News by Syafiqah Salim

Country Heights Holdings Bhd, the property developer founded by tycoon Tan Sri Lee Kim Yew, has defaulted on the payment of Islamic term financing facilities totalling RM89.67 million provided by MBSB Bank Bhd.

The default by the group's indirect wholly-owned units, Mines Waterfront Business Park Sdn Bhd and Mines International Exhibition Centre Sdn Bhd, were in respect of a charge created as security for the financing facilities.

Kenanga Research has maintained its "neutral" stance on the property sector, naming Eco World Development Group Bhd (EcoWorld) and IOI Properties Group Bhd as its top picks, which have strong cash flows that could anchor good dividends in the current challenging operating environment.

NCT Alliance Bhd (formerly Grand-Flo Bhd) is undertaking another private placement exercise of about 10% of its share base to raise some RM54.42 million, based on an illustrative price of 37 sen, mainly to fund its property development of the Grand Ion Majestic and Ion Vivace projects. 

Capitaland Malaysia Trust (CLMT) recorded a second quarter net property income (NPI) of RM56.8 million, 51.8% higher than RM37.4 million a year earlier, boosted by contribution from the newly acquired Queensbay Mall as well as higher rental income.

The integration of Pestech’s capabilities in railway signalling and electrification also complements IJM’s diversified value chain portfolio, said IJM. 

ACE Market-listed Tex Cycle Technology (M) Bhd is disposing of a three-storey detached industrial building constructed on a piece of leasehold land measuring 4,823 sq m in Jalan Kuchai Lama, for RM29 million.

The group said that via its wholly-owned unit Vestland Resources Sdn Bhd, it has secured the contract from its recurring customer Mercu Majuniaga Sdn Bhd.

IOI Corp Bhd has appointed former Khazanah Nasional Bhd senior adviser and director Lim Tuang Ooi as its new independent and non-executive director.

Property developer Mah Sing Group Bhd will be developing a mixed residential development named M Zenya in Kepong with a total estimated gross development value (GDV) of about RM500 million.