (COO).

AmInvestment Bank Research expects YTL Hospitality REIT’s recent acquisition of Syeun Hotel in Ipoh to contribute a minimum net property income (NPI) of RM3.4 million to the group — representing only 1% of YTL REIT’s FY2024F NPI — based on a property yield of 6.1%, derived from the average property yield of its Malaysian assets.

Advancecon Holdings Bhd announced that its wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) has bagged a RM27.3 million contract from Mujur Minat Sdn Bhd to carry out site clearing and earthworks construction (stage 1) for the Gamuda Gardens Park mixed development project in Rawang, Selangor.

Shares of Rohas Tecnic Bhd rose 10 sen or 33.33% to 40 sen — its highest since closing at 40 sen in February 2021 — in active trade on Wednesday morning, following its announcement that a consortium led by the construction engineering group secured a contract worth RM199.84 million under the Johor Bahru–Singapore Rapid Transit System Link (RTS Link) project.