By THE STAR
KUALA LUMPUR: Perak state-owned Majuperak Holdings Bhd plans to launch a 17.9-acre commercial development in Seberang Prai, Penang, by early next year.
Majuperak, which yesterday began trading on the main board after taking over from United Chemical Industries Bhd (UCI) of the second board, has submitted the application to the Penang Government.
The application includes conversion of the land, on which UCI’s factories are sited, to commercial use from industrial.
Chairman Datuk Seri Megat Najmuddin Megat Khas told a press conference that Majuperak, which has 4,000 acres, planned to develop 1,000 acres in Perak.
“We are looking at a township model, while our other smaller parcels mainly would be housing projects,” he said.
Planned in Simpang Pulai, the lake-fronting township would be targeted at buyers within and outside the state, he said.
Majuperak is currently also developing the 800-acre Bandar Tasek Idaman residential project in Batu Gajah, Perak. About 100 acres have been developed since the project was launched about three years ago.
On whether there were plans to list other state arms, Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali said the State Government still had two such units – Perbadanan Pembangunan Pertanian Negeri Perak and the Perak Water Board – that were financially strong.
The Perak Water Board, which declared profits of RM54mil for 2005, is targeting annual profits of RM100mil by 2010. The board might be privatised, he said.
For the financial year ended Dec 31, 2006, Majuperak posted a net profit of RM12mil on revenue of RM37.9mil.
In its first-day trading, Majuperak opened at 80 sen but closed at 69 sen, down one sen from its issue price of 70 sen.