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Saturday, March 28, 2009

PNB to merge three property units by June

The merger of three property firms taken private by Pemodalan Nasional Bhd will be completed by end of June, says president and chief executive officer Tan Sri Hamad Kama Piah Che Othman.

“We are supposed to complete the exercise by end of June,’’ he said in Kuala Lumpur yesterday.

Hamad was speaking at a briefing to announce income distributions for three funds under the Amanah Saham Gemilang (ASG) stable for the year ending March 31.

It was reported earlier this month that PNB is grouping together Island & Peninsular Bhd, Pelangi Bhd and Petaling Garden Bhd into a single entity.

It is unclear at this stage whether the enlarged property group will be publicly floated.

All three companies were previously listed on Bursa Malaysia before they were taken private by PNB over the past few years.

Analysts opine that the timing for any potential re-listing will depend on market condition.

Meanwhile, the weak share market sentiment has dragged down the performance of funds under ASG.

“Despite the decline in payouts, the yields for the three funds are still competitive compared with rates in the market,” says Hamad.

For the 6,557 unitholders in ASG-Pendidikan, the payout for the year dropped to 5.5 sen per unit from 7 sen last year. The total amount distributed for the year was RM2.14mil.

ASG-Kesihatan’s 4,065 unitholders will get 6 sen per unit, compared with 7.25 sen previously.

Meanwhile, the income distribution for ASG-Persaraan, which affects 2,767 unitholders, was set at 5 sen versus 6.75 sen per unit a year ago.

All three funds have been suspended since March 25 and will resume trading on April 1.

By The Star

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