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Thursday, April 24, 2008

Pelangi keen to revive project in Philippines

PELANGI Bhd, a unit of state-owned fund manager Permodalan Nasional Bhd (PNB), is keen to revive a stalled residential project in the Philippines with the Kuok Group, a top official said.

The Johor-based developer ventured there in 1993 when Tan Sri Robert Kuok Hock Nien, Malaysia's richest man, was a director.

Pelangi, buoyed by the Philippines' surging demand for housing in the 1990s, had planned to put up a 1,400ha residential complex near Makati, the country's "Wall Street".

That project would would have been Pelangi's initial foray overseas.

Pelangi has a 40 per cent stake in it while publicly-traded Kuok Philippines Properties Inc (KPPI) holds the rest.

Despite Kuok's exit from Pelangi in 2005 when he sold the company to PNB, the partnership remains, chief executive officer Azmar Talib told Business Times in an interview recently.

"The project was put on hold because of poor projections and investment decisions" told Azmar Talib Chief Executive Officer Pelangi Bhd

Azmar said the project was put on hold because of poor projections and investment decisions. "We will protect the value of the project and unlock it when the time is suitable."

Pelangi is sponsoring a double-storey house worth RM308,000 for this year's Unit Trust Week, which is being held in Ayer Keroh, Malacca, until April 28.

"We are showing our support in ensuring the success of the event," Azmar said, adding that this is the third time it is participating in the event.

The theme this year is "Human Capital Development", which means that visitors can get information about career development strategies and contributions by PNB and its subsidiaries.

"Before the takeover by PNB, Pelangi was running like an entrepreneur. Now we want to incorporate best practice values so everyone would have a role to play in its development, with focus on our key performance indicators (KPIs)," he said.

Azmar said Pelangi has always given emphasis to staff development and training, believing that they are its greatest asset.

"We have been a developer for 35 years and always strive to produce quality products with better designs so they are accepted by people.

"These can be achieved with the skills and talents of the staff. Skills to develop KPIs are essential in reaching your organisational goals," Azmar added.

By New Straits Times (by Sharen Kaur)

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