As we step into 2024, Malaysia is set to implement a series of significant economic and policy changes. These reforms, effective from January 1, are designed to address various national and global economic challenges, balancing revenue generation with public welfare and economic stability. Key Policy Changes Sugar Tax Increase Implementation: Starting January 1, 2024. Details: The domestic...
Impiana Hotel Bhd has officially rebranded itself as Magma Group Bhd, effective immediately, according to a filing with Bursa Malaysia. The change in company name comes after a significant acquisition by Datuk Seri Lee Hock Seng and Datin Seri Joanne Yew Hong Im, who emerged as the largest substantial shareholders of the group in August. The duo acquired 120.8 million shares, representing a 19.9% stake in...
Starting in the first six months of 2024, high electricity consumption households, along with commercial and industrial (C&I) users in the Kulim Hi-Tech Park (KHTP) located in Kedah, Malaysia, will experience a surcharge of 6.5 sen per kilowatt-hour (kWh) on their electricity tariffs. This rate is higher than the 5.39 sen per kWh surcharge imposed on C&I users in KHTP in the second half of...
The restoration of Stadium Merdeka and the development of the Merdeka 118 Tower in Kuala Lumpur represent a significant milestone in Malaysia's growth as a nation. Merdeka 118, set to open its doors by the end of this year, is an iconic building that stands as a testament to Malaysia's progress. Owned by Permodalan Nasional Bhd (PNB) through its subsidiary, PNB Merdeka Ventures Sdn Bhd, this landmark...
In a recent post on his official Facebook page, Prime Minister Datuk Seri Anwar Ibrahim underscored the importance of fostering a creative and investor-friendly investment environment in Malaysia. He called upon all relevant parties to work together in accelerating the country's national development process to achieve its goals effectively. Speaking during the 43rd National Physical Planning Council...
Axis Real Estate Investment Trust (Axis-REIT) is set to expand its diverse portfolio with the proposed acquisition of Temerloh Mall, a two-storey shopping complex located in Taman Damai, Temerloh, Pahang. The RM25.75 million cash transaction, subject to regulatory approval, reflects Axis-REIT's strategic approach to providing unitholders with consistent income distributions and enhancing its net asset...
EcoFirst Consolidated Bhd has announced its intention to contest a RM20 million lawsuit filed against its wholly-owned subsidiary, BCM Holdings Bhd, by Kerjaya Prospek (M) Sdn Bhd (KPM), a unit of Kerjaya Prospek Group Bhd. The lawsuit arises from the withdrawal of a RM404.35 million contract that had been awarded to Kerjaya Prospek for the construction of a residential development in Kuala Lumpur by BCM...
The Penang state government has set an ambitious target to reclaim approximately 400 acres (161.87 hectares) of land each year for the Silicon Island project, with plans to commence construction on the first factory as early as 2026. Penang Chief Minister Chow Kon Yeow announced this significant development during his visit to the Penang South Island (PSI) on Sunday. Reclamation work for the Silicon...
The realization of major public transport projects in Johor, such as the Kuala Lumpur-Singapore High-Speed Rail (HSR) and Light Rail Transit (LRT), will be executed with careful consideration of several factors, including the country's financial capacity, revealed Transport Minister Anthony Loke Siew Fook. Loke emphasized the government's commitment to supporting the development of public transport...
The Malaysian government is embarking on a mission to accelerate the transition to electric vehicles (EVs) among its citizens. Investment, Trade, and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, underscored the importance of EV mobility, emphasizing that it extends beyond cars to include electric motorcycles, which play a pivotal role in public transportation. The government's commitment to...
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