Wednesday 20 June 2012

News Highlights - Glomac, Ivory Properties Group, Kumpulan Perangsang Selangor, Felda Global Ventures Holdings


Glomac Bhd (RM0.835/share)
Catalyst expected to boost sales to more than RM500mil
Glomac Bhd’s sales for the financial year ended April 30, 2012 is expected to be more than RM500.0mil buoyed by strong demand in its three major townships. This will be the catalyst for the mid-sized property developer to record positive growth for the year under review. The company will announce its financial results early next week. Glomac has registered about RM400.0mil sales in financial year 2011. Group managing director and chief executive officer Datuk FD Iskandar said that the sales for its township development in Sungai Buloh, Rawang and Sri Saujana in Johor did very well. Going forward, Iskandar said Glomac’s current unbilled sales which could be translated into profits in two to three years’ time stood at RM700.0mil. He added that they have been expanding on their land bank quite robustly in the last 18 months where they have purchased about four parcels of land in different locations for a total of RM230.0mil. – StarBiz

Ivory Properties Group Bhd (RM0.505/share)
Sees huge jump in revenue next year
Ivory Properties Group Bhd expects to see a huge jump in revenue next year amid several projects to be launched in 2H this year and early 2013. Its executive director and chief operating officer Murly Manokharan said next year will be exciting for Ivory with the Bayan Mutiara development kicking n and being a turnkey builder for the project. Ivory will launch five residential projects in 2H and early 2013 with a gross development value (GDV) of over RM800.0mil. Among the projects are phases three and four of Penang Times Square in Jalan Datuk Keramat with a GDV of RM300.0mil. – The Edge

Kumpulan Perangsang Selangor Bhd (RM1.05/share)
Enters telecom business
Kumpulan Perangsang Selangor Bhd (KPS), which is the business arm of the Selangor state government, has made its maiden venture into the telecommunications sector as part of efforts to diversify its already wide ranging business. With the entry, Kumpulan Perangsang will now become Malaysia’s latest telecommunications player under the brand name FRiENDi and will only offer prepaid services. Kumpulan Perangsang, which is wholly-owned by Kumpulan Darul Ehsan Bhd, already has operations in construction, property, utilities and just two weeks ago made its maiden venture into the oil and gas sector via its RM40.0mil investment in the liquefied petroleum gas business with NGC Energy Sdn Bhd. Under its plan, Kumpulan Perangsang has partnered UK-based Virgin Mobile and United Arab Emirates-based Friendi as well as Oman’s Samena Telecom Ltd. Under their collaboration, Kumpulan Perangsang, Connect Mina Ltd, Jebel Ali Free Zone (wholly-owned by Virgin Mobile and Friendi) as well as Samena will form Ceres Telecom Sdn Bhd with a 30%, 65% and 5% stake respectively.  – Business Times

Source: AmeSecurities 

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