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Thursday, February 16, 2012

Gefung may be injected with properties or plantations

PETALING JAYA: Gefung Holdings Bhd, a company that saw Datuk Allan Lim Kim Huat surface as its largest shareholder back in 2009, may see the injection of new assets in the form of properties or plantations, according to industry sources.

Although details are sketchy at the moment, the announcement for the asset injection is likely to happen within one month.

Gefung, which is involved in the processing of marble and granite products, is a loss-making entity.

In its most recent quarter, the company reported a net loss of RM5mil on revenue of RM6.7mil.

Lim had bought a 25.19% stake in Gefung in 2009 from former managing director and major shareholder Seo Aik Leong.

The businessman, who has extensive experience in industries like property development, manufacturing, trading, leisure, entertainment and food services, was consequently appointed managing director of the firm.

Industry observers say he is the brother-in-law of Dijaya Corp Bhd group chief executive Tan Sri Danny Tan Chee Sing and had worked alongside Sunrise Bhd's Tong Kooi Onn.

According to information on Gefung's website, the company which was listed in 2006 has operations in Malaysia, China and the Middle East.

While it is building its presence in the Middle East, Gefung said it was one of the top 10 marble and granite importers in China and one of the top 3 players in Shanghai where its plant is located.

Its decrease in earnings for its most recent quarter was mainly due to lower revenue generated from its Malaysia segment and delayed commencement of certain projects in China, it said.

At the close, Gefung shares finished flat at 16.5 sen after touching a one-month high of 19.5 sen on Feb 9.

By The Star

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