The Star Online: Business
The Star Online: Business |
- Mah Sing buys 85.43 acres of Shah Alam golf club fairway for RM327.4m (Update)
- Puncak slides on unfavourable takeover offer from Selangor Govt
- KLCI struggles, MAHB sees mild rebound
| Mah Sing buys 85.43 acres of Shah Alam golf club fairway for RM327.4m (Update) Posted: 12 Mar 2014 07:04 PM PDT KUALA LUMPUR: Mah Sing Group is buying about 85.43 acres of fairway in Sultan Salahuddin Abdul Aziz Shah Golf Course in Shah Alam for RM327.4mil for a high-end residential property project. It said on Thursday the total consideration was about RM327.4mil or RM88 per square foot (psf). "The land is nearby Stadium Melawati, better known as Stadium Shah Alam and the development is expected to yield a gross development value (GDV) of approximately RM2.5bil. "Together with this new acquisition, the group has remaining GDV and unbilled sales of approximately RM31.26bil, which would sustain the Group for the next seven to eight years," it said. Mah Sing group managing director Tan Sri Leong Hoy Kum said the development was targeted to be launched in 2016. "It is seen as replenishment for the upgrader market and those looking for sustainable living surrounded by Mother Nature. This is undulating golf course land, and we will create a hybrid of our high-end Lagenda and medium high-end Residence series of properties," he said. Leong said this project would continue to showcase its signature well-built, environmentally friendly homes that meet market needs and lifestyle demands. |
| Puncak slides on unfavourable takeover offer from Selangor Govt Posted: 12 Mar 2014 06:43 PM PDT KUALA LUMPUR: Puncak Niaga's shares and warrants were among the top losers in early Thursday trade as investors reacted negatively to the unfavourable takeover offer from Selangor Government. At 9.34am, Puncak fell 17 sen to RM3.09 with 1.51 million shares done. The warrants, Puncak-WB fell 10 sen to RM2.18 with 74,900 units done. The FBM KLCI inched up 1.48 points to 1,820.08. Turnover was 237.14 million shares valued at RM181.53mil. There were 188 gainers, 126 losers and 195 counters unchanged. News report quoted the Selangor State Government as saying it was only obliged to pay RM7.65bil for the water assets. This was RM2bil below the original price tag of RM9.65bil. However, analysts said details are still sketchy and water concessionaires have not received formal notifications. MIDF Equities Research said it was maintaining its Buy recommendation with an unchanged target price of RM4.04 per share for Puncak. This was an implied price-to-earnings ratio for FY2014 of 8.3 times. Its valuation is based on the sum-of-the-parts method which takes into account the value offered for 100% Puncak Niaga Sdn Bhd, 70% SYABAS, proceeds from the convertible sukuk and full warrant conversion. |
| KLCI struggles, MAHB sees mild rebound Posted: 12 Mar 2014 06:18 PM PDT KUALA LUMPUR: Malaysia's FBM KLCI struggled in early Thursday trade as investors remained cautious but some mild fund buying of Malaysia Airports Holdings Bhd (MAHB) and UMW helped shore up the 30-stock index. At 9.07am, the KLCI was up 2.05 points to 1,820.65. Turnover was 84.57 million shares valued at RM52.80mil. There were 132 gainers, 71 losers and 130 counters unchanged. BIMB Securities Research expects the local market to remain volatile with the slight downside bias as the market is still trading at a premium over other regional indices. "Expect to see immediate support at 1,810/05 while resistance at 1,825/30," it said in its market outlook. MAHB rose 15 sen to RM8.05 with 82,800 shares done after falling recently on worries about rising costs. UMW added eight sen to RM11.20. Among plantations, United Plantations rose 80 sen to RM25.80 with 100 shares done while KL Kepong added 10 sen to RM23.90 with 100 shares done. Pintaras Jaya rose 10 sen to RM3.01 after it secured a RM74mil contract to undertake foundation works for the proposed Warisan Merdeka building in Kuala Lumpur. Century Logistics rose nine sen to RM2.74 on a news report that the Felda group was negotiating to acquire a substantial stake in the company. Lafarge fell 12 sen to RM9.17 in thin trade after recording strong gains in its share price recently. Puncak Niaga fell 12 sen to RM3.14 and Puncak Niaga-WB lost 11 asen to RM2.17 after the Selangor State Government said it was only obliged to pay RM7.65bil for the water assets. This was RM2bil below the original price tag of RM9.65bil. However, analysts said details are still sketchy and water concessionaires have not received formal notifications. |
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