Latest news with #RM2.06
New Straits Times
a day ago
- Business
- New Straits Times
EPF takes substantial stake in 99 Speed Mart in first investment
KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 5.02 per cent stake in the home-grown mini market chain via a direct off-market deal. A filing with Bursa Malaysia today showed that EPF purchased 421.79 million shares on June 4, marking its first investment in the company. Details of the seller and transaction price were not disclosed. However, based on 99 Speed Mart's closing price of RM2.06 on the day of the transaction, the block is estimated to be worth RM868.89 million. Founder and chief executive Lee Thiam Wah remains the largest shareholder with a 79.68 per cent stake. At the close today, 99 Speed Mart's shares were up 0.48 per cent or one sen to RM2.10, valuing the company at RM17.64 billion. The company made its Main Market debut on Sept 9, 2024, at an initial public offering (IPO) price of RM1.65, marking Malaysia's largest IPO in seven years. Just months later, it was added to the FBM KLCI component list in December. 99 Speed Mart saw its net profit rose 7.53 per cent year-on-year (YoY) to RM143.18 million in the first quarter ended March 31, 2025 (1Q25), supported by stronger retail sales and store expansion. The company added 246 outlets YoY, bringing its store count to 2,833.
The Star
a day ago
- Business
- The Star
EPF buys 5.02% stake in 99 Speed Mart via off-market deal
PETALING JAYA: The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) through a direct off-market transaction, according to a filing with Bursa Malaysia On June 4, the EPF purchased 421.79 million shares in the convenience store chain, marking the fund's first holding in 99 Speed Mart, which became part of the KLCI index in December last year. While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89mil, based on the retailer's closing price of RM2.06 per share on June 4. Founder and chief executive of 99 Speed Mart, Lee Thiam Wah, remains the largest shareholder with a 79.68% stake in the company. The counter rose by one sen to close at RM2.10, giving the company a market value of RM17.64bil.
New Straits Times
08-05-2025
- New Straits Times
Suspect in kidnapping of teen from China last month arrested
KUALA LUMPUR: Police have arrested a suspect in connection with the kidnapping of an 18-year-old from China. According to China Press, the suspect, also a Chinese citizen, claimed that he was not involved in the abduction itself and was only responsible for recording videos showing the victim being beaten. He also insisted that he did not demand any ransom from the victim's parents. The suspect told police that in March this year, he received a phone call from someone claiming to be a "Chinese police officer", who accused him of involvement in a credit card fraud case. He was allegedly instructed to travel to Kuala Lumpur to film a violent video, purportedly for use in an anti-fraud publicity campaign. The caller assured him that once the task was completed, the case against him would be dropped. It is understood that the suspect complied and filmed two videos of a Chinese man being assaulted — one in a hotel room in Jalan Tuanku Abdul Rahman and another at an oil palm estate in Kulim, Kedah. The footage was then sent to the "Chinese police officer". Earlier reports revealed that the victim, a wealthy heir from China, had entered Malaysia from Singapore on April 30 when a group of fellow Chinese citizens abducted him. The kidnappers subsequently demanded a ransom of 3.5 million yuan (approximately RM2.06 million) from the victim's parents, threatening to kill him if payment was not made. The victim's parents, who are businesspeople based in Dubai, immediately flew to Malaysia and lodged a police report. Within 48 hours, police arrested one suspect and successfully rescued the victim.
New Straits Times
24-04-2025
- Business
- New Straits Times
REIT earnings top expectations, target prices revised up
KUALA LUMPUR: Real estate investment trusts (REITs) surprised on the upside in the first quarter of 2025, with Axis REIT, IGB REIT and IGB Commercial REIT all delivering earnings that exceeded analysts' expectations. Hong Leong Investment Bank (HLIB) upgraded its forecasts across the board, citing strong rental income, improved occupancy and cost efficiencies as key drivers of the outperformance. Axis REIT posted a 25.5 per cent year-on-year rise in core net profit to RM50.2 million, driven by positive rental reversions and reduced financing costs. Portfolio occupancy improved to 97 per cent and the trust declared a dividend of 2.5 sen per unit. HLIB noted that Axis REIT continues to benefit from its exposure to industrial assets, which remain in demand as multinational firms diversify supply chains amid rising geopolitical risks. With a strengthened balance sheet following a RM449.7 million private placement last year, it said Axis REIT has the capacity to pursue further acquisitions. The firm maintained a "Buy" call and raised its target price to RM2.06. IGB REIT, which owns Mid Valley Megamall and The Gardens Mall, delivered a core net profit of RM110.6 million, up 8.1 per cent from a year ago, on the back of higher rental revenue and flat operating costs. Both properties remained fully occupied, while a dividend of 3.2 sen per unit was declared. HLIB expects earnings momentum to be supported by full-year contributions from the newly launched South Court at Mid Valley. The potential injection of the Mid Valley Southkey portfolio, valued at around RM2.3 billion, is also seen as a strategic growth catalyst. However, the firm maintained a "Hold" rating, citing limited upside as much of the near-term growth appears priced in. The target price was revised upward to RM2.29. IGB Commercial REIT recorded a 27 per cent jump in core net profit to RM24 million, exceeding expectations due to stronger occupancy and a sharp reduction in maintenance costs. The trust's portfolio occupancy rose to 89 per cent, with average rental rates edging higher to RM6.4 per square foot. This was achieved despite the broader Klang Valley office market, where vacancy rates remain elevated and rental reversions are largely muted. HLIB highlighted the trust's strategic advantage, particularly its assets within Mid Valley City, which continue to command resilient demand. The REIT was upgraded to "Buy," with a target price raised to 60 sen from 52 sen.
