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Wednesday, June 25, 2008

Pasdec to develop tourism-related project

PROPERTY developer Pasdec Holdings Bhd will go into tourism-related development projects in Bukit Tinggi near Bentong, Pahang.

Its chairman Datuk Seri Adnan Yaakob said this follows the acquisition of a 70 per cent stake in Bentong Aquarium & Sanctuary Park Sdn Bhd from AWP Aquarium & Park Sdn Bhd, which holds the remaining 30 per cent.

ADNAN: Infrastructure work on the Bukit Tinggi project is slated to commence next year

"This partnership will embark on tourism-related development on 115 acres of land in Bukit Tinggi, Bentong," he told reporters after chairing Pasdec's annual general meeting in Kuantan yesterday.

Adnan, who is also Pahang Menteri Besar, said infrastructure work on the project is slated to commence next year.

This may include the incorporation of an earthquake-proof technology, taking into account the recent detection of tremors in Bukit Tinggi.

Meanwhile, rising oil prices are expected to affect the group's property development growth prospects, particularly its residential properties.

"It will have an impact on the overall cost of living, affecting particularly the middle to lower income groups," said Adnan.

He added that a rise in building material costs will lead to an increase in the cost of construction, thus putting pressure on buyers' affordability and the price of properties.

"(As such,) we are strategically moving into non-property related businesses to reduce our reliance on property development," he said.

Pasdec recorded a profit of RM26.4 million for the financial year ended December 31 2007, from RM1.25 million a year ago.

Its revenue was RM107.2 million, up 1.5 per cent from RM105.7 million in 2006.

Adnan attributed the higher profit to the development of Putra Square in Transit Quarters, Kuantan, and the gains from the exchange of rights by bondholders of its Rainbow Exchangeable Bonds (REBs).

Pasdec announced the distribution of a first and final dividend of two sen per share less tax in respect of financial year 2007 for shareholders as approved during the meeting.

By New Straits Times (by B. Suresh Ram)

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