Stocks In Focus MY (Gadang Hldgs, Sarawak Cable, UEM Sunrise) – 09/04/15
Gadang Proposes RM96 Million For Semenyih Land
Property and construction player Gadang Holdings proposed to acquire a 62.8 acre parcel of freehold land in Semenyih, Ulu Langat from Semantar Properties for RM95.8 million in cash.
Gadang released a circular to its shareholders that its indirect unit Crimson Villa entered a sale and purchase agreement (SPA) with Sementar to acquire the land on 30 January 2015, hoping to seek approval from the shareholders as well as to provide the relevant information. An EGM will be held on 23 April 2015 to obtain approval.
Gadang’s preliminary plan for the land is a mixed-development project comprising low-rise and high-rise residential units and two to three storey shop offices, with an estimated gross development value (GDV) of more than RM450 million.
Financed via a combination of internally generated funds and, or bank borrowings, Gadang has paid RM1.9 million as deposit on 5 December 2014, RM2.8 million as real property gains tex retention sum on 30 January 2015, and RM4.8 million upon signing the SPA. The remaining RM86.2 million is payable on or before the completion date.
Significance: The acquisition will expand Gadang’s land bank in a location that had growth potential and will increase its presence in the Klang Valley property market as the acquisition is in line with its strategy to expand the revenue and earnings contribution from its property development segment.
Sarawak Cable Unit Clinches RM27 Million Contract
A joint venture between a Sarawak Cable (SCB) unit and PTIS Engineering has been awarded a RM26.9 million contract.
The contract commenced on 8 April 2015.
The unit, Trenergy Infrastructure received the letter of award from Tenaga Nasional for the setting up of the 275KV AIS Tanjung Langsat Industrial Estate switching station in Johor.
Significance: SCB expects the contract to contribute positively to the group’s earnings and net assets for the financial year 31 December 2015, believing that the award is in the best interest of SCB and its group of companies.
UEM Sunrise Unveils Development Plans
UEM Sunrise has unveiled its comprehensive development plans for the second phase of Gerbang Nusajaya, attracting international investors into its commercial and business development.
1,841.7 hectare of the entire development is designed for growth via catalytic developments and strategic partnerships with established developers and multinational companies. Among the developments, there is a 210 hectare integrated eco-friendly tech park named Nusajaya Tech Park and a 212.4 hectare motorsport city FASTrack Iskandar.
Gerbang Nasajaya commanded a gross development value of RM42 billion which will be developed over 25 years and is expected to create 76,000 direct and 137,000 indirect jobs with some 220,000 population upon full completion.
Significance: UEM Sunrise intends to develop the remaining 64 percent of Gerbang Nusajaya’s landbank holistically on a phase-by-phase basis. The joint venture by Ascendas and UEM Sunrise recorded a 73 percent take-up rate, offering both ready-built factories and land for build-to-suit.
http://www.sharesinv.com
Gadang Proposes RM96 Million For Semenyih Land
Property and construction player Gadang Holdings proposed to acquire a 62.8 acre parcel of freehold land in Semenyih, Ulu Langat from Semantar Properties for RM95.8 million in cash.
Gadang released a circular to its shareholders that its indirect unit Crimson Villa entered a sale and purchase agreement (SPA) with Sementar to acquire the land on 30 January 2015, hoping to seek approval from the shareholders as well as to provide the relevant information. An EGM will be held on 23 April 2015 to obtain approval.
Gadang’s preliminary plan for the land is a mixed-development project comprising low-rise and high-rise residential units and two to three storey shop offices, with an estimated gross development value (GDV) of more than RM450 million.
Financed via a combination of internally generated funds and, or bank borrowings, Gadang has paid RM1.9 million as deposit on 5 December 2014, RM2.8 million as real property gains tex retention sum on 30 January 2015, and RM4.8 million upon signing the SPA. The remaining RM86.2 million is payable on or before the completion date.
Significance: The acquisition will expand Gadang’s land bank in a location that had growth potential and will increase its presence in the Klang Valley property market as the acquisition is in line with its strategy to expand the revenue and earnings contribution from its property development segment.
Sarawak Cable Unit Clinches RM27 Million Contract
A joint venture between a Sarawak Cable (SCB) unit and PTIS Engineering has been awarded a RM26.9 million contract.
The contract commenced on 8 April 2015.
The unit, Trenergy Infrastructure received the letter of award from Tenaga Nasional for the setting up of the 275KV AIS Tanjung Langsat Industrial Estate switching station in Johor.
Significance: SCB expects the contract to contribute positively to the group’s earnings and net assets for the financial year 31 December 2015, believing that the award is in the best interest of SCB and its group of companies.
UEM Sunrise Unveils Development Plans
UEM Sunrise has unveiled its comprehensive development plans for the second phase of Gerbang Nusajaya, attracting international investors into its commercial and business development.
1,841.7 hectare of the entire development is designed for growth via catalytic developments and strategic partnerships with established developers and multinational companies. Among the developments, there is a 210 hectare integrated eco-friendly tech park named Nusajaya Tech Park and a 212.4 hectare motorsport city FASTrack Iskandar.
Gerbang Nasajaya commanded a gross development value of RM42 billion which will be developed over 25 years and is expected to create 76,000 direct and 137,000 indirect jobs with some 220,000 population upon full completion.
Significance: UEM Sunrise intends to develop the remaining 64 percent of Gerbang Nusajaya’s landbank holistically on a phase-by-phase basis. The joint venture by Ascendas and UEM Sunrise recorded a 73 percent take-up rate, offering both ready-built factories and land for build-to-suit.
http://www.sharesinv.com
