Latest news with #RM600
The Star
a day ago
- Business
- The Star
Paramount expects property market to remain soft in 2H25
Paramount Corp Bhd group chief executive officer Jeffrey Chew. PETALING JAYA: Property developer Paramount Corporation Bhd expects the property market to remain soft in the second half (2H) of 2025 without any catalyst to boost it amid concerns over US tariffs as well as rising costs due to the fuel subsidy rationalisation and Sales and Service Tax (SST) expansion. Group chief executive officer and director Jeffrey Chew Sun Teong said that to date, the company has managed to achieved RM600 million sales out of the targeted RM1.6 billion sales for this year as buyers are holding back due to the rising cost of living. "Everybody is concerned over the US tariffs. Then, with the impending cost escalation because of the fuel subsidy rationalisation and SST (expansion), people are holding back a bit. So sales are a little softer. "There is a possibility that we may have to revise our sales target (for this year),' he told a press conference after the company's investor relation and media presentation here today. Chew said the food and beverage (F&B) segment is expected to be the second largest contributor to the Paramount group's earnings after the property segment. Paramount Corporation yesterday announced its unit Venice Concepts Sdn Bhd's proposed acquisition of a 28 per cent stake in Envictus International Holdings Ltd from JAG Capital Holdings Sdn Bhd for S$38.33 million (RM126.32 million). Singapore-based Envictus is the franchise holder of Texas Chicken and San Francisco Coffee in Malaysia as well as a wholesaler of foodstuff and frozen food. It is also involved in the dairies segment through the manufacturing and distribution of sweetened and evaporated creamer. According to Paramount Corporation's filing with Bursa Malaysia, Envictus recorded an unaudited net profit of RM16.11 million on revenue of RM369.78 million for the six-month period ended March 31, 2025. Paramount owns two restaurants in Kuala Lumpur, namely Dewakan -- Malaysia's only 2-Michelin Star restaurant for two consecutive years since 2024 and a Michelin Green Star recipient in 2025 -- and Bidou, a newly established restaurant offering classical French cuisines. Commenting on the San Francisco Coffee business, Chew said the company sees an opportunity to turn the coffee outlets into fast food and quick snack cafes as the coffee market is becoming oversaturated with more newcomers coming in. "The food (at San Francisco Coffee) is quite good. There are a lot of variety of wraps and some pastries, but a lot of people are not aware of it. "So we think that they have to work on some plans to actually improve themselves and reposition. Hopefully, it can be a bit more profitable in the future,' he said. - Bernama
The Sun
a day ago
- The Sun
Woman loses RM600k in online investment scam in Bukit Mertajam
BUKIT MERTAJAM: A 55-year-old retired clerk lost RM600,000 after falling victim to an online investment scam. The woman, from Bukit Minyak, was lured by a Facebook advertisement in May promising high returns. Penang acting police chief Datuk Mohd Alwi Zainal Abidin said the victim clicked the link and was contacted by a suspect via WhatsApp. She was then added to a group where she was persuaded to download an investment app. 'She was offered investments promising lucrative returns in a short period, depending on the amount of capital invested. The woman was told to download an application via the link given before she registered and began to invest,' he said. On July 11, the victim transferred RM600,000 in six transactions to different company accounts. She only realised she had been scammed when she couldn't withdraw her profits. Instead, she was asked for more payments as a withdrawal condition. Mohd Alwi confirmed the case is being investigated under Section 420 of the Penal Code for cheating. The victim lodged a report at the Seberang Perai Tengah Police Headquarters. - Bernama
New Straits Times
a day ago
- New Straits Times
Penang woman scammed of RM600,000 in fake AI investment scheme
BUKIT MERTAJAM: A 55-year-old woman lost RM600,000 to an online investment scam known as AI Investment, which promised high short-term returns. Acting Penang police chief Datuk Mohd Alwi Zainal Abidin said the victim, a retired clerk from a company in Bukit Minyak, was duped into joining the investment scheme after seeing an advertisement on Facebook in May. He said the victim had clicked on the ad and was subsequently contacted by a man via WhatsApp before being added to a group chat named "Jin Yi Shi Guan". "The victim was then instructed to download an app called 'AI INV', register as a member, and start investing. "Initial investigation revealed the woman made six bank transfers on July 11 to six separate company accounts, amounting to RM600,000. "She only realised she had been scammed when she attempted to withdraw her purported profits from the app but was asked to make an additional payment to 'activate' the withdrawal," he said in a statement today. Alwi said the victim lodged a police report on July 29. He said the case is being investigated under Section 420 of the Penal Code for cheating. Alwi advised the public to exercise caution when dealing with online investment offers, particularly those that promise high returns in a short period.
Barnama
a day ago
- Barnama
Woman Loses RM600,000 To Online Investment Scam
BUKIT MERTAJAM, July 30 (Bernama) -- A 55-year-old woman recently became RM600,000 poorer after falling victim to a non-existent online investment scheme. Penang acting police chief Datuk Mohd Alwi Zainal Abidin said preliminary investigations found that the woman, a retired clerk with a company in Bukit Minyak here, came across an advertisement for the investment on Facebook in May. "She then clicked on the link and was contacted by a male suspect via WhatsApp before being added to a WhatsApp group. "She was offered investments promising lucrative returns in a short period, depending on the amount of capital invested. The woman was told to download an application via the link given before she registered and began to invest,' he said in a statement today. He said that on July 11, the victim made six cash transactions totalling RM600,000 into six different company accounts and only realised she had been deceived when she failed to withdraw her profits. Mohd Alwi said the woman, who was instead told to make additional payments as a condition for withdrawal, then lodged a report at the Seberang Perai Tengah Police Headquarters. He added that the case is being investigated under Section 420 of the Penal Code for cheating. -- BERNAMA
New Straits Times
a day ago
- Business
- New Straits Times
Property market to stay subdued in H2, says Paramount chief
KUALA LUMPUR: Paramount Corporation Bhd expects subdued property market conditions to persist in the second half of the year, even as Bank Negara Malaysia cut the overnight policy rate to 2.75 per cent in July. Its group chief executive officer, Jeffrey Chew, said that while the rate cut offers some relief, it is unlikely to significantly boost homebuying sentiment in the short term. "A 25-basis-point cut helps both in terms of our borrowing cost and consumer affordability but it's not enough to drive major changes in buying behaviour," he said at Paramount's investor and media briefing today. Chew said a single rate cut is unlikely to have a major impact on the market, but if there are two more reductions or a larger 50-basis-point cut, it could potentially act as a meaningful catalyst for the property sector. "There are several challenges at play with the fuel subsidy, tariffs, and Sales and Services Tax implementation, which are making buyers more wary. "While we do not foresee a major downturn, we also do not see strong catalysts emerging in the second half," he said. Chew said that for 2025, the developer had expected some growth, but uncertainties, particularly regarding potential actions by the US president, may prompt a revision of its sales targets. As of July, Paramount had achieved around RM600 million in property sales, slightly more than halfway towards its RM1.5 billion target for the year. A key contributor to the shortfall is a planned RM170 million disposal of a commercial tower, which Chew said has yet to materialise due to weak investor appetite in the commercial property market. "We are focusing more on getting tenants in instead of trying to sell," he added. Chew said that property will remain the cornerstone of Paramount's business, just as it has been for the past fifty years. He added that over the next 10 to 20 years, the company continues to see solid growth prospects in the sector and targets property to account for around 70 per cent of its total business, both in Malaysia and abroad.
