Latest news with #MidValleyMegamall
Focus Malaysia
3 days ago
- Business
- Focus Malaysia
SDB's CSR Mid Valley Megamall retail store set to further empower special needs community
SELANGOR Dredging Bhd's (SDB) flagship corporate social responsibility (CSR) initiative, One-Two-Boost (OTB), has opened its first physical retail outlet at Mid Valley Megamall. It marks a major milestone in its mission to empower individuals with special needs through meaningful employment and inclusive community engagement. The store's official launch was officiated by Pathmanathan Nalasamy (left on main image) who is the director of the Development of Persons with Disabilities Department under the Department of Social Welfare Malaysia. 'The inclusion of persons with disabilities must be a shared responsibility. While the government continues to introduce policies and programmes to support their integration, it is heartening to see private sector leaders like SDB stepping up in meaningful ways,' he praised. 'Through strong public-private collaboration, we continue to build a society that values diversity, promotes dignity and ensures that no one is left behind in Malaysia's development journey.' Conceived and spearheaded by SDB managing director Teh Lip Kim herself, OTB was born out of a deeply personal desire to support and provide employment for individuals with special needs. 'What started as a small initiative has grown beyond what I imagined,' recalled Teh (second from right on main image). 'With this store, we aim to amplify OTB's true purpose – not just hy offering jobs – but raising awareness and building understanding between the special needs community and the public.' Initially launched as an online venture, OTB's expansion into a physical store reflects growing public support for its mission and the broader appeal of its holistic wellness offerings. The Mid Valley Megamall outlet showcases over 50 herbal-based products which are developed in collaboration with traditional Chinese medicine (TCM) physicians. These include herbal drinks, immunity-boosting soups, balms and other products promoting holistic well-being. More than just a retail space, the store serves as a platform for awareness, inclusion and meaningful interaction by bridging the gap between the special needs community and the wider public. Pathmanathan and Teh also expressed their gratitude to Mid Valley Megamall for supporting OTB's mission by providing a prominent platform within one of Malaysia's most visited shopping destinations. 'The impact of this store is set to be immense,' envisages Teh. 'It serves as a venue where this community can gain confidence and independence, and where every customer encounter becomes a chance to break down stigma.' Teh added that the store creates a valuable space for the special needs team to gain exposure and develop interpersonal skills while offering the public an opportunity to engage meaningfully. 'What we need is more empathy, more kindness and above all, more hope,' she stressed. 'Each product on our shelves represents not just care and craftsmanship, but also courage – the courage of this community to show up, to grow and to be seen. 'Our hope is that every customer who walks through our doors leaves not only with something good for their body but something uplifting for the heart.' Visit for Mmore information or to support this meaningful initiative. – June 27, 2025
The Star
5 days ago
- Business
- The Star
Buying frenzy of IGB-REIT amid rating upgrades
PETALING JAYA: IGB Real Estate Investment Trust 's (REIT) unit price hit an all-time high after the owner of Mid Valley Megamall announced the largest acquisition in the history of Malaysian REITs. At least six investment banks, including JP Morgan, have upgraded their ratings on the stock to 'buy'. This was following the news of IGB-REIT's proposed acquisition of the Mid Valley Southkey Mall (MVS) in Johor for RM2.65bil. Riding on the positive sentiment, shares of IGB-REIT's parent – IGB Bhd – also rose to a new record-high yesterday. The parent owns 47.87% of IGB-REIT. Analysts have revised their earnings forecasts of IGB-REIT upward, factoring in the future contributions from MVS Mall. As a result, target prices have also been raised. AmInvestment Research has the highest target price at RM2.81 per unit. IGB-REIT closed at RM2.49 yesterday after the stock rose by 9.2%. IGB Bhd, on the other hand, moved north by 6.4% to close at RM2.83. In a note, Kenanga Research said it is positive on the proposed acquisition, pointing out that it will strategically position IGB-REIT to benefit from key growth catalysts in Johor. The research house has maintained its earnings forecasts for the financial year of 2025 (FY25), considering the acquisition may only be completed in the fourth quarter ending Dec 31. Hence, the full earnings implication would be only seen from FY26. '(We) raise FY26's by 34% to incorporate the earnings contribution from the proposed acquisition. 'To exercise prudence, we are assuming flat growth in MVS Mall also to reflect macro headwinds such as the 8% sales and service tax on rental and upcoming RON95 subsidy removal. 'Based on our estimated FY26 net property income (NPI) of RM191mil from MVS Mall, it would make up 26% of IGB-REIT's NPI, behind Mid Valley Megamall's RM399.5mil (55%) and The Gardens Mall's RM137.7mil (19%),' Kenanga Research said. Kenanga Research has maintained its 'market perform' call on IGB-REIT, with a higher target price of RM2.40 per unit. Meanwhile, RHB Research upgraded its rating to 'buy' and raised the target price to RM2.60. 'We raise our FY26 to FY27 earnings forecasts by 36% for each year. 'However, after accounting for the higher share base, our distribution per unit estimates increased by 12.5% for FY26 to FY27.' RHB Research opined that the acquisition of the MVS Mall provides a key re-rating catalyst, offering IGB-REIT a significant bump via inorganic growth and the opportunity to diversify its earnings base in the long term. The acquisition of the property would significantly help diversify the REIT's earnings profile away from the more mature Klang Valley market to now include the growing Johor Baru market. Opened in 2019, MVS Mall has a net lettable area of 1.5 million sq ft as compared to Mid Valley Megamall's 1.8 million sq ft. On June 24, IGB-REIT announced that it will finance the acquisition of MVS Mall with a combination of borrowings and a unit placement. A total of RM1bil of the purchase price will be funded via medium-term notes, while the balance RM1.65bil will be raised from the issuance of 699 million new units at an issue price of RM2.36. Post-acquisition, IGB-REIT's gearing is expected to rise marginally to 0.26 times from 0.21 times at end-March. Regardless, Maybank Investment Bank Research (Maybank IB) said there will still be ample headroom for future acquisitions. 'We are upbeat on IGB-REIT's longer-term outlook, backed by its enlarged portfolio of high-quality retail assets. 'MVS Mall's injection has been long awaited. Its integration within the Southkey development, which includes office towers, hotels and residential units, is expected to drive consistent footfall and retail traffic, supporting occupancy and rental stability. 'Coupled with the mall's proximity to Singapore, we see upside to valuations over time.' Maybank IB raised its FY25, FY26 and FY27 net profit forecasts by 2.5%, 34.9% and 35.6%, respectively, to mainly reflect contributions from MVS Mall, offset partially by finance costs. It also upgraded its call to 'buy' and lifted target price to RM2.56 per unit.
The Star
27-05-2025
- Business
- The Star
IGB's quarterly revenue grows to RM499mil
PETALING JAYA: IGB Bhd is maintaining a prudent yet hopeful outlook for its financial performance this year, outlining planned strategies that include continued focus on tenant engagement and phased asset enhancement initiatives for its commercial segment. For the first quarter ended March 31, 2025 (1Q25), the owner and developer of Kuala Lumpur's popular Mid Valley Megamall reported net profit declined by over 50% to RM89.1mil, despite revenue growing by 19.9% to RM499.4mil. The group explained that the lower net profit was primarily due to a one-off RM108.7mil land sale contribution recognised in 1Q24. Excluding this one-off, IGB said pre-tax profit would have increased by 18% compared to 1Q24. The group said the jump in turnover was largely supported by stronger contributions across all business segments, particularly retail and property development. Earnings per share for 1Q25 stood at 6.71 sen.
