<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 30): Building and infrastructure construction company TCS Group Holdings Bhd (KL:TCS) has secured a RM130.15 million contract to undertake the construction of serviced apartments in Selangor, in a related party transaction.</p></div>

<div class=newsTextDataWrapInner><p>The 630-unit serviced apartment project, known as Arcadia Residences, is located in the Kuala Langat district, the company said in a bourse filing. &nbsp;</p></div>

<div class=newsTextDataWrapInner><p>It said the three-year contract was awarded by Saujana Permai Development Sdn Bhd, a wholly owned subsidiary of CDB Group Holdings Sdn Bhd.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The contract is deemed a related-party transaction, as TCS&nbsp;managing director Datuk Tee Chai Seng and his spouse Datin Koh Ah Nee are directors and major shareholders of Saujana Permai by virtue of their shareholding in CDB Group.</p></div>

<div class=newsTextDataWrapInner><p>According to TCS' 2023 annual report, Tee is the largest shareholder of the company, with a 56.68% stake as of March 29, 2024.</p></div>

<div class=newsTextDataWrapInner><p>TCS said it intends to fund the project using internally generated funds and/or borrowings.</p></div>

<div class=newsTextDataWrapInner><p>TCS shares closed unchanged at 15 sen on Tuesday, valuing the group at RM90 million.</p></div>


Building and infrastructure construction company TCS Group Holdings Bhd (KL:TCS) has secured a RM130.15 million contract to undertake the construction of serviced apartments in Selangor, in a related party transaction.

TCS bags RM130 mil related-party contract to build apartments in Kuala Langat

At least three people were killed and more than 1,000 others including Hezbollah fighters, medics and Iran's envoy to Beirut were wounded on Tuesday when the pagers they use to communicate exploded across Lebanon, security sources told Reuters.

At least three dead, over 1,000, including Hezbollah members, wounded in pager blasts in Lebanon

German autos supplier Bosch CEO Stefan Hartung expects very little growth in car and commercial vehicle markets worldwide this year and next, he said in an interview with Reuters.

Bosch chief sees stagnating growth in car markets worldwide

The Pentagon’s cost to develop and produce Lockheed Martin Corp.’s F-35 has risen almost 10% to about US$485 billion (RM2.08 trillion) now that money needed for engine improvements has been included in the official estimate for the costliest US weapons system.

Pentagon’s F-35 cost rises 10% to US$485 bil to fix overheating engines

Heavy rain and storms combined with high tides caused large waves to hit Penang's coast, particularly around Pantai Bersih.

The Butterworth Outer Ring Road (LLB) has since warned the public to stay away from the beach area due to the dangerous weather and high waves, which even reached the back of the Bagan Ajam Rest and Service Area (R&R).

Public warned to stay away after large waves hit Penang coast

Many may not know that a Malaysian construction company, Eversendai Corp Bhd, is one of the main contributors to the construction of several iconic landmarks in the world including Burj Khalifa (Dubai), Al Shams Sky Tower (Abu Dhabi) and KLCC (Petronas) Twin Towers and Merdeka 118 Tower.

Building up world's iconic landmarks, Eversendai is pride of Malaysia, says Nanta

The Islamic Development Bank plans to provide around US$4 billion to US$5 billion (RM17.1 billion to RM21.4 billion) of support to Bangladesh over the next three years, the bank's regional head said on Tuesday.

Islamic Development Bank to provide up to US$5b support to Bangladesh

Confidence among US home builders rose in September for the first time in six months, just before the US Federal Reserve is expected to cut interest rates from the current two-decades high.

Confidence rises among US home builders as they await Fed move

Wall Street's main indexes rose on Tuesday, with the benchmark S&P 500 close to its intraday record high, as investors awaited a crucial Federal Reserve policy decision and fresh economic data allayed worries of a sharp slowdown in the US economy.

Wall Street rises ahead of key US Fed decision; S&P 500 nears record high

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

Genting Malaysia, Supermax, Samaiden, Resintech, Perak Corp, MyEG Services 

The federal government will focus on several strategies to stabilise inflation and address the challenges of rising living costs in Budget 2025, says Deputy Prime Minister Datuk Seri Fadillah Yusof.

Federal govt to focus on inflation stabilisation in Budget 2025 — Fadillah

<p>Intel Corp will delay the operations of a new plant currently being built in Malaysia as the world’s largest computer chip maker grapples with declining sales and mounting quarterly losses.</p>


Intel will delay ops of new facility being built in Penang — CEO Gelsinger

<p>Two oil refiners in China run by chemical conglomerate Sinochem Group Co were declared bankrupt, highlighting the headwinds older units face as margins plummet.</p>


Two Sinochem oil refineries declared bankrupt as margins plunge

<p>The 350-megawatt (MW) quota for rooftop solar allocated under the Net Energy Metering (NEM) Rakyat initiative for households has been fully subscribed, according to data from Sustainable Energy Development Authority (Seda).</p>


Rooftop solar quota for households under net energy metering fully subscribed again

<p>FOLLOWING the termination of the share sale agreement (SSA) between Digital Nasional Bhd (DNB), Telekom Malaysia Bhd (KL:TM) and the Minister of Finance Inc (MoF Inc.), it seems likely that TM’s submission for the tender for the second 5G network will not be considered.</p>

<p>However, analyst...

No 5G network for TM, but it could be a good thing, analysts say

<p>Two of Genting Malaysia Bhd’s (KL:GENM) subsidiaries, video lottery facility operator Genting New York LLC (Genny) and its unit Genny Capital Inc, have priced an additional US$100 million (RM427 million) of 7.25% senior unsecured notes, due 2029.</p>


Genting Malaysia units issue additional US$100m senior notes

<p>APB Resources Bhd’s (KL:APB) share price hits limit down just after the first hour of trading on Tuesday morning, extending recent losses from the steep sell-off in Globetronics Technology Bhd (KL:GTRONIC) last week.</p>


APB hits limit down, third short-selling suspension since Sept 10

<p>KUALA LUMPUR (Sept 17): Former Public Accounts Committee (PAC) member and former member of Parliament (MP) Tony Pua testified in court on Tuesday that former 1Malaysia Development Bhd (1MDB) chief executive officer (CEO) Arul Kanda Kandasamy had made inaccurate representations to the sovereign fund’s board of directors, and inaccurate public statements on behalf of the fund, in relation to the purported sham investments the company had made.</p>


Tony Pua: Arul Kanda made inaccurate representations to the public, 1MDB board

<p>The Social Protection Contributors Advisory Association Malaysia (SPCAAM) said Malaysian employers should step up efforts to attract and retain workers to prevent further staff losses after Malaysia Airlines Bhd’s engineering arm lost some of its technical staff to Singapore Airlines Ltd’s unit SIA Engineering Co Ltd (SIAEC).</p>


Group calls on employers to focus on staff retention after Malaysia Airlines unit loses workers to SIA Engineering

<p>Supermax Corp Bhd (KL:SUPERMX) said on Tuesday that it will begin commercialising its glove production at its first US manufacturing facility in Texas by January 2025.</p>


Supermax to begin glove production in US by Jan 2025

<p>Alliance Bank Malaysia Bhd announced that its chairman Tan Sri Ahmad Mohd Don, 77, has passed away earlier on Tuesday.</p>


Alliance Bank chairman Ahmad Mohd Don passes away at 77

<p>MyEG Services Bhd (KL:MYEG) has teamed up with the Federation of Malaysian Freight Forwarders (FMFF) to promote ZTrade — a blockchain-based trade document system — as Malaysia's National Single Window (NSW) for cross-border trade facilitation.</p>


MyEG partners with freight forwarders to promote its blockchain-based ZTrade as single window for cross-border trades

<p>China-based Huawei Technologies Co Ltd obtained a summary judgement from the High Court last month against a Kulim-based mobile phone-accessory company for infringing the phone company’s trademark by selling counterfeit chargers, adapters, and earphones on two popular mobile platforms.</p>


Huawei gets summary judgement against mobile phone-accessory company over copyright infringement

<p>MALAYAN Banking Bhd (KL:Maybank) is looking to appoint Michael Oh-Lau as the CEO of its investment banking arm, Maybank Investment Bank Bhd (Maybank IB), a role he is expected to hold in addition to his current position as CEO of Maybank Investment Banking Group (MIBG), sources say.</p>

<p>Thi...

Maybank’s Oh-Lau likely to also assume Maybank IB CEO role, sources say

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


<p>AFFIN Bank Bhd (KL: AFFIN), the second-smallest of eight local banking groups in the country, has started to make a concerted effort to tap ultra-high net worth individuals, joining larger rivals that have long done so, in a bid to seek business with potentially higher margins.</p>

<p>Managing...

Affin Bank bets on the ultra-rich

<p>KUALA LUMPUR (Sept 17): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.</p>


FBM KLCI up 0.73% to 1,664.28 on Sept 17, 2024

<p>KUALA LUMPUR (Sept 17): The upcoming visit of&nbsp;His Majesty Sultan Ibrahim&nbsp;King of Malaysia to China from Sept 19 to 22 marks a significant milestone in Malaysia-China diplomatic relations, which is celebrating its 50th anniversary this year.</p>


King’s China trip a new chapter in bilateral ties

<p>KUALA LUMPUR (Sept 17): The police will submit three investigation papers related to the “Op&nbsp;Global” operations to the Attorney-General’s Chambers (AGC) for further action, said Inspector-General of Police Tan Sri Razarudin Husain on Tuesday.</p>


Op Global: Police to submit three investigation papers to AGC — IGP

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>JOHOR BAHRU (Sept 17): The Works Ministry is hopeful that the proposed third phase of the North-South Expressway (PLUS) widening project, which spans from Simpang Renggam to Yong Peng Utara, will be included in&nbsp;Budget 2025, to be tabled this October.</p>
