Ekovest to complete Danga Bay buy by June

Property developer Ekovest Bhd expects the acquisition of Danga Bay Sdn Bhd to be completed by June next year.

Ekovest’s executive vice chairman Datuk Lim Kang Hoo said the acquisition processs is on going and the group is now focusing on its projects in hand.

“We are no stranger to property development. We have many years of experience in construction. It’s nothing new for us to go into property,” he said.

Current projects Ekovest is handling are the construction, completion and maintenance of the National Institute for Natural Products Vaccines and the Biology complex, a joint venture project with Faber Group Bhd which has already commenced.

Ekovest is also into the construction of the Duta Ulu Kelang Expressway, which is expected to be completed by the end of next year or earlier.

Ekovest took over Danga Bay Holdings Sdn Bhd for RM1.1 billion and the purchase is through the issuance of a combination of new ordinary RM1 Ekovest shares and irredeemable convertible unsecured loan stocks.

For the financial year ended June 30, 2007, the group recorded a profit after tax of RM17.341 million from a turnover of RM356.601 million compared to a profit after tax of RM8.167 million from a turnover of RM229.59 million in the previous year.

By Bernama