Ivory to sell Penang asset for RM18mil
PETALING JAYA: Practice Note 17 (PN17) company Ivory Properties Group Bhd had inked a sale and purchase agreement with ENS Timah Sdn Bhd for the disposal of a commercial building in Georgetown, Penang for a cash consideration of RM18mil.
In a filing with Bursa Malaysia, the group said proceeds from the sale of the 18,710 sq ft property would be used primarily for loan repayment with any surplus allocated as working capital.
Ivory is expected to obtain a net gain of RM7.28mil from the proposed disposal, after taking into account the net book value of the property of RM10.72mil as of March 31, 2025.
The transaction is also expected to reduce the group's gearing ratio from 2.19 times to 1.61 times and increase its net asset per share by RM1.49 sen, based on the latest audited financials as of March 31, 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
5 hours ago
- The Sun
Hartanah Kenyalang hopeful of securing more Sarawak infrastructure projects
KUALA LUMPUR: Sarawak-based building and infrastructure construction company Hartanah Kenyalang Bhd expects to secure 10% to 15% of projects with an aggregate contract value of RM451 million that it has tendered for by the end of 2025. 'Many of the projects are open tender, so there are many tenders involved. However, one of the projects related to power substation, I believe we will have a better chance (of securing),' managing director Seah Boon Tiat said after the listing of the company under the construction sector on the ACE Market of Bursa Malaysia today. He noted that Sarawak produces 3.5 gigawatts of green energy and this is expected to increase to 10 gigawatts in 2030. 'This energy will go to the substation, so our job here is tendering for substation projects and this will benefit our company. We have started tendering for these projects since last year,' Seah said. He added that the Sarawak government has allocated RM1 billion allocated for the development of bridges and road projects. 'Currently we are doing one project and have tendered for another one bridge project as well. It's a design and build type project ... so hopefully we have some chances to follow through with them,' he said. The company has also tendered for water projects in Sarawak, including water treatment plants. Hartanah Kenyalang made a muted debut on the ACE Market, opening at its initial public offering (IPO) price of 16 sen per share. Its share price closed at 14.5 sen. The company raised RM19.3 million through a public offering of 198.4 million shares, representing 32% of its enlarged share capital of 620 million shares. Its IPO was oversubscribed by 5.33 times. At listing, Hartanah Kenyalang's indicative market capitalisation was about RM99.2 million. Hartanah Kenyalang has recorded strong financial growth, with revenue increasing from RM34.1 million for financial year ended Oct 31, 2021 to RM127.6 million for financial year ended Oct 31, 2024, a compounded annual growth rate (CAGR) of 55%. During that period, profit after tax increased at a CAGR of 24%, growing from RM4.8 million to RM9.2 million. TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent of Hartanah Kenyalang's IPO. 'Today, with RM19.3 million in funding raised from our IPO exercise, we are going to utilise approximately RM3 million of the IPO proceeds to purchase six new excavators in order to increase our capacity and productivity,' Seah said. 'We also plan to expand into offering design and build services for our building construction services segments and infrastructure construction services segments by investing in the Building Information Modelling (BIM) System.' Deputy managing director Seah Boon Kee said BIM helps architects coordinate their designs for a building, reduce errors of construction and speed up the process of construction. 'Thus far, we have one state archived project where we use BIM.'
Malaysian Reserve
7 hours ago
- Malaysian Reserve
Yinson denies buyout talks, confirms chairman in early-stage shareholding discussions
YINSON Holdings Bhd has denied being in any discussions with third parties regarding a potential buyout of the company. In a filing with Bursa Malaysia today, the oil and gas services provider clarified that it is not involved in any corporate exercise at this time. However, it acknowledged that its executive chairman, Lim Han Weng, is currently engaged in 'exploratory discussions' with various parties over potential corporate proposals related to his shareholding in the company. 'Given that the discussions are still at an exploratory stage, there is currently no conclusive indication that these would result in a corporate proposal involving Yinson,' the company stated. Yinson assured that it will make the necessary announcement in accordance with Bursa Malaysia's Main Market Listing Requirements should any corporate exercise materialise. The clarification comes after Bloomberg reported that New York-based Stonepeak Partners is in exclusive talks to acquire Yinson in a deal that could value the group at up to RM9 billion (US$2.1 billion), citing unnamed sources. If confirmed, the transaction could rank among Malaysia's largest deals this year. –BLOOMBERG
New Straits Times
7 hours ago
- New Straits Times
Yinson: No buyout deal on the table
KUALA LUMPUR: Yinson Holdings Bhd has clarified that it is not in discussions with any third party in respect of a buyout exercise. Executive chairman Lim Han Weng said the company is currently engaged in exploratory talks with various parties on potential corporate proposals related to its shareholding. "However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson," it said in a filing to Bursa Malaysia today. The company said it will make the relevant announcement, if and when a corporate exercise materialises, in accordance with the Main Market Listing Requirements. "The company wishes to remind shareholders to exercise caution and seek appropriate advice when dealing in Yinson shares," it noted. Bloomberg, quoting sources, had reported that New York-based Stonepeak Partners is in exclusive negotiations to acquire Yinson, in a potential deal that could value the Malaysian company at up to RM9 billion (US$2.1 billion). If finalised, the transaction would rank among the largest deals in Malaysia this year. Yinson closed 0.43 per cent or one sen lower to RM2.33, giving it a market capitalisation of RM7.18 billion.
