Bursa debu­tant WMG plans projects worth RM1.3b

New Straits Times - - Business / News -

KUALA LUMPUR: Sabah-based prop­erty de­vel­oper WMG Hold­ings Bhd plans to launch new projects worth RM1.3 bil­lion in the next few years af­ter a firm de­but on the Main Mar­ket of Bursa Malaysia yes­ter­day.

Group manag­ing di­rec­tor Quek Siew Hau said the projects would com­prise res­i­den­tial and com­mer­cial prop­er­ties.

“The list­ing is timely as it al­lows us to tap the cap­i­tal mar­ket for fu­ture land­bank­ing op­por­tu­ni­ties and raise our cor­po­rate pro­file as we plan to un­der­take about RM1.3 bil­lion worth of projects.

“The long-term prospects of the prop­erty devel­op­ment mar­ket in Sandakan and Kota Kin­a­balu look promis­ing, spurred by gov­ern­ment spend­ing on in­fra­struc­ture projects, such as the Pan-Bor­neo High­way, which passes through Kota Kin­a­balu and Sandakan. Ini­tia­tives un­der the Sabah Devel­op­ment Cor­ri­dor Blue­print and the tourism boom also au­gur well for the devel­op­ment of the state, which will boost de­mand for prop­er­ties.”

WMG’s share price opened at 50 sen yes­ter­day, two sen higher than its of­fer price.

Founded more than 30 years ago, WMG has a track record of com­plet­ing projects worth RM2.2 bil­lion in Sandakan and Kota Kin­a­balu.

The list­ing of WMG marks the com­ple­tion of the re­v­erse takeover of Tekala Corp Bhd.

Pub­lic share­hold­ers of Tekala now hold about 31.3 per cent of WMG, while the ven­dor of WMG holds 56.3 per cent. Amir Hisyam Rasid

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