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Wednesday, March 18, 2009

PNB merger exercise to be completed by June

PETALING JAYA: Permodalan Nasional Bhd (PNB) will merge the property companies it has taken private and the exercise may be completed by June, according to a source.

“It is true the merger plan is on,” the source said.

“Once the merger is completed, PNB will have one big property company that specialises in investment and township development and (it can) re-develop the massive landbank owned by these three companies.

“It is still a big question whether these companies will maintain their names after the merger,” the source added.

PNB president and group chief executive officer Tan Sri Hamad Kama Piah declined comment on the matter.

PNB wants to merge the property companies it had taken private, namely Island & Peninsular Bhd (I&P), Pelangi Bhd and Petaling Garden Bhd, to create “specialisations” in certain segments of the property sector and to unlock the potential of its landbank, according to the source.

The merged entity would reportedly generate about RM1.31bil in revenue.

I&P, the biggest of the three companies, is highly experienced in township development.

Its projects include Bandar Kinrara in Puchong, Taman Setiawangsa in Kuala Lumpur, and both Taman Inderawasih and Desa Mutiara in Penang.

It has a massive landbank of over 5,263ha in the peninsula.

Pelangi is a renowned property developer in Johor with residential and commercial developments.

The company’s townships include Taman Pelangi, Taman Perling, Taman Rinting and Taman Pelangi Indah.

Its commercial developments include Plaza Pelangi, Pelangi Leisure Mall, Perling Mall, Menara Pelangi and Pelangi Golf Driving Range.

Petaling Garden was a pioneer property developer in Petaling Jaya in 1958.

Its remains focused on property development and has sold more than 10,000 properties, located mainly in the Klang Valley.

By The Star (by Edy Sarif)

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