Sanbumi Holdings to be renamed as Iconic Worldwide Bhd

BUKIT MERTAJAM: Sanbumi Holdings Bhd (Sanbumi Holdings) has obtained its shareholders’ approval to rename the company to Iconic Worldwide Bhd at its extraordinary general meeting (EGM) yesterday.

Executive director Datuk Tan Kean Tet said the change was made to capitalise on Iconic Group’s reputation as a leading player in Penang’s property market.

Tan, who is also the founder and chairman of the Iconic Group, said that Iconic Worldwide would be shi ing its marketing priorities from tourism services to property development.

Sanbumi Holdings is a Bursa Malaysia listed company, primarily involved in tourism and property business.

“Sanbumi Holdings has been in a loss-making position since 2014. Despite obtaining shareholders’ approval for the diversification into property development business in 2015, this segment has yet to make any significant contribution to the company’s results,” Tan told a press conference a er the EGM.

Meanwhile, he said several other resolutions were also approved during the EGM, including a proposed joint-venture with Iconic Development Sdn Bhd for the Iconic Point mixed development project that has a gross development value (GDV) of approximately RM127.81 million.

The Iconic Point project comprised 48 units of threestorey semi- detached shop offices, a four- storey budget hotel and three units of twostorey detached shops, among others.

“We have high hopes that Iconic Point will become one of the key commercial centres and landmarks in the Simpang Ampat township area,” said Tan, adding that the so launch for the project would be held on Sept 7 this year. — Bernama