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Thursday, August 13, 2009

Bolton mulls over issuing RM250mil to RM300mil bonds

KUALA LUMPUR: Bolton Bhd is planning a bond issuance of RM250mil to RM300mil to fund the development of existing projects and acquisition of land bank, says executive chairman Datuk Mohamed Azman Yahya.

“We are seriously considering a bond issuance at this time of RM250mil to RM300mil at a standby line with a staggered draw down,” he told reporters after the company’s AGM yesterday.

“We have started evaluating the options,” Azman said, adding that the bond issuance would not be for refinancing purposes.

“Our gearing is only 27% today. The ability to gear up is there for Bolton.”

Azman said while the company’s focus this year would be to capitalise on its undeveloped land bank of 700 acres, it was still looking to increase its land bank in the Klang Valley and possibly, Penang.

He said the Penang property market was slow now as Penangites had been hit by the economic slowdown.

Azman said Bolton planned to launch three projects with total gross development value of RM450mil in its current financial year ending March 31, 2010 (FY10).

These projects, all located in Kuala Lumpur, are expected to enhance its sales till 2012.

Coming onstream in the fourth quarter are 100 apartments in Bukit Tunku and 207 serviced apartments at Jalan Bukit Ceylon.

In the first quarter of 2010, Bolton will launch fiftyonegurney, located at Jalan Persiaran Gurney.

Azman expects the company to maintain its sales and net profit for FY10, backed by new property launches and existing unbilled sales.

By The Star (by Eileen Hee)

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