Latest news with #RM115
New Straits Times
22-07-2025
- Business
- New Straits Times
Analysts warn of contract risks for Sunway Construction amid MACC Probe
KUALA LUMPUR: Sunway Construction Group Bhd (SunCon), the 65 per cent-owned construction subsidiary of Sunway Bhd, may face near-term headwinds in securing new projects following confirmation that one of its employees is under investigation by the Malaysian Anti-Corruption Commission (MACC) for dealings with certain subcontractors. This development may raise concerns over SunCon's job prospects, pending greater clarity on the outcome of the investigation, CIMB Securities noted. In the first quarter of 2025 (1Q25), SunCon's construction pre-tax profit dipped 2 per cent quarter-on-quarter to RM115 million, accounting for 38 per cent of Sunway Group's overall earnings. CIMB values the segment at RM3.6 billion (or RM0.55 per share), equivalent to 9 per cent of its sum-of-the-parts (SOTP) valuation. Notably, foreign shareholding in SunCon rose significantly, from 7.2 per cent in April to 13 per cent by June 2025. SunCon clarified that the MACC probe is an isolated case and unrelated to the group's contract procurement processes. The company is cooperating fully with authorities and has engaged legal counsel to assess its next course of action. On a more upbeat note, Sunway's property development arm continues to deliver, particularly in Singapore. Jointly developed with long-time partner Hoi Hup Realty, Otto Place is located in the eco-centric, car-lite Tengah Plantation District. During its July 19, 2025 launch, 351 out of 600 units were sold – achieving a 59 per cent take-up rate. Units were priced at an indicative S$1,700 psf under the Normal Payment Scheme, while 72 per cent of buyers opted for the Deferred Payment Scheme with a 3 per cent pricing premium. The car-lite development offers 872–1,195 sq ft units with three- to four-bedroom layouts, eight landscaped zones, and sports facilities. Larger units were especially popular, with over 70 per cent sold at launch – mostly to HDB upgraders. Building on this momentum, Sunway also secured a 3.9-acre parcel at Chuan Grove through a JV with Sing Holdings Residential (35:65 share). The land, acquired for S$704 million (RM2.3 billion) or S$4,131 per sq ft, is slated for private condominium development. While the gross development value is yet to be finalised, CIMB expects these ventures to support Sunway's property earnings, which contribute around 20 per cent to FY25 profit. CIMB maintains a "Hold" call on Sunway, with a SOTP-based target price of RM4.90. Meanwhile, RHB Research is also monitoring the MACC investigation but has not revised its earnings forecasts for SunCon. However, it has downgraded the group's ESG score slightly – from 3.3 to 3.1 – after revising its governance (G) component downward. "We flag risks in terms of securing jobs moving forward," RHB Research said in a note. SunCon will likely enhance its internal governance policies moving forward, RHB said, adjusting its target price to RM6.55 (from RM6.80) to reflect a 2 per cent ESG premium based on the new rating. The valuation is based on fiscal year 2026 (FY26) earnings per share and an unchanged per earnings ratio (P/E) target of 23.5x. Currently, SunCon shares are trading at a forward P/E of 20x for FY26 – a level RHB sees as offering further upside, especially if the company secures upcoming data centre contracts. During the 2017 construction upcycle, when data centres were not a key driver, SunCon traded in a lower P/E range of 15–17x. A potential rerating catalyst, RHB added, would be SunCon winning packages under the Penang Light Rail Transit (LRT) project. The group's last major infrastructure contract was awarded in March 2023 for the Rapid Transit System Link (Package 1B and Package 5). Still, a key downside risk remains: lower-than-expected job wins, it said.
New Straits Times
17-07-2025
- Automotive
- New Straits Times
Updated Honda HR-V unveiled, prices start at RM115,900
KUALA LUMPUR: Honda Malaysia has launched the updated HR-V, a refreshed version of its top-selling non-national B-segment sport utility vehicle (SUV). The new model features revised exterior styling, improved interior practicality, enhanced connectivity and upgraded safety features offered across all variants. The new HR-V comes in four variants, each with its own on-the-road price excluding insurance. The e:HEV RS is priced at RM143,900, followed by the V variant at RM137,900, the E variant at RM130,900 and the S variant at RM115,900. With demand for SUVs continuing to grow, Honda Malaysia is confident that the new HR-V will set new benchmarks in the years to come. Complementing its striking new design, the new HR-V is now available in two new colour options — the vibrant Phoenix Orange Pearl and the sleek Crystal Black Pearl. Other available colours include Platinum White Pearl, Meteoroid Gray Metallic and Stellar Diamond Pearl. Honda Malaysia chief executive officer and managing director Narushi Yazakl said the new HR-V, a bold evolution of Malaysia's favourite SUV. It blends sportiness, innovation and smart practicality to meet the needs of today's SUV drivers. He added that with over 170,000 units sold since its introduction in 2015 and a leading 41 per cent market share in the non-national B-SUV segment, the HR-V has redefined what a compact SUV should be. "This launch also marks a significant milestone as we celebrate 21 years of Honda hybrid leadership in Malaysia, a journey of innovation and commitment to sustainable mobility. "We are confident the new HR-V has always been and will be an incomparable companion, inspiring new paths of freedom and creating moments you will cherish forever." In terms of design, the new HR-V features a refreshed front grille integrated with full LED headlights with Active Cornering Light and a distinctive full rear LED taillight strip, giving it a modern and confident road presence. All variants now come with 18-inch two-tone alloy wheels for a bolder stance. The e:HEV RS variant adds a sporty RS Package for a more performance-inspired look. Inside, the SUV offers a more refined and practical cabin focused on comfort and usability. The e:HEV RS variant comes with RS-embossed sporty seats. A redesigned centre console now includes a wireless charger, while a new floating 8-inch Display Audio Unit improves visibility and ease of use. Wireless Apple CarPlay and Android Auto are standard across all variants, along with USB-C ports at the front and rear. Honda's Air Diffusion System helps maintain comfortable in-cabin airflow. Despite its compact SUV size, the new HR-V provides a spacious interior that rivals vehicles in higher segments, offering strong comfort and versatility for both driver and passengers. The HR-V also offers three powertrain options to suit different driving preferences. The 1.5L DOHC i-VTEC petrol engine produces 121PS and 145Nm of torque, offering a balance of practicality and efficiency for daily driving. The 1.5L VTEC Turbocharged engine delivers 181PS and 240Nm for a more dynamic and responsive drive. The advanced 1.5L e:HEV powertrain produces 131PS and 253Nm, combining strong hybrid performance with seamless transitions between EV, Hybrid and Engine drive modes. Safety and connectivity remain key priorities, with Honda Sensing now standard across all variants, including Adaptive Driving Beam. Honda CONNECT has also been expanded to include the S and E variants, making connected car features available to more drivers.
The Sun
15-07-2025
- The Sun
Court of Appeal upholds forfeiture of ex-Terengganu assemblyman's wife's car
PUTRAJAYA: The Court of Appeal has upheld the forfeiture of a Proton X70 worth RM115,000 belonging to Aida Tengah, wife of former Terengganu assemblyman Datuk Tengku Hassan Tengku Omar. A three-judge panel unanimously dismissed her appeal, ruling that the prosecution had proven the car was linked to corruption offences. The panel, comprising Justices Datuk Ahmad Zaidi Ibrahim, Datuk Azman Abdullah, and Datuk Ahmad Fairuz Zainal Abidin, agreed with earlier court decisions that the forfeiture was justified under Section 41(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009. Justice Ahmad Fairuz stated that the case was an 'in-rem' proceeding, meaning the lawsuit targeted the asset rather than the individual. The court found that the car was purchased using funds misappropriated by Abdul Ahad Khan, a board member of Hygenia Sdn Bhd, who was entrusted with RM3.8 million in investment funds. The RM115,000 used to buy the vehicle was part of the misused money. Additionally, the court ruled that Aida's husband, as a public servant, had received the car as a gift without proper justification under Section 165 of the Penal Code. The Kuala Terengganu Sessions Court initially ordered the forfeiture on May 8, 2023, a decision later upheld by the High Court on March 14 last year. Today's ruling solidifies the forfeiture, marking the end of Aida's legal challenge. Deputy public prosecutors Farah Yasmin Salleh and Muhammad Asraf Mohamad Tahir represented the prosecution, while lawyer Awang Armadajaya Awang Mahmud acted for Aida. – Bernama
The Star
15-07-2025
- The Star
Appeals Court upholds decision allowing forfeiture of former Terengganu rep's wife's car
PUTRAJAYA: The Court of Appeal has upheld the High Court's decision allowing the prosecution's application to forfeit a car worth RM115,000 belonging to Aida Tengah, the wife of a former Terengganu assemblyman. A three-judge panel comprising Justices Datuk Ahmad Zaidi Ibrahim, Datuk Azman Abdullah and Datuk Ahmad Fairuz Zainal Abidin unanimously dismissed the appeal by Aida, 50, after finding that the public prosecutor, as the respondent, had fulfilled the burden of proof under Section 41(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009. Aida is the wife of former Ladang assemblyman Datuk Tengku Hassan Tengku Omar, who was then the Terengganu trade, industry, regional development and wellbeing committee chairman and also the Terengganu Foundation Investment Committee chairman. Judge Ahmad Fairuz, when reading out the decision on Tuesday (July 15), said the court agreed with the decision of the lower courts (Kuala Terengganu Sessions Court and Kuala Terengganu High Court) that the forfeiture proceeding under Section 41(1) of the MACC was 'in-rem' in nature (a lawsuit against a thing, rather than against a person). He said the prosecution had also succeeded in proving on a prima facie basis that the car was a matter relating to the offence of criminal breach of trust under Section 409 of the Penal Code and the offence of receiving movable property under Section 165 of the same Code. In relation to the criminal breach of trust (CBT) offence, Judge Ahmad Fairuz said it was evident that Abdul Ahad Khan, a member of Hygenia Sdn Bhd board of directors who was entrusted with RM3.8mil in investment funds, had misappropriated the funds for personal interest and used RM115,000 to purchase the car that was registered under Aida's name. As for the offence under Section 165, he said the civil servant receiving the car was clearly the appellant's husband. "The receipt of the car by the appellant through her husband was a valuable gift without adequate consideration, received by a civil servant from a person concerned with his official business. "Therefore, we dismiss this appeal and uphold the forfeiture order made by the Sessions Court (Kuala Terengganu) which was upheld by the (Kuala Terengganu) High Court," said Judge Ahmad Fairuz. On May 8, 2023, the Kuala Terengganu Sessions Court allowed the prosecution's application to forfeit the car after finding that it was the proceeds of and related to an offence under Section 409 of the Penal Code for criminal breach of trust by a public servant or agent and Section 165 of the Penal Code for a public servant obtaining valuable thing without consideration from person concerned in his official duties. The decision was upheld by the Kuala Terengganu High Court on March 14, 2024. – Bernama
Barnama
15-07-2025
- Barnama
Court Of Appeal Upholds Decision Allowing Forfeiture Of Car Belonging To Wife Of Former Terengganu Assemblyman
PUTRAJAYA, July 15 (Bernama) -- The Court of Appeal today upheld the High Court's decision allowing the prosecution's application to forfeit a Proton X70 car worth RM115,000 belonging to the wife of a former Terengganu assemblyman, Aida Tengah. A three-judge panel comprising Justices Datuk Ahmad Zaidi Ibrahim, Datuk Azman Abdullah and Datuk Ahmad Fairuz Zainal Abidin unanimously dismissed the appeal by Aida, 50, after finding that the public prosecutor, as the responden,t had fulfilled the burden of proof under Section 41(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009. Aida is the wife of former Ladang Assemblyman Datuk Tengku Hassan Tengku Omar, who was then the State Trade, Industry, Regional Development and Wellbeing Committee chairman and also the Terengganu Foundation Investment Committee chairman. Judge Ahmad Fairuz, when reading out the decision today, said the court agreed with the decision of the lower courts (Kuala Terengganu Sessions Court and Kuala Terengganu High Court) that the forfeiture proceeding under Section 41(1) of the MACC was 'in-rem' in nature (a lawsuit against a thing, rather than against a person. He said the prosecution had also succeeded in proving on a prima facie basis that the car was a matter relating to the offence of criminal breach of trust under Section 409 of the Penal Code and the offence of receiving movable property under Section 165 of the same code In relation to the criminal breach of trust (CBT) offence, Judge Ahmad Fairuz said it was evident that Abdul Ahad Khan , a member of Hygenia Sdn Bhd Board of Directors who was entrusted with RM3.8 million in investment funds, had misappropriated the funds for personal interest and used RM115,000 to purchase the car car that was registered under Aida's name. As for the offence under Section 165, he said the civil servant receiving the was clearly the appellant's (Aida) husband. "The receipt of the car by the appellant through her husband was a valuable gift without adequate consideration, received by a civil servant from a person concerned with his official business. "Therefore, we dismiss this appeal and uphold the forfeiture order made by the Sessions Court (Kuala Terengganu) which was upheld by the (Kuala Terengganu) High Court," said Judge Ahmad Fairuz.
