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Tuesday, March 23, 2010

Mah Sing rewards shareholders and confident of strong growth with RM516million sales for 1st Quarter 2010

At its Extraordinary General Meeting (EGM) on 23 March 2010, Mah Sing Group Berhad’s shareholders voted unanimously to approve the bonus issue up to a maximum of 151,283,858 new ordinary shares of RM0.50 each on the basis of one Bonus share for every five existing ordinary shares of RM0.50 each.

The bonus issue serves to reward Mah Sing’s existing shareholders for their continuous support and loyalty towards the growth of the Group. With a strong track record of profitability, clear expansion plans and an attractive dividend policy, the Group has strong institutional shareholdings, with more than 50% of their shares being held by reputable institutional investors. The bonus issue will allow the Group to increase its capital base and improve its liquidity by further enlarging the market capitalisation.

Mah Sing Group’s managing director Tan Sri Dato’ Sri Leong Hoy Kum said, “We have done well, achieving compounded annual growth rate of 51% in net profit from 2002 to 2009. As such, it is timely to reward our shareholders as the marketability of Mah Sing shares on Bursa are also expected to improve further with an enlarged large capital base and with stronger growth prospects.”

The Group has landbank gross development value and unbilled sales of approximately RM6billion which provides earnings visibility for approximately 6 to 8 years. Despite the challenging economy, Mah Sing posted a RM94.3million net profit and sales of RM727million in year 2009, surpassing the initial target of RM453million by 1.6 times.

Leong said, “We went on an acquisition trail in 2009 to secure prime land and this year will see the fruition of our efforts. Of our 25 projects, we have completed 5, and our launches this year will come from our remaining 20 projects. Our sales target is RM1billion for 2010 and while this is ambitious, we believe this is achievable given our strong branding, products quality, location, concept and track record. So far, we are on track to achieve our sales target with sales achievement for the first 3 months of the year hitting RM516million. This is three times the RM170million sales achieved in the same period in 2009.”

“The sales momentum in 2010 has been boosted with the launch of new projects namely iParc@ Bukit Jelutong, iParc@Shah Alam and Perdana Residence 2 in Selayang as well as the preview for Garden Residence in Cyberjaya. The show units for Perdana Residence 2 has just been completed and unveiled to approximately 500 privileged guests on 13 March 2010. We received positive feedback on the designs, layout and finishes, and we are now eagerly looking forward to presenting the show village in Garden Residence. Comprising 10 show houses and a sales gallery, we target to open the show village to the public by the first half of 2010,” added Leong.

By The Star

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