Latest news with #RM128.74mil
The Star
11-08-2025
- Business
- The Star
Trading ideas: Skyworld, Paramount, Able Global, Hong Seng, Favelle Favco, Vestland, Sentoria, Mieco Chipboard
KUALA LUMPUR: Stocks to watch today include Skyworld Development Bhd , Paramount Corp Bhd , Able Global Bhd , Hong Seng Consolidated Bhd , Favelle Favco Bhd , Vestland Bhd , Sentoria Group Bhd and Mieco Chipboard Bhd . Skyworld inked a sales and purchase agreement to acquire four adjoining parcels of land in Seberang Perai Tengah, Penang for RM82.7mil cash. Paramount is acquiring 295.55 acres in Kulim for RM128.74mil to develop a new township with an estimated RM946mil gross development value, supporting its landbank expansion and future earnings. Able Global's executive director and executive chairman Ng Keng Hoe, has been discharged and acquitted of all charges related to alleged corruption, the company announced. The company considers the matter is now closed and Ng will resume his administrative and executive functions in the operations role. Hong Seng Consolidated Bhd has sold its 32.61% stake in Classita Holdings Bhd to NexG Bhd for RM60.3mil or 15 sen a share via a direct business transaction. Favelle Favco has secured six supply contracts worth a total of RM77.6mil through its subsidiaries, Shanghai Favco Engineering Machinery Manufacturing Co Ltd, Favelle Favco Cranes (M) Sdn Bhd, and Favelle Favco Cranes (USA), Inc. Vestland's wholly owned subsidiary, Vestland Resources Sdn Bhd, secured a subcontract from Euro Saga Sdn Bhd to undertake construction related works on the Kelantan Palace in Kota Bharu, Kelantan for RM56.38mil. Sentoria Group Bhd's 75%-owned subsidiary, Sentoria Langkawi Sdn Bhd, has received a termination notice from Affin Bank Bhd for term loan facilities originally amounting to RM33.3mil. Mieco Chipboard's wholly owned subsidiary Mieco Manufacturing Sdn Bhd has signed a memorandum of understanding (MoU) with K-One Corporation for the supply of 160,000 tonnes to 200,000 tonnes of wood pellets.
The Star
08-08-2025
- Business
- The Star
Paramount acquires 295-acre Kulim land for RM128.7mil, plans RM946mil GDV project
KUALA LUMPUR: Paramount Corp Bhd is acquiring four contiguous parcels of freehold land totalling 295.55 acres in Bandar Lunas, Kulim, Kedah, in a strategic move to replenish its landbank in areas with strong growth potential and where it already has a strong presence. In a statement, Paramount said its wholly owned subsidiary, Paramount Property (Seaview) Sdn Bhd, has entered into a sale and purchase agreement with Golden Bluechip Sdn Bhd, a local company involved in palm oil trading and property development, to acquire 295.55 acres of freehold land for RM128.74mil cash. The purchase will be financed through a combination of internally generated funds and bank borrowings. The proposed development, slated for launch in 2027, has an estimated gross development value (GDV) of RM946mil over seven years. This will boost Paramount's total GDV portfolio, currently at RM5.49bil, and is expected to contribute positively to its future earnings. 'With Kulim's prominence, infrastructure connectivity and investment inflows, this acquisition is in line with our strategy of replenishing landbank in strategic locations with strong growth potential. 'The increasing concentration of industries and workers in Kulim Hi-Tech Park (KHTP) in Kedah is expected to accelerate population growth and spur parallel demand for quality housing and commercial offerings in nearby Bandar Lunas. This makes a compelling choice for our next integrated township,' Group CEO Jeffrey Chew said. Paramount said the site is located about 12 kilometres north of Kulim town centre and roughly four kilometres north of Phase 4A of the KHTP in Kedah, one of Malaysia's most successful and strategic industrial parks. The proposed development on the acquired site is envisioned as a new township comprising a mix of residential and commercial properties as well as industrial lots with recreational and other key amenities, aimed at serving the needs of the growing local population and expanding workforce in the area.
