Latest news with #RM7mil
The Star
5 days ago
- Business
- The Star
Parkson unit to pay penalty for early lease termination
The lease covers several spaces in the China National Arts and Crafts Museum. PETALING JAYA: A subsidiary of Hong Kong-listed Parkson Retail Group Ltd (PRGL) will pay a penalty of 11.7 million yuan (about RM7mil) to its Beijing landlord for early lease termination, as it seeks to cease its loss-making retail operations. PRGL is 54.97%-owned by Parkson Holdings Bhd , which in turn is listed on the Main Market of Bursa Malaysia. On Aug 7, PRGL said its indirect wholly-owned unit, Parkson Retail Development Co Ltd, signed a lease termination agreement with its landlord, China National Arts and Crafts Group Company Ltd, to terminate early the property lease effective Jan 1, 2026. The lease covers several spaces in the China National Arts and Crafts Museum. The tenant has been operating at the properties since 1994. Following the termination, the tenant will pay a penalty before Oct 10, 2025. If the payment is not made by then, an additional penalty of 0.05% of the total outstanding amount will be imposed everyday until the payment is made. PRGL will also need to de-recognise the properties as right-of-use assets, for which the amount is approximately 127.1 million yuan (about RM76.3mil). PRGL said the ceasing of the retail business operations will reduce the financial burden in the long run.
The Star
29-07-2025
- General
- The Star
MPAJ seeking High Court ruling on Highland Towers
MPAJ is seeking legal recourse to demolish the two remaining blocks at Highland Towers in Hulu Kelang, Selangor. The blocks have been abandoned following the Dec 11, 1993, tragedy which killed 48 people. — Filepic AMPANG Jaya Municipal Council (MPAJ) will seek a High Court order to proceed with the demolition of the remaining blocks of Highland Towers in Hulu Kelang, Selangor. This comes after MPAJ failed in its latest bid to obtain court approval from the Ampang Magistrate's Court to bring down the structures. MPAJ deputy president Hasrolnizam Shaari said the next course of action would be to bring the matter to the High Court for a ruling. 'We will need to get leave from the High Court to decide if MPAJ is allowed to carry out the demolition. 'The Magistrate's Court directed MPAJ to seek an order from the High Court as Highland Properties Sdn Bhd (the landowner) has been wound up,' Hasrolnizam said after chairing the local council's monthly full board meeting at Menara MPAJ in Pandan Indah yesterday. Last year, MPAJ initiated the process to demolish the remaining blocks, following multiple complaints from neighbouring residents. Then president Dr Ani Ahmad had said MPAJ would issue a notice to the property owners to demolish the structures. She had also said due process would be carried out according to Sections 87, 88 and 89 of the Street, Drainage and Building Act 1974 (Act 133). These relate to nuisances (Sections 87 and 88) and demolition of a house unfit for habitation (Section 89). At the time, she said the demolition was estimated to cost between RM6mil and RM7mil. The Highland Towers tragedy occurred on Dec 11, 1993, when one of the three blocks collapsed, resulting in 48 fatalities. The remaining towers were evacuated for safety reasons, leading to the area's eventual abandonment. On another matter, Hasrolnizam said MPAJ supported Selangor's centralised parking initiative, citing its potential to streamline operations and boost revenue. 'Although MPAJ is not one of the four initial councils targeted for the first phase, there have been discussions. 'So far, we do not have any major concerns,' he said, adding that the municipal council currently collected about RM600,000 in monthly parking fees. The Selangor Intelligent Parking (SIP) system is a state-led initiative to digitalise and centralise public parking. It is spearheaded by Menteri Besar Incorporated (MBI) Selangor and implemented through a company in collaboration with local councils. Under the SIP model, parking revenue will be split with 50% going to the concessionaire, 40% to the local councils involved and 10% to MBI. SIP is meant to kick off with Petaling Jaya City Council, Shah Alam City Council, Subang Jaya City Council and Selayang Municipal Council. Hasrolnizam said between January and July 24, MPAJ collected RM5.1mil in parking revenue. The main contributors were special bay rentals (RM2.5mil) and online payments (RM2.3mil), followed by monthly passes (RM144,000) and resident passes (RM193,000). During the meeting, Hasrolnizam also reported on MPAJ's efforts to recover assessment tax arrears from property owners as part of a pilot project launched in June last year. The initiative targeted 57 account holders with a total debt of RM109,462. 'As of July 2025, MPAJ successfully recovered RM75,728, achieving a 69.2% recovery rate.'
The Star
28-06-2025
- Business
- The Star
Sabah leads the way with community-based tourism expo, says state minister
KOTA KINABALU: Community-based tourism (CBT) is more than just a travel model, it is a dynamic movement that preserves culture, protects nature, and creates economic opportunities for local communities. "In a world searching for sustainable and inclusive solutions, Sabah is ready to lead by example," said Datuk Seri Christina Liew when launching the Community-Based Tourism Conference and Expo 2025 here on Saturday (June 28). The Sabah Tourism, Culture and Environment Minister said the event marks the state's first full-scale Community-Based Tourism Conference and Expo, signalling a shift towards quality-driven, sustainable tourism that uplifts rural livelihoods. The expo featured 40 booths and 87 exhibitors, showcasing community-based tourism from across Sabah, along with participation from Penang, Thailand, Taiwan, and Indonesia. "Tourism should focus on value rather than volume. We do not want over-tourism," she said, adding that overpromising tourism packages could damage local culture and the environment. Liew highlighted the government's ongoing efforts to improve tourism infrastructure across Sabah. Sabah Tourism Board (STB) chief executive officer Julinus Jeffrey Jimit outlined the developmental goals of CBT. "In 2023, our 18 active districts generated about RM6mil. We estimate around RM7mil in 2024. Our goal is to raise community incomes above the poverty line," he said. Jimit noted that CBT is aligned with several Sustainable Development Goals (SDGs), including SDG 1 (no poverty), SDG 2 (zero hunger), SDG 4 (quality education), and SDG 11 (sustainable communities). He stressed that CBT cannot succeed without a shared vision and cooperation from all stakeholders. Liew encouraged delegates to participate actively during the two-day event and apply what they learn in their own communities. "Engage deeply, network widely, and return home inspired," she said, emphasising that this movement preserves culture, protects nature, and empowers communities. The conference is part of Sabah's lead-up to the Visit Malaysia Year 2026 and the Explore Sabah 2026/27 campaigns, underscoring CBT's role in shaping the future of the state's tourism industry. Also present was Assistant Tourism, Culture and Environment Minister and STB chairman, Datuk Joniston Bangkuai.
The Star
25-06-2025
- Politics
- The Star
Decision on Ismail Sabri's case expected in a month, says MACC
PUTRAJAYA: Criminal charges against Datuk Seri Ismail Sabri Yaakob ( pic ) have yet to be decided, says the Malaysian Anti-Corruption Commission (MACC). Chief commissioner Tan Sri Azam Baki said that the investigation into the case involving the former prime minister has concluded. "The investigation papers have been submitted to the deputy public prosecutor (DPP). "We have been told that they have agreed to file for the asset forfeiture on the monies seized, amounting to about RM170mil in the coming two weeks. "It is up to him to challenge our application. "On criminal charges, we have not decided and are waiting for the DPP's instruction. I believe a decision will be made within a month," he told a press conference on Wednesday (June 25). When asked about the role of the former prime minister's former son-in-law Datuk Jovian Mandagie in the course of the investigation, Azam said that Jovian is a witness in the case. On March 3, Azam said Ismail Sabri is a suspect in an ongoing corruption and money laundering investigation, following the discovery of approximately RM170mil in cash at a safe house during a raid. The cash, held in numerous currencies such as Baht, Riyal, Pound sterling, Won, Euro, Swiss franc and Yuan, was seized alongside 16kg of pure gold bars valued at nearly RM7mil. Additionally, 13 bank accounts containing over RM2mil have been frozen as part of the probe. The investigation focuses on funding sources and expenditures related to promotional and publicity activities during Ismail Sabri's tenure.
The Star
20-06-2025
- Business
- The Star
Property portfolio, data centres to lift SimeProp
CGSI Research said there would be a number of income streams for SimeProp. PETALING JAYA: Sime Darby Property Bhd 's (SimeProp) accelerating growth on the back of recurring income from the significant expansion of its investment property portfolio has CGS International Research (CGSI Research) reiterating its 'add' call on the stock with an unchanged target price of RM1.90. CGSI Research said there would be a number of income streams for SimeProp, including the recent acquisition of two double-storey logistics warehouses in Bandar Bukit Raja in Selangor that cost RM232mil. The research house said it estimates that the acquisition could contribute between RM7mil to RM8mil in net profit annually, assuming there is a 7% net property income yield. 'Furthermore, we gathered from management during the first quarter (1Q25) results briefing that the group has retained some of their commercial and industrial units to lift rental income,' the research house said. Among them is the KLGCC Mall in Kuala Lumpur that is set to open to the public in the second half of this year (2H25), further boosting the group's portfolio of retail assets. The property developer's commencement of built-to-lease data centres at Elmina Business Park in Selangor is also set to boost recurring income from next year (FY26) onwards. 'Phase one and two of the data centre assets are on track for completion by end-FY26 and 1H27, respectively. We project the investment property portfolio to contribute about RM119mil in net profit by FY27, making up 11% of the group's net profit,' CGSI Research said. However, the research house expects SimeProp to be negatively affected by the 6% sales and service tax (SST) on construction services, as it directly leads to higher construction costs for its commercial and industrial products. On a more promising note, construction as well as rental and leasing services for residential buildings, which account for over 50% of SimeProp's sales are exempted under the expanded SST, thus limiting the overall impact. This could result in SimeProp's profit margins remaining intact in the short term. 'Nevertheless, we do not rule out the risk of softer sales in its commercial and industrial segments as elevated property prices may temper buyer sentiment, potentially leading to deferred purchases or weaker property demand,' CGSI Research said. The research house said following a weaker 1Q25 for SimeProp, it now continues to anticipate stronger quarterly earnings for the group for the rest of FY25 as progress billings pick up pace. 'The valuation has also reverted to a palatable FY26 price-earnings of 15 times, which we deem compelling given the encouraging FY25 to FY27 earnings growth trajectory,' it said. The research house added downside risks include wider losses from the Battersea Power Station development in Britain and slower property launches, while re-rating catalysts were stronger sales growth and further expansion of SimeProp's data centre business. SimeProp's shares closed at RM1.42 in yesterday's trading.
