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Wednesday, June 18, 2008

Kramat to focus on property after revamp

KRAMAT Tin Dredging Bhd will focus on property development as its core business after the completion of its restructuring exercise by end-August.

“The company has suffered a loss due to the declining source of tin in the country,” director of corporate affairs, Yoong Nim Chee, said after the company’s annual general meeting in Kuala Lumpur today.

He said the company had to look for other businesses to regularise its financial position to fulfil Bursa Malaysia’s listing requirements.

Yoong said the company was lucky because it had two prime pieces of land in Putrajaya and Johor Baru.

“The company is eyeing the increase in land bank after the completion of the restructuring exercise,” he said.

The restructuring involves the injection of the entire equity interest in Setia Putrajaya Sdn Bhd and 108.8 hectares of freehold land in Johor Baru into a new company, SPJ Corp Bhd, which would assume the listing status of Kramat.

By Bernama

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