Latest news with #RM1.24
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
GuocoLand unit ordered to pay RM6.4m in arbitration; completes RM50m MTN issuance
GUOCOLAND (Malaysia) Bhd's wholly owned subsidiary GLM Emerald Hills (Cheras) Sdn Bhd has been ordered to pay RM6.36 million to Barisan Performa Sdn Bhd in an arbitration proceeding over a terminated construction contract. In a filing with Bursa Malaysia today, GuocoLand said the dispute stemmed from a contract under which Barisan Performa was appointed to carry out site clearance, earthwork and related works. The contract was subsequently terminated, with GLM Emerald Hills maintaining that the termination was mutually agreed. However, Barisan Performa contended that the termination constituted a repudiation of contract. On June 16, 2025, the arbitrator awarded Barisan Performa a total of RM6.4 million. This comprises RM1.24 million for work done and materials left on site, and RM5.12 million for loss of profit arising from what was deemed to be an unlawful repudiation. The award also includes 5% annual interest on the sum due until full payment, as well as incidental costs amounting to RM414,487.94. GuocoLand noted that it had previously recognised a provision of RM1.24 million, resulting in an estimated net financial impact of RM5.54 million from the award. The company added that GLM Emerald Hills is consulting its solicitors on the next course of action, including the possibility of setting aside the award. In a separate announcement, GuocoLand said it has completed the issuance of RM50 million in nominal value of unrated medium term notes (MTN), marking the first tranche under its RM500 million MTN programme announced in March this year. The one-year MTN, issued today, carries a periodic distribution rate of 4.27% per annum and will mature on June 18, 2026. Proceeds from the issuance, along with internal funds, will be used primarily to fully settle outstanding revolving credit facilities – RM7.4 million with Bank of China (Malaysia) Bhd and RM32.5 million with Bangkok Bank Bhd. The balance will be allocated for working capital. Hong Leong Investment Bank Bhd is acting as the principal adviser, lead arranger, lead manager, and facility agent for the MTN programme, which is part of GuocoLand's broader capital management strategy. — TMR
Barnama
31-05-2025
- Politics
- Barnama
Melaka Unveils Five Key Priorities For Sungai Udang Under WRUR Initiative
MELAKA, May 31 (Bernama) -- The Melaka state government is prioritising five key focus areas in the Sungai Udang state constituency under the "Wakil Rakyat Untuk Rakyat" (WRUR) initiative, aimed at enhancing the well-being and comfort of the local population. Chief Minister Datuk Seri Ab Rauf Yusoh said these five priorities are public infrastructure, healthcare, education, community welfare and development, and the Digital Village initiative. Among the key infrastructure projects is the RM44.8 million upgrade of the water reticulation system at Kem Terendak, scheduled to begin in May 2026 and be completed within two years. 'Additionally, four road resurfacing projects valued at RM1.24 million are being implemented by local authorities, with one completed and the remaining three currently in progress,' he said after officiating the closing of the WRUR programme here today. Also present was senior state executive councillor and Sungai Udang constituency coordinator Datuk Rais Yasin. In the healthcare sector, a major RM325 million Armed Forces Hospital project under the Ministry of Defence is expected to be completed by January 2029. Upgrades to the Sungai Udang Health and Dental Clinics, with a combined cost of RM450,000, are set to begin later this year and complete by March 2026. For education, the computer lab at MRSM Terendak will be upgraded at a cost of RM400,000 by October. The government is also acquiring land for a new building at Sekolah Kebangsaan Sungai Udang, estimated at RM2 million, and plans to prioritise the construction of a new religious school (SRA JAIM Sungai Udang) in 2025. Ab Rauf said immediate repairs would also be carried out at SRA JAIM Bertam Ulu and SJK(C) Bertam Ulu to support better learning environments for students in the constituency. On community welfare, the Social Welfare Department is disbursing RM1.21 million monthly to assist 554 eligible recipients in the Sungai Udang area, ensuring no group is left behind.
Borneo Post
30-05-2025
- Business
- Borneo Post
Warisan's GLC talk an insult to Sabahans' intelligence - Mandela
Mandela KOTA KINABALU (May 30): Gabungan Rakyat Sabah (GRS) Penampang Youth chief Datuk Ceasar Mandela Malakun has dismissed recent claims by Warisan vice president Datuk Junz Wong on good governance, saying Warisan's track record with state-linked companies tells a very different story. Mandela said Warisan's portrayal of itself as a reform-oriented administration does not reflect the realities of its time in government from 2018 to 2020, particularly in the management of Sabah International Petroleum (SIP) and Sabah Development Bank (SDBank). 'When the then Chief Minister and Finance Minister also took on the role of SIP chairman, it raised serious concerns about the concentration of power and oversight,' he said in a statement on Friday. 'From May 2018 to September 2020, SIP's debts to SDBank increased from RM1.05 billion to RM1.24 billion, while its total group liabilities — combining those with commercial banks — rose to RM1.75 billion.' Mandela also pointed to SDBank's deteriorating fiscal position during the same period. The bank's external bond obligations reportedly jumped from RM3.66 billion to RM4.57 billion by the time Warisan left office. 'Despite clear signs of financial distress, the bank continued to declare annual profits — a situation which, according to industry observers at the time, raised concerns of pervasive and systemic governance weaknesses, including the possible use of creative accounting practices that may have masked the bank's underlying financial risks,' he added. He said the GRS-led government is currently undertaking restructuring efforts to address the issues left behind. 'Today, SIP and SDBank are undergoing necessary reforms to restore proper financial discipline, improve risk management, and ensure that these institutions serve their developmental mandate effectively.' While Mandela welcomed public discussion on GLC reform, he stressed that such conversations must be rooted in truth, not politically motivated historical distortion. 'Sabahans deserve the truth, not Junz's selective memory. Governance isn't about rhetorics — it's about taking responsibility,' he said. Mandela added that the GRS administration remains focused on restoring public trust in state institutions through long-term, structural improvements.
New Straits Times
20-05-2025
- Business
- New Straits Times
Aeon profit rises 18 pct to RM68.1mil in Q1
KUALA LUMPUR: Aeon Co (M) Bhd's net profit for the first quarter (1Q) of 2025 rose 18 per cent to RM68.10 million from RM57.39 million a year earlier, supported by seasonal spending uplift from the double festive celebrations within the quarter. Revenue increased by 6.6 per cent to RM1.24 billion from RM1.17 billion previously, with its retail business and property management services segments recording revenue growth. Aeon said its retail business segment achieved 6.1 per cent higher revenue of RM1.04 billion in the quarter under review, contributed by stronger consumer spending during the double festive periods. Its property management services segment reported a revenue growth of 9.4 per cent to RM204.4 million, supported by improved occupancy rate, effective tenancy renewals, and higher sales commissions driven by buoyant tenants' sales performance during festive periods. Managing director Naoya Okada said the retail industry is expected to proactively adapt to rising business costs throughout the year, while continuing to meet evolving consumer expectations and support resilient household spending. "Aeon remains focused on enhancing operational efficiency, expanding its private brand offerings, accelerating digital transformation, optimising tenant mix, strengthening its loyalty programme, as well as elevating the overall value of its retail spaces to attract greater foot traffic," he said. Looking ahead, Aeon said it will continue to deepen customer engagement, capitalise on emerging opportunities, and reinforce the foundations of its core businesses to deliver sustainable value for its customers, business partners, and shareholders, while remaining steadfast in its role to serve communities across Malaysia.
New Straits Times
16-05-2025
- Business
- New Straits Times
CUCKOO Malaysia posts record RM1.24bil revenue, issues IPO update
KUALA LUMPUR: CUCKOO International (MAL) Bhd, a leading healthy home solutions provider, has issued a supplementary prospectus outlining amendments to its earlier principal prospectus, following the strategic rescheduling of its initial public offering (IPO). The decision to delay the IPO, according to the company, was a carefully considered move by CUCKOO Malaysia's management aimed at ensuring a successful and sustainable entry into the public market, aligned with the best interests of the company and its investors. In its supplementary prospectus, CUCKOO Malaysia reported record revenue of RM1.24 billion for the financial year ended Dec 31, 2024 (FYE2024), marking a continuation of its billion-ringgit revenue streak ahead of its scheduled listing on the Main Market of Bursa Malaysia on June 24, 2025. The company's revenue grew by 11 per cent year-on-year, driven by a 62.6 per cent surge in CUCKOO Co-created products, which reached RM250.3 million, and a 3 per cent increase in CUCKOO-branded products to RM983.2 million. Pre-tax profit (PBT) rose 23.2 per cent, supported by stronger gross profit margins and reduced finance costs, particularly from a lower net foreign exchange loss. These gains were partially offset by RM5.7 million in IPO-related expenses. CUCKOO Malaysia also delivered a significant 47.7 per cent rise in profit after tax and minority interests (PATAMI), reaching RM128.9 million in FYE2024, up from RM87.3 million the previous year. Non-independent executive director and chief executive officer of CUCKOO International Hoe Kian Choon expressed confidence in the company's future outlook, citing robust consumer demand, a resilient rental-based business model, sustained investment in technology and infrastructure, and the strength of its experienced senior leadership team. "We are pleased to deliver a strong financial performance, highlighting our ongoing commitments in expanding the company's market presence by leveraging CUCKOO Malaysia's effective business model, omni-channel distribution network and ever-expanding wellness ecosystem," he said in a statement. Hoe added that the company remains focused on scaling up its operations by broadening its product offerings, strengthening home care services, and deepening its market presence across Malaysia and Singapore. "With this, we are confident that it will support our continued growth and enable us to serve a larger customer base by building brand loyalty to retain our customers and to cross-sell more of our products or services to them," he said. The supplementary prospectus also outlines the withdrawal process for investors who submitted IPO applications prior to the rescheduling announcement but now wish to retract their applications. The closing date for withdrawal requests is 5.00 p.m. on May 22, 2025. Investors may withdraw through Malaysian Issuing House (MIH), bank branches, or online platforms where applications were made. Refunds will be processed either on the same day or within eight market days of receiving a completed and valid Withdrawal Request Form, depending on the method used. The form is available via the MIH website ( by email (BRMY-MIHIPO@ or through postal submission to Malaysian Issuing House Sdn Bhd. Investors who withdraw may still reapply for the IPO during the application period, subject to terms stated in the supplementary prospectus. The IPO application period remains open and will close on June 5, 2025, with CUCKOO Malaysia's listing on June 24, 2025, on Bursa Malaysia's Main Market.
