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E&O stock price tumbles on cash call

PETALING JAYA: Eastern & Oriental Bhd (E&O) saw RM318.4mil erased from its market capitalisation as investors were unreceptive towards its cash call despite some analysts saying the move would put the group on a stronger footing.

“But the long-term prospects for E&O remain good, with the scheduled completion of the 253-acre Seri Tanjung Pinang Phase 2A (STP2A) by September 2019. Maintain as ‘buy’,” Affin Hwang said.

Econpile secures RM209mil job

PETALING JAYA: Econpile Holdings Bhd has been awarded a RM209.3mil contract for basement and sub-structure works at the Pavilion Damansara Heights parcel two mixed-development at Jalan Damanlela, Kuala Lumpur.

Econpile said its wholly owned subsidiary, Econpile (M) Sdn Bhd (EMSB), had on Feb 11, received a letter of award from Domain Resources Sdn Bhd. The duration of the contract is 20 months.

Kerjaya gets RM280mil letter of award from HCK

PETALING JAYA: Kerjaya Prospek Group Bhd’s wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, has accepted a letter of award worth RM280mil from HCK Builders Sdn Bhd, a subsidiary of HCK Capital Group Bhd.

Executive chairman Datuk Tee Eng Ho said this was the company’s second project from HCK.

China’s 2018 tourism revenue growth slowest in a decade

BEIJING: Growth in China’s tourism revenue fell to its lowest level last year since the global financial crisis a decade ago, official data showed, highlighting growing risk in a fast-growing sector as Chinese consumers became more cautious.

Ethnic Miao women in traditional costumes serve tourists drinks at a long table banquet in Danzhai Wanda village, Qiandongnan Miao and Dong Autonomous Prefecture, Guizhou province, China October 27, 2018. - Reuters

Steeper property downturn seen in Australia

SYDNEY: Australian home loans slid sharply in December in a sign the downturn in the country’s once booming property market has further to run, creating more challenges for policymakers worried about the wider economic impact of a housing slump.

TRX to get RM2.15bil financing

KUALA LUMPUR: Australian-listed Lendlease and TRX City Sdn Bhd (TRXC) have secured a RM2.15bil financing facility for its Lifestyle Quarter joint-venture (JV) development at the Tun Razak Exchange (TRX), a project that has come under scrutiny due to its association with scandal-ridden 1Malaysia Development Bhd (1MDB).

(From left) Lendlease group chief executive officer and managing director Steve McCann, Finance Minister Lim Guan Eng and TRX City Sdn Bhd chief executive officer Datuk Azmar Talib by a miniature of the Lifestyle Quarter project that is being jointly developed by Lendlease and TRX City Sdn Bhd.

UOA Devt slips after hit with nearly RM40m taxes

KUALA LUMPUR: Shares of UOA Development Bhd slipped to a low of RM2.32 on Tuesday after its two units were slapped with additional income tax and penalties totalling RM39.61mil while the company as it has filed an appeal.

UOA Development Bhd slipped to a low of RM2.32 on Tuesday after its two units were slapped with additional income tax and penalties totalling RM39.61mil