WEST MALAYSIA PROPERTY NEWS
Mah Sing Signs RM630 Million
Agreement
M
ah Sing Group Bhd
has entered into an
underwriting agreement
with CIMB Investment Bank Bhd,
Maybank Investment Bank Bhd
and Affin-Hwang Investment Bank
Bhd for a RM630 million rights
issue exercise.
The entitlement date for the rights
issue was fixed for January 26, with
the closing date for acceptance of
rights issue and excess application
on February 12.
As reported in Star Property online,
the new rights shares and warrants
will be listed on the Main Market of
Bursa Malaysia Securities Bhd on
February 26.
Mah Sing’s Group Managing
Director, Tan Sri Leong Hoy Kum
“The year 2014 was a year of results
and achievements,” he said, adding
that Mah Sing had many plans in
store for 2015 to enhance and
solidify its market position.
From amount proceeds, Mah Sing
would allocate RM530 million for
land acquisition and property
development activities while the
balance for general working capital,
as well as payment for the expenses
in relation to the rights issue.
The developer would also
earmark RM370 million
for part payment for the
acquisition of land in
Puchong and Seremban,
which have an estimated
gross development value of
RM9.3 billion and RM7.5
billion, respectively.
The development of the Puchong
and Seremban land is expected to
commence this year and Mah Sing
expects revenue contribution to
commence from 2016 onwards.
Mah Sing’s Group Managing
Director, Tan Sri Leong Hoy Kum
has given his undertaking to
subscribe for his entitlement of
34.6 percent under the rights issue
in full.
The balance will be underwritten by
CIMB Investment Bank, Maybank
Investment Bank and AffinHwang Investment Bank as joint
underwriters.
Leong said the company was gratified
to have the support of three major
banks which would be underwriting
the rights issue, signalling their
confidence in Mah Sing.
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Only 600 PR1MA Homes To Be
Delivered By Year End
M
Perbadanan PR1MA
Malaysia (PR1MA) eyes
to deliver its first 600
affordable home units by year-end.
Datuk Abdul Mutalib Alias,
PR1MA’s chief executive officer,
said the units will come from its
projects in Kuala Ketil (Kedah) and
Bertam (Penang), with 300 units
respectively.
“I would say by year-end, although
we are targeting this August. My
team is really pushing hard so that
all the units can be delivered by
August,” he said.
Notably, PR1MA recently launched
and opened seven projects for
application. They are PR1MA @
Bandar Meru Raya, Perak; PR1MA
@ Alam Damai, KL; PR1MA @
Kuala Ketil, Kedah; PR1MA @
Sungai Petani 1, Kedah; PR1MA @
Terbrau, Johor; PR1MA @ Bandar
Layangkasa, Johor and PR1MA @
Melaka Tengah 1, Melaka.
Unit prices will be affordable since
they would be lower than market
price and the response has been
overwhelming, he said.
“This process demonstrates
PR1MA’s ongoing commitment with
another step forward to achieving
Malaysian middle-income earners’
vision of owning a home.”
He noted that household income of
buyers must range from RM2,500
to RM10,000.
Government Extends GST Exempt
List To Stratified Residential
Properties
To date, around 890,000 potential
buyers have registered for PR1MA
houses nationwide.
He revealed that PR1MA will
consider proposals from other
property developers to bui