Latest news with #RM249
New Straits Times
19-05-2025
- Business
- New Straits Times
Gamuda set for margin uplift with RM2.2bil Gamuda Cove expansion
KUALA LUMPUR: Gamuda Bhd's expansion of the Gamuda Cove development is expected to yield higher pre-tax margins than currently projected for the existing township, said CIMB Securities Sdn Bhd. This is thanks to the substantial placemaking efforts and surrounding infrastructure already established in the area. Last Friday, Gamuda announced that it has acquired 136-hectare land at the southern tip of Gamuda Cove township for RM249 million that will be developed into a mixed-use project comprising landed residential homes and commercial components. The proposed development on the 74-year leasehold land has an estimated gross development value (GDV) of RM2.2 billion that is spread out over 12 years. At RM17 per square foot (psf), CIMB Securities said the acquisition cost for the new land bank represents a 42 per cent premium over the original cost for the original Gamuda Cove land parcel, which was purchased for RM12 psf back in 2014. "Nevertheless, we deem the valuation for Gamuda's latest land purchase to be fair, given that the proposed development's potential can be unlocked earlier by leveraging on the robust growth prospects of the existing Gamuda Cove township. "It expands Gamuda's strategic presence in the growing South Klang Valley conurbation and expected to generate greater footfall for the enlarged Gamuda Cove's commercial offerings. "This also improves connectivity between Gamuda Cove and nearby townships in Dengkil and Bandar Rimbayu," the firm said. CIMB Securities added that the completion of a direct and toll-free, 2km link to Cyberjaya would enhance accessibility to Gamuda Cove. For financial year 2025 (FY25), the firm said Gamuda Cove is projected to contribute RM810 million, or about 14 per cent of the group's new property sales target of RM6 billion. This would lift Gamuda's remaining GDV by about 4 per cent to RM64 billion. The firm maintained its "Buy" rating on Gamuda and target price of RM5.50 pending completion of the new land bank acquisition by the second quarter of this year.
Malay Mail
29-04-2025
- Business
- Malay Mail
Vietnam jails ex-minister for taking bribes in solar energy pricing scandal
HANOI, April 29 — A court in Vietnam jailed a former deputy minister of industry and trade for six years on Tuesday after finding him guilty of 'power abuse' in a solar energy development plan. The South-east Asian country has committed to reaching net-zero carbon emissions by 2050 and is trying to increase wind and solar production to meet soaring demand. Hoang Quoc Vuong, 62, admitted taking a US$57,600 (RM249,000) bribe to favour solar power plants in southern Ninh Thuan province with special pricing when they sold power to the national electricity company. Vuong was deputy minister of trade and industry between 2015 and 2020 and chaired state-owned Electricity of Vietnam (EVN) between 2012 and 2015. According to the verdict, EVN spent almost US$154 million to buy solar power from three solar power plants in Ninh Thuan province between 2018 and 2020, causing a loss of more than US$40 million to the state budget. Vuong admitted to the court that he received a bribe but his family had paid the amount back. 'I think during my public work performance, I had done things wrong, causing losses. So I take responsibility in paying the amount back to the state,' Vuong told the court. Vuong said in his final words before the court that his 'wrongdoings were painful lessons, erasing my contributions (to the state) in various positions'. Eleven other energy and tax officials involved in the case were also put on trial. They were given punishments that ranged from suspended sentences of three years to six years in jail for abuse of power and lack of responsibilities. The court in Hanoi also ordered three power plants that benefited from the power sales to EVN to pay the US$40 million of losses back to the state-owned group. — AFP
