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Hock Seng Lee sees Q2 earnings jump to RM14.12mil

KUALA LUMPUR: Hock Seng Lee Bhd posted a net profit of RM14.12mil in Q2 ended June 30, 2018, a 44% improvement over RM9.78mil recorded in the previous corresponding quarter as revenue surged 103% to RM154.25mil.

Gov't drafting economic strategy in mid-term review of 11MP

KUALA LUMPUR: The government is currently drafting the strategy and initiative for short, medium and long-term economic development for the mid-term review of the 11th Malaysia Plan (11MP) to ensure the economy continues to remain resilient.

KLCI slips into sea of red as global markets retreat

KUALA LUMPUR: Asian markets was a sea of red in the morning session despite paring gains after China announced that it would be holding talks with Washington in late August at the White House's invitation.

Kenanga Research raises target price on Scientex

KUALA LUMPUR: Kenanga Research maintained its Outperform call but raised its target price on Scientex Bhd to RM7.40 from RM6.40 on increased property sector valuations in tandem with peers.

Scientex unit seals deal to buy land

PETALING JAYA: Scientex Bhd’s wholly owned subsidiary, Scientex Heights Sdn Bhd, has entered into a sale and purchase agreement with Real Golden Development Sdn Bhd for the proposed acquisition of two pieces of freehold agriculture land in Durian Tunggal, Melaka, measuring a net area of 208.9 acres for RM68.25mil.

In a filing with Bursa Malaysia, Scientex said the land would be acquired on an en bloc basis free from encumbrances and with vacant possession upon the terms and conditions contained in the agreement

MK Land signs MoU with Perak govt

PETALING JAYA: MK Land Holdings Bhd has entered into a memorandum of understanding (MoU) with the Perak state government (through MB Inc) to collaborate and develop a mixed development over some 226 acres in Kampar and the district of Kinta.

“The MoU shall remain in effect for a duration of three months from its date, or such longer period as may be agreed by the parties,” MK Land said in a filing with Bursa Malaysia.

New Zealand passes law to crack down on foreign home buyers

WELLINGTON: New Zealand’s government will ban foreigners from buying residential property, making good on its promise to crack down on offshore speculators who it says are partly to blame for spiraling house prices.

The Overseas Investment Amendment Bill, which places limitations on foreign purchasers, passed its final reading in parliament yesterday in Wellington. The restrictions will take effect within two months of the law receiving formal assent from the Governor General, the symbolic head of state, Associate Finance Minister David Parker said in a statement. (File pic shows David Parker speaking to reporters during a news conference - Reuters)

Mudajaya’s tower contract terminated

PETALING JAYA: Mudajaya Group Bhd’s RM118.6mil contract from KLIAA-KLIACS Consortium to build a 16-storey office tower in Shah Alam has been terminated.

“We wish to announce that Mudajaya had on Aug 14 received a letter dated Aug 13 from the KLIA Consortium informing that the contract for the project had been terminated with effect from Aug 13,” Mudajaya told Bursa Malaysia.

KLK 'neutral', YTL Hospitality 'buy', RHB 'hold', AirAsia 'buy'

KUALA LUMPUR Kepong Bhd (KLK) posted a core net profit of RM673.7mil, down 20.6% year-on-year (y-o-y) for the nine-month period of FY18 after stripping out provision for inventories (RM24mil), surplus on disposal of quoted and unquoted investments (RM2.5mil), surplus on government land acquisition (RM24.1mil), forex loss (RM7.3mil) and loss on derivatives (RM24.6mil).

AIRASIA Group Bhd announced that it is selling its remaining 25% stake in AAE Travel Pte Ltd for US$60mil (RM240mil) cash.