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Monday, November 5, 2007

Eden adding property to business portfolio

PETALING JAYA: Eden Inc Bhd (formerly Eden Enterprises (M) Bhd) is believed to be aggressively planning to add property into its business portfolio to help boost its food and beverage (F&B) activities.

A source told StarBiz that this proposed venture would only kick-start once the deal to acquire Hotel Singgahsana in Petaling Jaya from KUB Bhd materialised.

“Eden is pushing hard to acquire the hotel as it will give the company a platform to expand its F&B business and can be a training centre for F&B activities.

“If the deal materialised, it would open the doors for other property acquisitions in and outside the Klang Valley as well as abroad that will enhance its F&B business,” the source said.

“At present, talks are still ongoing between the two and due diligence exercise had already been completed earlier. It appears the deal is close to be sealed,” he added.

The new management team, which took over the company a few years ago, is very dynamic and wants the company to be a global player, the source noted.

Currently, the main contributor to Eden is power generation, which accounts for about 75% of total earnings, while the balance is from the restaurant and manufacturing businesses.

Tan Sri Abd Rahim Mohamad

Eden, which started off as a food and beverage company, has since expanded into tourism, energy and manufacturing sectors.

At its AGM held in June, executive chairman Tan Sri Abd Rahim Mohamad said Eden planned to spin off a division consisting of its F&B and tourism-related operations into a separate listed entity within the group in three years.

He added that its target was to grow revenue from this segment to RM100mil a year from RM40mil now.

For the financial year ended Dec 31, 2006, the group posted net profit of RM85mil from revenue of RM237.4mil.

- The Star (by

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