Mah Sing may gear up RM1b war chest

Mah Sing Group Bhd, a Malaysian developer, may gear up to build a RM1 billion war chest for acquiring land to capitalise on an expected rebound in the Malaysian property market, group managing director Leong Hoy Kum said in a statement today.

“We believe that developers like us with sufficient cash and a healthy balance sheet will continue to grow stronger,” Leong said, in a statement accompanying the company’s fourth-quarter results.

Mah Sing had RM400 million in cash and zero net gearing at the end of December. “Should we gear up to 0.5 times, we can build a war chest of approximately 1 billion ringgit to purchase good prime land that suits our business model,” Leong said in the statement.

By Bloomberg