Latest news with #RM3bil
The Star
an hour ago
- Business
- The Star
PKNS, MBSA join hands to revitalise Section 13, 14 in Shah Alam
Mahmud (right) and Mohd Fauzi at the MOU signing ceremony between PKNS dan MBSA for the SA Sentral development project in Section 14, Shah Alam. — Bernama Selangor State Development Corporation (PKNS) and Shah Alam City Council (MBSA) have teamed up to drive the Shah Alam Sentral (SA Sentral) development project. PKNS group chief executive officer Datuk Mahmud Abbas and Shah Alam mayor Datuk Mohd Fauzi Mohd Yatim signed a Memorandum of Understanding (MOU) to solidify the five-year partnership. With the agreement, Mahmud said both parties aimed to transform Shah Alam into a high-tech, low-carbon, and revitalised city. 'This strategic collaboration between PKNS and MBSA marks the beginning of the transformation of Sections 13 and 14 in Shah Alam. 'These historical areas will be given a new lease of life to remain relevant and dynamic in today's development landscape. 'As a rapidly growing city, this highlights the need for modern infrastructure, efficient public amenities, and sustainable as well as inclusive housing development,' he said after the signing ceremony at Galeria SA Sentral in Shah Alam, Bernama reported. Mahmud said the SA Sentral development spanned over 52ha and would be implemented based on the Transit-Oriented Development (TOD) concept, encompassing modern residential areas, recreation, food and beverage shops and senior living facilities. The project is expected to be completed by 2031. He added that the PKNS Complex in Shah Alam would also undergo upgrades. As for the Aneka Walk development project adjacent to the iconic shopping mall, Mahmud said it was expected to be completed and operational by the fourth quarter of this year. 'Aneka Walk is designed as a modern lifestyle destination that integrates retail, recreation, and entrepreneurship elements within an inclusive and community-friendly environment. 'In addition, Plaza Perangsang will also be redeveloped into a hotel centre, and PKNS will soon sign an agreement with Grand Mercure as the operator,' he said. Launched last September, the SA Sentral project has a gross development value (GDV) of RM3bil. This high-impact project involves the development of Plaza Alam Sentral, Plaza Perangsang, SACC Mall, SACC Walk, PKNS Shah Alam Complex, Shah Alam Convention Centre (SACC) and several areas in Section 14.
The Star
10 hours ago
- Business
- The Star
OCBC commits RM11bil, aiming to add RM3bil to boost Johor's economy
KUALA LUMPUR: OCBC Group has committed over RM11bil in financing to Johor businesses since early last year, as part of its support for the Johor-Singapore Special Economic Zone (JS-SEZ). 'By the end of 2025, the group expects to provide at least another RM3bil in financing for investments into various sectors including real estate, oil & gas, manufacturing and data centres,' the bank said in a statement. OCBC Group chief executive officer Helen Wong said the bank has a long history in Johor, with its first branch in the state established in 1917. She said OCBC now operates eight branches in Johor, out of a total of 38 across Malaysia. 'Having already committed over RM11bil in financing to businesses in Johor, we are looking to further catalyse local economic activities and cross-border investments in Johor and JS-SEZ through at least another RM3bil in financing by year-end. 'We are honoured to have this opportunity to explore with the Johor Menteri Besar how we can build on these solid foundations and leverage the full capabilities of the OCBC Group's extensive regional franchise to contribute to the success of the JS-SEZ,' Wong said. Meanwhile, Johor Menteri Besar Datuk Onn Hafiz Ghazi said the bank's commitment of over RM11bil in financing — with at least RM3bil more expected by year-end — reflects strong confidence in Johor's economic direction and investment potential. 'We welcome this partnership and look forward to working closely with OCBC to unlock Johor's full potential as Asean's next economic powerhouse,' he added.
The Star
08-06-2025
- Business
- The Star
Econpile set for new job wins on Penang LRT catalyst
File: Artist impression of Penang LRT Mutiara Line. PETALING JAYA: Econpile Holdings Bhd , which has secured its first contract for the Penang light rail transit (LRT) Mutiara Line, is poised to win more jobs as the RM10bil project gains momentum, analysts say. On June 5, Econpile announced it was awarded a RM42.8mil bored piling sub-package spanning three stations – from East Jelutong to Gelugor – out of the total 21 stations. The works are scheduled to begin on Aug 1, 2025 and end on Oct 31, 2027. CGS International (CGSI) Research said the win validated its view that the Penang LRT is progressing as planned, with full-scale construction expected to begin in the fourth quarter of 2025 (4Q25). 'For the broader construction sector, we think this win validates our thesis that the Penang LRT Mutiara Line is progressing as planned and construction works should be in full swing in 4Q25. 'This is likely to benefit Gamuda Bhd , as we expect it to be contracted for more work for the Penang LRT, amounting to an additional RM3bil on top of its initial contract value of RM5bil,' it said. Other potential beneficiaries include Malayan Cement Bhd , HSS Engineers Bhd , IJM Corp Bhd and Sunway Construction Group Bhd . CGSI Research said Econpile's year-to-date new order wins now total RM333mil, with an order book of RM487mil as at June 2025. The group is aiming for RM400mil to RM450mil in new jobs for its financial year ending Dec 31, 2025 (FY25), in line with last year's performance. 'We expect gross profit margins for the Penang LRT bored piling contract to be about 10%-15%, higher than the recent piling projects for property development it won over the past one year,' it said, adding that Econpile's performance should improve in 4Q25. CGSI Research maintained its 'add' rating and 46 sen target price, citing Econpile's strong presence in infrastructure projects and the largest fleet of bored piles in Malaysia. Meanwhile, CIMB Securities Research said the sub-package forms part of the larger package for which the Gamuda-led SRS Consortium Sdn Bhd – comprising Gamuda (60%), Ideal Property Development Sdn Bhd (20%) and Loh Phoy Yen Holdings Sdn Bhd (20%) – is the principal civil works contractor. Mass Rapid Transit Corp Sdn Bhd is the project developer and asset owner of the Mutiara Line. 'Having secured the first major piling contract under the Penang LRT Mutiara line, the group is well-placed to bid for a larger piling-related job that is coming up,' CIMB Research said. It kept its 'buy' rating and 38 sen target price, pegging the stock at 19 times 2026 core earnings per share of 1.9 sen.
The Star
07-06-2025
- Entertainment
- The Star
Rio de Janeiro to limit live music on the beaches
If you have been to Rio de Janeiro' beaches in Brazil, this probably sounds familiar: samba music drifting from a nearby kiosk, caipirinha cocktails sold by hawkers, chairs sprawled across the sand. Now that may become harder to find, unless the vendors have the right permits. Mayor Eduardo Paes issued a decree in mid-May establishing new rules for the city's waterfront saying he wants to preserve urban order, public safety and the environment, as well as promote peaceful relations between tourists and residents. The new measures are due to come into force on June 1, and they outlaw food and drink sales, chair rentals, loudspeakers and even live music in kiosks without official permits. Also, beach huts will only be allowed to have a number rather than the often-creative names many are currently known by. Some have welcomed the move to tackle what they perceive as chaotic activity on the beach, but others say the decree threatens Rio's dynamic beach culture and the livelihoods of many musicians and local vendors who may find it difficult or impossible to get permits. The move to regulate music on Rio's beachfronts has particularly struck a nerve. 'It's difficult to imagine Rio de Janeiro without bossa nova, without samba on the beach,' said Julio Trindade, who works as a DJ in the kiosks. 'While the world sings the Girl From Ipanema, we won't be able to play it on the beach.' The restrictions on music amounts to 'silencing the soul of the waterfront. It compromises the spirit of a democratic, musical, vibrant, and authentic Rio,' Orla Rio, a concessionaire who manages more than 300 kiosks, said in a statement. Some are seeking ways to stop the implementation of the decree or at least modify it to allow live music without a permit. But so far to little avail. The non-profit Brazilian Institute of Citizenship, which defends social and consumer rights, filed a lawsuit recently requesting the suspension of the articles restricting live music, claiming that the measure compromises the free exercise of economic activity. A judge ruled that the group is not a legitimate party to present a complaint, and the non-profit is appealing the decision. Also, Rio's municipal assembly recently discussed a bill that aims to regulate the use of the coastline, including beaches and boardwalks. It backs some aspects of the decree such as restricting amplified music on the sand but not the requirement that kiosks have permits for live musicians. The proposal still needs to formally be voted on, and it's not clear if that will happen before June 1. If approved, the bill will take precedence over the decree. Economic activity on Rio's beaches, excluding kiosks, bars and restaurants, generates an estimated 4 billion reais (RM3bil) annually, according to a 2022 report by Rio's City Hall. Millions of foreigners and locals hit Rio's beaches every year and many indulge in sweet corn, grilled cheese or even a bikini or electronic devices sold by vendors on the sprawling sands. Local councilwoman Dani Balbi lashed out against the bill on social media. 'What's the point of holding big events with international artists and neglecting the people who create culture every day in the city?' she said on Instagram, in reference to the huge concerts by Lady Gaga earlier in May and Madonna last year. 'Forcing stallholders to remove the name of their businesses and replace it with numbers compromises the brand identity and the loyalty of customers, who use that location as a reference,' Balbi added. News of the decree seeking to crack down on unregistered hawkers provoked ripples of anger and fear among peddlers. 'It's tragic,' said Juan Marcos, a 24-year-old who sells prawns on sticks on Copacabana beach and lives in a nearby favela, or low-income urban community. 'We rush around madly, all to bring a little income into the house. What are we going to do now?' City Hall doesn't give enough permits to hawkers on the beach, said Maria de Lourdes do Carmo, 50, who heads the United Street Vendors' Movement – known by its acronym MUCA. 'We need authorisations, but they're not given,' said Lourdes do Carmo, who is known as Maria of the Street Vendors. The city government did not respond to a request for the number of authorisations given last year. Following the outcry, the city government emphasised that some rules were already in place in a May 21 statement. The town hall added that it is talking to all affected parties to understand their demands and is considering adjustments. Maria Lucia Silva, a 65-year-old resident of Copacabana who was walking back from the seafront with a pink beach chair under her arm, said she had been expecting City Hall to act. 'Copacabana is a neighbourhood for elderly people (... ). Nobody pays a very high property tax or absurd rents to have such a huge mess,' Silva said, slamming the noise and pollution on the beach. For Rebecca Thompson, 53, who hails from Wales and was again visiting Rio de Janeiro after a five-week trip last year, the frenzy is part of the charm. 'There's vibrancy, there's energy. For me, there's always been a strong sense of community and acceptance. I think it would be very sad if that were to go,' she said. – AP
The Star
03-06-2025
- Business
- The Star
Dayang poised to reap profit margin from new AWB purchase
PETALING JAYA: Dayang Enterprise Holdings Bhd could reap a profit margin of about one-fifth from the purchase of a new accommodation work boat (AWB). As for daily charter rate, the group's management anticipates it be around RM80,000. Dayang intends to acquire a new 60-tonne AWB with a capacity of 239 passengers at about RM130mil to replace an ageing vessel. The boat will be constructed by Shin Yang Group Bhd with completion targeted by the third quarter of financial year 2027 (3Q27). ]The acquisition will be financed through a 60:40 equity-to-debt ratio. 'Management anticipates a daily charter rate of circa RM80,000 and expects a 22% profit margin from the AWB. 'With full utilisation projected for 2028, we see the vessel acquisition as a strategic move to enhance Dayang's competitiveness in tender bids and optimise operational efficiency,' Phillip Capital Research said in a report. Despite a bad monsoon in the 1Q25, the research firm expects vessel utilisation rate to improve in the 2Q25 with Dayang's fleet operating at full capacity. Meanwhile subsidiary Perdana Petroleum Bhd 's fleet has been operating at 80% since April this year. According to the research firm, Dayang's current order book stood at RM5.1bil (versus RM5.2bil in 4Q24), and revenue recognition is expected to accelerate in the coming quarters following the completion of the maintenance, construction, and modification contract transition phase in March. 'We expect Dayang's strong order book will keep the group busy over the next four years until 2029. 'The RM3bil worth of offshore platform decommissioning tender – covering 31 platforms across Sabah, Sarawak, and Peninsular Malaysia over three years – is currently under commercial evaluation. 'We gathered that Sapura Energy Bhd is one of the bidders for the Sabah and Peninsular Malaysia areas.' The research firm said Dayang's management noted that the decommissioning contract allows for operational flexibility. Given its strong local presence, Dayang is well-positioned to secure the Sarawak package, it added. Trading ideas: Alliance, LSH, LYC, 7-Eleven, RHB, Master Tec, Mah Sing, CIMB, Capital A, SKP, Yinson, Berjaya, BAT, Bintulu, Bank Islam
