PETALING JAYA: KUB Malaysia Bhd is disposing of a piece of land measuring 60 hectares as well as a factory, ancillary equipment and machineries in Mukah, Sarawak for a total of RM44.8 million. The selling prices for the factory and land are RM43 million and RM1.8 million, respectively. KUB told Bursa Malaysia that its subsidiaries KUB Maju Mill Sdn Bhd (KUBMA) and KUB Sepadu Sdn Bhd (KUBS) had respectively entered into the sale and purchase agreements (SPAs) with Sinong Pelita Oil Mill Sdn Bhd (SPOM) for the disposal of the factory and land. KUB Agro Holdings Sdn Bhd, which is a wholly-owned subsidiary of KUB Ekuiti Sdn Bhd (KUBE), has 60% and 66% effective interests in KUBS and KUBMA respectively. KUBE is a wholly-owned subsidiary of KUB. KUB said the sale of the factory will enable the group to eliminate its underperforming assets and reduce cash outflow and deterioration of financial performance. “KUBMA will be able to reduce its debts and interest expense … [Read more...] about KUB sells Mukah land, assets for RM44.8m
Bank assets for sale
Entire office floor at Sim Lim Tower up for sale for $15m
SINGAPORE - A freehold strata office floor at Sim Lim Tower in Jalan Besar has been put up for sale by tender with an asking price of $15 million, marketing agent Edmund Tie & Company (ET&Co) said on Monday (June 24). Located on the 15th storey of the 17-storey building, the property spans the entire floor and has a total area of about 778 square metres (sq m) or 8,374 square feet (sq ft). It offers a 360-degree panoramic view over the surrounding shophouses and the city skyline, ET&Co said. The asking price of $15 million works out to about $1,791 per sq ft on the strata area. Amenities in the area include the Albert Centre Market & Food Centre, banks, hotels, malls and the upcoming Tekka Place - a retail mall with 320 serviced residences. Sim Lim Tower is located at the fringe of the city centre, near Jalan Besar MRT station on the Downtown Line, and within 600 metres to three other MRT stations - Rochor, Bugis and Little India - providing accessibility to the … [Read more...] about Entire office floor at Sim Lim Tower up for sale for $15m
Exclusive: Banks face new challenges in Italian diamond scandal
MILAN: (Please note strong language in paragraph 38.)A long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy’s largest lender, and smaller rival Banco BPM.The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate's order seizing assets from the banks and two diamond brokers. Reuters viewed the documents, which also included excerpts of wire taps and witness statements.The allegations relate to suspected crimes and do not necessarily mean that prosecutors will charge the companies and their employees when their investigation, which has been running since 2016, is concluded.The number of bank officials under suspicion, and the allegations they may face if they are charged, however, are widening.In a new development, officials from UniCredit and Banco BPM are also suspected of corruption because broker … [Read more...] about Exclusive: Banks face new challenges in Italian diamond scandal
Oxley inks deal to sell Chevron House for $1.03b
SINGAPORE - Property developer Oxley Holdings announced on Tuesday morning that it has signed a deal to sell Chevron House, its prime office building in Raffles Place. Oxley said that on April 29, it entered into a sale and purchase agreement with Golden Compass (BVI) for the latter to buy the entire interest in its wholly-owned subsidiary, Oxley Beryl, and take over the existing bank loans for an aggregate value of up to $1.025 billion. Oxley Beryl owns Chevron House at 30 Raffles Place, a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with an existing net lettable floor area of 24,273 square metres. Oxley said the proposed sale is expected to have a positive impact on its net tangible assets per share and earnings per share for the current financial year ending June 30, 2019. It will complete the alterations, additions and asset enhancement works on the property, which started on March 1, before the final completion of the … [Read more...] about Oxley inks deal to sell Chevron House for $1.03b
News This Labor Day, Make Your Money Work Harder For You
MANILA -- Whether you clock in 8 hours, or 10, 12, 14, even gasp, 16 hours every day, you deserve a break on May 1. And since most Filipinos have the day off as Labor Day is a national holiday, why not take the time to do 5 simple things to check on your financial health. Yes, this may sound like a damper on your holiday plans, but there is real urgency behind this. The unemployment rate is inching up and latest data shows its at 5.2 percent as of January 2019. Meanwhile, the population continues to rise and is targeted to go from the 104.92 million recorded in December 2017 to 120 million in 5 years or by 2024. The peso is still weak next to the US dollar, but inflation has finally fallen within government targets of no more than 4 percent range. However, if your money sits in a savings account and the bank pays you a 0.02 percent interest, you don’t need to be a Math genius to know you are losing out. And then there’s the public sentiment that it’s getting harder to … [Read more...] about News This Labor Day, Make Your Money Work Harder For You