Latest news with #non-Bumiputera
The Star
28-05-2025
- Business
- The Star
Main Market-bound Paradigm REIT's IPO oversubscribed by 1.49 times
KUALA LUMPUR: Paradigm Real Estate Investment Trust (REIT) has seen its initial public offering (IPO) oversubscribed by 1.49 times, prior to its listing on the Main Market of Bursa Malaysia Securities Bhd. In a statement today, the company reported receiving 4,408 applicants for a total of 79.79 million offer units, which were allocated for the 32 million issue shares to the Malaysian public. "For the Bumiputera portion, 517 applications were received for 4.65 million shares. The remaining shares were reallocated in accordance with the clawback provisions outlined in Section 3.4.3 of Paradigm REIT's prospectus dated May 16, 2025. "As for the non-Bumiputera portion, 3,837 applications were submitted for 75.13 million issue shares, resulting in an oversubscription rate of 3.70 times,' the company said. Paradigm REIT also reported that 73.62 million units under the restricted offering were subscribed by entitled shareholders of WCT Holdings Bhd , with the remaining shares reallocated under the same clawback provisions. Under the restricted pink form offering, 8.43 million units were subscribed by eligible directors and employees. Remaining units were similarly reallocated under Section 3.4.3 of the prospectus. The REIT further stated that its joint bookrunners confirmed full subscription of all 426.59 million institutional offer units, which were offered to institutional and selected investors, including Ministry of International Trade and Industry-approved Bumiputera investors. "Notices of allotment will be posted to all successful applicants by June 9, 2025,' Paradigm REIT said. Maybank Investment Bank Bhd is the principal adviser, lead bookrunner, joint bookrunner, sole managing underwriter, and joint underwriter for the offering. AmInvestment Bank and CGS International Securities Malaysia are joint bookrunners and underwriters, while RHB Investment Bank also serves as a joint bookrunner. - Bernama
Daily Express
27-05-2025
- Business
- Daily Express
Uncontested Johnny Wong leads Shareda
Published on: Tuesday, May 27, 2025 Published on: Tue, May 27, 2025 By: Hayati Dzulkifli Text Size: Chua (third right, seated) showing thumbs up with Shareda's new elected president Datuk Johnny Wong and its new Council members 2025-2027. Kota Kinabalu: Sabah Housing and Real Estate Developers Association (Shareda) announced that Datuk Johnny Wong Chen Yee will helm the association as President for the 2025–2027 term, following an uncontested election held in its 37th AGM here on Saturday. Its Immediate Past President Datuk Sr Chua Soon Ping said this year's Annual General Meeting (AGM) was held as a full physical event, in line with the requirement for a voting process to elect new office bearers and deliberate motions. However, he said when the nomination period officially closed on May 8, all candidates for the upcoming term, including the incoming President and his council team, were confirmed unopposed. 'I extend my heartfelt congratulations to our incoming President-elect 2025-2027, Datuk Johnny Wong Chen Yee, who will be taking over the helm. 'His uncontested election — along with the return of his entire team — clearly reflects the membership's confidence and trust in his leadership and vision,' said Chua. He said Johnny will officially assume office alongside his newly confirmed council team, taking over the reins as Shareda continues to address industry challenges and build collaborative ties between developers, government and the community. Advertisement 'I am confident that under his (Johnny) stewardship, our Association will continue to reach greater heights,' Chua said. The transition signals continuity and stability for Shareda as it moves forward with its mission of promoting responsible and sustainable development across Sabah's real estate sector. Over the past term (2023-2025), Chua said Shareda had made significant progress on several key fronts and achieved some good results. 'First was the implementation of a new policy on house lot ownership by Bumiputera status buyers which was approved by the Sabah Cabinet, with effect on Dec 1, 2024. 'There are four key policy changes as below: 30pc allocation to Bumiputera buyers – Developers must allocate 30pc of houses to Bumiputera buyers who can now choose their house lot. Developers will report sales every six month Discounts for bumiputera buyers – A 5pc discount remains, with any additional discounts to non-Bumiputera buyers added to this total (e.g. 15pc discounts to non-Bumiputera = 20pc for Bumiputera buyers). The most glaring key policy is the Abolition of Re-sale Restriction – Bumiputera buyers can re-sell their homes freely without approval. Pre-existing restrictions can be lifted upon applications. Conditions for releasing 30pc Quota – The release application can only be considered after the housing development has reached the level of 50pc completion for landed property development or 20pc completion for high-rise building development. Chua said these new changes are applicable for Ministry of Local Government and Housing (KKTP) Advertisement Permit and Developer's Licence (APDL) licences ONLY and not for Native Titles (NT). Another change was based on KKTP's Circular No. 1/2025, a new implementation policy for Affordable Housing (AH) approved by the Sabah Cabinet meeting Series 04/2025, this year. 'We achieved alignment of Sabah's AH guidelines with the Federal specifications – a significant step in ensuring housing development in Sabah meets equitable and sustainable standards. 'This puts us on a more level playing field with West Malaysia and provides clarity to both developers and planners. 'Based on the circular under Schedule A, there are different range of affordable housing prices based on the areas - the housing prices in rural areas cannot be more than RM220,000, housing prices in suburb or City outskirts must not be more than RM300,000 while in the City area, the housing prices cannot be more than RM380,000. 'As for the built-up area of the AH house has been set at a maximum of 850 sq ft with three rooms and two bathrooms,' Chua said. He said there was also a new set of guidelines for Sabah-Malaysia My Second Home (Sabah-MM2H)– Acquisition of properties in Sabah to foreign investors, which was tailored for Sabah, aligning them more closely with national standards to ensure Sabah does not miss out on this economic opportunity. He said there is a website link: to get more information on the guidelines.
Borneo Post
21-05-2025
- Business
- Borneo Post
Call for greater access in projects for non-Bumiputera contractors
Ting (centre) highlights a point during the association's recent AGM. SIBU (May 21): The Sarawak Sibu Division Building and Civil Engineering Contractors' Association is urging both federal and state governments to address the challenges faced by non-Bumiputera small and medium-sized construction contractors by opening up more government projects for their participation. Speaking at the association's annual general meeting (AGM) here recently, its chairman Ting Teck Kai appealed for more access to construction projects, particularly small to medium-sized ones that are free from ethnic-based allocations. 'Most projects valued below RM20 million are currently awarded predominantly to Bumiputera companies, leaving non-Bumiputera contractors with only a minor share,' he added. Ting said non-Bumiputera contractors aspire to be principal contractors for small and medium-scale projects, claiming that despite their significant contributions to national development, they are often 'relegated' to subcontracting roles. 'In many cases, although government officers are aware that non-Bumiputera contractors are the ones executing the projects, they are not formally recognised as the principal project holders. 'This lack of recognition limits their visibility and standing within the industry,' he explained. Ting added that during project meetings, non-Bumiputera contractors are not recognised as the main contractors, even though they are managing and executing the construction. 'This lack of formal recognition places them in an awkward and disadvantageous position,' he said. He highlighted that government contracts are the backbone of the construction industry, yet existing policies remain unfriendly and inequitable towards non-Bumiputera firms. 'All we want is the chance to survive. We hope for fair access to small and medium-scale projects.' As such, he urged the government to allocate more projects that allow open and fair competition as well as free from racial distinctions, as the association is predominantly composed of such contractors. Also present at the meeting was the association's advisor Siek King Kwong.
Borneo Post
16-05-2025
- Politics
- Borneo Post
Dapsy Sarawak calls for holistic selection to give more students access to matriculation
Peter Hee MIRI (May 16): The Democratic Action Party Socialist Youth (Dapsy) Sarawak has called on the Ministry of Education (MoE) to implement a more balanced and transparent policy to ensure fairer access to matriculation at Malaysian public universities. Dapsy Sarawak leader Peter Hee urged the ministry to adopt a more inclusive and accountable approach to reflect the diverse realities faced by Malaysian students. 'We commend any initiative that acknowledges the struggles and achievements of students from underserved and rural communities. Many of these students have worked incredibly hard in challenging environments and deserve a fair chance at further education,' he said in a statement. He was commenting on Senator C Sivaraj's proposal to recognise students with A- grades or 9A's in Sijil Pelajaran Malaysia (SPM) for matriculation entry. Dapsy Sarawak proposed there should be contextual merit recognition, holistic selection, and transparency in policy implementation. He explained that the holistic selection framework should incorporate a broader evaluation model that considers co-curricular involvement, socioeconomic background, and school infrastructure alongside academic performance. 'It should recognise students' academic achievements within the context of their environment, particularly those from rural or under-resourced schools,' he said. Dapsy Sarawak, he said, fully supports transparency to ensure that any updated entry requirements are clearly communicated and consistently applied, to prevent confusion or perceived bias. 'We are ready to engage with the Ministry of Education, youth leaders, and student groups to help shape policies that uphold both fairness and excellence,' he added. Sivaraj had called on MoE to revise its current policy which he said risked sidelining high-achieving non-Bumiputera SPM students as the automatic rejection of A- appeared to negate the value of the hard work of high-achieving students. Under the current policy, only students who score a minimum of 10A+s or A's are eligible for automatic admission to the matriculation programme. This excludes those who achieve 10A's as even one A-, or those with 9A's would not be considered 'excellent'. C. Sivaraj lead matriculation MOE Peter Hee
New Straits Times
09-05-2025
- Business
- New Straits Times
Eco-Shop revises IPO price down to RM1.13
KUALA LUMPUR: Bursa Malaysia's main market-bound Eco-Shop Marketing Bhd has lowered its initial public offering price to RM1.13 per share, down from the earlier set price of RM1.21. In a filing with Bursa Malaysia, the company said the final institutional and retail prices were determined through a bookbuilding process. Consequently, investors who subscribed at RM1.21 will receive a refund of eight sen per share. Eco-Shop received 18,308 applications from the public for a total of 225.2 million shares, worth about RM272.5 million, representing an oversubscription rate of 0.96 times. For the Bumiputera portion, 4,674 applications were received for 38.37 million shares. The non-Bumiputera portion received 13,634 applications for 186.83 million shares, reflecting an oversubscription rate of 1.44 times.
