Latest news with #RM8mil
The Star
2 days ago
- Business
- The Star
KIP REIT gets unitholders' go-ahead for property acquisition, private placement
Artist impression of the upcoming asset enhancement initiative at KIPMall Tampoi, slated for completion by 1QFY26 KUALA LUMPUR: Unitholders of KIP Real Estate Investment Trust (REIT) have given the green light at its extraordinary general meeting (EGM) for the RM118mil acquisition of four retail properties in Kuantan and Selangor as well as a RM132mil private placement to fund part of the purchase and subsequent enhancements. The target properties comprise KIPMall Desa Coalfields, Lotus's Indera Mahkota, and two commercial buildings within an integrated development in Kuantan, which are projected to contribute a combined revenue of RM11.3mil and net property income of RM8mil in the first full year of operations. According to KIP REIT, this is equivalent to 11.7% and 11.6% of the group's 9MFY2025 revenue of RM96.2mil and net property income of RM68.8mil respectively, highlighting the strong earnings accretion potential of the expansion. The newly acquired assets are expected to deliver an average initial yield of 6.8%, underpinned by long-term lease structures. With the purchase of the assets, KIP REIT's total portfolio value is expected to hit RM1.6bil while its properties will span a net lettable area of over 3.4 million sq ft. Concurrently, KIP REIT's private placement has entered its book-building phase, with price-fixing targeted for mid-August 2025. The exercise will see the placement of up to 160 million new units with an aim to raise gross proceeds of about RM132mil. Of the proceeds, the bulk or RM106.6mil will go towards partial settlement of the acquisitions. RM21.9mil will be used for asset enhancement initiatives at KIPMall Tampo and the remaining RM3.9mil for estimated expenses. 'We are grateful for the strong support from our unitholders. This expansion strengthens our retail income portfolio, enhances earnings visibility, and supports sustainable DPU accretion. "The new assets contribute meaningful recurring income and strengthen our presence in key suburban and emerging growth areas such as Selangor and Kuantan,' said KIP REIT CEO Valerie Ong.
The Star
04-07-2025
- Business
- The Star
MACC tracking down money allegedly laundered by 'Datuk' in RM75mil probe
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) is tracing laundered money as part of its probe into a company director with the title of Datuk. Sources quoted by Malay language daily Sinar Harian said that investigations showed that the suspect had created dummy companies to invest in and had sought out victims, including VIPs. The companies were found to have been created in 2018 using swindled money from bank loans. "The suspect didn't only create these companies offering non-existing investments but also others that offered unlicensed money lending," sources said. It added that the suspect had also bribed a bank CEO with a payment of RM8mil to approve a RM400mil loan. The MACC was also in the midst of tracing down the money that had been "layered" by proxies, including the aforementioned bribe. "More witnesses and several individuals will be called in to assist investigations," the source said. On Thursday (July 3), the suspect was remanded as part of a probe into money laundering activities amounting to around RM75mill. The director was arrested on Wednesday (July 2) after he presented himself to the MACC for a statement at the MACC headquarters. He was then remanded for four days until July 6. The arrest was a part of follow up actions under Ops Fibre. On June 30, the MACC had raided four locations in Selangor and Kuala Lumpur that belonged to the suspect. Previously, MACC Special Operations Division senior director Datuk Mohamad Zamri Zainul Abidin confirmed the arrest when contacted, adding that investigations were being conducted under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001.
The Star
24-06-2025
- Business
- The Star
FashionValet founders to face trial for CBT next April
KUALA LUMPUR: The Sessions Court has fixed 15 days beginning April 13 next year for the trial of FashionValet Sdn Bhd founders Datin Vivy Yusof and her husband Datuk Fadzarudin Shah Anuar, who are facing charges of criminal breach of trust (CBT) involving RM8mil in investment funds from Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB). During case mention yesterday, judge Rosli Ahmad set the trial dates for April 13 to 17, May 18 to 22, and June 8 to 12, 2026. 'The trial will run for 15 days, and the court has set the next case mention on Oct 27,' Rosli said. Earlier, deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin informed the court that the prosecution will be calling 26 witnesses to testify. Lawyer M. Athimulan appeared for Vivy, 38, and Fadzarudin, 37. Both husband and wife were not present during the proceedings, as their attendance had been exempted. On Dec 5 last year, Vivy and Fadzarudin pleaded not guilty to a charge of committing CBT in their capacity as directors of FashionValet. They were accused of misappropriating investment funds entrusted to them by Khazanah and PNB by transferring RM8mil from FashionValet's company account to 30 Maple Sdn Bhd without the approval of FashionValet's board of directors. The offence was allegedly committed at Public Bank Bhd, Bukit Damansara branch, 36-40 Medan Setia 2, Plaza Damansara, here on Aug 21, 2018. The charge, framed under Section 409 of the Penal Code, read together with Section 34 of the same Code, provides for a minimum sentence of two years and a maximum of 20 years in jail, whipping, and a fine upon conviction. They also pleaded not guilty to an alternative charge of jointly and dishonestly misusing company property, namely, RM8mil in investment funds from Khazanah and PNB belonging to FashionValet Sdn Bhd under Section 403 of the Penal Code, read together with Section 34 of the same Code.
The Star
23-06-2025
- Business
- The Star
RM8mil CBT trial of Vivy Yusof, husband to begin on April 13, 2026
KUALA LUMPUR: The Sessions Court today set 15 days of trial next year beginning April 13, for the case involving FashionValet Sdn Bhd founders Datin Vivy Sofinas, known as Vivy and her husband Datuk Fadzarudin Shah Anuar, who are facing charges of criminal breach of trust (CBT) involving RM8mil in investment funds from Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB). Judge Rosli Ahmad set the trial dates for April 13 to 17, May 18 to 22, and June 8 to 12, 2026. "The trial will run for 15 days, and the court has set the next case mention for Oct 27,' said Rosli. Earlier, Deputy Public Prosecutor Datuk Wan Shaharuddin Wan Ladin requested the court fix the trial dates agreed upon by both the prosecution and defence. Lawyer M. Athimulan is representing the couple. Wan Shaharuddin told the court that the prosecution will call 26 witnesses to testify. The accused, both 37, were not present in court today as their attendance had been exempted. On Dec 5 last year, Vivy and Fadzarudin pleaded not guilty to a charge of committing CBT in their capacity as directors of FashionValet Sdn Bhd. They were accused of misappropriating investment funds entrusted to them by Khazanah and PNB by transferring RM8mil from FashionValet Sdn Bhd's company account to 30 Maple Sdn Bhd without the approval of FashionValet's board of directors. The offence was allegedly committed at Public Bank Berhad, Bukit Damansara Branch, 36-40 Medan Setia 2, Plaza Damansara, Bukit Damansara, here, on Aug 21, 2018. The charge, framed under Section 409 of the Penal Code, read together with Section 34 of the same Code, provides for a minimum sentence of two years and a maximum of 20 years in jail, whipping, and a fine upon conviction. They also pleaded not guilty to an alternative charge of jointly and dishonestly misusing company property, namely, RM8mil in investment funds from Khazanah and PNB belonging to FashionValet Sdn Bhd under Section 403 of the Penal Code, read together with Section 34 of the same Code, which provides for an imprisonment of between six months and five years, along with caning and a fine upon conviction. - Bernama
The Star
20-06-2025
- Business
- The Star
Property portfolio, data centres to lift SimeProp
CGSI Research said there would be a number of income streams for SimeProp. PETALING JAYA: Sime Darby Property Bhd 's (SimeProp) accelerating growth on the back of recurring income from the significant expansion of its investment property portfolio has CGS International Research (CGSI Research) reiterating its 'add' call on the stock with an unchanged target price of RM1.90. CGSI Research said there would be a number of income streams for SimeProp, including the recent acquisition of two double-storey logistics warehouses in Bandar Bukit Raja in Selangor that cost RM232mil. The research house said it estimates that the acquisition could contribute between RM7mil to RM8mil in net profit annually, assuming there is a 7% net property income yield. 'Furthermore, we gathered from management during the first quarter (1Q25) results briefing that the group has retained some of their commercial and industrial units to lift rental income,' the research house said. Among them is the KLGCC Mall in Kuala Lumpur that is set to open to the public in the second half of this year (2H25), further boosting the group's portfolio of retail assets. The property developer's commencement of built-to-lease data centres at Elmina Business Park in Selangor is also set to boost recurring income from next year (FY26) onwards. 'Phase one and two of the data centre assets are on track for completion by end-FY26 and 1H27, respectively. We project the investment property portfolio to contribute about RM119mil in net profit by FY27, making up 11% of the group's net profit,' CGSI Research said. However, the research house expects SimeProp to be negatively affected by the 6% sales and service tax (SST) on construction services, as it directly leads to higher construction costs for its commercial and industrial products. On a more promising note, construction as well as rental and leasing services for residential buildings, which account for over 50% of SimeProp's sales are exempted under the expanded SST, thus limiting the overall impact. This could result in SimeProp's profit margins remaining intact in the short term. 'Nevertheless, we do not rule out the risk of softer sales in its commercial and industrial segments as elevated property prices may temper buyer sentiment, potentially leading to deferred purchases or weaker property demand,' CGSI Research said. The research house said following a weaker 1Q25 for SimeProp, it now continues to anticipate stronger quarterly earnings for the group for the rest of FY25 as progress billings pick up pace. 'The valuation has also reverted to a palatable FY26 price-earnings of 15 times, which we deem compelling given the encouraging FY25 to FY27 earnings growth trajectory,' it said. The research house added downside risks include wider losses from the Battersea Power Station development in Britain and slower property launches, while re-rating catalysts were stronger sales growth and further expansion of SimeProp's data centre business. SimeProp's shares closed at RM1.42 in yesterday's trading.
