<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug 10): Ecobuilt Holdings Bhd said its wholly-owned unit Eko Bina Sdn Bhd has issued a notice of adjudication to Golden Wave Sdn Bhd over a payment dispute relating to a serviced apartment and retail units project in Kota Kinabalu.</p></div>

<div class=newsTextDataWrapInner><p>Eko Bina is seeking RM23.16 million from Golden Wave with regards to payments due during the construction process, said Ecobuilt in a bourse filing.</p></div>

<div class=newsTextDataWrapInner><p>It is also seeking interest on the amount, adjudicator’s fee and legal costs.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The group said Eko Bina's solicitors had served the notice of adjudication issued under the Construction Industry Payment and Adjudication Act 2012 to the lawyers acting for Golden Wave to refer the disputes arising from the payment claim to adjudication.</p></div>

<div class=newsTextDataWrapInner><p>The contract was announced by Ecobuilt in January 2021. The group said Eko Bina, previously known as E&amp;J Builders Sdn Bhd, was appointed by Golden wave as the main contractor for the retail and serviced apartments project along Jalan Wawasan in Sabah's capital city.</p></div>

<div class=newsTextDataWrapInner><p>The project was scheduled to be completed in May 2022.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Ecobuilt settled unchanged at 7.5 sen on Thursday, valuing the group at RM29.58 million. The stock has declined 31.82% year to date.</p></div>

<div class=newsTextDataWrapInner><p>Read also:<br />
https://theedgemalaysia.com/article/ecobuilt-secures-rm16637m-construction-contract-sabah</p></div>


Ecobuilt Holdings Bhd said its wholly-owned unit Eko Bina Sdn Bhd has issued a notice of adjudication to Golden Wave Sdn Bhd over a payment dispute relating to a serviced apartment and retail units project in Kota Kinabalu.

Eko Bina is seeking RM23.16 million from Golden Wave with regards to payments due during the construction process, said Ecobuilt in a bourse filing.

Ecobuilt initiates adjudication in construction project payment dispute  

Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after the social media company said it had fixed a software bug.

Downdetector, which tracks outages by collating status reports from several sources including users, showed more than 14,000 reports of outages.

Reddit down for thousands of users, Downdetector shows

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

The International Criminal Court (ICC) issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

Here is a brief recap of some corporate announcements that made the news on Thursday.

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

Thailand is taking steps to attract more foreign investment to accelerate economic growth while preparing to adjust its policies to cope with potential changes to world trade under a Trump presidency, Prime Minister Paetongtarn Shinawatra said.

Thailand seeks foreign investment as PM plans for Trump era

Volkswagen AG faces a growing threat of widespread walkouts as executives and unionists dig in over how to restructure Europe’s biggest automaker.

Labour leaders are offering €1.5 billion (RM7.08 billion) in additional cost cuts — including foregoing some bonuses — to keep factories open, after management dangled the idea of closures.

VW lurches closer to walkouts after talks with union deadlocked

Baidu Inc recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.

Chinese AI pioneer Baidu posts biggest sales fall since 2022

Magnum Bhd (KL:MAGNUM) reported a slight dip in net profit in the July-Sept period as income tax and other expenses increased, but cushioned by better income generated by its gaming and investment holdings and other segments.

Magnum posts marginally lower net profit in 3Q, amid higher tax and other expenses, declares 1.5 sen dividend

UBS has seen weak European growth hit companies it lends to, CFO Todd Tuckner said on Thursday, with the bank facing a 2024 credit loss expense of some 150 million Swiss francs (US$170 million or RM757.72 million) in its personal and corporate banking business.

UBS flags 'sluggish' Europe growth as it takes US$170m credit hit

Emmanuel Macron’s ill-fated June gamble on snap elections has plunged French businesses into prolonged gloom, clouding the president’s seven-year effort to transform the country into a hub for investment.

French business’s election gloom casts long shadow over outlook

<p>Globetronics Technology Bhd (KL:GTRONIC) has inked an agreement valued at RM145 million to provide integrated circuit (IC) product packaging, testing and backend services to Taiwan-based ChipMOS Technologies Inc.</p>


Globetronics secures RM145 mil contract to provide assembly and test services to Taiwan’s ChipMOS

<p>Atlan Holdings Bhd's (KL:ATLAN) Singapore-listed subsidiary Duty Free International Ltd (DFIL), which plans to challenge the compulsory acquisition of two plots of land in Kedah by the Malaysian government, announced on Thursday that it had received RM69.6 million as compensation for the land.</p>

<p>The sum was received from the Home Affairs Ministry, which is force-buying the plot from DFIL's wholly-owned Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd, on Monday (Nov 18).&nbsp; DFIL itself is 75.53% owned by Atlan.</p>


Home Affairs Ministry pays Atlan RM69.6 mil for compulsory purchase of its Kedah plot

<p>Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that about 70% to 80% of the costs of his official trips to five countries over the past two weeks were paid by private companies.</p>


Private firms paid up to 80% of costs for recent official trips abroad, Anwar tells Dewan Rakyat

<p>Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.</p>


Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

<p>Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) continued to record losses for the second consecutive quarter, after the group reported a RM49.75 million net loss for the third quarter ended Sept 30, 2024 (3QFY2024).</p>


MSM Malaysia continues to bleed for the second consecutive quarter

<p>Oil company Petron Malaysia Refining &amp; Marketing Bhd (KL:PETRONM) suffered a 94.3% drop in its third-quarter net profit, on lower sales volume due to a correction in domestic fuel demand following the implementation of the retail diesel targeted subsidy in June this year.</p>


Petron Malaysia's 3Q net profit down 94% on lower sales volume, oil prices

<p>Heitech Padu Bhd (KL:HTPADU) recorded a net profit of RM6.58 million for the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net loss of RM1.4 million in the corresponding quarter, thanks to a one-off gain on disposal of land and building.</p>


Heitech Padu posts 3Q profit on land, building disposal gain

<p>AEON Co (M) Bhd (KL:AEON), a general merchandise store and supermarket chain operator, saw its net profit rise 35.4% to RM18.79 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM13.88 million a year earlier on higher revenue.</p>


AEON Co 3Q net profit up 35% with growth across all segments

<p>Automotive seat maker Feytech Holdings Bhd (KL:FEYTECH) has failed to buy a piece of land in the Klang Valley, resulting in a delay in the construction of its new corporate office with a manufacturing plant and warehouse.</p>


Feytech delays construction of head office, manufacturing plant after land deal fails

<p>Oil and gas services provider Dayang Enterprise Holdings Bhd (KL:DAYANG) said it will continue to deliver outstanding performance after posting a record high net profit for its third quarter, which surged 76.67% year-on-year.</p>


Dayang says will continue delivering outstanding performance after 3Q profit hits record

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.</p>


FBM KLCI down 0.59% to 1,588.68 on Nov 21, 2024

<p>Baidu Inc recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.</p>


<p>Sunway Construction Group Bhd (KL:SUNCON) posted a 32.71% jump in its net profit for its third quarter on the accelerated progress of its data centre projects.</p>

<p>Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose to RM46.47 million from RM35.01 million in 3QFY2023, as revenue rose 28.48% to RM865.33 million from RM673.51 million, its Thursday bourse filing showed.</p>


SunCon's 3Q profit jumps 32.71% on accelerated data centre progress

<p>DRB-Hicom Bhd (KL:DRBHCOM) saw a net loss of RM5.29 million in the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net profit of RM70.8 million in the same quarter last year.</p>


DRB-Hicom records net loss in 3Q amid automotive and postal sector weakness

<p>Here is a brief recap of some corporate announcements that made the news on Thursday.</p>


<p>Hap Seng Consolidated Bhd (KL:HAPSENG) posted a three-fold jump in net profit for its third quarter from a year ago, on improved contributions from the diversified group’s plantation, property and credit financing divisions.</p>


Hap Seng 3Q net profit more than triples, declares 10 sen dividend

<p>Deputy Works Minister Datuk Seri Ahmad Maslan said on Thursday that the implementation of the multi-lane free flow (MLFF) toll system is still under "heavy consideration" by the government.</p>


Ahmad Maslan: RM3.5 bil multi-lane free flow project remains under 'heavy consideration' by govt

<p>Datasonic Group Bhd (KL:DSONIC) on Thursday proposed to amend its company constitution to ease the passage of a directors’ written resolution.</p>


Datasonic proposes to amend company constitution to ease passage of resolutions

<p>Kucingko Bhd (KL:KUCINGKO), a 2D animation production company, has decided to discontinue the services of its external auditor Messrs Russell Bedford LC PLT over a disagreement on audit fees.</p>


Kucingko drops Russell Bedford as auditor over fee dispute

<p>Indian billionaire Gautam Adani,&nbsp;indicted in New York&nbsp;over a US$265 million (RM1.18 billion) bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.</p>
