I-Bhd appoints Hamad Kama Piah as chairman

SHAH ALAM: ICT-enabled property developer, I-Bhd, has appointed Permodalan Nasional Bhd (PNB) president and group chief executive Tan Sri Hamad Kama Piah Che Othman as chairman.

In a statement yesterday, I-Bhd said Hamad Hama Piah took over from founder Datuk Lim Kim Hong, who had been appointed deputy executive chairman. PNB holds an 18.46% stake, comprising 19.64 million shares in I-Bhd.

It promoted deputy chief executive officer Lim Boon Siong to CEO, replacing Datin Tey Siew Thuan who would be re-appointed as executive director. Boon Siong is Kim Hong’s eldest son.

Kim Hong said Hamad Kama Piah’s appointment was the start of a new era for the group as his vast corporate expertise would spur expansion plans.

“I believe that with his involvement and a strong foundation in place, I can stand back and play the role of an investor with confidence that the group will be able to meet future challenges,” he said.

I-Bhd is undertaking its flagship project at i-City, an MSC Malaysia Cybercentre which was recently conferred the International Park Status by the Selangor state government, making it the only location in Shah Alam to have cinemas to support its cosmopolitan lifestyle environment.

i-City is a RM2 billion ICT-based premier integrated commercial development spanning a 72-acre site in Shah Alam. Among its strategic alliances are ServCorp of Australia and the Al-Rajhi Banking Group from Saudi Arabia.

There are plans to establish a designated bio-technology and research and development zones in i-City. Other I-Bhd’s development plans are a regional shopping mall with cineplex and also a luxurious residential development near KLCC.

Meanwhile, I-Bhd announced a surge in net profit to RM15.32 million for the year ended Dec 31, 2008 (FY08) from RM1.94 million in FY07, mainly due to its property development activities carried out in i-City.

It said the successful completion and sale of 37 cybercentre office suites from phase 1 drove its earnings. Revenue surged to RM95.76 million from RM4.06 million while basic earnings per share rose to 14.4 sen from 1.33 sen previously.

It proposed a final dividend of five sen less tax.

I-Bhd said several factors such as reinventing itself into a property and technology player, and the successful completion and sale of the Cybercentre Office Suites contributed to the group’s improved financial performance.

By The EDGE Malaysia