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Thursday, February 19, 2009

Aeon buys property for RM107m

PETALING JAYA: Aeon Co (M) Bhd has entered into a sale and purchase agreement to acquire 2.5ha of land and property for RM107.2mil from Kuala Lumpur City Hall.

The purchase comprised RM27.2mil in land cost and RM80mil in building cost to be built in the future. The land forms part of a township called Bandar Sri Permaisuri.

In a statement to Bursa Malaysia yesterday, Aeon said the acquisition would be fully satisfied by cash and financed through the company’s internal funds.

“The acquisition is in line with Aeon’s corporate strategy of accelerating the expansion of its retail business through opening of new shopping centres and outlets,” it said.

This acquisition is not expected to have any impact on the earnings per share, net assets per share and gearing of the company.

There will be no change in the share capital and major shareholders’ shareholding of the company.

By The Star

Genting to spend more in Singapore casino project

SINGAPORE: Genting International expects to invest another S$590 million (US$385 million) in its Singapore casino resort project due to open in early 2010, the company said today.

The extra funds to be pumped in by the company, which is part of Malaysian gaming conglomerate Genting Bhd, will bring its total investment in Resorts World at Sentosa to S$6.59 billion from S$6.0 billion, it said.

Genting said the extra investments were required because of further changes made last year aimed at increasing the appeal of the casino project now under construction.

“In the course of the past year, changes have been made to the design and architecture of the integrated resort to substantially improve its entertainment and fun offerings, including enhancements to its casino and Universal Studios Singapore,” Genting said in the statement.
“Improvements were made to the quality of interiors as well as foot traffic accessibility to retail and dining outlets,” it said.

Resorts World at Sentosa, one of two casino projects now under construction in Singapore, will include hotels and a host of family-friendly attractions including the first Universal Studios theme park in Southeast Asia.


US Govt pumps US$75b more into crashing housing sector

PHOENIX: President Barack Obama outlines US$75 billion (US$1 = RM3.66) more in government spending yesterday, a plan to pump money into the crashing housing sector to prevent millions of Americans from losing their homes.

The huge new infusion of federal money is designed to bring under control the mortgage foreclosure crisis amid the worst economic slump to hit the country since the Great Depression.

Obama's detailing of the new mortgage plan in the Arizona capital will be his second major attack on the symptoms of the US economic decline in as many days. On Tuesday he was in Denver to sign a US$787 billion economic stimulus bill - a mix of government spending and tax cuts - designed to reverse the US economic malaise.

But fighting the larger economic downturn depends heavily on ending the crisis in US housing, the sector that set the economy on its downward spiral last year and at one point threatened the country's banking system with collapse. Millions of Americans now find their homes worth much less than they owe on mortgages, while millions more - hit by shrinking incomes, unemployment and higher mortgage interest rates - have lost their homes or face that prospect.
Obama chose Arizona for the announcement because the state is one of the hardest hit by foreclosures.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," Obama said Tuesday as he signed the US$787 billion stimulus package in Denver.

The ambitious plan he was announcing at a Phoenix high school yesterday was expected to offer government cash to mortgage companies that reduce interest rates - and therefore monthly payments - for homeowners in danger of default, according to several people briefed on the plan. What remained unclear was how the government will decide who qualifies for relief.