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Friday, December 25, 2009

Insas plans to buy more properties

INSAS Bhd is looking to buy more properties that can provide the group with sustainable earnings in the future.

In July this year, Insas together with a UK property group had bought a residential-cum-commercial property in London for RM128 million.

Director Wong Gian Kui said the new property will provide the group with an annual recurring income of STG1 million (RM5.5 million) each year from a 5 per cent rental yield.

The Chantery House Belgravia property comprises 29 apartments measuring 29,140 sq ft, with commercial space of 8,065 sq ft.
Insas bought the building close to the bottom of the London property market this year and believes that the investment will do well eventually.

Insas, which also deals in information technology, retail and stockbroking businesses, is financially healthy, with cash flow standing at close to RM500,000.

Its 2009 annual report stated that the group has RM430.6 million in bank deposits and RM30 million in cash.

In the current financial year ending June 30 2010, Insas has obtained a licence to carry out advisory and submission work in corporate finances activities.

"We have been successful in securing a number of advisory mandates. This new source of fee-based income will broaden our earnings base, increase our corporate client base and generate new sources of broking revenue," said Insas executive deputy chairman Datuk Thong Kok Khee.

The relaxation of capital controls for foreign investments has also opened up new opportunities for Internet broking.

"We are tying up with foreign stockbroking firms to access their global internet platform to enable our clients to buy and sell foreign securities. This will provide value-added services to our clients and further enhance our stockbroking revenue," he said.

Stockbroking business accounts for 15 per cent of Insas' revenue.

For the financial year ended June 30 2009, Insas' net profit almost tripled to RM57.1 million from RM20.8 million a year before. Revenue was up marginally to RM241.8 million from RM233.5 million.

By Business Times (by Rupinder Singh)

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