Chairman Raja Idris Raja Kamarudin said the projects were that of a proposed plan to build a resort in Pulau Indah, Klang, a soon-to-be-launched mix-development project in Section 14, Petaling Jaya and a commercial project in Bandar Baru Salak Tinggi, Sepang.
“Our strategies now are to unlock and increase the value of the group's assets and minimise our liabilities. Saying this, we are hoping that our property arm will have a turnaround in FY11,” he told reporters yesterday after the group AGM.
Kumpulan Hartanah Selangor posted a net loss of RM48.05mil in the first quarter ended March 31, 2011 on the back of RM46.7mil revenue against a net profit of RM1.46mil and revenue of RM46.34mil a year ago.
It said the loss was mainly due to higher allowances for impairment on assets in that period.
Raja Idris said KPS would get its shareholders' approval during the next EGM (as an EGM was cancelled yesterday) for the proposed 18-month extension (from June 30, 2011 to Dec 30, 2012) on the expiry date of the put option granted by Kumpulan Darul Ehsan Bhd (KDEB) for KPS' acquisition of a 15% stake in Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) from KDEB. Earlier reports said KPS had already decided to exercise its put option pursuant to the acquisition.
KPS said it had considered various reasons to exercise the option. One reason was that its investment in Syabas had not provided any return as there had been no dividend declared since the completion of the acquisition.
KPS had on Sept 24, 2008, entered into a conditional share sale agreement with KDEB to acquire a 15% stake in Syabas for RM200mil cash.
The acquisition was completed on Dec 30, 2008.
By The Star
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