PUTRAJAYA Perdana Bhd is set to become a major player in the construction sector in Middle East and Malaysia after control of the company shifted to Swan Symphony Sdn Bhd (SSSB).
It is understood that a crossover of 68.6 million shares in Putrajaya Perdana from Eastern & Oriental Bhd (E&O) took place yesterday.
SSSB is 51 per cent owned by Abu Dhabi-Kuwait-Malaysia Investment Corp (ADKM) and 49 per cent by Autron Investment.
SSSB in August signed a conditional sale and purchase agreement with E&O, which held a controlling stake of 50.6 per cent in Putrajaya Perdana, to acquire its entire holdings for RM2.90 per share.
Business Times was told that Yousif Mana S. Al Otaiba, one of the major shareholders of ADKM, aims to generate more than RM4 billion in new business for Putrajaya Perdana in Abu Dhabi, Kuwait and Malaysia.
The other shareholders of ADKM are Sheikh Sabah Mohd S. Al-Sabah and Datuk Tengku Faisal Ibrahim.
"The takeover by SSSB will pave a way for Putrajaya Perdana to double its business and significantly increase the order book from over RM2 billion currently by securing major construction jobs in Malaysia and the Middle East over the next 12 months," a source said.
Putrajaya Perdana already has presence in Abu Dhabi and now intends to work with Aldar Properties for potential jobs in the region.
Aldar has appointed Putrajaya Perdana as master contractor in the Iskandar Development Region (IDR) Node-1 in South Johor.
"Putrajaya Perdana will be on the roll as several government-linked firms in Abu Dhabi have also expressed interest in engaging its services. There will be new major developments for the group in the near future," the source said.
Putrajaya Perdana is expected to also build its working relationship with Mubadala Development Co for projects in the IDR and outside Malaysia.
Mubadala's unit, Madsar, which is focused in "green projects", is building the world's first zero carbon multi-billion-ringgit city, and Putrajaya Perdana is expected to benefit by playing a key role in the development.
Putrajaya Perdana has established a leadership position in the energy-efficient building market in Malaysia, and it plans to extend the expertise overseas, particularly in the Middle East.
It is believed that going forward, SSSB will retain the management team of Putrajaya Perdana.
It also planning a special dividend to be declared within the next 12 months, proposing to increase the percentage of profit paid out as dividend to 50 per cent or more of annual profit.
There has been significant investor confidence in Putrajaya Perdana with the emergence of SSSB as the new substantial shareholder, marked by the increasing number of blue-chip institutional and retail investors.
The Employees Provident Fund, which began investing in the counter in August, currently holds just over five per cent of Putrajaya Perdana's shares.
By New Straits Times (By Sharen Kaur)
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