News by theedgemalaysia.com

Kumpulan Kitacon Bhd has secured a letter of award (LOA) of main building works for a contract worth RM134.8 million in Ijok, Selangor.

RHB Investment Bank (RHB IB) has maintained its “overweight” rating on the property sector and said it expects the sector to continue to be driven by: i) positive news flow on potential infrastructure projects; ii) active land transactions and iii) influx of investments, especially in the data centre, green energy and manufacturing sectors.

Gamuda Land, the property arm of Gamuda Bhd, signed a memorandum of agreement on April 6 with Kiddypedia, an educational event company, to introduce Kiddypedia Discovery Centres at the developer's townships, namely Gamuda Gardens in Rawang and twentyfive7 in Telok Panglima Garang, according to a press statement on Friday.

Kuala Lumpur edged up 16 notches to 73rd out of 142 cities in the world on the latest 2024 Smart City Index (SCI) by the Institute for Management Development's (IMD) Smart City Observatory. KL was ranked 89th last year.

Eden Inc announced that Leong had acquired 35.21 million shares through private placement.

Additionally, the group's cash reserves are low for both entities, with the group's bank overdraft exceeding its credit limit, and a significant portion of the group's inventory is encumbered by a private caveat, complicating its disposal.

“The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial position, the lack of meaningful earnings visibility, and the protracted delays in asset disposals.”

“We expect the rising momentum to steer the stock to trend higher and test the next level of resistance of 67.5 sen (R1), followed by 74 sen (R2)."

The initial contract, valued at an estimated RM120 million, was awarded to SCIB Properties back in May 2021.

The letter of award was from Eco Ardence Sdn Bhd to undertake the main building works for the proposed Maya Integrated Development.