New Phase 2.
Furniweb to diversify into property development
The StarBiz | Tuesday April 15, 2014 MYT 7:06:00 AM
http://www.thestar.com.my/Business/Busines...ty-development/
KUALA LUMPUR: Furniweb Industrial Products Bhd (FIPB) has obtained shareholders’ nod to proceed with the proposed residential development project.
The project, estimated at RM560mil in gross development value, comprised two blocks of condominiums consisting of 472 units, the group said in a circular to shareholders.
The proposed residential development project, which was endorsed at an EGM yesterday, is expected to garner a gross development profit of about RM180mil over its development period of four years.
It will involve two phases and the project is expected to commence in the third quarter of this year.
Premier De Muara Sdn Bhd, a joint venture (JV) between Furniweb’s subsidiary, Premier Gesture Sdn Bhd, and Almaharta Sdn Bhd, will undertake the residential project located along Jalan Jelatek.
Premier Gesture will hold a 60% stake in the JV while Almaharta 40%.
Furniweb chairman Datuk Lim Heen Peok said the proposed JV offered a business diversification from the group’s core business. It is involved in manufacturing of semi-finished products in the industrial textile and rubber-based industries.
“Our core business is doing well and we are diversifying our business activity to grow the company, thus, bring the company to the next level.
“We choose to be involved in the property sector because the demand is always there and we see the opportunities in this sector,” he told reporters after the EGM.
The project is expected to contribute more than 25% to Furniweb’s net profit in the immediate to medium term. — Bernama
Furniweb to diversify into property development
The StarBiz | Tuesday April 15, 2014 MYT 7:06:00 AM
http://www.thestar.com.my/Business/Busines...ty-development/
KUALA LUMPUR: Furniweb Industrial Products Bhd (FIPB) has obtained shareholders’ nod to proceed with the proposed residential development project.
The project, estimated at RM560mil in gross development value, comprised two blocks of condominiums consisting of 472 units, the group said in a circular to shareholders.
The proposed residential development project, which was endorsed at an EGM yesterday, is expected to garner a gross development profit of about RM180mil over its development period of four years.
It will involve two phases and the project is expected to commence in the third quarter of this year.
Premier De Muara Sdn Bhd, a joint venture (JV) between Furniweb’s subsidiary, Premier Gesture Sdn Bhd, and Almaharta Sdn Bhd, will undertake the residential project located along Jalan Jelatek.
Premier Gesture will hold a 60% stake in the JV while Almaharta 40%.
Furniweb chairman Datuk Lim Heen Peok said the proposed JV offered a business diversification from the group’s core business. It is involved in manufacturing of semi-finished products in the industrial textile and rubber-based industries.
“Our core business is doing well and we are diversifying our business activity to grow the company, thus, bring the company to the next level.
“We choose to be involved in the property sector because the demand is always there and we see the opportunities in this sector,” he told reporters after the EGM.
The project is expected to contribute more than 25% to Furniweb’s net profit in the immediate to medium term. — Bernama
