Latest news with #RM586
The Sun
04-05-2025
- Business
- The Sun
Sunway REIT proposes to dispose of university campus for RM613m
PETALING JAYA: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT), announced that RHB Trustees Bhd, the trustee of Sunway REIT, has entered into a conditional sale and purchase agreement with Sunway College (KL) Sdn Bhd, to dispose of the Sunway University and College campus for a consideration of RM613 million. Acquired by Sunway REIT on April 15, 2019 for RM556 million, the REIT has spent additional capital expenditure of RM8 million over the years to refurbish and enhance the asset. Accordingly, the campus has since appreciated in value with the latest valuation of the property as of December 2024 being RM586 million, translating to fair value gains of RM20 million for Sunway REIT over the years. The disposal price of RM613 million represents a premium of 4.6% over its latest valuation and Sunway REIT will record additional gains on disposal of RM21 million (including estimated incidental costs on disposal) in its current financial year upon the completion of the transaction, which is expected to be in the second half of 2025. The proposed disposal forms part of Sunway REIT's strategic asset recycling initiative aimed at optimising portfolio yield and unlocking capital for future growth. This move is expected to be positive for unitholders by enhancing financial flexibility and enabling Sunway REIT to explore new investment opportunities with higher yields. Additionally, it will help ease Sunway REIT's gearing position to approximately 37.8%, allowing Sunway REIT to explore further portfolio acquisitions. Sunway REIT Management Sdn Bhd CEO Clement Chen said, 'The proposed disposal aligns with our proactive portfolio management strategy to unlock the underlying value of our assets and recycle capital into investments with higher yield or growth potential. Coupled with the current uncertainties in the global economy, we believe the proposed disposal is a timely and prudent step to firstly, strengthen our balance sheet and secondly, to give Sunway REIT substantial financial flexibility in pursuing acquisition opportunities should they arise in such volatile times.' Proceeds from the disposal have been earmarked for potential acquisitions, asset enhancements, and debt repayment, reinforcing Sunway REIT's commitment to maintaining a resilient and diversified portfolio.
Borneo Post
04-05-2025
- Borneo Post
Retiree loses over RM580,000 to fraudulent investment scheme
File photo for illustration purposes MIRI (May 4): A retiree here lost over half a million ringgit of his life savings to a non-existent investment scheme involving a fraudulent platform. Miri police chief ACP Mohd Farhan Lee Abdullah said the 50-something victim, who filed a police report on May 2, claimed he was contacted on WhatsApp by an unknown person who offered the victim a chance to join the 'EVR Investment Academy'. 'The victim was then invited to join a group and attend a five-day daily stock market briefing from 8am to 9pm via Zoom calls. 'He was asked to download the 'OC Secure' platform which was purported to be a DMA (direct market access) account with advantages in stock trading, and deceived into investing in a fake AI investment scheme known as QTI Luxaigo, which resulted in substantial financial loss,' he said in a statement. Mohd Farhan said the victim, who reported a total loss of RM586,450, realised he had been scammed when checks found no record of his investment in the platform. The case, he added, in being investigated under Section 420 of the Penal Code for cheating. Mohd Farhan advised the public to always remain vigilant and never disclose or give out any financial information to unknown callers. 'Be cautious and take precautionary steps when engaging in online dealings, especially if the caller claims to be a friend, acquaintance, delivery agent, law enforcement officer, or court personnel. 'Always verify and confirm with the relevant parties when in doubt,' he said. crime lead life savings Mohd Farhan Lee Abdullah scam
