Property developer Magna Prima Bhd and its subsidiary Embassy Court Sdn Bhd (ECSB) are being sued by 24 people for RM25 million, for the alleged poor quality of its six-star luxury condominium, The Avare, at KLCC.
In Magna Prima’s filing to Bursa Malaysia, it is shown that the suit, led by Dr Adam Victor, has been lodged at the Kuala Lumpur High Court.
The plaintiffs’ claim is premised on: “alleged poor and defective facade design, low quality material, poor workmanship, failure to fully rectify the defect in the parcel and common property, structurally unsound construction, and breach of the implied term to build and deliver a six-star luxurious condominium”.
They also alleged there is a misrepresentation by Magna Prima (fundamental: 1.1, valuation: 1.4) and Embassy Court, the filing read.
Magna Prima was named the first defendant and Embassy Court, the second.
Oil and gas service provider Tanjung Offshore Bhd has bagged a construction work request (CWR) contract worth RM250 million from Petronas Carigali Sdn Bhd.
The contract, via its wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd, entails the provisioning of topside maintenance works for Petronas Carigali’s existing offshore and onshore facilities in Sarawak, for a period of two years, with a one-year extension option.
Tanjung Offshore's (fundamental: 1.85; valuation: 0.9) chief executive officer Rahman Shamsudin said the group will benefit from the contract in the near term, as the cost for maintenance works is little affected by global oil prices.
Property developer and construction firm Bina Darulaman Bhd announced its wholly-owned unit, BDB Infra Sdn Bhd, has accepted a RM209.9 million contract from the Public Works Department of Kedah, to maintain state roads in 10 districts in Kedah for three years, starting from June 10 (tomorrow).
In a filing with Bursa, Bina Darulaman (fundamental: 1.2; valuation: 2.6) said the letter of award was accepted on June 3 and the contract will require the company to maintain the roads in the districts of Kota Setar, Padang Terap, Kuala Muda, Sik, Kubang Pasu, Kulim , Bandar Baharu, Pendang, Yan and Baling.
“The project is expected to contribute positively to the group’s earnings for the financial years ending Dec 31, 2015 (FY15) until FY18,” the group said in a filing.
Gas Malaysia Bhd announced today that the government has on June 8 (Monday) revised the natural gas tariff for non-power sector in the Peninsular Malaysia, effective July 1, 2015.
The average gas tariff will be increased by 10.27% to RM21.80 per one million British thermal units (mmbtu), from RM19.77 per mmbtu previously.
“This is to take into account the increase in the purchase price of gas that Gas Malaysia procures from PETRONAS,” said the reticulated gas system operator, adding there will be no change to the selling prices for residential customers, which is under category A.
Gas Malaysia (fundamental: 2.1; valuation: 1.1) said it will be financially neutral, with respect to the revised gas tariff.
Malton Bhd , best known for its Pavilion Kuala Lumpur development, will launch 500 units of serviced apartments within its RM3.5 billion Bukit Jalil City project here in the next two weeks, with prices starting from RM775 per sq ft.
Dubbed "The Park Sky Residence", the serviced apartments are part of Phase 2 of the Bukit Jalil City project, a joint venture development with Ho Hup Construction Co Bhd on a 50-acre (20.2ha) tract of land. The Park Sky Residence comprises four blocks of service apartments.
Malton's executive director Hong Lay Chuan said the serviced apartments will feature two-bedroom, three-bedroom and dual-key units, with build-up ranging from 868 sq ft to 1,565 sq ft.
Bukit Jalil City is divided into four major components. Phase 1, which featured 112 units of three- and five-storey shop offices, have been fully taken up. Construction of the shop offices are underway and will be completed in two years.
Currently, Malton has an unbilled sales of RM1.3 billion. Malton's order book stood at RM1.3 billion, which would keep the company busy for the next three years.
PUC Founder (MSC) Bhd plans to divest its biometrics division within the next two quarters, due to reduced contribution from the unit. The biometrics division involves fingerprint-verification products.
PUC Founder's (valuation: 1.1; fundamental: 2.15) managing director Cheong Chia Chieh said reduced contribution from the biometrics, and media and advertising divisions, had weakened the company's financials.
"About 90% of our revenue come from the media and advertising division," Cheong said, after PUC Founder's annual general meeting here today.
PUC Founder's diversification into power generation will be closely watched. Cheong said the company projected a 21-year recurring income of RM1 million annually, from its proposed solar power plant in Sungai Petani, Kedah.
He said the power plant would have an initial one megawatt (MW) capacity, involving a tariff of RM1.035 per kilowatt an hour (kWh).
"The steady income from the energy sector would balance out the risks in the e-payment and mobile internet sectors. The return on investment from the energy sector is quite stable, whereas the mobile Internet plus and e-payment sectors have higher risk and growth," Cheong said.
Naim Indah Corp Bhd has bagged a project management consultant (PMC) job for a mixed development project that is tentatively valued at RM24 million.
According to its filing with Bursa, the property investment and management group was required to provide consultation and training services to GE Properties Sdn Bhd, in relation to a 30-storey mixed development dubbed "Boulevard Likas", and its related external works in Teluk Likas, Sabah.
Naim Indah said the contract sum was calculated based on 5% of the gross development cost (GDC) of the Boulevard Likas.
"For illustration purposes, based on the preliminary estimated GDC of RM480 million, the value of the award is estimated to be RM24 million," it added.
Naim Indah expects the contract to contribute positively to its future earnings.
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