By THE STAR
KUALA LUMPUR: SPJ Corp Bhd, formerly known as Prudent Location Sdn Bhd, is expected to assume the listing status of Kramat Tin Dredging Bhd in October, Kramat Tin chairman Datuk Hilmi Mohd Noor said.
“We will transform into a full-fledged property development company and hopefully, return to the black upon completion of our restructuring exercise,” he told reporters after the company AGM yesterday.
Hilmi said SPJ Corp was set to develop a 272-acre mixed property project in Johor Baru with a gross development value of over RM500mil.
Kramat Tin, which ceased its mining operations in 1988, was classified by Bursa Malaysia as a Practice Note 10 (PN 10) company, given its inadequate level of operations.
To avoid being de-listed, the company had in 2004 entered into an arrangement to restructure its operations and financial position via the injection of its entire equity interest in Setia Putrajaya Sdn Bhd and 272 acres of freehold land in Johor Baru into a new company, Prudent Location (SPJ Corp).
Under the restructuring, SP Setia Bhd, Kelana Ventures Sdn Bhd (KVSB), Putrajaya Holdings Sdn Bhd and Abad Kilat Sdn Bhd will hold 25.21%, 25.21%, 18.78% and 5.79%, respectively, in SPJ Corp, with the remaining 25.01% to be in public hands.
For the financial year ended Dec 31, 2006, with the restructuring exercise still pending completion, Kramat Tin posted a higher loss of RM785,000 compared with a loss of RM524,000 a year earlier.