Majuperak: Property project in the works

By BUSINESS TIMES

STATE-owned Majuperak Holdings Bhd made its debut on Bursa Malaysia’s main board yesterday and has prepared a masterplan for a property project on one fourth of its 1,699.6ha landbank in Perak.

The listing followed Majuperak’s estimated RM150 million takeover of troubled United Chemicals Industries Bhd (UCI), which was listed on the second board previously.

Menteri Besar Datuk Seri Tajol Rosli Ghazali said Majuperak is the third state-owned company listed on Bursa Malaysia.

“This is part of the ongoing restructuring of state-owned companies to make them more profitable, avoid overlapping and give better returns to shareholders,” Tajol Rosli said at Majuperak’s listing ceremony in Kuala Lumpur yesterday.

“We have a few more companies that will be restructured. One of them is Lembaga Air Perak (LAP) but it will be corporatised, and not listed,” he added.

LAP made nearly RM70 million profit last year and is expected to hit more than RM100 million by 2010, Tajol Rosli said.

Majuperak chairman Datuk Seri Megat Najmuddin Megat Khas said it will soon develop 400ha in Simpang Pulai into a new township.

The company had started developing 40ha of its 1,600ha landbank, in the form of Bandar Tasik Idaman in Batu Gajah.

“We also have a premium site of 7.16ha in Seberang Jaya, Penang that can be developed anytime soon,” Megat said.

Majuperak made a net profit of RM12.03 million on a RM37.9 million revenue in the year ended December 2006. It has three main subsidiaries including Harta Perak Corp Sdn Bhd and Syarikat Majuperak Bhd.

Meanwhile, Majuperak ended its first day on Bursa Malaysia at 69 sen, down one per cent or 1 sen over UCI’s last traded price.

Majuperak opened at 80 sen and hit a high of 85 sen. A total of 604,000 shares were traded.

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