PUTRAJAYA:
Two developers can proceed with their bid to reinstate their civil suit against
Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim and six others over an
alleged land takeover in Ijok, Selangor.
LBCN
Development Sdn Bhd and Mujur Zaman Sdn Bhd were granted leave to appeal by a
five member panel of the Federal Court here Tuesday against the decisions of
the High Court and Court of Appeal which had struck out their civil suit.
The
Federal Court panel chaired by Court of Appeal President Tan Sri Raus Md Sharif
unanimously allowed the developers' application for leave to appeal.
The
developers are seeking to reinstate their civil suit against the Selangor Land
and Mines director, Selangor Registrar of Land Title, Kuala Selangor Land
Administrator, Selangor Menteri Besar (in his personal and official capacity),
Selangor Government and Menteri Besar Selangor Incorporated.
Two
questions of law on tort of misfeasance in public office would be deliberated
and decided by the Federal Court at the hearing of the appeal proper on a date
yet to be fixed.
Justice
Raus however rejected the developers' application for an interim order to stay
the disposal of the land pending the appeal.
In their
statement of claim, the developers contended among others, that the respondents
were aware that the property concerned had been alienated to them for the
integrated Bukit Cerakah Green Revolution project and other business
development projects.
They are
seeking a declaration that the respondents' decisions to repossess the land in
2011 and 2012 were unlawful, void and had no legal effect.
The
appellants were represented by a legal team led by Tan Sri Cecil Abraham while
lawyer Datuk Kamaruzaman Arif represented Menteri Besar Selangor Incorporated;
Selangor state legal adviser Datuk Nik Suhaimi Nik Sulaiman appeared for the
other respondents.
-- BERNAMA
SP Setia up on link to Syed
Mokhtar
KUALA
LUMPUR: SP Setia Bhd's shares surged Monday following speculation that Tan Sri
Syed Mokhtar Albukhary is looking to buy Permodalan Nasional Bhd's (PNB) stake
in the property company.
The stock
price moved between RM2.96 and RM3.06 during the trading hours before closing
the day eight sen higher at RM3.03, with 4.67 million units changing hands.
The 2.71
per cent rise was on the back of FTSE Bursa Malaysia KLCI gaining 13.37 points
to 1,833.85.
A recent
news report quoting unnamed sources said Syed Mokhtar had put in an unsolicited
proposal to buy a substantial portion of PNB's stake in SP Setia.
Research
houses gave mixed views on the speculation.
- THE
BUSINESS TIMES
Macquarie renews
‘outperform’ call on Mah Sing
MACQUARIE
Equities Research reiterates its "outperform" call on Mah Sing Group
Bhd, saying the stock is trading at 33 per cent discount to its revised net
asset value (RNAV) estimate, slightly lower than its peers in Malaysia.
"We
believe this discount can narrow further if Mah Sing can continue to deliver
strong sales numbers in a slowing market," said Macquarie in a note
yesterday.
Despite
tightening measures introduced by the government in the past year, Mah Sing
management believes that the company can deliver higher sales this year due to
its project locations and product mix.
"We
are not as bullish as the management on new sales for the year, but believe
that the company can nevertheless post at least flat sales for 2014,"
commented the research house.
It said
unbilled sales of RM4.4 billion (2.5x 2013 revenue) provide solid earnings.
Macquarie
believes that Mah Sing's continued focus on Klang Valley (60 per cent of gross
development value), where the supply-demand fundamentals are still the most
favourable for developers in its view, should enable it to record good sales.
27th March 2014
Parliament: Growth In
Household Debt Slowed Last Year
KUALA
LUMPUR: The growth in household debt slowed to 11.7 per cent last year after
increasing 13.5 per cent in both 2012 and 2011 and 15.1 per cent in 2010, said
Deputy Finance Minister Datuk Ahmad Maslan.
"The
decline is due to various measures taken (by the government) since 2010.
"(But)
public servants and members of the public who are eligible to borrow can
(still) get access to financing despite the government's measures to curb
mounting household debt," he said at the Dewan Rakyat here Wednesday in
reply to a question from Dr Lee Boo Chye (PKR-Gopeng) who wanted to know the
amount of household debt and as a percentage of the gross domestic product
(GDP).
Ahmad said
household debt last year totalled RM854.3 billion, or a projected 86.8 per cent
of GDP.
Households
borrow from banks, non-bank financial institutions, Treasury Housing Loan
Divison and development financial institutions, he said.
"House
purchases accounted for the largest portion of household debt last year at
RM377.7 billion or 44.2 per cent, followed by vehicle purchases (RM149.9
billion), personal loans (RM141.5 billion), non-residential property purchases
(RM65.2 billion), purchases of shares or securities (RM54.9 billion), credit
card purchases (RM35.5 billion) and other purposes (RM29.6 billion),"
Ahmad said.
Measures
taken by the government to alleviate the debt burden on households include
improving the remuneration structure for civil servants, providing cash aid to
the people, improving the public transport system and building affordable
houses, he said, adding the measures were introduced gradually to ensure better
coordination in the financial system and economy.
-- BERNAMA
Department To Shorten
Processing Period For Applicants Of Inherited Property
KUANTAN:
Beginning next year, the federal lands and mines department will shorten the
processing period for its land and inherited property service to three months.
Previously,
the processing period was between six months and a year.
With the
new move, the department's director-general, Datuk Seri Azemi Kasim hoped
applications for the division of inheritances by applicants or the next-of-kin
could be processed quickly.
He noted
that generally, communities were unaware they should make an application to
enable division of inherited property, upon the owner's demise.
As a
result, such ignorance had resulted in other problems such as increase in the
numer of family members and overlapping deaths, he told reporters after
attending a state-level seminar on management of inherited property here
Wednesday.
Meanwhile,
Azemi also encouraged applicants or next-of-kin who wanted to claim inherited
property to apply via the My-eTaPP system which could be done online through
the website www.jkptg.gov.my
-- BERNAMA
Paramount Corp's Share
Traded Higher On Land Acquisition News
KUALA
LUMPUR: Paramount Corporation's share was traded higher this morning following
news that the investment holding company plans to buy a 31-acre land in Batu
Kawan for RM67 million.
The
company's share gained three sen to RM1.61, with 202,000 lots changing hands as
at 9:58 am.
"The
land acquisition is in line with our strategy to increase our landbank at
locations with strong growth potential," said Paramount in a filing to
Bursa Malaysia Tuesday.
The
company said the acquisition would generate economic benefits and contribute
positively to its future earnings, given that Batu Kawan is set to become the
next property magnet in Penang due to its strategic location.
-- BERNAMA
Transaction Volume Of
Penang's Secondary Property Likely To Decline Amid Credit Tightening
GEORGE
TOWN: The transaction volume of Penang's secondary property market for the
first half of this year is likely to decline due to the banks' credit-tightening
measures, says Malaysian Institute of Estate Agents (MIEA) Penang.
Committee
member, Michael Geh, said although the volume was expected to decline, the
value, however, would not fluctuate amid rising interest in secondary homes due
to expensive newly-launched properties.
"MIEA
Penang expects the secondary property market to see a 15 per cent decline in
volume. However, the activity would remain stable with increasing value,"
he told a media briefing on the coming Malaysian Secondary Property Exhibition
(MASPEX) Penang 2014, here Wednesday.
Geh said
the new release of post-Developer Interest Bearing Scheme properties for sale
as well as affordability factors were likely to boost the secondary property
market.
He said
the Sultan Abdul Halim Mu'adzam Shah Bridge (Second Penang Bridge) would also
positively impact the secondary market, with demand likely to focus on Batu
Maung (on the island), Batu Kawan, Bukit Tambun and Sungai Bakap on the
mainland.
Geh said
Penang's secondary property market recorded a sales transaction of RM2.63
billion with 7,087 units sold during January-June last year, while some 15,964
units valued at RM5.26 billion were transacted in 2012.
The MASPEX
Penang 2014, which will be held on June 20-22, 2014 at the Penang Times Square,
will offer affordable houses ranging from RM500,000 to RM3 million.
-- BERNAMA
28th March 2014
Berjaya Corp Q3 Pre-tax
Profit Soars To RM162.9 Million
KUALA
LUMPUR: Berjaya Corp Bhd's pre-tax profit for its third quarter ended Jan 31,
2014 jumped to RM162.91 million from RM96.88 million in the same period last
year.
In a
filing to Bursa Malaysia Wednersday, the group said the increase in pre-tax
profit came mainly from property investment as well as development and
marketing of consumer products and services.
Revenue
jumped to RM2.36 billion in the quarter against RM1.76 billion recorded in the
same period last year.
Earnings
per share rose to 40 sen compared to 10 sen previously.
Berjaya
Corp expects its performance to continue to remain challenging in the remaining
quarter of the financial year ending April 30, 2014, given the group's diverse
businesses and current economic outlook.
-- BERNAMA
Khazanah's Think City
concept to go nationwide
GEORGE
TOWN: Khazanah Nasional Bhd plans to expand its Think City model nationwide
this year with community-based urban regeneration projects.
Its deputy
chairman Tan Sri Nor Mohamed Yakcop said yesterday Think City Sdn Bhd, which
was set up as a special-purpose vehicle by the government's investment holding
arm, will extend its activities to the Klang Valley, Iskandar Malaysia and
Sabah and Sarawak in three months.
It was
initially set up to manage the rejuvenation of the George Town World Heritage
site.
"Think
City's direction will anchor on its experience in George Town.
"Its
focus in other cities will be community and heritage-based, bringing out the
cultural values of the sites," he said after delivering a keynote address
at the launch of a book, "Sejarah Masjid dan Keramat di Pulau Pinang
1730-an - 2012", by Yang di-Pertua Negeri Tun Abdul Rahman Abbas.
The book
was authored by Universiti Sains Malaysia academician and historian Associate
Professor Datin Dr Mahani Musa.
Also
present were Khazanah executive director Hamdan Abdul Majeed and Think City
chairman Datuk Anwar Fazal.
Nor
Mohamed did not disclose the amount of funds for the Think City projects.
The George
Town Grants Programme by the Federal Government was to provide seed-funding for
urban rejuvenation projects at heritage sites.
Nor
Mohamed said since its inception in 2009, Think City had supported 206 projects
worth RM16.5 million, including the restoration of a dome of Masjid Kapitan
Keling.
- THE
BUSINESS TIMES
New Contract Announcement
Sparks Buying Interest In Kimlun Shares
KUALA
LUMPUR: Kimlun Corp Bhd's announcement of a contract award sparked buying
interest in the company's shares on Bursa Malaysia this morning.
The shares
rose five sen to RM1.64, with 814,800 lots transacted as at 10.54 am.
On
Wednesday, Kimlun announced that its wholly-owned subsidiary, SPC Industries
Sdn Bhd, has been awarded a RM51.3 million contract from Shanghai Tunnel
Engineering Co Ltd for the supply and delivery of precast concrete segments
(TLS) to Contract T206, Thomson Line of the Singapore MRT (SMRT) system.
The supply
of the TLS is expected to spread over a period of about 36 months.
Kenanga
Research said they are neutral on the contract win as it makes up part of the
research firm's financial year (FY) 2014 manufacturing orderbook replenishment
assumption of RM200 million.
"We
also understand from the management that the upcoming Thomson Line and the
Eastern Region Line comprise a total length of 51km, and the total TLS
requirement for this line is estimated at S$130 million (RM338.06 million).
"We
believe similar projects could be awarded to Kimlun in the later part of the
year, based on its experience and good track record for the ongoing Downtown
Line," it said in a note.
Going
forward, Kenanga Research said the new contract win has further boosted
Kimlun's total outstanding orderbook closer to RM2.3 billion, providing
earnings visibility for the next two years.
Earnings
in the property division should pick up in FY14, thanks to its strong unbilled
sales of RM125 million from its maiden property development, The Hyve in
Cyberjaya.
The
research firm has maintained its core earnings forecast on Kimlun for FY14 at
RM51.6 million as the contract value is well within its orderbook replenishment
assumptions.
It has
also maintained its "underperform" recommendation on Kimlun with an
unchanged target price of RM1.55.
-- BERNAMA