Latest news with #RM4mil
The Star
3 days ago
- Business
- The Star
Sentral REIT to dispose of Wisma Sentral Inai to Turiya for RM135mil
KUALA LUMPUR: The manager of Sentral Real Estate Investment Trust (Sentral REIT) has inked a conditional sale and purchase agreement to dispose of Wisma Sentral Inai in Kuala Lumpur to Turiya Properties Sdn Bhd, a unit of Turiya Bhd , for RM135mil cash. In a bourse filing, Sentral REIT Management Sdn Bhd said its investment cost in the 12-storey commercial building on Jalan Tun Razak came to RM136.04mil. Based on a carrying value of RM150mil as at Dec 31, 2024, the group expects a net loss of RM4mil following the proposed disposal. The property, which is currently vacant, was completed in 1994. It has a land area of 39,439 sq ft, a net lettable area of 233,021 sq ft and features 310 parking lots. The agreement is conditional subject to the Main Market-listed Turiya securing shareholders' approval for the purchase. According to Sentral REIT, it is of the view that it is an opportune time to divest the property as it has been vacant since July 2022. "The proposed disposal will provide Sentral REIT with financial flexibility to pursue yield accretive investments or, in the absence of appropriate investments, to pare down existing borrowings for enhanced returns to unitholders. "The disposal consideration was arrived at, on a 'willing buyer willing seller' basis, and it is the best offer price from prospective purchasers after various rounds of negotiation," It said. It said the net proceeds from the proposed disposal will be utilised to pursue accretive commercial assets within 12 months of the completion date or to pare down existing borrowings.
The Star
24-07-2025
- The Star
Miri man gets six months in jail for stealing power to mine crypto
KUCHING: A 49-year-old unemployed man from Miri has been sentenced to six months' imprisonment by the Sessions Court after pleading guilty to stealing electricity to power a cryptocurrency mining operation. The accused Hii King Lee was charged under Section 33(5) of the Electricity Ordinance for dishonestly abstracting electricity at commercial shoplots at the 17th Mile, Jalan Kuching-Serian, on June 21, 2024. Inspectors from Syarikat SESCO Bhd found 60 Bitcoin mining machines connected through illegal direct-tapping cables that bypassed the electricity meter. Deputy Public Prosecutor Ronald Felix Hardin said on Thursday (July 24) such illegal mining activities pose serious fire risks and result in monthly losses of nearly RM4mil for SESCO. He urged landlords to ensure electricity accounts are registered under tenants' names to avoid liability. Judge Saiful Bahari Adzmi ordered Hii's sentence to run after completing a separate six-month term imposed by the Miri Sessions Court on July 11 for a similar offence. He also faces multiple drug and corruption charges in Miri. In a related case, shoplot landlord Chang Foh Foong was granted a discharge not amounting to an acquittal but remains liable for outstanding electricity charges. He was represented by Michael Kong. Several officers from the Ministry of Utility and Telecommunication Sarawak and SESCO were present during the proceedings.
The Star
01-07-2025
- The Star
Five nabbed, over RM4mil in untaxed ciggies, booze seized
KUALA LUMPUR: Police arrested five men in separate raids around Kuching on Monday (June 30) for their suspected involvement in smuggling and distributing untaxed cigarettes and alcoholic beverages, with total seizures valued at over RM4mil. Bukit Aman Internal Security and Public Order Department director Datuk Seri Azmi Abu Kassim said the raids were carried out by Bukit Aman's Wildlife Crime Bureau/Special Intelligence together with the Sarawak General Operations Force under Ops Taring 1 and 2. In a statement, Azmi said the suspects, aged between 19 and 30, include four locals and one foreign national. They were detained at storage facilities and premises believed to be used for illegal distribution activities. Among the items seized were three lorries, 31,740 litres of various types of alcohol, 280,000 sticks of white cigarettes and 6,000 sticks of clove cigarettes, all suspected to be untaxed, with a total estimated value of RM4.03mil. Azmi said so far this year, 153 raids have been carried out nationwide by WCB/PSK, leading to 233 arrests and total seizures valued at over RM433mil, while urging the public to share information to help combat such crimes.- Bernama
Focus Malaysia
29-06-2025
- Business
- Focus Malaysia
Bersih says govt has no reason to delay political financing law
BERSIH chairperson Faisal Aziz has called on the government to urgently enact a Political Financing Act, pointing out that it holds a two-thirds majority in Parliament and therefore has no excuse for delay. His remarks come in response to the latest exposé on further involvement of Sabah politicians in a mining licence corruption scandal. While the revelations have sparked outrage among the public, Faisal noted that political leaders appear largely unaffected. 'Politicians love to talk about studying the Political Financing Act to appease the public, but where's the action on implementing it?' he asked in a series of posts on X. Faisal added that there is no need to overcomplicate the process, stressing that the key demand is simple: transparency in political funding to curb corruption and misconduct. Yesterday, a local news portal reported that six prominent Sabah politicians, including top leaders from Star and PBS, key components of the ruling Gabungan Rakyat Sabah coalition, are implicated in a mining scandal involving nearly RM4mil. —June 29, 2025 Main image: Wikipedia
The Star
20-06-2025
- Business
- The Star
FBM KLCI ends higher as caution caps momentum
KUALA LUMPUR: The FBM KLCI ended marginally higher on Friday, lifted by selective buying in blue chips, although overall market sentiment remained cautious amid global economic concerns and geopolitical tensions in the Middle East. The FBM KLCI rose 1.30 points, or 0.09%, to 1,502.74 after hitting an intraday high of 1,507.97 and a low of 1,500.04. Despite the gains, the FBM KLCI posted a full-week decline of 1.01%. Market activity was encouraging, with 2.6 billion shares worth RM3.4bil changing hands. Market breadth, however, was negative, with 319 gainers versus 518 losers, while 505 counters remained unchanged. Dealers said investors remained cautious amid prevailing market uncertainty, with concerns over global economic conditions and ongoing geopolitical tensions in the Middle East continuing to weigh on sentiment. Among the gainers, Nestle rose 96 sen to RM72.52, Carlsberg added 92 sen to RM19.66, Malaysian Pacific Industries gained 90 sen to RM20.50 and Hong Leong Financial Group increased 58 sen to RM16.58. PETRONAS Gas slid 54 sen to RM17.48, BAT fell 19 sen to RM4.37, Kluang Rubber lost 16 sen to RM5.75 and Petron Malaysia Refining & Marketing gave up 16 sen to RM3.73. According to data from Bursa Malaysia, foreign investors continued to sell local stocks on Thursday, offloading RM110mil worth of equities. Meanwhile, local institutions purchased RM115mil worth of equities, while retailers sold RM4mil. On the forex market, the ringgit was up 0.03% against the greenback to 4.2595. The local currency declined by 0.3% against the euro, trading at 49,042. It also fell 0.4% against the pound sterling, reaching 5.7408, and dropped 0.18% against the Singapore dollar, closing at 3.3148. Among the key regional markets: Japan's Nikkei 225 closed down 0.22% to 38,403.23; South Korea's Kospi added 1.48% to 3,021.84; Hong Kong's Hang Seng Index rose 0.93% to 23,453.00; China's CSI 300 Index climbed 0.09% to 3,846.64; Taiwan's Taiex added 0.19% to 22,045.74 and; Singapore's Straits Times Index gained 0.02% to 3,894.80 points.
