Latest news with #RM414
Malaysian Reserve
18-06-2025
- Business
- Malaysian Reserve
GuocoLand unit ordered to pay RM6.4m in arbitration; completes RM50m MTN issuance
GUOCOLAND (Malaysia) Bhd's wholly owned subsidiary GLM Emerald Hills (Cheras) Sdn Bhd has been ordered to pay RM6.36 million to Barisan Performa Sdn Bhd in an arbitration proceeding over a terminated construction contract. In a filing with Bursa Malaysia today, GuocoLand said the dispute stemmed from a contract under which Barisan Performa was appointed to carry out site clearance, earthwork and related works. The contract was subsequently terminated, with GLM Emerald Hills maintaining that the termination was mutually agreed. However, Barisan Performa contended that the termination constituted a repudiation of contract. On June 16, 2025, the arbitrator awarded Barisan Performa a total of RM6.4 million. This comprises RM1.24 million for work done and materials left on site, and RM5.12 million for loss of profit arising from what was deemed to be an unlawful repudiation. The award also includes 5% annual interest on the sum due until full payment, as well as incidental costs amounting to RM414,487.94. GuocoLand noted that it had previously recognised a provision of RM1.24 million, resulting in an estimated net financial impact of RM5.54 million from the award. The company added that GLM Emerald Hills is consulting its solicitors on the next course of action, including the possibility of setting aside the award. In a separate announcement, GuocoLand said it has completed the issuance of RM50 million in nominal value of unrated medium term notes (MTN), marking the first tranche under its RM500 million MTN programme announced in March this year. The one-year MTN, issued today, carries a periodic distribution rate of 4.27% per annum and will mature on June 18, 2026. Proceeds from the issuance, along with internal funds, will be used primarily to fully settle outstanding revolving credit facilities – RM7.4 million with Bank of China (Malaysia) Bhd and RM32.5 million with Bangkok Bank Bhd. The balance will be allocated for working capital. Hong Leong Investment Bank Bhd is acting as the principal adviser, lead arranger, lead manager, and facility agent for the MTN programme, which is part of GuocoLand's broader capital management strategy. — TMR
Yahoo
24-03-2025
- Business
- Yahoo
Singapore's Cold Storage, Giant supermarkets sold to Malaysia's Macrovalue in S$125m deal
SINGAPORE, March 24 — All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial sum of S$125 million (RM414 million). DFI Retail Group and Macrovalue announced today that the deal includes 48 Cold Storage stores — operating under CS Fresh, CS Gold, and Jason's Deli brands — along with 41 Giant outlets and two distribution centres. According to The Straits Times (ST), the transaction is expected to be completed in the second half of 2025, with Macrovalue acquiring full ownership of the businesses. DFI, which is listed in Singapore, said it will shift its focus to its Guardian Pharmacy and 7-Eleven convenience store operations in Singapore and other markets, including Thailand, Hong Kong, and the Philippines. Following the announcement, DFI's share price rose 3.5 per cent by 1.30pm. Macrovalue already owns Cold Storage and Giant stores in Malaysia, having acquired GCH Retail Group in 2023, which previously operated the brands there. As reported by ST, Macrovalue co-owner Datuk Andrew Lim said the acquisition would allow the company to "enhance operational efficiencies, optimise regional supply chain capabilities and elevate the overall customer experience." 'We will ensure the continuity of local management and operational teams to continuously improve the quality of service for customers,' he was quoted as saying. ST reported that Lim Boon Cheong, DFI Retail Group's current managing director for Food Singapore, will continue to lead Cold Storage as its managing director. He has held several senior roles within DFI, including CEO of Cold Storage Singapore and CEO of Group Convenience, overseeing 7-Eleven operations in Hong Kong, South China, and Singapore. DFI chief executive Scott Price said the company will now focus on growing its Guardian and 7-Eleven businesses. 'In today's environment of rising food costs and inflation, it is essential to leverage scale and operational efficiencies to protect customers from price volatility while maintaining quality and service standards,' he told ST. DFI's supermarket operations in Singapore returned to profitability in 2024 after years of losses, though the company expects revenue to remain stable amid stiff competition. In 2024, 11 Giant outlets closed, while five new stores opened under DFI's supermarket brands, including CS Fresh in Chancery Court and New Bahru, Cold Storage in Pasir Ris Mall and Suntec City, and Giant in Tengah Plantation Plaza. Some existing outlets, including Giant at IMM in Jurong East and Simei MRT station, as well as Cold Storage in Tampines 1, have been renovated and upgraded. The latest closure was Cold Storage at Leisure Park Kallang, which shut its doors on March 10. No outlets were closed between November 2024 and February 2025.
