Construction outfit Inta Bina Group Bhd’s unit has clinched a contract from Southville City Sdn Bhd for related works at Phase 1 and 2 of SouthvilleCity-M Sinar for RM206 million — an amount that is almost double its market capitalisation.
Mah Sing Group Bhd said the purchase price of two parcels of land in Puchong Perdana it is acquiring from Millennium Acres Sdn Bhd has been lowered by 8.83% or RM7.58 million.
The upcoming mixed-use residential precinct will comprise the delivery of dual towers featuring approximately 430 apartments across both plots of land, alongside 12% affordable housing, though these are subject to development approval with further details to be determined.
After the group's results for 1HFY2023 came in within expectations, Kenanga Research expects the earnings pattern seen during the period to continue holding up in the coming quarters.
The research house has maintained its “add” rating on Malayan Cement at RM3.25 with a higher target price of RM5.55 (from RM5.08) and raised the company’s earnings per share by 4% for the financial year 2023 (FY2023), by 32% for FY2024 and by 29% for FY2025.
The group saw quarterly revenue grow 12.65% to RM394.63 million from RM350.31 million on the back of improved performance across all business segments.
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.
Sunway said that the proposed acquisition and proposed subscription will be satisfied by cash from internally generated funds.
RHB Research maintained its "overweight" rating of the construction sector, after the outcome of the state polls on Saturday (Aug 12) maintained the status quo for the state governments, and removed the political overhang over the sector.
Analysts foresee an improvement in Sentral REIT's financial performance, underpinned by the office-retail property trust's proposed acquisition of Menara CelcomDigi.
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