Three subsidiaries of Scomi Group Bhd have, on Dec 7, applied for Judicial Management via a Judicial Management Order (“JM Order”) from the High Court of Malaya, Shah Alam as part of its exercise to undergo a financial restructuring scheme to put it on a firm footing.
The three companies are Scomi Engineering Bhd (SEB, Scomi Rail Bhd (SRB) and Scomi Transit Project Brazil (Sao Paulo) Sdn Bhd (STPBSP).
UMW Holdings Bhd’s Group profit before taxation (PBT) jumped more than tenfold while revenue increased by 23.5%, arising from improved contributions from all three of its core businesses.
The Automotive segment successfully capitalised on positive consumer sentiment during the Goods and Services Tax (GST)-free period; while the decision to focus on more urbanised sectors in the Equipment segment led to higher sales with increased demand in the construction sector.
The RM208mil acquisition of Aeon Mall Kinta City in Ipoh by Main Market listed KIP Real Estate Investment Trust will boost the fund’s asset under management (“AUM”) to a whopping RM834.9mil and yield in the coming years.
With an AUM size of RM614.93mil as at September 30, 2018, this is KIP REIT’s first asset purchased since its listing in February 2017 and the largest in terms of net lettable area and market value.