Revamped Vizione Holdings confident of maintaining growth
KUALA LUMPUR: Construction and property development group Vizione Holdings Bhd, formerly known as Astral Supreme Bhd, is confident of being sustainable due to the number of contracts in hand.
The group recorded improved revenue and net profit of RM8.6mil and RM120,000 respectively for Q1FY17.
Its net profit for the quarter surpassed FY16’s net profit of RM112,000.
“Over the past two years, the board has steadily steered the group to return to the black, culminating in last year’s profit,” said Vizione chairman Datuk Dr Raman Ismail after the group’s AGM here yesterday.
To date, Vizione’s construction order book is valued at RM140mil, which will last the group for the next two years.
The group will continue to focus on its construction business, while plans to expand into infrastructure and property development segments are in the pipeline.
For the property development segment, Vizione has no near term plans to gather landbank and would instead look into joint venture projects.
An estimated 70% to 80% of Vizione’s revenue stems from government projects, while the remainder is derived from private projects.
Shareholders had on Sept 9 approved a comprehensive capital reorganisation plan that was targeted at reducing accumulated losses, rationalising the company’s financial position, and positioning it towards future growth.
Vizione group managing director Datuk Ng Aun Hooi said that the capital reorganisation plan and a rights issue with warrants were expected to be completed by early to mid-December this year.
The proposed rights issue with warrants is expected to raise gross proceeds of up to RM73.16mil, which will be used for the funding of future construction and property development activities to be identified, working capital, as well as expenses related to the proposal.
“We have identified five Program Perumahan Rakyat projects and one property development joint venture, of which the procurements are dependent on the outcome of the rights issue,” said Ng.