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Thursday, October 23, 2008

UEM: Global crisis will slow growth

Infrastructure and property group UEM Group Bhd expects slower growth in the months ahead because of the global economic slowdown.

Managing director and chief executive officer Datuk Ahmad Pardas Senin said, however, that UEM Group, which has up to RM5 billion worth of projects in the country and overseas, will not be severely affected by the crisis although slower growth is expected.

"We don't feel the impact just yet, but there will definitely be slower growth.

"But our projects in Iskandar Malaysia and India are proceeding as planned," Ahmad Pardas told Business Times at the group's Hari Raya gathering in Kuala Lumpur yesterday.

The diverse group, which has interests in construction, property and highways, among other sectors, controls UEM Builders Bhd, Pharmaniaga Bhd and UEM Land Bhd, which is expected to be listed by month-end.

UEM Group in turn is wholly owned by government investment arm Khazanah Nasional Bhd.

On the second Penang bridge, Ahmad Pardas said the group was still awaiting word from the government on any new development.

The government last month withdrew the second bridge concession awarded to the group.

By New Straits Times (by Zaidi Isham Ismail)

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