Over 10,000 Bankruptcies and 1,200 Companies in Malaysia Forced to Wind Down During Pandemic, Says PM
Malaysia saw 1,246 companies forced to wind down while 10,317 individuals filed for bankruptcy throughout the COVID-19 pandemic from March 2020 to July 2021, Prime Minister Datuk Seri Ismail Sabri Yaacob said, The Edge Markets reported. Of the forced winding-down incidents, some 497 cases or 39.89% were companies registered in the federal territories, followed by Selangor with 273 cases or 21.91%.
Malaysian Billionaire Brothers’ IOI Properties Submits Only Bid for Marina Bay Hotel, Residential Site
IOI Properties Group — controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng — submitted the only bid for a mixed-use hotel and residential site as the Malaysian developer doubles down on its investment in Marina Bay, Singapore’s downtown financial district, Forbes reported. Boulevard View, a wholly owned subsidiary of Malaysia-listed IOI Properties, offered S$1.51 billion ($1.1 billion) for the 99-year leasehold site, the Urban Redevelopment Authority said late Tuesday.
Malaysia will lower its economic growth outlook for this year due to movement restrictions against Covid, the country’s finance minister said, signaling the government may forecast expansion around 4%, Bloomberg News reported. While there’s optimism that the current surge in cases can be contained and lockdowns can be eased, the government still expects to lower its gross domestic product estimate for 2021, Finance Minister Tengku Zafrul Abdul Aziz said on Monday.