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Friday, February 10, 2012

'Fully developed resort city by 2018'

The Bukit Gambang Resort City, which has a gross domestic development value of RM1.8 billion, will be fully developed by 2018, says its developer Sentoria Group Bhd.

The resort city, which opened its doors two years ago, currently has a water theme park but more attractions are expected to be added soon.

"We are looking at adding a safari park, an aquaria and an adventure park, " said Sentoria Group Bhd joint managing director Datuk Gan Kim Leong after securing a grant of RM6.9 million to develop the second phase of the Bukit Gambang resort city yesterday.

He said the company was looking at starting work on the Bukit Gambang Safari Park as well as additional development under the Arabian Bay Resort, which has an estimated investment value of RM140 million.

On Sentoria's initial public offering, he said the company was expected to raise RM51.6 million, of which RM27.7 million would be allocated for working capital, RM11.2 million for repayment of bank borrowings, RM9 million for purchase of properties, plant and equipment and the balance RM3.7 million to defray listing expenses.

Applications for Sentoria's IPO will be closed at 5pm today and the company is expected to be listed on the Main Board in the first quarter of the year.

By Business Times

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