I-BERHAD’S TARGET WITHIN SIGHT

Firm to rebuild development pipeline and invest in new attractions, says chairman

I-BERHAD’s plan to be a company with a RM1 billion market capitalisation was derailed by government measures to control the Covid-19 pandemic in the last two years.

Nevertheless, with the reopening of the economy and development of I-Berhad’s Finance Avenue in i-City, Shah Alam, the plan is within sight again.

The company believes this and its more than RM1 billion worth of net assets will put it in a strong position to achieve the billionringgit market cap target.

“The company will continue to focus on property, leisure and property investment with the upcoming DoubleTree by Hilton hotel, international convention centre, premium offices, retail suites and BeCentral residential units, all of which are located in Finance Avenue.

“This is on top of the company securing Malayan Banking Bhd as the anchor tenant,” said chairman Tan Sri Lim Kim Hong.

I-Berhad said its earnings for the past two years were marginal as revenue-generating activities in i-City had slowed down.

A continuous pipeline of property development projects as well as a steadily increasing number of visitors to the theme park and shopping mall had contributed to the success of I-Berhad prior to Covid-19 pandemic.

“We are now rebuilding the development pipeline and investing in new rides and attractions,” he said.

Non-executive director Datuk Eu Hong Chew said the redeemable convertible unsecured loan stocks (RCULS) extension would ensure it had the funds to get back on the growth track.

He said to fund the various activities so that the company could resume its double-digit profit growth, I-Berhad was proposing to extend the RCULS due in August.

He said the gradual reopening of international borders would benefit DoubleTree by Hilton i-City, which was slated to open in the third quarter.