Sanbumi proposes name change to Iconic Worldwide
Sanbumi Holdings Bhd (Sanbumi), a Bursa Malaysia listed company that is primarily involved in tourism and property businesses, yesterday proposed to change its name to Iconic Worldwide Berhad (Iconic Worldwide) for a better representation of its current nature of business.
In a filing with Bursa Malaysia, Sanbumi said that an Extraordinary General Meeting to obtain the shareholders’ approval for the proposed agenda will be held at a date to be announced later.
Sanbumi executive director Datuk Tan Kean Tet said: “As the newly-appointed Executive Director and major shareholder of Sanbumi Holdings, the proposed name change reflects my determination to bring along my expertise in the property industry as founder of Iconic Group to duplicate our success as seen in our previous projects.
“In Iconic Group we completed property development projects worth approximately RM500 million in gross development value.” “A joint-development project and hotel management agreement are already in the works for Sanbumi, and that will improve its earnings visibility.
“The change of name to Iconic Worldwide will be the first step of our rebranding exercise as we work towards turning the Company profitable in the near future.” To recap, Sanbumis wholly-owned subsidiary, Sanbumi Sawmill Sdn Bhd, had on 2 April 2019 signed a joint-venture agreement with wholly-owned subsidiary of Iconic Group, Iconic Development Sdn Bhd, to develop a piece of freehold land in Penang.
Named Iconic Point, a mix development project worth approximately RM127.81 million, it will comprise 48 units of 3-storey semi-detached shop office, 1 unit of 3-storey detached shop office, a 4storey 48-room hotel and 3 units of drive-thru F&B outlets.
On April 1, 2019, Sanbumi had also entered into a Hotel Management Agreement with Lucky 888 Sdn Bhd, an affiliated company to Iconic Group, for the provision of services to Iconic Hotel.
This contract will provide a stable recurring revenue and additional income stream to Sanbumi Holdings.