Bursa debutant WMG plans projects worth RM1.3b

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