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6 stories mentioning KLSE:SIMEPROPUpdated 9d ago

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Asia

Malaysian Shares Extend Losses Bucking Regional Gains; GIIB's Shares Rally 11%

Malaysian shares ended in the red on Tuesday, extending yesterday's losses, bucking a positive regional performance. Investor sentiment was downbeat after the trade surplus narrowed in June from a month earlier, missing the Trading Economics forecast.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.92 points to end 0.1% lower at 1,720.37.In corporate news, shares of GIIB (KLSE:GIIB) jumped about 11% on Tuesday's close after its unit GIIB Project Management & Capital signed a memorandum of understanding with Geely-owned Farizon and CAF Motors to explore developing and operating a centralized 4S (sales, service, spare parts and solutions) hub for Farizon commercial electric vehicles in Peninsular Malaysia.Johor Plantations (KLSE:JPG) reported crude palm oil production of 26,671.3 metric tonnes (MT) for June. Fresh fruit bunch production totaled 130,007.9 metric tonnes. Meanwhile, palm kernel production for the month was 6,447.2 metric tonnes.Malaysian real estate developer Sime Darby Property (KLSE:SIMEPROP) has been ordered by the Shah Alam High Court to repay 36.2 million Malaysian ringgit, along with 5% annual interest, to the Malaysian Highway Authority. Shares gained about 1% on Tuesday's close.

FTSE Bursa Malaysia KLCIKLSE:GIIBKLSE:JPGKLSE:SIMEPROP
Asia

High Court Orders Sime Darby to Refund 36.2 Million Ringgit in West Coast Expressway Land Case

Malaysian real estate developer Sime Darby Property (KLSE:SIMEPROP) has been ordered by the Shah Alam High Court to repay 36.23 million Malaysian ringgit, along with 5% annual interest, to the Malaysian Highway Authority, according to a Tuesday filing to the Bursa Malaysia.The high court found that the company had received excess compensation than it was entitled to for the seven plots of land acquired for the West Coast Expressway.The amount will have to be refunded by the company to the Malaysian highway body within three months.The company's shares were up over 1% in recent trade.

KLSE:SIMEPROP
Asia

SD Guthrie, Sime Darby Property to Pay MYR798 Million for Selangor Land

SD Guthrie (KLSE:SDG) and Sime Darby Property (KLSE:SIMEPROP) will pay about 798.3 million ringgit to acquire land for a planned industrial and logistics corridor in Kuala Selangor, according to a Wednesday disclosure.The companies formalized a proposed acquisition of about 1,021.9 acres within the Bukit Kerayong Estate in Kapar, which will serve as the site of the joint development.The parties each hold a 50% stake in the joint venture and have committed to invest up to 100 million ringgit each.

KLSE:SDGKLSE:SIMEPROP
Asia

Malaysian Shares Extend Gains, Bucking Regional Losses

Malaysian shares ended in the green on Monday, extending Friday's gains. The investors remained upbeat, bucking a downbeat regional trend.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 6.95 points to end 0.4% higher at 1,698.44.In corporate news, Low-cost airline AirAsia X (KLSE:AAX) changed its name to AirAsia Group, effective July 14. Meanwhile, the company's ordinary shares moved to the stock short name AAGB from AAX. Shares slid about 2% on Monday's close.Lim Seong Hai Capital's (KLSE:LSH) subsidiary, Astana Setia Development, signed a sale and development agreement with Railway Assets for two land parcels in Subang Jaya, Malaysia. Shares slid over 1% on today's close.Sime Darby Property's (KLSE:SIMEPROP) subsidiary, SDP Klang, had a 78.6 million ringgit compensation award set aside by the Shah Alam High Court on July 10, following an objection by highway authority Lembaga Lebuhraya Malaysia. The original 2015 compensation package for the compulsory acquisition of land for the West Coast Expressway totaled 169.3 million ringgit.

FTSE Bursa Malaysia KLCIKLSE:AAXKLSE:LSHKLSE:SIMEPROP
Asia

Sime Darby Property Loses MYR78.6 Million Land Compensation Award

Sime Darby Property's (KLSE:SIMEPROP) subsidiary, SDP Klang, had a 78.6 million ringgit compensation award set aside by the Shah Alam High Court on July 10, following an objection by highway authority Lembaga Lebuhraya Malaysia.The original 2015 compensation package for the compulsory acquisition of land for the West Coast Expressway totaled 169.3 million ringgit.The court only struck down the "severance and injurious affection" component of the award, according to a Monday filing with Bursa Malaysia.The remaining 90.7 million ringgit for the market value of the acquired land is not impacted by the ruling.A further hearing has been scheduled for July 20 to determine other matters, including legal costs.The property developer said it is evaluating the decision and exploring available legal avenues.

KLSE:SIMEPROP
Research

Maybank Research Downgrades Sime Darby Property to Hold from Buy, Price Target is MYR1.51

Sime Darby Property (KLSE:SIMEPROP) has an average rating of buy and mean price target of 1.91 baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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