In today’s edition of Evening 5 — EcoWorld has purchased 403.78 acres of land in Senai for RM211 mil cash and plans to develop it into a business park with an estimated GDV of RM1.58 billion. Meanwhile, the MACC is investigating Jasmine Loo for alleged involvement in corruption and money laundering.
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00:04 Eco World Development Group is acquiring 403.78 acres of land in Mukimsenai, Johor
00:10 for 211.07 million cash to develop a business park that will be known as Eco Business Park 6.
00:17 Eco Business Park 6 will have an estimated gross development value of 1.58 billion,
00:22 catering to medium and light industrial businesses.
00:25 Eco World said that this will allow the group to solidify its growing industrial market share further
00:31 and strengthen its competitive position in Iskandar, Malaysia.
00:34 It acquired the land from IOI Prima Property, which is a 99% owned unit of IOI Properties.
00:41 The purchase consideration was calculated at the rate of RM12 per square foot
00:45 and arrived at on a willing buyer, willing seller basis after considering the land's prospects,
00:51 its connectivity to highways and population catchment.
00:54 Over the past decade, Eco World recorded total sales of 30.7 billion,
00:58 of which 4.2 billion came from its business park segment.
01:02 With this most recent purchase, Eco World's total industrial land bank has now increased to 2,416 acres,
01:09 of which 1,647 acres of that is situated in Iskandar, Malaysia.
01:15 Eco World now has under its portfolio five sizable industrial parks,
01:19 comprising four in Iskandar, Malaysia and one in Selangor.
01:23 President and CEO Datuk Chang Kim Wah says this buy will help it to further grow its market share
01:28 and cater to a wider range of industrial customers, which augurs well for future growth.
01:34 He adds that Eco World firmly believes that the growth momentum in Iskandar, Malaysia will continue unbated
01:39 as it is backed by extensive infrastructure improvement,
01:42 most notably the ongoing construction of the Johor Bahru Singapore Rapid Transit System.
01:48 Eco World says that the positive news flow surrounding Iskandar, Malaysia
01:51 should also benefit its numerous township projects there,
01:54 namely Eco Botanic, Eco Spring and Eco Tropics, among others.
01:58 Former 1MDB General Counsel Jasmine Lu Aiswan is currently being investigated
02:08 by the Malaysian Anti-Corruption Commission for alleged involvement in corruption and money laundering,
02:13 said its Chief Commissioner, Tan Sri Azambaki.
02:16 He was quoted by Brenama as saying that MACC investigating officers had been recording statements from Lu,
02:22 who is currently under police custody since Monday.
02:26 Azam was speaking to reporters after launching the National Governance, Integrity and Anti-Corruption Research Conference.
02:32 To recap on Monday, Deputy Inspector General of Police Datuk Sri Ayokan Maiden Pichay said
02:38 two Pablo Picasso paintings, luxury watches and high-end condominiums in London, the US and Switzerland,
02:44 were among the assets seized.
02:46 He said the assets, worth $93.2 million, were believed to have been obtained
02:51 as a result of misappropriation of 1MDB funds.
02:54 On July 7, Lu, who is believed to have been part of fugitive Lotech Joe's inner circle
02:59 and possessed information regarding 1MDB, surrendered herself at the Dangwangi Police Headquarters.
03:11 Paramount Corp. is expecting to report stronger earnings for the second half of FY 2023,
03:16 driven by new launches and ongoing efforts to improve its return on assets.
03:21 The group, which recorded property sales of $617 million in the first half,
03:25 has planned property launches worth $700 million in GDV for the second half
03:29 on the back of stronger product offerings and recovering demand for home buying.
03:34 Group CEO Jeffrey Chiu-Song Tieng said that its earnings recognition and future cash flow
03:39 will be backed by its unbilled sales of $1.5 billion for the rest of the year.
03:44 The Klang Valley makes up 76% of unbilled sales, with the remaining 24% coming from Kedah and Penang.
03:51 Chiu added that for the first half, the group's unsold inventory level was low at $56 million,
03:56 a drop of 3% compared to the preceding quarter.
04:00 Meanwhile, Chiu said the overall property sector's outlook remains muted
04:04 as the inflationary environment and higher interest rates had affected buyer sentiment.
04:09 He adds that buyers' expectations with regard to affordable housing products had also not been met,
04:14 with suitable property launches by developers further dragging the industry's outlook.
04:19 K&M Group's shares topped the most actively traded list on Bursa Malaysia Today,
04:28 following the news that a group of shareholders sought to remove the company's existing directors.
04:33 The counter rose to a 15-month high of $0.135 in early morning trade,
04:38 before losing some ground to close at $0.12, as at the end of Wednesday.
04:43 This is still 20% higher than its Tuesday's close of $0.10.
04:47 Trading volumes stood at over 500 million shares.
04:50 Year-to-date, the stock has more than doubled from $0.05 on December 30, 2022.
04:56 To recap, K&M received a notice from a group of shareholders,
04:59 led by German businessman Andreas Hischen, to remove its entire board of directors.
05:05 Hischen, who emerged as the second-largest shareholder with a 7.91% stake on September 1,
05:11 is known as the majority owner of German-based firearms manufacturer Heckler & Koch.
05:17 Among others, the shareholders sought to replace K&M's current chairman, Tunku Dato' Yaacob Kaira.
05:23 Yaacob is K&M's largest shareholder with a 9.44% indirect stake.
05:28 K&M shares have underperformed since late last year,
05:31 after the company fell into Practice Note 17 status when it was unable to address its current liabilities positions
05:38 after the proposed sale of its machinery and equipment outfit Borsig fell through.
05:43 Perak Corp has denied the allegations of fraud and non-disclosure of land assets
05:52 by Paramount Grace director Paramjit Singh Gubartan Singh.
05:56 In a boss filing, Perak Corp called the allegations made by Paramjit "malicious and unsubstantiated".
06:02 The company added that it has lodged a police report in relation to the allegations made by Paramjit
06:07 and is seeking legal advice concerning this matter.
06:10 Perak Corp was responding to the Edge Malaysia Weekly's report titled "More Allegations of Fraud Against Perak Corp".
06:17 According to the report, on August 19, Paramjit filed a complaint at the Traverse Police Station for fraud
06:23 in connection with Perak Corp's land assets, which the company had claimed to own under its own creditor scheme of arrangement,
06:30 as announced to Bursa Malaysia in December 2020.
06:33 This is in relation to the sale and purchase agreement entered between Perak Corp and Kimpo Sittat Feed Mill,
06:39 announced on August 9, to dispose of a leasehold agricultural land measuring 110 acres in Kampar for RM5.5 million cash.
06:49 Paramount Grace is one of Perak Corp's creditors. It was awarded a contract for mechanical and electrical works
06:55 at Movie Animation Park Studios, operated by Animation Theme, in which Perak Corp has a stake.
07:01 It was worth noting that in mid-December 2020, Paramount Grace was included in the creditor's scheme of arrangement
07:08 after Perak Corp fell into Practice Note 17 status in February 2020.
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