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Wednesday, June 22, 2011

Pasdec to build more properties, venture in new business to boost profits

Pasdec Holdings Berhad will build more properties and venture into new businesses as to increase its profits this year.

Its chairman Datuk Seri Adnan Yaakob said Pasdec planned to la
unch properties worth about RM252 million this year in addition to various on-going development projects that it currently had.

"These will include the development of Pasdec Persona and Pasdec Avenue in Kuantan as well as Pasdec Perdana and Pasdec Idaman in Temerloh," he said after chairing Pasdec annual general meeting (AGM) in Kuantan yesterday.

Adnan, who is also Pahang Menetri Besar, said between 50 and 60 per cent of the houses to be built by Pasdec would be medium-cost units, which were the most sought after in the state.

To replenish its land bank, he said Pasdec also planned to acquire 120ha of strategic lands in Kuantan, Jerantut, Rompin and Temerloh.

"We are also seeking for development opportunities outside Pahang particularly in the Klang Valley.

"It could be either through strategic joint ventures or direct acquisition in order to help strengthen our position as a property developer," he said.

To diversify it business, he said the group also planned to invest in new sectors including renewable energy, green technology and oil and gas.

He said the state-owned Pasdec also planned to embark on the development of a mini hydro plant and the identified site would be announced soon.

At the AGM, Adnan also announced that Pasdec would pay a 2 per cent dividend per ordinary share for the financial year of 2010.

Although the group recorded a lower turnover of RM85.14 million last year as compared to RM103.2 million in 2009, it chalked up a profit of RM4.47 million last year compared with RM8.7 million losses recorded in the previous year.

By Business Times

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